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CEOs Warn Congress of 'Grave Consequences' in Taxmageddon
ATR ^ | 2012-10-18 | Rhett Brooks

Posted on 10/19/2012 12:52:47 PM PDT by 92nina

Today a letter was sent to the President and members of Congress by 15 CEOs from some of the largest financial institutions in the U.S. The 15 CEOs who signed the letter represent the Financial Services Forum, a non-partisan organization that deals specifically with financial and economic policy. In the letter, they urge for the avoidance of the coming Taxmageddon and warn of the dire effects that inaction would have on the economy: “The consequences of inaction—for stability in global financial markets, for economic growth, for millions of Americans still without work, and for the financial circumstances of American businesses and households—would be very grave.”

References are made regarding what credible institutions have said concerning Taxmageddon, including the Federal Reserve’s warning that Taxmageddon would cause a recession “and about 1.25 million fewer jobs would be created in 2013.” Moody’s potential downgrade of the U.S. over fiscal negotiations is also mentioned in the letter and the downgrade's negative effect on interest rates and global markets.

President Obama’s failed economic policies that have largely contributed to the fragile state of the economy is a big concern for CEOs when considering Taxmageddon’s consequences: “at a time when economic growth is less than 2 percent, and with nearly 25 million Americans either out of work or underemployed, the still-fragile U.S. economy cannot sustain—and the American people do not deserve—the impact of more gridlock in Washington.” For more information on how Taxmageddon will affect your family’s budget click here.

Read more: http://www.atr.org/ceos-warn-congress-grave-consequences-taxmageddon-a7256#ixzz29mBlaf3N


TOPICS: Business/Economy; Government; Politics; Reference
KEYWORDS: congress; debt; economy; taxes
CEOs fear of recession and high interest rates resulting from Taxmageddon.
1 posted on 10/19/2012 12:52:51 PM PDT by 92nina
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To: 92nina

If that SOB wins again, Ima convert my 401K before December 31 and hide it in Simmons National Bank and Trust (Simmons mattress company, that is).


2 posted on 10/19/2012 12:58:11 PM PDT by Gaffer
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To: 92nina

If Obama wins then the GOP will filibuster anything he proposes. If Romney wins then the Democrats will filibuster anything he proposes. Either way we’re hosed.


3 posted on 10/19/2012 12:59:34 PM PDT by Delhi Rebels (There was a row in Silver Street - the regiments was out.)
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To: 92nina

I can either have a company in the US and pay massive taxes on all monies received (35 + 5 + 6.1 + state + ss x 2) or have the company based in a low tax country (low == 10%) and only pay US taxes on (wages + bonus + distribution) pushed to the employee... leaving money in the corporate account for the following year

hmmm... tough choice

Americans get paid... and the company has funds for the following year

of course, the govt doesn’t get it’s pound of flesh to buy votes with (or clunkers, or 0bamaphones, or etc)


4 posted on 10/19/2012 1:03:39 PM PDT by sten (fighting tyranny never goes out of style)
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To: Delhi Rebels

I am very scared “Read my lips” Romney will sign off on a huge tax increase.


5 posted on 10/19/2012 1:35:01 PM PDT by nickcarraway
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To: Delhi Rebels

A good reason for the new Senate to rewrite the filibuster rules. Right now, they require a supermajority that is not provided for in the Constitution. Filibusters should be allowed for a limited duration, but then a vite must be allowed. This is especially true with appointments.


6 posted on 10/19/2012 1:38:36 PM PDT by Defiant (If there are infinite parallel universes, why Lord, am I living in the one with Obama as President?)
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To: nickcarraway
I am very scared “Read my lips” Romney will sign off on a huge tax increase.

I wouldn't be the least bit surprised if he did. I honestly believe that Romney may be the first sitting president in 160 years not to be renominated by his party.

7 posted on 10/19/2012 1:43:49 PM PDT by Delhi Rebels (There was a row in Silver Street - the regiments was out.)
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To: 92nina
Ubama should just implement his father's dream, a 100% tax rate.

That way he can take from everyone according to their abilities, and give to those who deserve it, and starve the ones who don't.

8 posted on 10/19/2012 1:45:48 PM PDT by E. Pluribus Unum (Government is the religion of the psychopath.)
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To: 92nina

Dear President Obama,

We officially declare ourselves traitors and enemies of these United States of America. We tried to destroy the economy with willful greed and mindnumbing incompetence.

Please intern us now at Guantanamo for our guilt and for the future safety of the American economy.

