Interesting new plan on reducing the debt/deficit

• derek bomar

  

  http://www.bloomberg.com/news/2010-11-10/deficit-panel-s-plan-would-seek-to-cut-social-security-mortgage-deduction.html
  
  3 tax brackets and no tax breaks
  cuts in SS/medicare
  discretionary cuts
  
  what say ye? personally, I'm intrigued by the 3 tax-bracket thing and no tax breaks...would make for filing your taxes pretty painless...
• tk421

  

  Sounds pretty good to me, but people are bitching right now about the rich not paying their fair share, no way they go for a top tax bracket of 23%.
• ptown_trojans_1

  

  http://www.fiscalcommission.gov/sites/fiscalcommission.gov/files/documents/CoChair_Draft.pdf
  There is the official draft of proposals announced.
  
  
  Initial reaction, not bad and a shift in the right direction.
• Belly35

  

  This sound like a Obama save the remaining Democrat ass plan.....
• ptown_trojans_1

  

  Belly35;552822 wrote:This sound like a Obama save the remaining Democrat ass plan.....

  
  Could have fooled me. It's a bipartisan commission and one set of the recommendations include:

  Proposal: Discretionary Spending Caps
  
  Rolls discretionary spending back to FY2010 levels for FY2012, requires 1% cut in discretionary budget authority every year from FY2013 though 2015
  
  Discretionary Budget Authority (BA) indexed to inflation from FY 2015 through FY2020
  
  Discretionary spending would be $204 billion (16%) below the President’s budget and $127 billion (10%) below the CBO baseline in 2015
  
  Cap applied equally with firewall separating defense and non-defense (or security and non-security), and no borrowing across categories through 2015. New Congress will renegotiate firewalls beyond 2015.

  Sounds like a good start.
  Also, check out the cuts starting on page 19 of the link I provided. Good stuff there to start.
• queencitybuckeye

  There is no ethical reason that anyone should have to pay triple the taxes as someone else on a percentage basis, and as a practical matter will not yield the desired results in the long term.
  
  Turrible plan.
• Fab4Runner

  

  Here is Esquire's plan...
  
  http://www.esquire.com/features/balance-the-budget-findings-1110?click=main_sr
  
  I read it in the actual magazine on my flight last night. There are also charts...not sure if you can see them on the website.
• Ty Webb

  

  Queen city...you think someone making $2,000,000 should get to pay the same tax rate as someone making say $14,000?
• fish82

  

  Ty Webb;552939 wrote:Queen city...you think someone making $2,000,000 should get to pay the same tax rate as someone making say $14,000?

  Considering the person making 14K doesn't pay any farking taxes, probably not.
• believer

  

  It's amazing how many of these points were brought up by us OC douche bags in this thread! http://www.ohiochatter.com/forum/threads/18953-What-would-you-cut-from-the-budget
• CenterBHSFan

  

  believer;552984 wrote:It's amazing how many of these points were brought up by us OC douche bags in this thread! http://www.ohiochatter.com/forum/threads/18953-What-would-you-cut-from-the-budget

  
  Alright, who's the mole?!
• Belly35

  

  CenterBHSFan;552990 wrote:Alright, who's the mole?!

  Has to be KnightRyder ....he is the only one who cut and paste and not tell anyone until after the fact..
• Belly35

  

  Ty Webb;552939 wrote:Queen city...you think someone making $2,000,000 should get to pay the same tax rate as someone making say $14,000?

  Why should (for example me) pay more on the money I make/earn than you have to pay for the money you earn?
  What makes my earned money more taxable than yours?
  When did the teacher ever punish the A student, when did the coach bench the hard working player, when is what i work for and you didn't make yours less taxable than mine, why does success get fucked .... and the lazy rightous
  
  Do you put your pants on one leg at a time so do I ....you have the same oppertuities to make money just like me.... what you do is your problem and if that not making money don't blame the wealthy... pay your taxes and i will pay the same rate for my money....
  
  When is making less money an entitlement
  
  
  Sorry I got a little carried away Ty this has nothing to do with you. i was a poor kid living in the project and everything i have earned required hard work and dedication. i value my labor and the fruits of my labor ... so you can see why i have those strong feeling of why tax me for earning and working for a goal only to be punished at the finish line.
• Belly35

  

  ptown_trojans_1;552841 wrote:Could have fooled me. It's a bipartisan commission and one set of the recommendations include:
  
  Sounds like a good start.
  Also, check out the cuts starting on page 19 of the link I provided. Good stuff there to start.

  Have not read everything yet ...but it could from what i have read a beginning of something positive
• queencitybuckeye

  Ty Webb;552939 wrote:Queen city...you think someone making $2,000,000 should get to pay the same tax rate as someone making say $14,000?

  
  Same rate? Yes.
• fan_from_texas

  The plan suggests eliminating the mortgage interest deduction. That's politically nigh-impossible to push through, as it pretty dramatically changes the economics of home buying for some people.
• Cleveland Buck

  

  Without having access to all of the details, it sounds like a great start. There is no way this would ever pass a vote, but I would support it 100%.
• ernest_t_bass

  

  fan_from_texas;553693 wrote:The plan suggests eliminating the mortgage interest deduction. That's politically nigh-impossible to push through, as it pretty dramatically changes the economics of home buying for some people.

  
  I'm just going to play idiot and not look it up, and ask for you to explain it to me. I probably already know the answer, but playing the idiot card.... what exactly is the "mortgage interest deduction?"
• Con_Alma

  ernest...Do you own a home?
• Cleveland Buck

  

  Ok, after reading the details, it is definitely a good start, but definitely not enough to solve the problem. I would definitely support it, but they need to cut more fat out of there.
• ernest_t_bass

  

  Con_Alma;553723 wrote:ernest...Do you own a home?

  
  Indeed. Actually in the process of buying another home.
• Con_Alma

  Great! Do you file your own taxes or do you have an accountant do it for you?
• ernest_t_bass

  

  Con_Alma;553731 wrote:Great! Do you file your own taxes or do you have an accountant do it for you?

  
  OK... no need to go any further. This idiot follows you a little clearer now. Tax credits for home owners and interest, correct?
• fan_from_texas

  ernest_t_bass;553722 wrote:I'm just going to play idiot and not look it up, and ask for you to explain it to me. I probably already know the answer, but playing the idiot card.... what exactly is the "mortgage interest deduction?"

  
  
  Here's a rough example (using some round numbers so the math is easy):
  
  Say you make $100k. You buy a $300k home, with a 6% mortgage amortized over 30 yrs. Each payment is (roughly) $1,800, with $300 in principal and $1,500 in interest. So in year one you pay approximately $18,000 in interest.
  
  You get to deduct this expense from your taxable income, so you're taxed as though you made $82k rather than $100k. When combined with the property tax deduction, this can become pretty significant.
• Con_Alma

  ernest_t_bass;553739 wrote:OK... no need to go any further. This idiot follows you a little clearer now. Tax credits for home owners and interest, correct?

  
  
  Kind of. It's not a tax credit, however.
  
  It's a deduction of the interest you paid.
  
  It will reduce the income level you have to pay taxes on and ultimately your total tax liability.