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Key Tax Breaks at Risk as Panel Looks at Cuts

Goobieman

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Key Tax Breaks at Risk as Panel Looks at Cuts
Sacrosanct tax breaks, including deductions on mortgage interest, remain on the table just weeks before the deficit commission issues recommendations on policies to pare back with the aim of balancing the budget by 2015.

The tax benefits are hugely popular with the public but they have drawn the panel's focus, in part because the White House has said these and other breaks cost the government about $1 trillion a year.

At stake, in addition to the mortgage-interest deductions, are child tax credits and the ability of employees to pay their portion of their health-insurance tab with pretax dollars. Commission officials are expected to look at preserving these breaks but at a lower level, according to people familiar with the matter
Deficit Panel Targets Areas to Cut - WSJ.com

How quickly one recalls:
Barack Obama Campaign Promise No. 515:
No family making less than $250,000 will see "any form of tax increase."


"I can make a firm pledge. Under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes."
PolitiFact | No family making less than $250,000 will see "any form of tax increase." - Obama promise No. 515:
 

Goobieman

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let me know when the deficit panel makes law.........
Maybe, rather than trying to avoid the issue, you could explain why the reduction of these deductions/credits are on the table at all...?
 

liblady

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I think his point was that according to Obama's promises, these should not even be on the table.

it's a PANEL that will make recommendations. as i said, let me know when they make law, or better yet, let me know when obama breaks that promise.
 

liblady

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Maybe, rather than trying to avoid the issue, you could explain why the reduction of these deductions/credits are on the table at all...?

how would i know? i'm not a member of that panel. and neither is obama.
 

Goobieman

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how would i know? i'm not a member of that panel. and neither is obama.
Whatever it takes to defend The Obama, I guess...
:roll:
 

liblady

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Whatever it takes to defend The Obama, I guess...

:roll:

nothing to defend, he hasn't done anything. as i posted, let me know when he breaks that promise.
 

Whovian

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liblady

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Whovian

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Whovian said:
http://republicans.waysandmeans.hous...Increases1.pdf

of course, regardless of the fact that these ARE taxes, and WERE signed into law under Obama, and the specific legislation is indicated, I fully expect you to attempt to spin or deflect, possibly because the source of the information is the 'GOP' portion of the Ways & Means committee..
i have no need to spin. just look at what you posted.
Maybe 'you' should look at the link.

The items listed ARE new taxes... they ARE law, and the WERE put in place under President Obama. The list even indicates which ones affect people making less than the limit Obama set in his promises.

Democrats Have Increased Taxes by $670 Billion and Counting…

List Includes 14 Tax Hikes Totaling Over $316 Billion on Middle Class Families
April 14, 2010

Since January of 2009, President Obama and Congressional Democrats have enacted into law gross tax increases totaling more than $670 billion, or more than $2,100 for every man, woman and child in the United States. The list of tax increases includes at least 14 violations of the President’s pledge not to raise taxes on Americans earning less than $200,000 for singles and $250,000
for married couples.


LEGISLATION TAX INCREASES ENACTED
 New tax on individuals who do not purchase government‐approved
health insurance *
 New tax on employers who fail to fully comply with government health
insurance mandates*
 New 40% excise tax on certain high‐cost health plans *
 New ban on the purchase of over‐the‐counter drugs using funds from
FSAs, HSAs and HRAs*
 Increase the Medicare tax on wages and self‐employment income by
0.9% and impose a new 3.8% surtax on certain investment income (for
individuals over $200,000 and couples over $250,000)
 Increase, from 7.5% to 10% of income, the threshold after which
individuals can deduct out of pocket medical expenses*
 Impose a new $2,500 annual cap on FSA contributions *
 New annual tax on health insurance *
 New annual tax on brand name pharmaceuticals *
 New 2.3% excise tax on certain medical devices *
 New 10% tax on indoor UV tanning services *
 New tax on insured and self‐insured health plans *
 Double the penalty for non‐qualified HSA distributions *
 Eliminate the deduction for expenses allocable to Medicare Part D
subsidy
 Limit the deduction for compensation to officers, employees and
directors of certain health insurance providers
 Require information reporting on payments to corporations
 Impose additional requirements for section 501(c)(3) hospitals
 Make “black liquor” ineligible for cellulosic biofuel producer credit
 Codify economic substance doctrine and impose penalties for
underpayments
 Other revenue effects
 Tobacco tax increase and expanded enforcement authority* $65.515
“Stimulus”
Public Law 111‐5
 Repeal guidance allowing certain taxpayers to claim losses of an
acquired corporation
.Federal Unemployment surtaxes extended through June 2011 *
 Delay of rules to reduce the double taxation of worldwide American
employers until 2018 (worldwide interest allocation)
 Delay of rules to reduce the double taxation of worldwide American
employers until 2021 (worldwide interest allocation)


TOTAL = $670.341 BILLION AND COUNTING…

*VIOLATES PRESIDENT’S PLEDGE TO NOT INCREASE TAXES ON MIDDLE CLASS
 

Goobieman

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did you? this panel makes recommendations, period. and they might never even reach a consensus. much ado about nothing, at this point.
Yes... and, obviously, when we're talling about a veto, we're talking about something that's gone past that panel.
Do you expect The Obama to veto those hikes?
 

liblady

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Maybe 'you' should look at the link.

The items listed ARE new taxes... they ARE law, and the WERE put in place under President Obama. The list even indicates which ones affect people making less than the limit Obama set in his promises.

the uninsured "tax" is a FINE, but assessed on your taxes. the failure to comply is a FINE. it is not a tax. and yes, i have to say, a tanning beds tax is a raise in taxes. lol...don't tan. that's an optional tax, so mine sure hasn't been raised.
 

Dittohead not!

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At stake, in addition to the mortgage-interest deductions, are child tax credits and the ability of employees to pay their portion of their health-insurance tab with pretax dollars.

Any Senator or Representative who voted for such a measure would be out of Congress at the next election. If Obama failed to veto such a monumental middle class tax hike, even Sara Palin would be able to beat him in 2012, if his party even nominated him that is.

No, fugitaboutit, ain't gonna happen!
 

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the uninsured "tax" is a FINE, but assessed on your taxes. the failure to comply is a FINE. it is not a tax. and yes, i have to say, a tanning beds tax is a raise in taxes. lol...don't tan. that's an optional tax, so mine sure hasn't been raised.

Dance, ballerina, dance!!!!!!!!!!!!!
 

liblady

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Its a tax or a fine -- it cannot be both.


Hm. Is it a criminal or civil fine?

it can't be both, you're right. that's why i put "tax" in quotes.......it's not a tax. it's a fine.
 

Whovian

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are they fines or are they taxes?

If it's assessed on your taxes, it's a tax.

I notice you ignored the vast majority of the new taxes listed. I anxiously await your continued attempts to spin those as "not 'really' taxes'.

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