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.
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.