The details of the Gang of 6 tax proposals are hard to find but here is what Speedy has learned:
1. Some agricultural tax breaks will go away
2. The mortgage deduction will be eliminated or phased out
3. There are three tax brackets and the highest is 29%
4. AMT goes away.
5. The medical deduction will be harder to get. You already have to spend 10% of your gross on medical to get this deduction so most do not take it now.
This could work in favor of middle income people who have paid off the mortgage and anyone in danger of AMT.
Obama will like this plan because his people mostly do not have mortgages (or recently lost them along with the houses they could not afford).
Speedy thinks this proposal along with its $3.9T budget cust ($500M right away) could fly. But I want to know what Sarah thinks.
"...Liberal politicians will be on the ugly pages of American history books
What do politicians in France, Germany, Norway, Sweden, etc. have to do with "American history"??
There are no liberals in the USA, even Michael Moore is quite conservative by world standards. The liberals are all in Europe, South America, the Far East, etc.
History lesson- Most liberals were shot dead during the Nixon era. Kennedies, MLK, O'Hare, etc. The few that survived went into hiding never to return.
I do need to chill as most Americans including you. Politics and politicians have worked themselves into a frenzy and we have joined the angry mob...not good for America.
However, I have never smoked a joint nor taken any illegal drugs and I am not going to start at age 66.
Have a good day. Stay cool both literally and figuratively.
"The Gang of 6 told Judy Woodruff of the PBS News Hour today they can get it done in time... "
Chairman Grover Norquist just overruled them.
NO new taxes, NO loophole closing, NO expiration of Bush tax cuts, NO increases in revenue of ANY kind, are permitted by Chairman Norquist.
All Republicans report to Grover, so NO DEAL.
Rock On! JohnCar
"Tell it like it is."
Liberal politicians will be on the ugly pages of American history books
Liberal politicians are standing next to dinosaurs on the extinction list.
mtg deduction elimination is going to hurt home sales and sale prices. Terrible, no ?
Farm tax breaks gone ? Good, no ? Ethanol, fallow ground, high corn prices, bad, eh ?
Middle income people who paid the mtg ? Depends on how old.
Obama likes it ? Crazy.
Elimination of the mortgage deduction will put off a housing recovery for another 10 years but, if you can pay off your mortgage, you might benefit from a lower tax rate.
Obama's people are not big into home ownership so he does not care for this deduction.
Have not read anything about cap gains treatment in the gang of 6 proposal. That is pretty important. If they eliminate that, there will be massive selling.
If you have any money at all, you should be concerned about wealth redistribution. Ob intends to give everything you have got to his people.
Top 2% get a tax cut? The Bush tax rates were for all taxpayers. You must not work and therefore do not pay any federal tax. I suppose it was the rich that made you poor? Or could it be your sense of entitlement without a corresponding work ethic? I say the latter