Thursday, July 28, 2011

Debt Ceiling Debate - #3115 - House GOP Lining Up Behind Boehner's Plan (2) CBO Scores Boehner's New Bill $22B in Savings This Year, $917B over 10 Years - Hot Air (3) News to Obama: The OECD Says the U.S. Has the Most Progressive Tax System - Tax Foundation

[T]he opposition bloc led by [Jim] Jordan appears to be crumbling, as leadership’s message seems to be sinking in. Sources tells NRO that a number of members who were confirmed no votes against the Boehner plan announced during the meeting that they would be voting yes. One of those members, Rep. Blake Farenthold (R., Texas) told reporters that while he would like to “snap my fingers and change the world like ‘I Dream of Genie’ of Samantha on ‘Bewitched,’” Republicans “need to take what we can get.”… Even Rep. Mike Pence (R., Ind.), a prominent conservative with a history of voting against leadership, said he was undecided, but seemed to indicate that he could ultimately support the plan, calling it “an important first step toward fiscal discipline and reform.”… Read more.......

CBO Scores Boehner's New Bill $22 Billion in Savings This Year, $917B over 10 Years - Hot Air - A modest improvement, but let’s face it: At this point, no one’s supporting the bill on its merits. If you’re backing it, it’s because it’s the best we can do to avert a default right now and because, if it passes the Senate somehow, it would force The One to choke on his quasi-threat to veto any short-term deal at the last minute. There’s some fun in that, I suppose. The new bill does, at least, keep his promise to produce savings in an amount greater than or equal to the amount of the debt-ceiling increase, which will be $900 billion if this is enacted. It’s hard to get excited about the difference between $1 billion in savings next year, which the old bill provided, and $22 billion, which the new one ensures, when we’re running multitrillion dollar deficits. But Yuval Levin makes a fair point. The lower we can get CBO’s baseline now, the deeper future Congresses will have to cut to sell their proposals:  Read more........

News to Obama: The OECD Says the U.S. Has the Most Progressive Tax System - Tax Foundation - Barack Obama's admission that his policies would "spread the wealth around" has ignited a nationwide discussion of how progressive the tax system should be and how it should be used to redistribute income among Americans. Obama has been very successful in bolstering the conventional wisdom that the U.S. tax system does not place a significant enough burden on wealthier households and places too much of a burden on the "middle class."  But a new study on inequality by researchers at the Organization for Economic Cooperation and Development (OECD) in Paris reveals that when it comes to household taxes (income taxes and employee social security contributions) the U.S. "has the most progressive tax system and collects the largest share of taxes from the richest 10% of the population." As Column 1 in the table below shows, the U.S. tax system is far more progressive—meaning pro-poor—than similar systems in countries most Americans identify with high taxes, such as France and Sweden.  Read more.......

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