Debt Ceiling Deadline - August 2nd

Discussion in 'Free Speech Alley' started by mobius481, Jul 11, 2011.

  1. mobius481

    mobius481 Registered Member

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    Most of us are already talking about this a little so I figure for the last three weeks, we should have a thread about it. My position has vascillated a little but I firmly believe this showdown was necessary and I'm happy the republicans have created a sense of urgency. The democrats have also come to the table with good ideas to get something done.

    At this point, I think the biggest issue is that one side is going to have to give in on one of their "non-starters". The democrats have given the most so far but their position was initially further from a reasonable plan so that is to be expected. At this point, the showdown seems to come down to taxes and, if you believe Obama's speech this morning, we're talking about taxes in 2013. Shockingly enough to me, Obama has given in a little on entitlement reform. I think this was a big step and I think it's the republican's turn.

    While, I'm a fan of low taxes and don't think revenue increase should be part of this plan, the republicans have to give a little. Here's what I think we should do. Allow the closing of these so called "loopholes" in 2013, or even this year, and to offset the increase in taxes and make the plan overall revenue neutral, create very strong tax incentives to hire right now. It's all about jobs right? Both sides should like this plan.

    I guess we'll see what happens over the next couple of weeks but does anyone else have any creative ideas to make this work?
     
  2. SabanFan

    SabanFan The voice of reason

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    It's an exercise in futility. GOP won't budge on tax increases and Dems won't cut any entitlements.
     
  3. shane0911

    shane0911 Helping lost idiots find their village Staff Member

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  4. red55

    red55 curmudgeon Staff Member

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    And the fans don't like it.

    The smarter politicians are starting to see this and should not blow an opportunity to show some flexibility and good sense. Because if this ends up causing another recession, the ones that are seen to have caused it will suffer in the polls.

    With the timing of the elections, If they are smart they will do whatever they need to do to get past this without a millstone around their necks.
     
  5. LSUpride123

    LSUpride123 Boobies make everything A OK!!!

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    Of they can hold and Force Obama to make meaningful cuts.....
     
  6. LaSalleAve

    LaSalleAve when in doubt, mumble

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    The Republicans don't want a deal. They want another recession. Helps them in 2012.
     
  7. red55

    red55 curmudgeon Staff Member

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    Not if they are seen to have precipitated it.
     
  8. LSUpride123

    LSUpride123 Boobies make everything A OK!!!

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    Recession?

    All it would do is force cuts... that's it.



    Needed cuts....
     
  9. LaSalleAve

    LaSalleAve when in doubt, mumble

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    That's the trick. They can just blame on President Blackie.
     
  10. LSUsupaFan

    LSUsupaFan Founding Member

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    That is a massive stretch. The tax is there, but I doubt much of anything is ever collected pursuant to it. It only applies to gains greater than 250K for singles and 500K for married couples, and the individual making the sale has to have AGI of over $200,000 or $250,000 for a married couple.

    So if you and Sooner buy a million dollar house and sell it for 1.6 million and have income greater than 250K you will owe a 3.8 tax on 100,000.

    I cannot think of too many scenarios where this will come into play.
     

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