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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region Forums"Republicans say deal can be done on U.S. "fiscal cliff""
Republicans say deal can be done on U.S. "fiscal cliff"By Alister Bull at Reuters
http://www.reuters.com/article/2012/11/11/us-usa-fiscal-idUSBRE8A80WV20121111
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Republican Senator Bob Corker said increasing tax revenues from wealthier Americans would have to be part of the plan, but he stressed closing loopholes rather than raising top tax rates as many Democrats favor, provided spending is also tackled.
"I am optimistic," Corker told "Fox News Sunday." "I think there is the basis for the deal. ... There is a way of getting there on the revenue side. The real question is: can we come to terms on the entitlement side?"
Obama has invited congressional leaders to the White House on Friday to discuss the issue, with only 50 days left until the end of the year. Unless Congress acts first, $600 billion in tax hikes and automatic federal spending cuts would take effect at the end of December, with a potentially devastating impact on the economy.
The Obama administration and congressional leaders are attempting to negotiate a deal to avoid the fiscal cliff, and instead work toward a deficit-reduction package in the next session of Congress that begins in January.
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Warren Stupidity
(48,181 posts)gravity
(4,157 posts)SickOfTheOnePct
(7,290 posts)Pick a $ amount that needs to be raised, and then decide how it's going to be done without raising taxes on the lower and middle classes. If they can do it by eliminating deductions and loopholes while keeping the top bracket at 35%, I couldn't care less.
msongs
(67,420 posts)Vadem
(2,596 posts)"can we come to terms on the entitlement side?"
gravity
(4,157 posts)They know Obama has the upper hand especially after the tax cuts expire.
Angry Dragon
(36,693 posts)Entitlement assumes something that you have not earned.
People have paid into the retirement insurance plan, so they have earned it.
No difference than car insurance or house insurance.
What have corporations done to earn their corporate welfare??
Xyzse
(8,217 posts)Besides, even the middle class use those same loop holes at times.
Particularly if it is property based.
Guess who gets hurt?
No, sorry, no deal.
SickOfTheOnePct
(7,290 posts)Take an AGI of $400,000, with deductions of $100,000, making taxable income $300,000.
Raise the rate to 39.6% for the amount over $250,000 ($50,000), and the tax will be $19,800.
Take the same AGI of $400,000, limit deductions to $50,000, making taxable income $350,000.
Keep the rate at 35% for the amount over $250,000 ($100,000), and the tax will be $35,000.
How is that a bad thing?
Xyzse
(8,217 posts)If it actually works out that way.
From what I am understanding, they are talking about just closing loop holes, not limiting deductions to a particular value.
SickOfTheOnePct
(7,290 posts)Loopholes and deduction limitations on the highest bracket.
My point is that, IMO, the only non-negotiable items should be a) $X in revenue (whatever X is) and b) all of $X would have to come from those earning more than $250,000.
orpupilofnature57
(15,472 posts)Major Hogwash
(17,656 posts)President Obama played this game of chess last year and won both times, last year, and again this year.
But, the Repubicans are so frickin' stupid, they don't know it, yet.
Talk is cheap, and if they don't agree to let the Bush tax cuts for the wealthy expire, it's "fiscal cliff time", and Obama is fine with that result.
Elections have consequences.
Thinkingabout
(30,058 posts)Cantor and his buddies will not be able to just say no this year. The Bush tax cuts will expire and there will be automatic cuts. As a party they do not have enough numbers to win elections without true republicans. I am writing to my representative already letting him know I expect action. I told him to start with his health care. He claims to pay for his health care but he only pays a smaller cost of his healthcare. He has voted 33 times to repeal ACA but voted to keep his health care. It is time for Congress members to be under the rules they set for the rest of us.
old guy
(3,283 posts)the repubs have not changed their minds at all.
bluestate10
(10,942 posts)cluster fuck, they should be told to take the democrat's deal of go screw themselves.
B Calm
(28,762 posts)Fuck them, no deal!