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The Senate is working on raising taxes again!

They are at it again, so expect this group to receive the praise of the drive by media.

From Reuters:

Senate group offers $3.75 trillion deficit cuts


 

By Richard Cowan

WASHINGTON | Tue Jul 19, 2011 2:11pm EDT


 

(Reuters) - A bipartisan group of U.S. senators on Tuesday revived an ambitious budget plan that could provide new ideas for breaking the impasse in Congress over raising the nation's credit limit by August 2.

 

President Barack Obama threw his support behind the proposal by the "Gang of Six" senators, saying it was broadly consistent with his approach on reducing debt and deficits.


 

Obama urged Senate Majority Leader Harry Reid, a fellow Democrat, and Senate Republican leader Mitch McConnell to start "talking turkey" about it.


 

Senate Budget Committee Chairman Kent Conrad, one of the six Democratic and Republican senators who have been working since December on a deficit-reduction plan, said the proposed $3.75 trillion in savings over 10 years contains $1.2 trillion in new revenues.

 

The full story is here.

 

Of course, Obama is praising this move.  He wants massive tax increases.  You can bet these tax increases are not going to affect his buddies on Wall Street, but will kill middle America.  And of course, just when victory seems possible, you can always count on some GOP Senators to come out and make sure liberals win.

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Permalink Reply by THOMAS S. WRIGHT on July 20, 2011 at 3:46pm
YES WE ALL KNOW BIG CORP'S LIKE GE pay millions to high profile TAX ACCOUNTANTS TO AVOID PAYING TAXES. so the MIDDLE CLASS GETS THE TAB. FAIR IS FAIR TAX THE CORP'S TAKE AWAY THE LOOP HOLES OUT OF THE TAX CODE FOR CORP'S LET THEM PAY THEIR FAIR SHARE SO THEY CAN LOWER OUR  RATES ON THE MIDDLE CLASS. it is not up to us to carry most of the burden while the RICH AND WELL CONNECTED AND HUGE CORP'S PAY LITTLE OR NO TAXES. CHANGE THE TAX CODE TO A FAIR FLAT TAX. NO FILING, NO MESS. just a fair three tier flat tax. and a BALANCED BUDGET AMENDMENT TO THE CONSTITUTION. GOP MONITORS TAKE NOTE GET IT ON TAXES. we are taxed enuf already. TEA..
Permalink Reply by Jim Hoff on July 20, 2011 at 3:50pm

Thomas,

I you really want a fair tax then eliminate corporate taxes all together.

Taxes, to a corporation, are simply an expense and passed on to the end user in the form of higher prices for the finished product.  Everyone pays corporations taxes, rich, middle class and poor.

Permalink Reply by THOMAS S. WRIGHT on July 20, 2011 at 3:53pm
MR. JUDSON I was just alerted by a friend of mine the LEFT IS TRYING TO SNEAK A BILL TO TAX 1% OF ALL BANK TRANSACTIONS IT IS KNOWN AS HR#4646. this is a BHO SNEAK BILL. all members here are now alerted to this BILL BY THE LEFT. TSW 7/20/11.
Permalink Reply by THOMAS S. WRIGHT on July 20, 2011 at 4:02pm

JIM,DO YOU REALLY THINK the CORP'S would pass on the TAX SAVINGS ON TO THE CONSUMERS???. #1 rule for all corp's is max. PROFIT. think about it if they paid no TAXES would they lower prices on their PRODUCT???. corp's are greedy by nature. maybe some would but I THINK MOST CORP'S WOULD NOT. they would pocket the money like WALL STREET DID WITH THE BAIL OUT MONEY. CORP'S CANNOT BE TRUSTED..

Permalink Reply by Jim Hoff on July 20, 2011 at 4:08pm

That doesn't change the fact that taxes are an expense that is tacked on to the end price.

The end user pays the tax whether you like it or not.

Permalink Reply by Jim Hoff on July 20, 2011 at 4:32pm

Thomas,

I don't view corporations quite as greedy as you.  The vast majority of them operate on a profit margin of less than 10%.  One of the things that keep prices at a reasonable level is competition.  If corporations all of a sudden didn't have to collect taxes for the government from their customers I believe one or two would pass the savings on, thus lowering their price.  Their competition would follow suit rather quickly...

Permalink Reply by Jim Hoff on July 20, 2011 at 4:48pm
No, the obvious solution is to stop spending so much.  With the economy in the shape it is in you would kill more jobs by raising taxes.  The Tea Party is about the only group that has its priorities right in that they recognize along with freedom there is a responsibility to support yourself and not depend or expect the government to fill in the gap between a poor income and a desired income.
Permalink Reply by Edward M. Plitt on July 21, 2011 at 5:21pm

Congressional Research Service Summary

The following summary was written by the Congressional Research Service, a well-respected nonpartisan arm of the Library of Congress. GovTrack did not write and has no control over these summaries.

2/23/2010--Introduced.
Debt Free America Act - States as purposes of this Act the raising of sufficient revenue from a fee on transactions to eliminate the national debt within seven years and the phasing out of the individual income tax. Amends the Internal Revenue Code to impose a 1% fee, offset by a corresponding nonrefundable income tax credit, on transactions that use a payment instrument, including any check, cash, credit card, transfer of stock, bonds, or other financial instrument. Defines "transaction" to include retail and wholesale sales, purchases of intermediate goods, and financial and intangible transactions. Establishes in the legislative branch the Bipartisan Task Force for Responsible Fiscal Action to review the fiscal imbalance of the federal government and make recommendations to improve such imbalance. Provides for expedited consideration by Congress of Task Force recommendations. Repeals after 2017 the individual income tax, refundable and nonrefundable personal tax credits, and the alternative minimum tax (AMT) on individuals. Directs the Secretary of the Treasury to: (1) prioritize the repayment of the national debt to protect the fiscal stability of the United States; and (2) study and report to Congress on the implementation of this Act. This bill will charge everyone a 1% fee on every transaction made with your bank. WE HAVE TO STOP THIS
Permalink Reply by Gail Cohen on July 23, 2011 at 2:21pm
My ex will not believe any of this - does not understand what and who we are fighting.
Permalink Reply by THOMAS S. WRIGHT on July 23, 2011 at 2:29pm
HR#4646 WILL TAX 1% OF ALL BANK TRANSACTIONS, this BILL MUST BE KILLED. before it passes the LIBERAL SNEAK BILL. HR#4646 kill it people before its too late. TAXES ARE AN ECONOMIES WORST ENEMY.
Permalink Reply by THOMAS S. WRIGHT on July 23, 2011 at 2:44pm
MOST LARGE CORP'S cannot be trusted. the headlines show this from time to time. tax breaks for CORP'S NO WAY. FOR MAIN STREET YES..
Permalink Reply by Gail Cohen on July 23, 2011 at 6:03pm
Those RINOS should cut the cord and become Democrats

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