Executive summary of the "Gang of Six" proposals.

[TheBigotBasher]

http://nationaljournal.com/budget/document-gang-of-six-deficit-plan-executive-summary-20110719

[no_hypocrisy]

1. I stopped at "Reform Social Security" . . . .

[whathehell]

2. Yeah..."reform"....the big. lying euphemism.

One of the truly awful things about social security

for my generation, baby boomers, is that we paid

into it DOUBLE, starting in 1983.

I always said I wouldn't allow it to be stolen

from me.

[no_hypocrisy]

4. Like "temporary" means "permanent".

[whathehell]

5. Exactly....Like the "tax cuts for the rich"...permanent.

[vaberella]

3. What the hell is that? There's no substance for me to understand what they're meaning.

However 500 billion is far from 4 trillion.

[whosinpower]

6. This is not good - not good at all

take time to read it carefully.

snip from document -

Reduce marginal income tax rates and abolish the $1.7 trillion Alternative Minimum Tax.

MORE TAX CUTS THINKING THAT SOMEHOW, SOMEWHERE, A FORTH ATTEMPT MIGHT PERHAPS ENCOURAGE ECONOMIC GROWTH

•Encourage greater economic growth.

I do not believe that the level of American taxation is the cause of economic problems.

•Enhance the competitiveness of American businesses and workers against globalcompetition.

in other words, lower your own standard to compete with Haitian, Chinese, Indian sweatshops

•Reform spending through the tax code to eliminate investment distortions and tax gaming.
tax evaders would not be forced to do so if America was a tax haven....hint, hint

•Change the debate about taxes in America from rate levels and carve outs tocompetitiveness, fairness and growth.•

If CBO scored this plan, it would find net tax relief of approximately $1.5 trillion.

TAX RELIEF IS NOT REVENUE - IT CUTS GOVERNMENT REVENUE BY 1.5 TRILLION. THIS DOES NOTHING - ABSOLUTELY NOTHING TO OFFSET THE DEFICIT.

There is more of course -

snip - Require the Finance Committee to report tax reform within six months that would deliver realdeficit savings by broadening the tax base, lowering tax rates, and generating economicgrowth as follows:•Simplify the tax code by reducing the number of tax expenditures and reducing individualtax rates, by establishing three tax brackets with rates of 8–12 percent, 14–22 percent,and 23–29 percent.•Permanently repeal the $1.7 trillion Alternative Minimum Tax.•Tax reform must be projected to stimulate economic growth, leading to increasedrevenue

Again, this tries to force tax cuts as a way to stimulate growth -even when it has FAILED to do so every single other time. I have not found ANY item that increases revenue as a tax increase. READ - TAX REFORM VIA LOWERING TAX RATES AND BROADENING THE BASE IS SOMEHOW SUPPOSED TO INCREASE REVENUE.

[TheBigotBasher]

10. It is obvious what broadening the base means,

Republicans were all but saying last year - last year they were screaming about the poor paying no taxes.

[bayareamike]

7. Am I reading this wrong?

According to this summary, the deal would:

Simplify the tax code by reducing the number of tax expenditures and reducing individual
tax rates, by establishing three tax brackets with rates of 8–12 percent, 14–22 percent,
and 23–29 percent.

So this deal cuts taxes including those imposed on the top bracket?

[TheBigotBasher]

9. $1.5 trillion in net tax cuts

$1.7 trillion alone by scrapping the alternative minimum income tax, tax hikes by reducing the levels of mortgage relief available.

It is a horrible plan created by a group of six who cannot even count their own membership size (4 Rethugs plus 3 Democratic Senators = 7).

[Fearless]

8. Thanks Mr. President. Pass the cat food.