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View Full Version : House Approves Paul Ryan Plan Budget Plan.....



MMC
03-29-2012, 05:58 PM
http://l.yimg.com/bt/api/res/1.2/V9lTrKzY2Iot1b113YsevQ--/YXBwaWQ9eW5ld3M7cT04NTt3PTYzMA--/http://media.zenfs.com/en/blogs/theticket/AP120320121656.jpg

The U.S. House of Representatives on Thursday approved a $3.53 trillion budget proposal that would reduce spending by more than $5 trillion over 10 years compared to President Barack Obama's budget recommendations, would overhaul the federal Medicare program, and would reduce taxes and spending on certain programs.

The House voted 228-191 to pass the bill with 10 Republicans opposing it. Democrats unanimously opposed the measure.

The projections within the bill are based on the assumption that the federal health care law will be repealed, and while the plan reduces spending, it would still leave federal coffers with a deficit of nearly $800 billion in 2013. The tax code would be changed to reduce the six current tax brackets to just two, with a top rate of 25 percent for high earners and 10 percent for those with lower incomes. The plan would also reduce the corporate tax rate—currently one of the highest in the industrialized world—to 25 percent and eliminate some tax credits and loopholes.

The chamber also rejected a budget proposal based on Obama's blueprint and proposals introduced by the conservative Republican Study Committee and the liberal Progressive Caucus.....snip~

http://news.yahoo.com/blogs/ticket/house-approves-paul-ryan-budget-plan-193500420.html

Reid vows it will not pass the Senate. Take note of what Pelosi has to say.

Conley
03-29-2012, 06:29 PM
10 and 25% tax brackets, eh? Any idea what income would be the cut off?

All of these simplifications of the tax code sound great but they will never happen. Big government doesn't want it so, and many of those exceptions ('loopholes') have been put in to serve one special interest or another.

MMC
03-29-2012, 07:06 PM
10 and 25% tax brackets, eh? Any idea what income would be the cut off?

All of these simplifications of the tax code sound great but they will never happen. Big government doesn't want it so, and many of those exceptions ('loopholes') have been put in to serve one special interest or another.

http://www.roadmap.republicans.budget.house.gov/
This plan discards a needlessly complex and manipulative tax code, replacing it with a simplified mechanism that promotes work, saving, and investment.

Provides individual income tax payers a choice of how to pay their taxes – through existing law, or through a highly simplified code that fits on a postcard with just two rates and virtually no special tax deductions, credits, or exclusions (except the health care tax credit).
Simplifies tax rates to 10 percent on income up to $100,000 for joint filers, and $50,000 for single filers; and 25 percent on taxable income above these amounts. Also includes a generous standard deduction and personal exemption (totaling $39,000 for a family of four).
Eliminates the alternative minimum tax [AMT].
Promotes saving by eliminating taxes on interest, capital gains, and dividends; also eliminates the death tax.
Replaces the corporate income tax – currently the second highest in the industrialized world – with a border-adjustable business consumption tax of 8.5 percent. This new rate is roughly half that of the rest of the industrialized world.

Conley
03-29-2012, 07:10 PM
Tax code reform is another issue the vast majority of Americans would like to see implemented and one which the Federal government will never do.

Conley
03-29-2012, 07:19 PM
http://www.roadmap.republicans.budget.house.gov/
This plan discards a needlessly complex and manipulative tax code, replacing it with a simplified mechanism that promotes work, saving, and investment.

Provides individual income tax payers a choice of how to pay their taxes – through existing law, or through a highly simplified code that fits on a postcard with just two rates and virtually no special tax deductions, credits, or exclusions (except the health care tax credit).
Simplifies tax rates to 10 percent on income up to $100,000 for joint filers, and $50,000 for single filers; and 25 percent on taxable income above these amounts. Also includes a generous standard deduction and personal exemption (totaling $39,000 for a family of four).
Eliminates the alternative minimum tax [AMT].
Promotes saving by eliminating taxes on interest, capital gains, and dividends; also eliminates the death tax.
Replaces the corporate income tax – currently the second highest in the industrialized world – with a border-adjustable business consumption tax of 8.5 percent. This new rate is roughly half that of the rest of the industrialized world.


Thanks MMC. Very informative

A cut off at 100k and no tax at all on capital gains - seems like this would cut down on revenue in a big way.

MMC
03-29-2012, 07:20 PM
Did you see ya goilz remarks?

Conley
03-29-2012, 07:26 PM
Did you see ya goilz remarks?

Pelosi?

Peter1469
03-29-2012, 07:27 PM
If they extend the benefits of a Roth IRA to many more people, this elimination of taxing capital gains at a lower rate would at least not harm people saving for retirement.

Conley
03-29-2012, 07:32 PM
If they extend the benefits of a Roth IRA to many more people, this elimination of taxing capital gains at a lower rate would at least not harm people saving for retirement.

That's a fair point, but I also feel like pushing more retirement money into the stock market can keep growing bubbles, which then pop and leave the individual investors with nothing to retire on.

Peter1469
03-29-2012, 07:41 PM
That's a fair point, but I also feel like pushing more retirement money into the stock market can keep growing bubbles, which then pop and leave the individual investors with nothing to retire on.

Consumer investment in the markets don't create bubbles. Federal reserve policy creates bubbles and puts consumer investment at risk.

MMC
03-29-2012, 07:45 PM
Pelosi?

Yep. :smiley:

Conley
03-29-2012, 07:52 PM
If she were worried about our future she might want to look into cutting spending.