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Wednesday, Jul 20
2011, 2:43 PM
The White House is signaling it could accept a mere short-term increase in the debt limit if...
The White House is signaling it could
accept a mere short-term increase
in the debt limit if it's accompanied by a major deficit-reduction agreement. On Tuesday, President Obama
made positive remarks
on the "Gang of Six" proposal for a 3.7T deficit-reduction plan.
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Clearly the foremost candidate for “major deficit-reduction agreement” is some variant of the proposals of the so-called ‘gang of six”. The following is the best concise and clearly worded explanation I’ve read of how the gang of six is trying to finesse the tax/revenue issue.
20 Jul 2011, 05:08 PM
Bob- So the gang of six wants to provide tax relief by reducing marginal tax rates but also want to raise revenue (taxes) by reducing government spending by reforming tax breaks also known as "tax preferences".
So lower tax rate and reduce tax breaks the question is will the lower tax rate offset the loss of deductions and if it does what has been gained in the long run.
Sounds like 6 of one half dozen of the other. Typical DC double speak
21 Jul 2011, 10:47 AM
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