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
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.
will the free press rescue us after all?
has CNN or MSNBC reacted?
This must be why the market tanked this morning. The pencil pushers had figured it out.
Seems that the FICA relief for this year will expire, which is tantamount to a tax increase. Also, there is the “mess” of the Super Congress (Constitutional?)being in a position to call for tax increases as a result of shortfalls in “revenue.”
It seems to be written as a trap.
Where is the source? There is nothing on the Fox news page.
I wonder if they are talking about the fact that this deal guarantees the Bush tax cuts won’t be extended in 2013. That is a huge tax increase.
I won't hold it against him.
They don’t read the bills when there isnt a crisis.
That’s about the only thing I can think of at this point.
Here’s a question I have from the discussions today. Does this supercommittee meet though this November and make their recommendations, and then go away, or is it some sort of permanent structure heading into 2012 and beyond? If it is the later, screw that.
This is why we can’t have nice things! This is why we can’t have a puppy!