Yours Sincerely,

The Financial Services Sector


9 posted on 10/19/2012 1:46:39 PM PDT by who_would_fardels_bear
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To: Gaffer
If that SOB wins again, Ima convert my 401K before December 31 and hide it in Simmons National Bank and Trust

With the new $100 bills coming out next year, you might have a problem.

10 posted on 10/19/2012 1:55:06 PM PDT by Roccus
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To: Defiant
A good reason for the new Senate to rewrite the filibuster rules. Right now, they require a supermajority that is not provided for in the Constitution. Filibusters should be allowed for a limited duration, but then a vite must be allowed. This is especially true with appointments.

True, but it won't happen. One, that assumes that the GOP takes the Senate, not a done deal. Two, under the Senate rules even rule changes can be filibustered. Three, even if the GOP ran the Senate I don't see Mitch McConnell having the spine to use the nuclear option to force a rule change by simple majority vote.

11 posted on 10/19/2012 1:59:42 PM PDT by Delhi Rebels (There was a row in Silver Street - the regiments was out.)
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To: Roccus

Lotsa 20s then


12 posted on 10/19/2012 2:21:06 PM PDT by Gaffer
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To: Delhi Rebels
At the start of a new Senate, the new Senate cannot be bound by the rules of the old one. They can create whatever rules they want and pass them by a majority. Once they have done that, they have to live with whatever supermajority rules they have created. The time to fix the filibuster is at the start of a new session.

Two, Republicans will win the Senate. It is a lock.

Three, you are right, the Republicans won't do it. They are too cowardly. The Washington Post will say bad things about them.

13 posted on 10/19/2012 2:22:20 PM PDT by Defiant (If there are infinite parallel universes, why Lord, am I living in the one with Obama as President?)
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To: Defiant
At the start of a new Senate, the new Senate cannot be bound by the rules of the old one. They can create whatever rules they want and pass them by a majority. Once they have done that, they have to live with whatever supermajority rules they have created. The time to fix the filibuster is at the start of a new session.

I believe you are wrong on that.

Two, Republicans will win the Senate. It is a lock.

Nothing is a lock.

Three, you are right, the Republicans won't do it. They are too cowardly. The Washington Post will say bad things about them.

If you were right on number one then it'd be automatic. But Senate rules apply until they are modified or revoked regardless of whether it's a new Senate or not. So there is no way filibuster rules will change.

14 posted on 10/19/2012 4:52:21 PM PDT by Delhi Rebels (There was a row in Silver Street - the regiments was out.)
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To: 92nina

Financial Services Forum is concerned about the machinery of government...

15 posted on 10/19/2012 5:02:37 PM PDT by mrsmith (Dumb sluts: Lifeblood of the Media, Backbone of the Democrat Party!)
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To: Delhi Rebels

It is a fundamental principle that a newly constituted Senate, with 20 or more new members, is not bound by whatever agreement the prior Senate chose to use as its organizing principles. The losing side may say otherwise and scream about it. The winners can vote, get a majority, and change the rules however they want.


16 posted on 10/19/2012 5:09:44 PM PDT by Defiant (If there are infinite parallel universes, why Lord, am I living in the one with Obama as President?)
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To: Gaffer

Better convert it to precious metals like brass and lead and put it in the Dirt Bank and Trust.


17 posted on 10/19/2012 5:59:35 PM PDT by RipSawyer (Free healthcare is worth FAR LESS than it costs.)
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To: Defiant

The Senate Standing Rules apply until repealed, regardless of change of Senate. Or even change of senate leadership.


18 posted on 10/20/2012 5:30:51 AM PDT by Delhi Rebels (There was a row in Silver Street - the regiments was out.)
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To: Delhi Rebels

That does not bind new members unless they choose to be bound because the wapo and ninnies like you tell them to. We have this discussion every two years. The bottom line is, the organizing resolution can be passed by majority vote, and no court can review the rules.


19 posted on 10/20/2012 9:16:03 AM PDT by Defiant (If there are infinite parallel universes, why Lord, am I living in the one with Obama as President?)
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To: Defiant
That does not bind new members unless they choose to be bound because the wapo and ninnies like you tell them to.

I'm amazed that the U.S. Senate hasn't contacted you by now to come help them get their house in order. Obviously you have been hiding your genius too long and too well.

And here's the </sarcasm> tag. I can't imagine you recognizing it otherwise.

20 posted on 10/20/2012 12:31:59 PM PDT by Delhi Rebels (There was a row in Silver Street - the regiments was out.)
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To: 92nina

21 posted on 10/20/2012 2:36:00 PM PDT by timestax (Why not drug tests for the President AND all White Hut staff ? ? ?)
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To: Delhi Rebels

I’m amazed that you can dress yourself in the morning.


