Fiscal Cliffs and Such - Basketball Forum : Professional and College Basketball Forums

**Hyperion** · 12-04-2012, 02:51 PM

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!

LINK

Quote:

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.

**E.H. Munro** · 12-04-2012, 03:47 PM

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.

**Hyperion** · 12-04-2012, 04:35 PM

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.

**E.H. Munro** · 12-04-2012, 07:34 PM

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.

**Hyperion** · 12-04-2012, 08:12 PM

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.

**Ballscientist** · 12-04-2012, 09:42 PM

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.

Mrs. Thang · 12-05-2012, 05:06 AM

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.

**E.H. Munro** · 12-05-2012, 08:58 AM

Quote:

Originally Posted by Hyperion

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.

**E.H. Munro** · 12-05-2012, 10:33 AM

**R-Star** · 12-05-2012, 11:04 AM

I actually found that pretty funny.

12-04-2012, 03:47 PM	#2 (permalink)
E.H. Munro Baddest Honky Mofo Alive Join Date: Jun 2004 Posts: 24,494 Rep Power: 21474869	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. __________________ If everyone loves you you're doing it wrong. "Opium is the religion of the masses." Fred Reed The Power of 99 Press "He thinks it's going to be fun being governor. It's only fun being governor of New York if you have money to spend, and I spent it all." Nelson Rockefeller on his successor, Hugh Carey.

12-04-2012, 07:34 PM	#4 (permalink)
E.H. Munro Baddest Honky Mofo Alive Join Date: Jun 2004 Posts: 24,494 Rep Power: 21474869	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. __________________ If everyone loves you you're doing it wrong. "Opium is the religion of the masses." Fred Reed The Power of 99 Press "He thinks it's going to be fun being governor. It's only fun being governor of New York if you have money to spend, and I spent it all." Nelson Rockefeller on his successor, Hugh Carey.

12-05-2012, 05:06 AM	#7 (permalink)
Mrs. Thang Player Join Date: Apr 2011 Posts: 744 Rep Power: 2114851	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.

12-05-2012, 10:33 AM	#9 (permalink)
E.H. Munro Baddest Honky Mofo Alive Join Date: Jun 2004 Posts: 24,494 Rep Power: 21474869	Re: Fiscal Cliffs and Such __________________ If everyone loves you you're doing it wrong. "Opium is the religion of the masses." Fred Reed The Power of 99 Press "He thinks it's going to be fun being governor. It's only fun being governor of New York if you have money to spend, and I spent it all." Nelson Rockefeller on his successor, Hugh Carey.

12-05-2012, 11:04 AM	#10 (permalink)
R-Star The Original Paul George Join Date: Jun 2002 Location: The village of Clive, bro Age: 30 Posts: 38,365 Rep Power: 21474886	Re: Fiscal Cliffs and Such I actually found that pretty funny. __________________

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