Democratic memo rips apart GOP Super Committee tax plan by Toomey

[kentuck]

http://tpmdc.talkingpointsmemo.com/2011/11/chart-of-the-day-the-regressive-tax-plan-super-committee-dems-rejected.php?ref=fpb

<snip>
A new Democratic memo rips apart a GOP Super Committee proposal — offered by Sen. Pat Toomey (R-PA) — that would have reduced, and made permanent, Bush-era tax rates. Many of the key details of the plan remain undisclosed, even to Democrats, but they’ve included a table laying out all of the lower rates the GOP has proposed, and deduced from what’s known that the changes would significantly reduce the progressiveness of the tax code.

Here’s how. The GOP claims the plan would raise $300 billion in revenue, and also make the newer, lower Bush tax rates permanent. To accomplish this, simple arithmetic implies he’d have to raise a ton of tax revenue elsewhere. But since he objects to raising taxes on capital income, that would require him to slash deeply into credits and preferences that benefit lower and middle income taxpayers.

Democrats drew a comparison to a similar plan — one with smaller tax cuts that has been scored by the Joint Committee on Taxation, and concluded:

The Toomey proposal either doesn’t provide any specifics about which tax expenditures he proposes to cut in order to raise $3.5 trillion — or the proposal simply doesn’t contain them. However, a similar proposal was recently scored by JCT that is almost as dramatic. It would make current policy permanent and then broaden the base sufficiently to pay for cutting all tax rates by roughly 15% from the 2011/12 rates (the top rate would be cut to 30%), with $600 billion left over. This proposal would cost almost as much - $3.0 trillion over ten years.

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[MrSlayer]

1. Toomey is the scum of the Earth.

What a tragedy that he was elected. I'm ashamed to have him as my Senator.

[Angry Dragon]

2. Does anybody know what they are doing in Congress??

Congress is not listening
THE PEOPLE want taxes raised on the more wealthy, I say raise it to 70%
and if the wealthy say they will stop working, I say so what
Lets put the rates back where they were when this country was strong
We have become weakened by the tax cuts

[catabryna]

3. They are playing the media game...

They want to make sure Obama is a one-term president. At the same time, however, they prop up candidates that are sure to lose.

They have moved beyond this election... they are looking long term toward 2016.

[Scuba]

4. The Dems better fight these asshats or they're not Dems. n/t