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DonViejo

(60,536 posts)
Sun Nov 18, 2012, 12:35 PM Nov 2012

Pelosi: No Deal Without Raising Tax Rates On High Incomes

Source: TPM



SAHIL KAPUR 10:58 AM EST, SUNDAY NOVEMBER 18, 2012

House Minority Leader Nancy Pelosi (D-CA) categorically rejected a fiscal deal that does not raise tax rates on upper incomes, arguing that "just to close loopholes is far too little money."

Asked Sunday on ABC's "This Week" if she'd accept a deal that would hold tax rates constant but cap deductions for high earners, she said, "No."

"The president made it very clear that there are not enough [deductions] of the sort," she said, calling that approach "a blueprint for hampering our future" because it would require deeper cuts in investments.

On potential reforms to safety net programs like Medicare and Social Security, something Republicans are calling for, she said, "If that means harming beneficiaries, I don't think that's such a good idea."

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Read more: http://livewire.talkingpointsmemo.com/entry/pelosi-no-deal-without-raising-tax-rates-on

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Pelosi: No Deal Without Raising Tax Rates On High Incomes (Original Post) DonViejo Nov 2012 OP
Well, the spin on "reforms" to SS/MA/MC will be ... bread_and_roses Nov 2012 #1
Full retirement already is 67 for those born 1960 and after... WorseBeforeBetter Nov 2012 #8
Spam deleted by gkhouston (MIR Team) Dubster Nov 2012 #2
+1 wtmusic Nov 2012 #5
"Closing loopholes" is code for closing middle class loopholes AllyCat Nov 2012 #3
Why do Republicans support "closing loopholes"? wtmusic Nov 2012 #4
Further... Bibliovore Nov 2012 #20
Is there a graphic which shows the shift of the Total Tax burden since 1960? Downwinder Nov 2012 #6
Yes Overseas Nov 2012 #13
Thanks. Downwinder Nov 2012 #15
I found this one, you can find that one and post it. Overseas Nov 2012 #16
You did well. Downwinder Nov 2012 #17
Great, Nancy, but you caved on health care reform, closeupready Nov 2012 #7
And what did she say after the Democratic victory in 2006: "Impeachment is off the table." AnotherMcIntosh Nov 2012 #18
She wasn't our enemy in HCR. She and the Congressional Progressive Caucus harun Nov 2012 #21
Why would we give back a done deal? sofa king Nov 2012 #9
Well put rock Nov 2012 #10
Oh, I will! sofa king Nov 2012 #14
"We're going to take a knee, run out the clock, and .." Maybe you and I would. AnotherMcIntosh Nov 2012 #19
house dems have no effective say in the matter, being in the minority nt msongs Nov 2012 #11
More verification. Thanks DonViejo. freshwest Nov 2012 #12
Reforms that would hurt beneficiaries "not a very good idea?" Liberalynn Nov 2012 #22

bread_and_roses

(6,335 posts)
1. Well, the spin on "reforms" to SS/MA/MC will be ...
Sun Nov 18, 2012, 12:46 PM
Nov 2012

... that they "protect" the programs for beneficiaries"

So I'm sorry, I find this a bit less than reassuring. I want to hear "NO CUTS." And that means no raising the age of eligibility, either, for future beneficiaries. Raising the age IS a cut.

And to any who defend raising the retirement or MA age - which are already TOO HIGH - I want to see them breaking pavement on a road crew all day, or standing behind a cash register for eight hours. At even age fifty-five, forget at sixty-seven.

WorseBeforeBetter

(11,441 posts)
8. Full retirement already is 67 for those born 1960 and after...
Sun Nov 18, 2012, 01:44 PM
Nov 2012

isn't 69 the magic number that's now being floated around? UFB.

AllyCat

(16,195 posts)
3. "Closing loopholes" is code for closing middle class loopholes
Sun Nov 18, 2012, 12:50 PM
Nov 2012

like mortgage interest deduction, EIC, child tax credit, student loan interest deduction. That's what the Republicans want to close. Not loopholes for the rich. I don't mind paying higher tax if the rich actually have to pay their share.

wtmusic

(39,166 posts)
4. Why do Republicans support "closing loopholes"?
Sun Nov 18, 2012, 01:00 PM
Nov 2012

Because it's a crock.

