Alternative Approach To Same Goal: RAISING TAXES ON RICH! Maintain Current Tax Rates, But LIMIT DEDUCTIONS TO $50,000! This Method Also Permits Republicans To Stand On Semantics And Say, “But We Kept Our Promise! We Did Not Raise Taxes!” (In The Future, Should The GOP Regain Power In DC, We Must Then Prevent Republicans From Reinstalling These Same Or Slightly Different Deductions For The Wealthy & ‘Too Big To Fails’!) – Thanks, Washington Post Editorial! But You Neglected To Add “ELIMINATE TAX BREAKS That Permit Corporations To Profit From OUTSOURCING AMERICAN JOBS OFFSHORE!” One Abomination Removal At A Time Will Remove Urgency To Take Further Action! Let’s Do It ALL & DO IT NOW! And, President Obama, Stand Up To GOP SOPHISTRY! Only Democrats EFFECTIVELY COMPROMISE, & DEMS DO IT UNILATERALLY ALL-THE-TIME!

 


 

http://www.washingtonpost.com/opinions/putting-limits-on-tax-deductions/2012/11/10/92baab40-2a9f-11e2-b4e0-346287b7e56c_story.html

 

The Post’s View

Limiting tax deductions

 

By Editorial Board, http://www.washingtonpost.com/opinions/putting-limits-on-tax-deductions/2012/11/10/92baab40-2a9f-11e2-b4e0-346287b7e56c_story.html – license-92baab40-2a9f-11e2-b4e0-346287b7e56c

Published: November 10

 

AS THE FISCAL cliff looms, leaders in Washington draw red lines. President Obama is “asking the wealthiest to pay a little more in taxes,” as he repeated Friday. House Speaker John A. Boehner is “open” to more revenue but only in exchange for significant spending cuts — and raising existing tax rates is “unacceptable,” the Ohio Republican insisted.

 

So, more gridlock? Not necessarily. There are politically feasible ways to get more revenue, mostly from the wealthy — without raising tax rates. One is to limit the value of itemized deductions, 80 percent of which accrued to the top 20 percent of taxpayers in 2011, according to the Tax Policy Center. More than 25 percent of the benefits flowed to the top 1 percent.

 

 

Editorials represent the views of The Washington Post as an institution, as determined through debate among members of the editorial board. News reporters and editors never contribute to editorial board discussions, and editorial board members don’t have any role in news coverage.

 

A glimmer of hope in post-election Washington.

 

There are a number of ways this could be done. You could eliminate or cap particular deductions, such as the mortgage interest deduction to the tune of $80 billion per year. You could reduce the maximum marginal rate at which taxpayers can claim deductions, as Mr. Obama proposed in his first-term budgets.

 

Or, as Mitt Romney suggested during the campaign, you could limit the total dollar amount of deductions any taxpayer could claim. This idea failed to achieve Mr. Romney’s ostensible purpose: offsetting the trillions of dollars in new tax cuts, mostly for the well-to-do, that he proposed elsewhere. But considered separately, as a potential revenue raiser in a broader budget deal, the notion has promise.

 

If, for example, Congress kept existing tax rates, including the top rate of 35 percent, while capping itemized deductions at $50,000, the result would be $749 billion in additional revenue over 10 years, according to the Tax Policy Center. That is consistent with Mr. Boehner’s no-rate-increase red line and delivers a total tax increase similar to the $800 billion one he entertained in the failed negotiations of 2011. (More revenue from other sources would also be necessary, in our view.)

 

Meanwhile, nearly 80 percent of the extra revenue generated by the $50,000 cap would come from the top 1 percent of the income structure — enabling the president and his fellow Democrats to strike their promised blow for tax fairness.

 

An added benefit would be that economic decisions would be based more on market forces than on tax considerations. Raising revenue through a high deductions cap also might minimize political resistance, since it leaves most tax breaks in place for most people. There would be pushback from charities that depend on donations from the wealthy, and from high-tax states that rely on state and local tax deductions. But assuming legitimate issues can be addressed, capping deductions could be part of a red-blue compromise.

 

Unidentified Female on ‘Face The Nation’, November 11, 2012:

 

Obama said I have my plans, but I’m willing to compromise, I’m willing to listen, and I’m willing to entertain new ideas. The truth is the President has the upper hand right now. Not only was he reelected by a pretty convincing Electorate, he also picked up seats in the House and the Senate. And 60% of Americans by the way agree with him on Taxes. They think Taxes need to go up for the Wealthiest so that everybody pays their fair share. They agree with him that we need a Balanced Approach.

 

How’s that going to play out? That’s the $64 Million Dollar Question! The President doesn’t want to drive the country over the Fiscal Cliff, but is he willing to let Tax Cuts expire for everyone if Republicans won’t agree to raise Taxes for the Wealthiest?

 

Well the challenge is you cannot do Tax Reform over the next two months; and the Tax Rates, as they are now, expire on December 31st. So how do you get a compromise?

 

David Gergen: The Washington Post, in its editorial today, pointed out that you can keep Tax Rates exactly where they are, limit DEDUCTIONS to $50,000, and you would raise as much basically as you would by Increasing Rates on the WEALTHY!

