Eric Cantor wants to "offset tax cuts somewhere else." Where might that somewhere else be, dipshit?

[Amerigo Vespucci]

Obama has already spoken to House Speaker John A. Boehner (R-Ohio) about the possibility of building support for a more ambitious debt-reduction plan, according to people with knowledge of those talks, who, like others quoted in this article, spoke on the condition of anonymity to shed light on private negotiations. The two discussed various options for overhauling the tax code and cutting entitlement spending, but they reached no agreement.

Asked to comment, Boehner spokesman Michael Steel would say only that “there are no tax increases on the table.”

Meanwhile, another senior Republican on Wednesday signaled a new openness to raising taxes— at least for selected special interests. House Majority Leader Eric Cantor (Va.) told reporters that he is now willing to consider Democratic demands to end tax breaks for corporations, hedge-fund managers and owners of corporate jets, so long as the final deal does not raise tax rates or overall federal tax collections.

“If the president wants to talk loopholes, we’ll be glad to talk loopholes,” Cantor said at his weekly roundtable with reporters. “We’ve said all along that preferences in the code aren’t something that helps economic growth overall. But listen, we’re not for any proposal that increases taxes, and any type of discussion should be coupled with offsetting tax cuts somewhere else.”

http://www.washingtonpost.com/business/economy/in-debt-talks-obama-offers-social-security-cuts/2011/07/06/gIQA2sFO1H_story.html

[handmade34]

1. there is no empirical proof

that I have heard of or read about that shows tax cuts create jobs... what's going on??? ...how and why can these Republicans make these statements without repercussion and hold hostage... I'm seriously baffled

[Amerigo Vespucci]

5. Poor and working-class people spend the money on food, utilities, etc...

...the Bush have-mores hold on to the mo9ney and invest it so they get MORE money.

Time and time again in the last two years we've seen stories about individuals and organizations that received money "in the hope that" jobs would be created.

Education is one of those areas...I posted a story several months ago about schools receiving government cash for hiring and they chose to hold onto it "for a rainy day," in case of budget cutbacks, staff reductions, etc.

Whether jobs have been created or not, one thing is obvious...there haven;t been enough jobs created to even remotely suggest a "recovery," or the beginnings of one. So the free money giveaways haven;t worked. Period.

[orwell]

2. Get rid of his pension and health benefits...

...that would be a good start.

[aquart]

3. No. He doesn't understand the purpose of ending the tax cuts.

He doesn't want the wealthy to lose a penny. I do. We must.

[Somawas]

4. Cantor's a bag of douche.

[hfojvt]

6. you misread that - the tax cuts are the offset

and it is sort of diabolical the way he sets it up.

Take itemized deductions, which I think should be eliminated http://journals.democraticunderground.com/hfojvt/151

As I wrote there, 90% of the benefits of itemized deductions goto people with incomes over $40,000, and 80% goes to those with incomes over $60,000.

Now, even I offset the revenue gains from eliminating Schedule A. I did so by proposing a $1,000 increase in the standard deduction and also the return of the "making work pay" credit. I made that offset so that taxes for most in the lower middle class would not go up - in most cases.

Still, my proposal was revenue-positive, it would take in more revenue, and most of the extra revenue would come from those with higher income.

Cantor, would make any proposal revenue-neutral. The last thing he, and Republicans, want to do is collect more taxes. Which is really ironic, because they claim to be oh-so-concerned about the deficit. Cantor, demonstrates, once again, that Republicans really do not care about the deficit - they just want to eliminate social programs.

So, if the proposal is revenue neutral, then the extra revenue is offset by tax cuts, more specifically, cuts to the top tax rate.

So get rid of schedule A, which gives MOST of its benefits to those with higher incomes and Cantor would replace that with cuts to the top income tax rates - a proposal which gives ALL of its benefits to those with higher incomes.

Middle class voters should definitely take note. Cantor, and most Republicans in Congress, are willing to INCREASE taxes on the MIDDLE CLASS to give tax breaks to the RICH. In fact, that is written right into Ryan's roadmap that almost all of them voted for. Tax cuts for the rich OFFSET by tax increases on the middle class.