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  •  Couldn't do that because that would have 'really' (1+ / 0-)
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    raised taxes on the wealthy, long-term and in a serious fashion.  ;-)

    This way, led by the Administration (and with the help Repub and Conservadems on the Ways and Means Committee), we'll have 'revamped federal tax reform' in place by the end of July/first of August.

    Remember, the Administration called for this at the beginning of 2013.

    And, of course, when this 'reformed' tax system raises taxes substantially on the lower-and middle-classes (due to closing of tax loopholes--especially one tax 'loophole'-- the exclusion from taxable income of one's employers' portion of group health insurance premiums), and not on corporations, and very little on 'the wealthy,' it will become 'clear' why most of the Bush tax cuts were left in place.

    The raising of the marginal tax rate for the small sliver of wealthy folks was simply Kabuki Theater, since this 'revamped' system will soon be put in place.

    The Bowles-Simpson Fiscal Commission recommended the tax overhaul that being negotiated now, in their proposal The Moment Of Truth.

    They described it as 'lowering the marginal tax rates and broadening the base.'

    Translation:  Lower the marginal tax rates on the wealthy and corporations, by 'bringing more low income folks' into the tax system.  ;-)

    If anyone is interested in knowing what our tax system will look like soon--please read Section II, Tax Reform, beginning on Page 28.

    Here's the link to 'The Moment Of Truth.'

    Here's the House Ways And Means Committee Announcement below.

    Camp and Levin Announce Ways and Means Tax Reform Working Groups

    11 Working Groups Will Report Findings Back to Full Committee

    Wednesday, February 13, 2013

    Washington, DC - Today, Ways and Means Committee Chairman Dave Camp (R-MI) and Ranking Member Sandy Levin (D-MI) announced the formation of 11 separate Ways and Means Committee Tax Reform Working Groups. . . .

    Announcing the formation of the groups, Chairman Camp stated, “I am pleased to be working collaboratively with Ranking Member Levin and all of our Committee Members as we continue our efforts to fix our broken tax code. Regardless of party or politics, everyone can agree that comprehensive tax reform should result in a simpler, fairer tax code for families and more jobs for American workers.  In addition to Committee hearings, these working groups will be one more way for the Committee to gather the necessary information to produce the best possible legislation."

    Yeah--fairer means 'flatter,' and if the Fiscal Commission proposal means anything, a fairly substantial tax hike on 'the everyday Joe.'

    And all this is happening while we're all out here haggling over the implementation of a Chained CPI, etc.  ;-)


    "Only he who can see the invisible, can do the impossible."-- Frank L. Gaines


    by musiccitymollie on Thu Apr 04, 2013 at 10:38:41 AM PDT

    [ Parent ]

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