The Simpson-Bowles-Obama debt commission released version 2.0 of their tax increase blueprint. It’s identical to the tax hike released in November’s “chairman’s mark.” Below are the salient details:

Massive and Permanent New Levels of Taxation:
The plan scores out as a 9-year net tax hike of $1.133 trillion
The plan seeks to raise the federal tax burden permanently to 21 percent of GDP, up from the half-century average of 18 percent of GDP. Federal taxes have never been this high.
Creates a tax-hike “trigger” in law. Tax hikes would be automatic after 2013 unless the Simpson-Bowles-Obama tax plan is implemented. There is no spending cut trigger.
Support for this net tax hike plan violates the Taxpayer Protection Pledge which has been signed by over 235 congressmen and 41 senators.
What Are the Tax Hikes, and What Will They Cost Taxpayers?

Personal Income Tax Hikes (Net tax hike of $785 billion plus bracket creep of $96 billion):
Broadens tax base by eliminating deductions and credits, and lowers tax rates (but not enough to avoid a net tax hike). Falsely calls these tax hikes “spending cuts.”
Introduces partial “bracket creep” by slowing down inflation index of tax brackets.
Raises the capital gains and dividends tax rate from 15 to 23 percent.
Social Security Tax Hike (Net tax hike of $138 billion):
12.4 percentage point Social Security tax currently applies to first $100,000 of wages and net self-employment income. This would rise to the first $150,000 of such income.
Gas Tax Hike (Net tax hike of $114 billion):
$0.15 hike in the federal gas tax, creating a new federal gas tax of $0.334 per gallon.
This gas tax hike is $156 per year for a 20-gallon tank filled weekly.
Death Tax:
Creates a permanent death tax with a top rate of 45 percent and a $3.5 million exemption.
There is no death tax in 2010.
Corporate Income Tax Hikes (Net tax hike included in personal income tax hikes):
Barely lowers highest corporate rate in the developed world, from 40 to about 32 percent (including state corporate taxes). That merely moves us from worst in the developed world to fourth-worst, better only than Japan, France, and Belgium.
By getting rid of many energy-specific tax deductions (LIFO accounting, Sec. 199 deduction, MACRS depreciation, etc.) this corporate tax hike should hit energy consumers and investors hardest of all.

And the circle continues!

Views: 24

Reply to This

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

Doc Vega posted blog posts
7 hours ago
Doc Vega commented on Doc Vega's blog post Marjory Taylor Green Proposes Bill Abolishing Geoengineering or Weather Modification
"cheeki kea Marjory is in a daily battle with Democrats on the hill constantly coming up with more…"
9 hours ago
Doc Vega posted blog posts
Wednesday
Mr. Sizzle favorited Less Prone's video
Wednesday
tjdavis posted a photo
Tuesday
Doc Vega posted a blog post

The Saga of Joe Adams May Have Solved What's Behind the Numerous Disappearances Going on in our National Forests

     The year is 2023 in September. A nature’s photographer and experienced survivalist, Joe Adams…See More
Monday
Sandy posted a video

Aron Siri's opening statement, Senate Hearing on Covid Vaccines, May 25

Opening statement Aaron Siri, Managing Partner, Siri & Glimstad, L.L.P.Senate Homeland Security and Governmental Affairs, Permanent Subcommittee on Investiga...
Monday
cheeki kea replied to cheeki kea's discussion Tartaria
"A smidgeon of facts have come to light. In English a misspelling suddenly occurred where an extra R…"
Monday
Doc Vega posted a blog post

The Cancel Culture Vulture

  Better to shut them down than hear their point of viewCancel culture coming after youHelping to…See More
Jul 12
Doc Vega posted a photo
Jul 11
Doc Vega posted a blog post

The Fingerprint

The Fingerprint On a dance with the unpredictability of the signals you sendA solemn pact with my…See More
Jul 11
Sandy posted a video
Jul 11
tjdavis posted a video
Jul 9
Burbia replied to Burbia's discussion Trump Receives Marching Orders
Jul 9
Less Prone favorited Burbia's video
Jul 9
Less Prone replied to Burbia's discussion Trump Receives Marching Orders
"Bullets can be effective in reinforcing ownership."
Jul 9
Burbia posted a discussion

Trump Receives Marching Orders

Netanyahu has made 3 visits to the White house since Trump's second term as President of the United…See More
Jul 9
Burbia commented on Burbia's video
Thumbnail

Ben Shapiro Just LOST HIS MIND — There's No Coming Back From This

"Omg. The Ben Shapiro voice that Luke is imitating here couldn't be any more comedic to…"
Jul 8
Burbia posted a video

Ben Shapiro Just LOST HIS MIND — There's No Coming Back From This

Get the magnesium your body needs - https://wearechange.shop/product/magnesium-glycinate/Ben Shapiro Just LOST HIS MIND — There's No Coming Back From ThisHig...
Jul 8
cheeki kea posted photos
Jul 8

© 2025   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted