Skip to comments.FOX NEWS: Tax Hikes 'Impossible' Under Debt Deal? Think Again ( Debt deal is indeed a BIG TAX HIKE!)
Posted on 08/01/2011 11:06:13 AM PDT by Kevin in CaliforniaEdited on 08/01/2011 12:52:01 PM PDT by Admin Moderator. [history]
Just reported that in this debt deal is indeed a BIG TAX HIKE!
This is breaking....:
Tax Hikes 'Impossible' Under Debt Deal? Think Again ...
Published August 01, 2011
The debt-ceiling deal moving toward a vote in Congress could easily pave the way for tax increases despite Republican claims that tax hikes are "impossible" under a deal struck with the White House to reduce spending in exchange for a debt-limit increase.
But as everyone knows, "impossible" isn't really in Washington's vocabulary.
Here's how it could happen:
After Congress enacts more than $900 billion in spending cuts to give President Obama a $900 billion lift in the nation's $14.3 trillion debt ceiling, a bipartisan committee will be formed to find roughly $1.5 trillion in additional deficit savings over the next decade.
To get there, the committee is free to look at virtually anything -- including "revenue" -- even though House Speaker John Boehner said Sunday night that current budgeting guidelines make it "impossible" for the 12-member group to approve tax hikes.
Other officials and analysts beg to differ.
"The suggestion that it is impossible for the joint committee to raise tax revenue simply is not accurate, it's false," White House Press Secretary Jay Carney said Monday.
Tea Party-aligned Sen. Mike Lee, R-Utah, said that's one of the concerns stopping him from supporting the deal.
"Certainly, tax increases could be something that we could face," Lee told Fox News.
Boehner is able to claim no tax hikes are possible because the committee would work off the assumption that the Bush tax cuts -- all of them -- will expire in 2013. Combined with other expiring provisions, that adds up to $3.5 trillion in tax hikes over the next decade, without the committee taking any action
Excerpt, read more: here
FOX is reporting that this is the reason Boehner is :20 minutes late to the podium.
Guess ya gotta pass it before you can see what’s in it.
This is the second thread today you have posted about something you’ve seen on TV.
Without a link.
I’m just saying...
When is the vote? Will the house vote and approve a tax hike?
please let this get out to the public before the Vote.
It may be time to turn off the TV and find something to do.
“Guess ya gotta pass it before you can see whats in it.”
Sure, that’s the Pelosi way. Well, it worked for them on Obamacare.
Or does this just lock in the end of the Bush tax cuts unless "paid for" by other tax increases/spending cuts?
Therein lies Sarah Palin's beauty. She is feared -- actually hated -- for having torn into, and jailing, corrupt politicians in Alaska
Paging Rep. Tom Reed, R-NY....
Not this sh!t again!
>> Rush Limbaugh has been savaging him all afternoon.
With Mark Levin to follow in a few hours.
Did they pass it already
Any real details or just another “someone said XXXXX on TV” thread?
There better not be - else all hell is going to break loose.
Just reported on Fox News that Bret Braier will be reporting on this hidden tax agenda that is in the bill in a few min.
Oh, crap! This being August 1, I was in support of it, but now I cannot support it.
ChadPergram Chad Pergram
GOP Conference meeting still going. House will start 3 votes at 2 pm which tells me they should start debate on the rule around 2:45 pm.
Torpedo this Marxist POS!!
HOLD THE LINE!!
Rebellion is brewing!!
We need details because I saw no such tax hikes.
The Republican House voted for the biggest debt ceiling increase in US history . . .
JimPethokoukis James Pethokoukis
Back of the envelope: If CBO’s 2011-2016 forecast falls short by 0.5 pct pt, debt cuts disappear
You need to get the title fixed. As the details unfold, this is a POS bill.
It will be in a FNC Breaking News item reported Live by Bret Baier in just about a min.
We need links.
You have a severe case of knee jerk.
I think what’s happened is that the budget deal takes into account the end of the Bush Tax Cuts in 2013. They probably couldn’t get the extra $2.4 trillion without that.
Certainly not if they leave out reform of Medicare. And Obama couldn’t offer any more on that because he already gutted it by $500B.
jamiedupree Jamie Dupree
GOP lawmakers emerging from meeting say concerns over defense cuts were addressed in meeting
5 minutes ago
jamiedupree Jamie Dupree
Tea Party favorite Rep Allen West (R-FL) says he will vote for debt limit plan
8 minutes ago
jamiedupree Jamie Dupree
Rep Tom Graves R-GA says GOP should keep fighting for Cut, Cap & Balance rather than the debt deal
10 minutes ago
On Fox: bill assumes Bush tax rates expire in 2013 as a baseline. Bill is worded so that it could repeal ALL tax rates — AMT, others — and make them much higher — a huge tax hike. Bottom line: will taxes jump because they assume ALL tax breaks will expire in 2013. Much confusion. Added to huge defense cuts and there may not be the votes in the House to pass.
On taxes and the committee, it says this:
Under the framework, the Joint Committee of Congress will work off a current-law baseline, as required by the 1974 Budget Act, effectively making it impossible for Joint Committee to increase taxes.
And if ya hafta ask...
They are better off just passing a debt hike with the first round of cuts, and calling it a day. On to 2012 without creating this monstrosity of a super committee with all the fallback provisions. This is looking to be the turkey we all feared it would be.
Details do not matter. Any sucking of money for any sector, rich or otherwise, results in you paying more in taxes. Is that hard to understand since it has been explained time and time again.
Here is one: If you raise taxes on the super rich, you will have that tax passed along in higher service cost or products that this rich person provides. Therefore you are paying the tax. Get it.
Many more examples but just to lengthy to explain such as health care. Pure forced tax. And if you think your employer pays them for you, watch your pay check grow. Crickets!!!!!!
Tell Me Lies, tell me sweet little lies
~Tell Me Lies, Tell me tell me lies~
Oh no no, you can’t disguise
~You can’t disguise, no you can’t disguise~
Tell me lies, tell me sweet little lies
there is no time to read it. We are in a crisis!!!
If this passes, we are apparently screwed.
Add in the AMT Fix to The Bush Tax Cuts expiring!
Yeah sure.....and how many times have you heard one thing..and something else happens.
They are monkeying around with the Baseline to make their claims.
Speaker Boehner, you are a poltroon.