Super Committee Democrats Propose Scrapping Bush Tax Cut Debate In Exchange For Billions In Revenue

[sasha031]

WASHINGTON -- Under their latest proposal to the deficit reduction super committee, Democrats would agree to undertake comprehensive tax reform that included a pledge to avoid letting Bush-era tax cuts for the wealthy expire.According to a private document, the authenticity of which was confirmed by a leadership aide, super committee Democrats are eyeing between $950 billion and $1 trillion in revenue raisers and tax hikes as part of a $2.3 trillion deficit reduction package. Between $300 billion and $350 billion of that would come from what one congressional aide described as "low-hanging fruit" -- ending tax incentives for corporate jet owners, closing loopholes for oil and gas companies, changing ethanol subsidies, and so on.

The remaining $650 billion in revenue that committee Democrats are targeting would be raised through a set of "Fast Track Procedures For Tax Reform." As part of those procedures, Democrats would agree to three guiding principles: "(a) corporate tax reform to enhance competitiveness, (b) an individual rate no higher than 35% and (c) a distribution of changes that ensures a tax code as progressive as current law."Another Senate aide, familiar with discussions, insisted that the document was not a formal Democratic plan but rather a "proposal that's been discussed."

As the law currently stands, the Bush-era tax cuts are set to expire at the end of 2012, at which point the rates on top earners will rise back up to 39.6 percent. Had the tax cuts been allowed to expire at the end of 2010, it would have generated an extra $690 billion in tax revenues over ten years, according to estimates based on Congressional Budget Office and Joint Committee on Taxation data. By committing to place a cap on those rates at 35 percent -- in exchange for pursuing a tax reform process that produces $650 billion in revenues -- Democrats are granting Republicans a potentially significant concession, one that could scrap a major party talking point about higher-income Americans needing to shoulder a larger share of the deficit burden.

much more at link
http://www.huffingtonpost.com/2011/11/11/super-committee-democrats-taxes_n_1088407.html

[Autumn]

1. Democrats are granting Republicans a potentially significant

concession, one that could cost them a lot of votes. Mine for one.

[sasha031]

2. I agree, Obama promised to lets these tax cuts expire

feel sick about this...

[PoliticAverse]

3. He already renewed them once. n/t

[Scuba]

4. Those guys aren't real Democrats. n/t

[sasha031]

5. my Senator is on that committee, I feel sick...

[Fantastic Anarchist]

7. Yes, they are.

And they were picked by other real democrats. Coincidence?

[Scuba]

9. see link...

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x2261601

[Fantastic Anarchist]

10. That's what happens when you put all your trust in a party.

It's predictable. It always (even when it happens to accidentally do good things) turns reactionary.

The people are the power. Now, and always. And only.

Edit: Goddamn grammar

[Fantastic Anarchist]

6. Why is anyone surprised?

Change can only come from below. Quit putting your faith in political parties. They work for the wealthy. Why would that change suddenly?

Guess who's picking up the tab for that revenue. Hint, it's not the people who bought Congress.

[woo me with science]

8. These "negotiations" were pure theater, a fucking scam and a sham

perpetrated for our benefit.

We knew what would come out of this from Day One, and so did our rulers.

1. Unconscionable cuts to the social safety net and vital programs
2. Protection of the tax breaks for the wealthy
3. Protection of the military industrial complex.

Surprise! We will be three for three. Never mind polls showing Americans want exactly the opposite, across party lines.

WE HAVE ONE PARTY NOW. WE ARE RULED BY THE DEMOCRATIC AND REPUBLICAN WINGS OF THE CORPORATE PARTY.

They are no longer our representatives. They are ruling us.

[RegieRocker]

11. Democrats doing republican things. That is nice.

[The Straight Story]

12. No worries, Obama promised to keep his broken promise on this next year (nt)

[Autumn]

14. I trust nothing he says

:shrug:

[dmosh42]

13. Almost all millionaires in the US Senate-think they care about U? HA!

[think]

15. Both parties are full of rotten thieving lying no good bastards....nt

[nadinbrzezinski]

16. Ah yes, pour some more gas on fire

what do you think will happen to OWS you idiots!

[quaker bill]

17. Just more offers they won't take.

and the hand wringing commences... Republicans have no intent to run in 2012 having just voted to raise taxes one trillion dollars. All "concessions" "offered" to get them to vote for this is nothing more than theater. There is no magical combination of concessions by which they will vote for "the largest tax increase in history".

This stuff just paints the corner a bit tighter.