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