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The Following User Says Thank You to RedJester For This Useful Post:
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07-31-2011, 02:22 PM
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#302
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Had an idea!
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Big surprise here.
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Heritage Action for America says it will oppose the Obama-McConnell compromise.
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07-31-2011, 02:24 PM
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#303
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Lifetime Suspension
Join Date: Sep 2005
Location: The Void between Darkness and Light
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Makes me wonder if these guys are hedging in the market.
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07-31-2011, 02:26 PM
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#304
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Had an idea!
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More details beginning to emerge.
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As part of the package, a new 12-member House-Senate committee would have until Thanksgiving to recommend a sweeping set of cuts to discretionary spending programs, entitlements like Medicare and Social Security, and to the tax code. If the committee deadlocks, the possible deal calls for deep across-the-board cuts, which would potentially affect Democratic domestic priorities, including Medicare, but also cut about 50 percent from defense spending, a GOP priority.
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07-31-2011, 02:45 PM
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#306
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Franchise Player
Join Date: Aug 2005
Location: Memento Mori
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What, it was brinkmanship? No way.
__________________
If you don't pass this sig to ten of your friends, you will become an Oilers fan.
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07-31-2011, 03:13 PM
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#307
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Had an idea!
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Reid signs off.
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Reid Spokesman Adam Jentleson says "Senator Reid has signed off on the debt-ceiling agreement pending caucus approval."
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Quote:
There are multiple reports that the hold-up to a deal is the amount of defense spending cuts that would take effect if the bipartisan "Super Committee" cannot reach an agreement on spending cuts.
NBC's Luke Russert reports Democrats want 3% cuts to the defense budget, while the GOP wants 2% or less.
Defense hawks are reportedly very concerned by the cuts.
The point of these "triggers" is to incentivize the committee to reach an agreement and for Congress to pass it, but some in Congress don't want to risk it.
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07-31-2011, 03:44 PM
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#308
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Norm!
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Captain was looking at a 5% tax cut himeslf.
If they won't vote on my plan, I can't support theirs.
__________________
My name is Ozymandias, King of Kings;
Look on my Works, ye Mighty, and despair!
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The Following User Says Thank You to CaptainCrunch For This Useful Post:
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07-31-2011, 05:05 PM
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#309
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Scoring Winger
Join Date: Aug 2005
Location: too far from Calgary
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Just to show how lopsided tax policy is to the supply side, Warren buffett, the seond richest man in the US pays less in tax as a percentage of income than his secretary.
He even offered a reward to their favorite charity to any member of Forbes 400 if they could show that they paid more tax a percentage of their income than the people who worked for them.
http://www.youtube.com/watch?v=Cu5B-2LoC4s
I just don't understand how the Republican party stays relevant frankly.
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The Following 2 Users Say Thank You to seattleflamer For This Useful Post:
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07-31-2011, 06:07 PM
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#310
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Lifetime Suspension
Join Date: Jun 2006
Location: Creston
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Quote:
Originally Posted by seattleflamer
Just to show how lopsided tax policy is to the supply side, Warren buffett, the seond richest man in the US pays less in tax as a percentage of income than his secretary.
He even offered a reward to their favorite charity to any member of Forbes 400 if they could show that they paid more tax a percentage of their income than the people who worked for them.
http://www.youtube.com/watch?v=Cu5B-2LoC4s
I just don't understand how the Republican party stays relevant frankly. |
When last did the Republicans hold power in all three branches of government? It was Obama who recieved the lions share of fortune 500 money in the last election: Not a Republican. Warren Buffett like most of the super rich stuffs most of their income into charities and foundations which they control. I believe Buffett has joined up with Bill Gates in this. It gives them control over their money and the ability to pass the money on without losing half of it in estate taxes.
I'm for fixing that loop hole somehow but, I'd also like to see inheritance taxes eliminated. I don't thing our children should have to pay to recieve their inheritance.
Perhaps they should limit how much charities or foundations can hold as invested income. Although I guess that would hurt things like legacy grants.
Humm.. maybe this fixing loop holes thing is harder then it looks.
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07-31-2011, 06:17 PM
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#311
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Had an idea!
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He can stuff as much as he wants into charities, but Buffet should pay the same amount of personal taxes, if not a bit more than everyone else.
25% across the board would fix it.
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07-31-2011, 06:36 PM
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#312
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Franchise Player
Join Date: Jan 2010
Location: east van
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Quote:
Originally Posted by Calgaryborn
When last did the Republicans hold power in all three branches of government? It was Obama who recieved the lions share of fortune 500 money in the last election: Not a Republican. Warren Buffett like most of the super rich stuffs most of their income into charities and foundations which they control. I believe Buffett has joined up with Bill Gates in this. It gives them control over their money and the ability to pass the money on without losing half of it in estate taxes.
