Skip to comments.GOP staffers: Tax reform teed up for September
Posted on 08/28/2011 9:23:48 PM PDT by martosko
Republican staffers tell The Daily Caller that new tax cuts and regulatory reforms aimed at jumpstarting the economy will be on the agenda in the House of Representatives when it returns from recess after Labor Day.
Staffers say no specifics have been locked in yet. But a significant tax reform package could come this fall, they say, because nothing is likely to be accomplished after the 2012 election cycle begins in earnest.
The conservative House Republican Study Committee is also reportedly planning to supplement the Cut, Cap, and Balance plan with a growth element including tax cuts and regulatory reforms.
Hill staffers tell TheDC that details will become clearer in September. But Ohio Rep. James Jordan, the RSC chairman, sent a letter to his members on Aug. 24 asking for input on adding robust growth components, like tax reform and regulatory reform to Cut, Cap and Balance.
(Excerpt) Read more at thedc.com ...
Any more tax cuts and we’ll recover ourselves into default.
Bet your bottom dollar there will be no spending cuts. Just tax cuts.
Keep this turkey off balance and make him and his idiot minions oppose reducing taxes and regulations. Whack him agin.
Just leave it alone, for crying out loud. No pc from me: if the economy rebounds, we will be stuck with the kenyan kommie klown for another 4 years. In order to re-build, the country has to hit rock bottom.
Tax cuts are one thing (good), but “tax reform” is something else altogether (political suicide). The best course of action for the GOP House is to push for tax cuts and regulatory reforms and leave the more comprehensive issue of “tax reform” for the first order of business after the 2012 elections.
Fighting every special interest group over every deduction and credit is a losing, time wasting strategy.
Instead, change the AMT so it applies to everybody at all income levels. It should have the last word after all deductions, exemptions, and credits are counted such that nobody pays less than 10% of AGI or more than 15% of AGI. This way, EITC, Child Tax Credits, Solar Panel Credits, Electric Vehicle Credits, etc. *remain* but cannot be used to avoid a minimum 10% contribution to running this behemoth of a government.
All the same pain and complexity would exist for those trying to get down to that 10% level, however. At the high end, people wouldn’t be raped by the IRS for their successes by effective rates above 15%, no matter how high the marginal rates are. They could even bite the bullet, and simply pay the 15% without all the complexity. You can bet the “rich” will give up their tax benefits before the “poor”.
I just saw a survey that said 70% of Americans now understand that businesses must pass along their tax costs to their customers. So the time may be ripe to eliminate the Corporate Income Tax entirely. At the same time, extend the 7.62% Employer half of FICA taxes to apply to all labor costs worldwide, including non-wage compensation like health insurance, and including the embedded labor costs of imports.
Sunset all Federal regulations and reinstate only those that do not benefit or penalize specific businesses or pose barriers to entry by new businesses. Businesses should not be able to use the government to lean on their competitors. For environmental regulations, if a comparable regulation exists in another OECD country which imposes lower costs, then replace ours with theirs. We cannot claim to offer a competitive platform to industries when other countries offer lower regulatory costs.
During the debt ceiling negotiations, Rep. Louie Gohmert (TX-1) got a promise from Paul Ryan it'll be in the budget committee and a promise from Boehner to take a House vote.
Much of the growth and issues with "cuts" is they're only cuts to the automatic increases under baseline budgeting, set somewhere between 7 & 8% now. There's never an actual drop in spending.
Zero-based budgeting means every dollar demanded in an annual budget request must be justified instead of just arguing over how big the increase will be over the prior year.
We've had baseline budgeting since the Budget Act of 1974.
“Sunset all Federal regulations”
I think all laws should have some sort of sunset provision. Our founders thought that our liberty would be safe if laws required the House, Senate and president to agree before it became law. Unfortunately repealing a law ALSO requires the House, Senate and President to agree.
Also, our founders were so fearful of a standing army, they insisted that all appropriations for the military were limited to TWO years. How about that for all appropriations? Why should our liberty be infringed just because the congress of 2009 decided to pass an ongoing healthcare bill with its own separate appropriation? Don’t our current appropriation schemes have as much if not more power than a standing army?
Utter nonsense. ECONOMIC GROWTH is the only way to balance the budget.
About time they did this.
We will not beat Present-ident 0 and the junk media "playing it safe" in 2012. All that does is allow them to demogague and distort.
We beat them by staying on offense. This is a smart move. Give the people a choice, not an echo in 2012.
Make them justify every regulation.
Which would mean we could go back to using the word "cut" in its normal English meaning instead of Washington's Kabuki Kookoo Talk
Garde la Foi, mes amis! Nous nous sommes les sauveurs de la République! Maintenant et Toujours!
(Keep the Faith, my friends! We are the saviors of the Republic! Now and Forever!)
LonePalm, le Républicain du verre cassé (The Broken Glass Republican)
We can hope the economy grows. The Heritage Foundation has stated that even if the perfect mix of tax cuts were applied, the growth would not be enough to balance the budget.
The only sure way to balance the budget is to cut spending.