Bipartisan Policy Center Task Force Unveils Bold, Comprehensive Plan To Solve Debt Crisis and Create

Source: PR Newswire

WASHINGTON, Nov. 17, 2010 /PRNewswire-USNewswire/ -- A bipartisan task force of former top federal officials and other leading Americans unveiled a bold, comprehensive plan to solve the problem of soaring federal deficits and debt while dramatically simplifying taxes for businesses and individuals, strengthening Social Security, and creating up to seven million new jobs.



Read more: http://www.prnewswire.com/news-releases/bipartisan-policy-center-task-force-unveils-bold-comprehensive-plan-to-solve-debt-crisis-and-create-jobs-108683144.html

This stinking pile of crap needs to be annihilated now.

Bipartisan Policy Center:

In 2007, former U.S. Senate Majority Leaders Howard Baker, Tom Daschle, Bob Dole, and George Mitchell formed the Bipartisan Policy Center (BPC) to develop and promote solutions that can attract the public support and political momentum to achieve real progress. Currently, the BPC focuses on issues including health care, energy, national and homeland security, transportation, science and economic policy. For more information, please visit our website: http://www.bipartisanpolicy.org/.

Both are terrible though. And the presidential commission is also advocating austerity and cuts that are real attacks on people's livelihood.

These guys proposed a 6.5% national sales tax.

I'll recap the main points of this "plan" for you:

1. A "payroll tax holiday" for 2011, suspending Social Security payroll taxes for employers and employees. (Designed to drive Social Security into insolvency.)

2. Simplify the tax system, establishing individual tax rates of 15 and 27 percent (from the current high of 35.) (Even more tax cuts for the rich.)

3. Cutting the corporate tax rate to 27 percent (from the current 35.) (See #2.)

4. Ending most deductions and credits while simplifying the rest. (Goodbye mortgage interest and other deductions used primarily by the working class.)

5. Nearly 90 million households will no longer have to file returns. (Because they have nothing left.)

Our illustrious president, now stripped bare of any dignity, will almost certainly embrace this "Bold, Comprehensive Plan."

So they are saying they want to create this "Payroll Tax Holiday"--but all the while the SS fund is being funded by the Treasury, which is already running a large deficit??? That is a bad shell game. Am I reading this correctly? What kind of jobs would be created in that year? What would happen when the one year ran out? Millions of layoffs?

(From the report.)

A Payroll Tax Holiday to Create Up to 7 Million New Jobs

The prospect of enormous federal credit demands in the future creates anxiety and uncertainty that weaken the effectiveness of short-term fiscal stimulus.

However, the plan outlined in these pages will address the nation’s long-term fiscal problems, providing the essential credibility for additional action to accelerate near-term growth and job creation. This plan begins with a strong step to restore consumer spending and confidence. Specifically, the plan calls for a one-year “payroll tax holiday” – that is, a suspension of Social Security payroll taxes for both individuals and businesses for 2011. Under CBO assumptions, the tax holiday will create between 2.5 and 7 million new jobs over two years.

At the same time, the plan calls for beginning to phase in the various elements of its debt-reduction plan starting in 2012. The gradual implementation will give the payroll tax holiday time to revive the economy, setting the foundation for the fiscal plan that, over time, should strengthen the economy even more.

The payroll tax holiday will apply to Social Security taxes paid by both employees and employers. For employees, the holiday will give workers a steady and predictable stream of additional take-home pay to boost their confidence and their consumer demand. For employers, the holiday will temporarily reduce their labor costs, giving them an incentive to hire new workers, or hire them sooner than they otherwise might have.

A payroll tax holiday offers several benefits. Because all of the stimulus will be delivered in the first year, it will produce benefits faster than most alternatives. The benefits will go to all wage-earners. However, because the Social Security portion of the payroll tax itself is capped, the amount of the benefit from a payroll tax holiday is capped as well, so that the highest-paid workers will receive less benefit as a share of their wages than will average-wage workers.

Nor will this payroll tax holiday deprive the Social Security Trust Fund of needed revenue or deny a single penny to beneficiaries. The Task Force plan provides that the general fund will credit the Social Security Trust Funds in real time for the revenues that would have been deposited, so that there will be no loss of tax receipts, or the interest income on them, to the Trust Fund.

The program of fiscal responsibility outlined in the following pages, when coupled with this near-term economic stimulus, will help to revive our economy and generate greater investment, prosperity, and jobs.

Worse than useless.

END DEBT:
91% Ike's top tax rate would end Debt in 3 years then fund all our Programs 2 pre-RR levels + higher

Bill Maher keeps repeating this...

Listen up

-Folks at the top DID pay Ike's 91%. When the tax was cut later, revenues dropped. Same happened in the Bush years.

CREATE JOBS:
-Job growth then ('48 to '68) was 14%/yr.

..But, on the other hand, tax cuts at the top KILL jobs...

Example - look at the bush cuts... Job growth 2%/yr. after bush tax cut in 2001.

REASON: when money gets stuck at the top, it is no longer used to buy factory output. Factories can't sell.. so they close. Jobs vanish. Recession begins.

---Called "underconsumption" or "overproduction"

--Source----

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x9545549

Say "I Like Ike". LOL.

Repeat: NO program cuts, NO tax cuts needed.

ZERO UNEMPLOYMENT:

PS: ZERO unemployment overnight, with the "new WPA" idea of Michael Moore and Robert Reich ( Clinton Secretary of Labor ). For TOTAL employment forever, have a PERMANENT WPA. Go to

http://www.njfac.org

The other paragraphs are from other sources.