 

(Tabacco: That would semantically sustain the GOP’s promise “WE WILL NEVER RAISE TAXES!” – Through SEMANTICS, there is always a WAY AROUND POLITICAL PROMISES – or – WAY TO SAVE FACE! After all, CUTTING SOCIAL SECURITY & MEDICARE is EFFECTIVELY THE SAME THING as a TAX RISE ON MIDDLE CLASS! But GOPers will never phrase it that way!)

 

Transcribed by Tabacco

 

Tabacco: I consider myself both a funnel and a filter. I funnel information, not readily available on the Mass Media, which is ignored and/or suppressed. I filter out the irrelevancies and trivialities to save both the time and effort of my Readers and bring consternation to the enemies of Truth & Fairness! When you read Tabacco, if you don’t learn something NEW, I’ve wasted your time.

 

Tabacco is not a blogger, who thinks; I am a Thinker, who blogs. Speaking Truth to Power!

 

In 1981′s ‘Body Heat’, Kathleen Turner said, “Knowledge is power”.


T.A.B.A.C.C.O.  (Truth About Business And Congressional Crimes Organization) – Think Tank For Other 95% Of World: WTP = We The People

 

 

www.wyandanch.t-a-b-a-c-c-o.org

Subdomain re Exploited Minority Long Island community

 

T1606\3537

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3 Responses to Alternative Approach To Same Goal: RAISING TAXES ON RICH! Maintain Current Tax Rates, But LIMIT DEDUCTIONS TO $50,000! This Method Also Permits Republicans To Stand On Semantics And Say, “But We Kept Our Promise! We Did Not Raise Taxes!” (In The Future, Should The GOP Regain Power In DC, We Must Then Prevent Republicans From Reinstalling These Same Or Slightly Different Deductions For The Wealthy & ‘Too Big To Fails’!) – Thanks, Washington Post Editorial! But You Neglected To Add “ELIMINATE TAX BREAKS That Permit Corporations To Profit From OUTSOURCING AMERICAN JOBS OFFSHORE!” One Abomination Removal At A Time Will Remove Urgency To Take Further Action! Let’s Do It ALL & DO IT NOW! And, President Obama, Stand Up To GOP SOPHISTRY! Only Democrats EFFECTIVELY COMPROMISE, & DEMS DO IT UNILATERALLY ALL-THE-TIME!

  1. admin says:

    MOST IMPORTANTLY!

    If we do achieve Tax Reform without castrating Social Security & Medicare, ALL THOSE TAX SURPLUSES from those TAX REFORMS, regardless of the Process, MUST BE USED TO PAY OFF THE NATIONAL DEBT, NOT BE SURREPTITIOUSLY OR IN-YOU-FACE USED FOR WARS OF ANY KIND WHATSOEVER! – This MUST be in the Deal Language! And those Monies MUST be kept in a SEPARATE ACCOUNT where WAR MONGERS can’t get at them!

    Tabacco

  2. admin says:

    ANOTHER SALVE TO GOP EGOS POSSIBILITY!

    The Strategy goes like this: we let the Fiscal Cliff play out, which includes the End of Bush Tax Cuts for everybody. Then we pass legislation, which re-installs comparable Tax Cuts for the Bottom 98% – but not for the Top 2%. Will Republicans swallow this?

    A) Remove Bush Tax Cuts for Top 2%, or

    B) Let Bush Tax Cuts End on December 31, 2012, then re-install those Cuts for bottom 98%.

    Do you see a Difference or merely a Distinction? It’s 6 of one or a half-dozen of the other! That’s the State of Politics in Washington, DC! Either way suits me just fine on the Tax Rates! The problem is Paying for OPEC WARS on the backs of Seniors on Medicare & Social Security! It matters not whether the Republicans or the Democrats propose it, it STINKS! If the Rich want WAR PROFITS, let them pay TAXES to get these WAR PROFITS – not We The People! (That does NOT mean I support these Wars however!)

    Tabacco

  3. admin says:

    REPUBLICAN PARTY ENDANGERED BY POLLS OF REPUBLICANS ONLY!

    A year or two ago, a Pollster asked ONLY Republicans whether or not Medicare was a Government program. I know you know the answer, but that Poll turned up this Result:

    14% of Republicans said, “Medicare is NOT a Government program”, and

    10% of Republicans answered, “I do not know”.

    Well, they’ve done it again. A “Public Policy” Polling asked ONLY Republicans if they would support their State “SECEDING FROM THE UNION” because of Obama’s Reelection. Those Results are as follows:

    25% of Republicans said, “I would support my State’s secession from the Union”, and

    19% of Republicans said, “Not sure”.

    56% of Republican respondents said, “I would oppose secession”.

    That means 44% of Republicans would either support Secession or at least consider it.

    I don’t think the Respondents were exclusively from the Deep South! Apparently physical location has little influence on Republicans’ mental health.

    As to the Pollsters, “Keep up the good work!” It’s time all sane Voters knew how dumb and bigoted the Republican Rank & File really is! – Tabacco

    PS I was incorrect on one assessment. Republicans are circulating Secession Petitions in 7 States and received enough support to force the President to respond: Tennessee, North Carolina, Georgia, Florida, Alabama, Louisiana & Texas! The most signatures by State are from Texas (120,000 signers). I guess the Deep South is the dumbest and certainly the most bigoted!

    If these 7 Secede, my advice to Black residents in those 7 States is “Relocate northward or learn to pick cotton!”

    Source: Hardball’s Chris Matthews, MSNBC

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