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kwlafayette





Joined: 03 Sep 2006
Posts: 6155
Reputation: 156.2Reputation: 156.2
votes: 28
Location: Saskatoon Saskatchewan

PostPosted: Thu Oct 25, 2007 11:56 am    Post subject: $1 trillion in tax cuts. Reply with quote

http://money.cnn.com/2007/10/2.....2007102512
Quote:
NEW YORK (CNNMoney.com) -- No one actually expects lawmakers to overhaul the tax code this year, but House Ways and Means Chairman Charles Rangel (D-NY) planted his flag Thursday morning by unveiling a bill that he calls the "mother of all tax reforms."

Tax policy experts and political observers do expect Rangel's bill to provide serious fodder for debate in 2008.
FF_Canuck





Joined: 02 Sep 2006
Posts: 3360
Reputation: 73.4
votes: 17
Location: Southern Alberta

PostPosted: Thu Oct 25, 2007 9:48 pm    Post subject: Reply with quote

I don't know ... the bill is 'revenue neutral', so all it's really doing is shifting the burden around. I don't think it's cutting anything.
Corbett





Joined: 16 Oct 2007
Posts: 5


PostPosted: Sun Oct 28, 2007 2:04 pm    Post subject: Reply with quote

How can the United States afford a trillion dollars worth of tax cuts if they are presently experiencing massive deficit spending? I'd like to see any American budget have plans to pay off their federal debt, or at least arrest the process of its accumulation.
Bleatmop





Joined: 03 Sep 2006
Posts: 953
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PostPosted: Sun Oct 28, 2007 2:27 pm    Post subject: Reply with quote

Corbett wrote:
How can the United States afford a trillion dollars worth of tax cuts if they are presently experiencing massive deficit spending? I'd like to see any American budget have plans to pay off their federal debt, or at least arrest the process of its accumulation.


See FF's comments. The bill is revenue neutral. They may have $1billion in tax cuts, but it is offset by $1billion in tax increases elsewhere.
PostPosted: Mon Oct 29, 2007 12:11 pm    Post subject: Reply with quote

I envy their massive tax cuts.
mltoryblue





Joined: 29 Oct 2007
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PostPosted: Mon Oct 29, 2007 12:54 pm    Post subject: Reply with quote

I was watching CNBC last week and a couple of economist said that it could actually result in a tax raise and hurt the economy due to the loss of investment.

I am very leary when a left leaning Democrat is proposing a tax cut!
mltoryblue





Joined: 29 Oct 2007
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PostPosted: Mon Oct 29, 2007 12:56 pm    Post subject: Reply with quote

I was watching CNBC last week and a couple of economist said that it could actually result in a tax raise and hurt the economy due to the loss of investment.

I am very leary when a left leaning Democrat is proposing a tax cut!
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$1 trillion in tax cuts.

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