I'm for fixing that loop hole somehow but, I'd also like to see inheritance taxes eliminated. I don't thing our children should have to pay to recieve their inheritance.
Perhaps they should limit how much charities or foundations can hold as invested income. Although I guess that would hurt things like legacy grants.
Humm.. maybe this fixing loop holes thing is harder then it looks.
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George W, and look what he did with it!
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07-31-2011, 07:03 PM
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#313
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Crash and Bang Winger
Join Date: Nov 2006
Location: South Texas
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Quote:
Originally Posted by Azure
He can stuff as much as he wants into charities, but Buffet should pay the same amount of personal taxes, if not a bit more than everyone else.
25% across the board would fix it.
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This is exactly what needs to be done. I don't know about the 25% number but I was thinking somewhere between 17% and 25% and no loopholes. This will never happen though because no one has the political will to do it.
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07-31-2011, 07:08 PM
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#315
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Crash and Bang Winger
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Pending congressional approval.
Which I can only assume is inevitable, given the amount of time left on the clock.
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The Following User Says Thank You to RedJester For This Useful Post:
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07-31-2011, 07:12 PM
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#316
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First Line Centre
Join Date: Sep 2004
Location: Vernon, BC
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Someone here posted this a few years ago, gives an idea of what a trillion dollars looks like!
http://www.pagetutor.com/trillion/index.html
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The Following 2 Users Say Thank You to Delthefunky For This Useful Post:
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07-31-2011, 07:39 PM
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#317
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Had an idea!
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I guess a big vote tomorrow then.
Apparently the GOP were able to find a workaround for the defense cuts that would be put in place if the super committee didn't find more cuts.
All in all probably a good enough bill for now. $1 trillion in cuts is a good starting point. From here they have to go through each program, literally line by line and find stuff to cut.
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07-31-2011, 08:56 PM
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#318
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NOT breaking news
Join Date: Jan 2007
Location: Calgary
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Quote:
Originally Posted by Azure
I guess a big vote tomorrow then.
Apparently the GOP were able to find a workaround for the defense cuts that would be put in place if the super committee didn't find more cuts.
All in all probably a good enough bill for now. $1 trillion in cuts is a good starting point. From here they have to go through each program, literally line by line and find stuff to cut.
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How about getting rid of some military bases in places like Diego Garcia!
__________________
Watching the Oilers defend is like watching fire engines frantically rushing to the wrong fire
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07-31-2011, 10:19 PM
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#319
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First Line Centre
Join Date: Sep 2004
Location: Vernon, BC
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The Following User Says Thank You to Delthefunky For This Useful Post:
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07-31-2011, 11:02 PM
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#320
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Scoring Winger
Join Date: Aug 2005
Location: too far from Calgary
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Quote:
Originally Posted by Calgaryborn
When last did the Republicans hold power in all three branches of government? It was Obama who recieved the lions share of fortune 500 money in the last election: Not a Republican. Warren Buffett like most of the super rich stuffs most of their income into charities and foundations which they control. I believe Buffett has joined up with Bill Gates in this. It gives them control over their money and the ability to pass the money on without losing half of it in estate taxes.
I'm for fixing that loop hole somehow but, I'd also like to see inheritance taxes eliminated. I don't thing our children should have to pay to recieve their inheritance.
Perhaps they should limit how much charities or foundations can hold as invested income. Although I guess that would hurt things like legacy grants.
Humm.. maybe this fixing loop holes thing is harder then it looks.
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GOP controlled all four branches from 2001-2006. What happened? two recessions, two tax cuts and two wars(one of which was unnecessary) that contributed and is mostly responsible for the current deficit.
Moreover there was a philosophy of deregulation that was key in creating the Great Recession since 95 at least (albeit with Clintonian triangulation). That is the Republican legacy.
There is no doubt that campaign finance reform is necessary and that both parties benefit from this billion dollar industry but that is the rules of the game even for the community organizer.
If I understand your comments regarding charities and the federal tax, you believe that giving to charities shouldn't be encouraged tax policy wise but leaving a financial legacy to your children should be left whole for the Rockerfellers and Trump set?
You realize the current estate tax has a $5million exemption so unless you have $5 million plus in assets, your children, indeed, will get every penny.
Unless you believe Ivanka and Donald Trump Jr deserve to inherit every penny their father has earned and to propagate the Trump dynasty despite the fact Gates and Buffett have proactively decided to leave a minuscule portion of their wealth to their children in favor of fighting Aids, tuberculosis and malaris, giving vaccinations. Nice.
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The Following 2 Users Say Thank You to seattleflamer For This Useful Post:
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