22 posted on 10/20/2012 2:38:53 PM PDT by Defiant (If there are infinite parallel universes, why Lord, am I living in the one with Obama as President?)
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To: Defiant

A lot of things must amaze you.


23 posted on 10/20/2012 4:37:53 PM PDT by Delhi Rebels (There was a row in Silver Street - the regiments was out.)
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To: Delhi Rebels

I am also amazed that a newbie such as yourself thinks that joining Free Republic just to disrupt the discussions would be an exciting way to amuse yourself. Your buddies at Kos or DU will enjoy the tales of your harrowing experience.


24 posted on 10/20/2012 5:06:15 PM PDT by Defiant (If there are infinite parallel universes, why Lord, am I living in the one with Obama as President?)
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To: Defiant
I am also amazed that a newbie such as yourself thinks that joining Free Republic just to disrupt the discussions would be an exciting way to amuse yourself.

I may be a newbie, grandpa, but I'm a newbie who is capable of using search engine and reading. Senate Standing Rules, Rule V, Section 2: "The rules of the Senate shall continue from one Congress to the next Congress unless they are changed as provided in these rules." Read it for yourself. Rules of the Senate

25 posted on 10/21/2012 6:28:45 AM PDT by Delhi Rebels (There was a row in Silver Street - the regiments was out.)
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To: Delhi Rebels

As i have explained to you, newbie, those rules do not bind a new Senate. It is a new body. We who have been here have discussed ths issue many, many times over the years, whenever there is discussion about changing the rules. Most especially, this happened in 2000, but it happens every two years. What you are citing is a rule that expires when this Senate expires, no matter how much Harry Reid wants it to continue. This Senate wrote that rule. They cannot bind a new Senate. Do some more research than a simple google search, stop speaking out of your posterior orifice, and when you understand the controversy enough to take an educated position, then spout off.


26 posted on 10/21/2012 8:34:23 AM PDT by Defiant (If there are infinite parallel universes, why Lord, am I living in the one with Obama as President?)
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To: Defiant
As i have explained to you, newbie, those rules do not bind a new Senate.

And as I have pointed out to you, gramps, yes they do. The Senate rules themselves say that they do. The idea that all standing rules magically become null and void is supported by nothing but your opinion. And your opinion does not constitute fact, much as you would like to believe it does.

27 posted on 10/21/2012 9:22:37 AM PDT by Delhi Rebels (There was a row in Silver Street - the regiments was out.)
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To: Delhi Rebels
Lol. You are persistent, but you simply do not understand the issue and why the rule does not matter. I hope you are not in a line of work where people depend on your analysis of complex matters. Lives and property could well be lost.

As i said, research the issue, don't just look at what Harry Reid wrote. Pay particular issue to arguments for and against the proposition that the Senate is something called a "continuing" body. Then take an informed position on that controversy. Then come back and espouse that position, and support it. Until then, you are like a second grader with an iPhone, doing a google search and reading the first result to get a very superficial answer to a question whose parameters you can't comprehend.

28 posted on 10/21/2012 9:59:59 AM PDT by Defiant (If there are infinite parallel universes, why Lord, am I living in the one with Obama as President?)
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To: Defiant
You are persistent, but you simply do not understand the issue and why the rule does not matter.

Sure I do. The rule doesn't matter because you say it doesn't and because you wish it didn't. The Rules of the Senate, the Rules of the House, the Constitution, none of that matters in your world because you don't want it to. Well that belief may give you a great deal of comfort but for the rest of the world, those who don't think you are correct in your opinions, it's meaningless. But don't let us interrupt you. You go right on believing what you're believing.

29 posted on 10/21/2012 1:06:31 PM PDT by Delhi Rebels (There was a row in Silver Street - the regiments was out.)
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To: Delhi Rebels

Junior, do the homework assignment I gave you and we can discuss it further. It does no good to argue with the wilfully ignorant.


30 posted on 10/21/2012 1:16:40 PM PDT by Defiant (If there are infinite parallel universes, why Lord, am I living in the one with Obama as President?)
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To: Defiant
It does no good to argue with the wilfully ignorant.

As I have discovered.

31 posted on 10/21/2012 1:19:40 PM PDT by Delhi Rebels (There was a row in Silver Street - the regiments was out.)
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To: Delhi Rebels

Yawn. Back to kos with you. Do your homework, eat your veggies and make sure to change that diaper often. You wouldn’t want to be more full of it than you already are.


32 posted on 10/21/2012 1:31:09 PM PDT by Defiant (If there are infinite parallel universes, why Lord, am I living in the one with Obama as President?)
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