For every loophole that's closed, another opens.

Raising rates is not impossible, but pretty damn hard to sneak around.

Bibliovore

(185 posts)
20. Further...
Mon Nov 19, 2012, 03:04 PM
Nov 2012

...wanna bet tax accountants are busily looking for additional loopholes to take advantage of that wouldn't be closed under such a deal, or already know of many that don't see much use because they aren't quite as effective as possible closure targets?

Overseas

(12,121 posts)
13. Yes
Sun Nov 18, 2012, 02:29 PM
Nov 2012

In this article, "How The Rich Soaked The Rest of Us"

http://www.guardian.co.uk/commentisfree/cifamerica/2011/mar/01/us-taxation-public-finance

Over the last half-century, the richest Americans have shifted the burden of the federal individual income tax off themselves and onto everybody else. The three convenient and accurate Wikipedia graphs below show the details. The first graph compares the official tax rates paid by the top and bottom income earners. Note especially that from the end of the Second World War into the early 1960s, the highest income earners paid a tax rate over 90 percent for many years. Today, the top earners pay a rate of only 35 percent. Note, also, how the gap between the rates paid by the richest and the poorest has narrowed. If we take into account the many loopholes the rich can and do use far more than the poor, the gap narrows even more.

One conclusion is clear and obvious: the richest Americans have dramatically lowered their income tax burden since 1945, both absolutely and relative to the tax burdens of the middle income groups and the poor.

Downwinder

(12,869 posts)
17. You did well.
Sun Nov 18, 2012, 05:55 PM
Nov 2012

In addition to Income tax reductions, in 1960 there was a transaction tax. Excise taxes have changed.. Sales tax has gone from 0% to approx. 8%. I was interested in seeing how these changes have shifted the burden.

 

closeupready

(29,503 posts)
7. Great, Nancy, but you caved on health care reform,
Sun Nov 18, 2012, 01:39 PM
Nov 2012

when you stated in a press conference, "I am for the strongest possible public option." I'm not sure that you won't cave yet again.

harun

(11,348 posts)
21. She wasn't our enemy in HCR. She and the Congressional Progressive Caucus
Mon Nov 19, 2012, 04:25 PM
Nov 2012

were our only ally.

Direct your caving accusations where they belong.

It's the Progressives in the House against everyone else. Boeher, Obama and the Senate would cut taxes, Medicare and Social Security if it weren't for the Progressives in the House that would stop them.

sofa king

(10,857 posts)
9. Why would we give back a done deal?
Sun Nov 18, 2012, 01:51 PM
Nov 2012

This is worth remembering, if you haven't read me saying it a thousand times already:

The expiration of tax cuts for the wealthy is a done deal. They are going to expire in January, the President has promised to veto any extension for the wealthy (he has also asked for a further extension for the middle class, but guess who already shot that hostage?), and Congress cannot override the veto.

In football terms, we outscored the GOP 25-8 in the fourth quarter, the two-minute warning has blown, they're out of time-outs, and President Obama remembers Joe Pisarcik as well as any Giants fan does.

We're going to take a knee, run out the clock, and trot off the field, and there is nothing Republicans can do about it.

sofa king

(10,857 posts)
14. Oh, I will!
Sun Nov 18, 2012, 03:16 PM
Nov 2012

It will be part of my ongoing "I told you so series," which has been entirely ignored by everyone, everywhere.

But this is still going to happen.

If you don't trust Congress, I don't blame you, and neither would the President. That's why he structured the last tax cut compromise in such a way that President Obama would have the final say on its expiration, no matter what else happened. Unless you think he's going to change his own mind, it's already over.

 

Liberalynn

(7,549 posts)
22. Reforms that would hurt beneficiaries "not a very good idea?"
Mon Nov 19, 2012, 04:45 PM
Nov 2012

How about A HORRIBLE, ASSINE, STINKY, AWFUL, CRAPPY NON STARTER OF AN IDEA, Nancy.

How about saying we will never agree to that, so its absolutely NON NEGOTIABLE.

If they want to be reassuing us that they have our backs on this their language has to be less wishy washy and more forceful. JMHO

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