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Author Topic: Supercommittee Fails: Bush Tax Cuts to Take Place.....  (Read 1378 times)

Offline MMC

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Supercommittee Fails: Bush Tax Cuts to Take Place.....
« on: November 22, 2011, 08:05:07 AM »
AP 24 mins ago.....

WASHINGTON (AP) A long-running war between Democrats and Republicans over Bush-era tax cuts doomed the debt supercommittee's chances of reaching a deal. Efforts to overhaul the tax code may await the same fate as both parties gear up to make taxes a central issue in 2012 elections.

Extending all the Bush tax cuts, including provisions to spare millions of middle-class families from paying the alternative minimum tax, would add $3.9 trillion to the budget deficit over the next decade, according to projections by the nonpartisan Congressional Budget Office. The Democratic plan would add about $3.1 trillion to the deficit over the same period and make the wealthiest Americans pay about $800 billion more in taxes.

The supercommittee was formed to come up with a package that reduces government borrowing by at least $1.2 trillion over the next decade. But with a Wednesday deadline approaching, the committee's co-chairs conceded failure Monday.

"After months of hard work and intense deliberations, we have come to the conclusion today that it will not be possible to make any bipartisan agreement available to the public before the committee's deadline," said a joint statement by the co-chairs, Rep. Jeb Hensarling, R-Texas, and Sen. Patty Murray, D-Wash.

The election could go a long way toward deciding the fate of tax reform. Until then, don't look for any movement on the issue, said Dean Zerbe, former tax counsel to the Senate Finance Committee and now national managing director of Alliantgroup, a tax consulting firm.

"'For this Congress, you might as well send the lilies for tax reform," Zerbe said. "We will not do anything significant on taxes until after the election, and even after that it may take a while.....snip~

Looks Like this Congress just screwed the entire nation over. Obama says now he will veto all that comes his way. One Problem for him tho Which the Republicans will have to pick up on. These cuts means some things will be cut in half. One is Border Security. Doing this would be a conflict of this Country's National Security Interest and Top Priority For the Defense of this Country. Looks like this will be taking another 10% out of everyones paychecks. Hit us with the economy struggling. Don't look big buisness nor private will be into hiring so much now.

IMO people will hold onto their money even tighter now. Now knowing all will be taxed. Each and every one of them should be ran out of Office. They are just giving up. WTF is that. All concernered about the discussion for Campaign Time. Once again, they want all to be part of their process. Yet these politicians in this time holding these offices have put themselves over everyone else in this Nation. While walking away.  >:(
"To destroy this invisible government, To dissolve this UNHOLY ALLIANCE between Corrupt Buisness and Corrupt Politics is the First task of the Statesmanship of the DAY" ~Theodore Roosevelt~ Steward of The People!

Offline Conley

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Re: Supercommittee Fails: Bush Tax Cuts to Take Place.....
« Reply #1 on: November 22, 2011, 10:04:18 AM »
Yes, as much as we all expected this it's another failure. We should vote out all incumbents and start fresh, these jokers are useless.
Every gun that is made, every warship launched, every rocket fired signifies, in the final sense, a theft from those who hunger and are not fed, those who are cold and are not clothed. -Eisenhower

Offline Peter1469

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Re: Supercommittee Fails: Bush Tax Cuts to Take Place.....
« Reply #2 on: November 22, 2011, 10:56:10 AM »
A $1.5T cut over 10 years is inconsequential and will not save our economy.  When a politician tells you that is hard, it is because he wants to spend $1.5T over budget every year for the next 10 years.


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