The $800 billion dollar taxcut Boehner and Obama were debating...

[kentuck]

...was the $800 billion dollar Bush taxcuts which are going to expire anyway.

So why was that part of the debate?

When Obama mentioned taxcuts of 1.2 trillion, he was talking about $400 billion in taxes beyond the Bush taxcuts?

Is this how you understood the debate was going?

Why debate a taxcut that isn't going to happen??

[FreakinDJ]

1. The $400 Billion was letting Bush Tax Cuts for Wealthy expire

those under $250K get to keep them

[kentuck]

3. Are you sure it isn't the reverse??

$800 billion for the wealthy and $400 billion for those under $250,000 per year incomes?

[FreakinDJ]

5. pretty positive

been reading about the talks and Corporate Tax Structure all morning here

[kentuck]

6. I read this earlier...

<snip>
The revenue component, in the end, remained unbridgeable. According to senior White House officials, each side had agreed to pass tax reform down the road that would result in $800 billion in revenue generated -- the equivalent amount of savings that would be achieved if the top-end Bush tax cuts were simply allowed to expire. The administration wanted $400 billion in revenues on top of that. Republicans wanted zero, and in statements on Friday night GOP leadership aides insisted that the White House had changed the contours of the negotiations by making that demand in recent days.

Obama offered to move off that $400 billion mark should GOP leadership lessen the type of cuts to entitlement programs they were demanding, White House aides said.


http://www.huffingtonpost.com/2011/07/22/obama-debt-ceiling-talks-boehner_n_907502.html#185_reid-no-shortterm-deal

[Cool Logic]

2. I believe the $800 billion in cuts related to the tax reform that was part of the package.

The should seriously consider something like the Fair Tax. Even though their corporate masters would never allow it, something needs to be done to simplify the tax code and make collecting taxes more efficient. $800 billion goes down the drain every year trying to keep up with 72,000 pages of bureaucratic nonsense.

The US is world's leading manufacturer of red tape.

[FreakinDJ]

4. The $800 Billion

was closing the Corporate Tax Loopholes for Gas and Oil Exploration, Corporate Jets, not sure on the 3rd item, but it was letting the Bush Tax Cuts for families making over $250K that Boner walked out over

[chill_wind]

7. Yes, Kentuck, it sounds like they were $400 billion apart

(TPM)

"As of Thursday morning, the two sides were still $400 billion apart. Boehner had agreed to raise $800 billion in revenue over ten years from allowing the Bush tax cuts to expire at the end of next year on the wealthy -- those making $250,000 and above -- but the President wanted an additional $400 billion more to provide more balance to offset cuts to entitlements such as Medicare and Medicaid."

And then somewhere in there the day before, Boner threw in a demand to repeal the individual health care mandate.

This was never going to be a happy marriage.

More here with links from Bloomberg, The Hill and TPM.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x1556757