Huffington Post editor Howard Fineman appeared on MSNBC's "Countdown" Wednesday night to discuss the fallout from the Obama deficit commission's proposals released earlier Wednesday.
"I think it was probably shock therapy on the part of the two co-chairs, but it was a complete surprise to the other members of the commission and to the White House," Fineman told America's leading subversive Keith Olbermann. "Ironically enough, they may end up hoping that the commission doesn't end up agreeing on anything."
DemocRATS couldn't weighed in quickly on the bi-partisan proposal: It offers boilerplate post-Reagan "remedies," including "permanent" tax cuts for all to increase revenue. They suggest sneaking in higher payroll taxes on upper incomes to offset SS deficits and restructuring the tax code to eliminate or reduce certain breaks currently on the books, but also cuts in military and social spending--the usual crap. What a waste of tax payer money this panel was! - A Libtard on the Left
The preliminary plan in its current form would end or cap a wide range of breaks relied on by the middle class—including the deduction for home-mortgage interest. It would tax capital gains and dividends at the higher rates now levied on wage income. To compensate, one version of the plan would dramatically lower and simplify individual rates, to 9%, 15% and 24%.
For businesses, the controversial plan would significantly lower the corporate tax rate—from a current top rate of 35% to as low as 26%—but also eliminate a number of deductions. It would make permanent the research and development tax credit.
Overall, the plan would hold down the growth of the federal debt by roughly $3.8 trillion by 2020, or about half of the $7.7 trillion by which the debt would have otherwise grown by that year, according to commission staff. The current national debt is about $13.7 trillion.
The budget deficit, or the amount by which federal expenditures exceed revenues each year, was about $1.3 trillion for fiscal year 2010, which ended on Sept. 30.
DemocRATs are against anything that does not create a permanent under class. All I ask is that the DEMS keep electing Nancy Pelosi as their leader. The rest will take care of itself.