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Old 12-04-2012, 03:51 PM   #1 (permalink)
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Fiscal Cliffs and Such

Why is there no thread on this? Republicans offer up new budget plan where wealthy do not see increase in taxes, just a closure of loopholes used by middle class. USA! USA! USA!

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WASHINGTON – President Obama on Tuesday rejected a GOP offer for avoiding the so-called fiscal cliff and underscored his refusal to accept any deal that does not increase income tax rates for top earners.

In his first interview since reelection, Obama said the Republican plan offered Monday was “out of balance” and acknowledged that talks between the president and congressional Republicans were hung up on the tax rate dispute.

“We’re going to have to see the rates on the top 2% go up. And we’re not going to be able to get a deal without it,” Obama told Bloomberg Television.

The White House has been holding to this line in the talks, although neither the president nor his aides have said how high an increase is needed. Income tax rates on all taxpayers are set to rise to Clinton-era levels at the end of the year, unless Congress and the White House agree to an alternative proposal.


The Republican proposal would extend all the current tax rates, but aims to find $800 billion in new revenue over a decade for deficit reduction by eliminating tax loopholes and deductions. Obama agreed last year to that figure as a revenue target for tax reform in discussions with House Speaker John A. Boehner (R-Ohio). But he said Tuesday that raising that amount would require lawmakers and the president to eliminate popular tax deductions, such as the deduction for charitable giving.
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Anyway, gotta get back to the money. Holla at you lames another day.
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Old 12-04-2012, 04:47 PM   #2 (permalink)
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Re: Fiscal Cliffs and Such

If you're referring to the home mortgage interest deduction that's used, overwhelmingly, by the top 5% of taxpayers. So it can die without destroying the middle class. The whole concept of tax credits needs to die a horrifying death. The EITC needs to be executed with prejudice and the payroll taxes be given a floor instead. The tax code has grown to thousands of pages in length, there's no justifiable reason for it.
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Accused of amassing an 18-gun arsenal to protect his drug business, Bjorkstam is said to have defended Swift to police, describing him as a "good guy" who helped him try to collect a heroin debt but did not deal drugs himself.

"People have been ripping me off," Bjorkstam told police, according to charging papers. "Rob and I are trying to put a stop to that."
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Old 12-04-2012, 05:35 PM   #3 (permalink)
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Re: Fiscal Cliffs and Such

Yes, the average American's entire wealth isn't disproportionately represented by their home ownership. Oh wait, it is. So long write off on your big investment middle class! Just because the wealthy use it, doesn't mean the the middle class don't rely on it. That's enough to swing the difference between having some savings to having no Christmas. For someone who touts so much about his knowledge of all thing political, you seem to ignore the Middle Class and the big picture a whole lot.
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Old 12-04-2012, 08:34 PM   #4 (permalink)
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Re: Fiscal Cliffs and Such

The reason for the deduction isn't to help the middle class, it's to encourage them to keep re-financing their home and taking on more consumer debt. That being said the overwhelming amount of benefit for this deduction is to the top 5% of taxpayers. They're the ones pocketing the money from it. So, yes, for a lower marginal rate that's a deduction that can die. As can most of them.
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Accused of amassing an 18-gun arsenal to protect his drug business, Bjorkstam is said to have defended Swift to police, describing him as a "good guy" who helped him try to collect a heroin debt but did not deal drugs himself.

"People have been ripping me off," Bjorkstam told police, according to charging papers. "Rob and I are trying to put a stop to that."
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Old 12-04-2012, 09:12 PM   #5 (permalink)
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Re: Fiscal Cliffs and Such

It's not a choice between lower marginal rates and loophole closures. It's tax increases to the lower (read under top 1%) class because they roll over and take it while the top 0.01% are the king makers in this country and the Republicans are them or are owned by them.
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Anyway, gotta get back to the money. Holla at you lames another day.
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Old 12-04-2012, 10:42 PM   #6 (permalink)
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Re: Fiscal Cliffs and Such

I have the best ideas in the world. The ideas will solve all the problems.

1. cut military budget $3 trillion for the next 10 years.

2. cut medicaid and medicare 3 trillion for the next 10 years.

3. increase 30% income taxes for the rich for the next 5 years only. That is about 1 trillion.
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Old 12-05-2012, 06:06 AM   #7 (permalink)
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Re: Fiscal Cliffs and Such

If the middle-class can't afford their mortgages without a tax credit it means interest rates are too high. If this is the case, the tax credit does nothing but prop up the banks ability to offer unfavorable terms. If middle-class mortgages are truly unaffordable, the market needs to correct that, not the government.
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Old 12-05-2012, 09:58 AM   #8 (permalink)
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Re: Fiscal Cliffs and Such

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It's not a choice between lower marginal rates and loophole closures. It's tax increases to the lower (read under top 1%) class because they roll over and take it while the top 0.01% are the king makers in this country and the Republicans are them or are owned by them.
Both parties were bought lock stock and barrel decades ago. We're giving Warren ****ing Buffet's companies welfare for chrissakes.
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Accused of amassing an 18-gun arsenal to protect his drug business, Bjorkstam is said to have defended Swift to police, describing him as a "good guy" who helped him try to collect a heroin debt but did not deal drugs himself.

"People have been ripping me off," Bjorkstam told police, according to charging papers. "Rob and I are trying to put a stop to that."
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Old 12-05-2012, 11:33 AM   #9 (permalink)
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Re: Fiscal Cliffs and Such

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Accused of amassing an 18-gun arsenal to protect his drug business, Bjorkstam is said to have defended Swift to police, describing him as a "good guy" who helped him try to collect a heroin debt but did not deal drugs himself.

"People have been ripping me off," Bjorkstam told police, according to charging papers. "Rob and I are trying to put a stop to that."
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Old 12-05-2012, 12:04 PM   #10 (permalink)
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Re: Fiscal Cliffs and Such

I actually found that pretty funny.
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