Friday, November 18, 2011

Deficit Supercommittee - #3424 - Media Misrepresents GOP Plan to Raise Tax Revenue - Rush Limbaugh (2) Supercommittee: Dems Demand That GOP Give Up Lowering Tax Rates - The Hill

Learn what is really behind the tax revenues Republicans are proposing,  reducing tax deductions over $174,000 along with lowering top tax rates.......
RUSH: Let's move on to the congressional super committee. Now, I want you to have audio sound bite 20 standing by. I have to admit this is a little troubling. But I'm gonna reserve some of this because it's reported in the Drive-By State-Controlled Media. First up, the Washington Post. "Republican Super Committee Members' Tax Plan Gives Party An Identity Crisis -- Growing Republican support for raising taxes to help reduce the deficit has prompted a GOP identity crisis, sparking a clash within the party over whether to abandon its bedrock anti-tax doctrine. Tensions have mounted in recent days as two of the GOP’s most fervent anti-tax stalwarts on Capitol Hill -- Sen. Patrick J. Toomey (Pa.) and Rep. Jeb Hensarling (Tex.) -- have lobbied party colleagues behind the scenes to forgo their old allegiances and even break campaign promises by embracing hundreds of billions of dollars in tax hikes. .............. It's what we talked about yesterday, but now the Washington Post is portraying this as these Republicans wanting to just flat-out raise taxes, and they are trying to get other Republicans in Congress to go along with it, to raise taxes. No, they want to lower rates. They're not talking about raising tax rates. They're talking about raising revenue, and the media is misrepresenting what they're doing. Here's the plan, folks -- and I'm just gonna hit you between the eyes with this.

The Republicans are offering a plan which would take away itemized deductions for anybody making over $174,400 a year. In exchange for that they would lower the top tax rate from the current 35 down to 28%. We've done this before. We did this in 1986. This was part of Reagan tax reform except the top marginal rate then was 50. Wait a minute. No. All itemized deductions for people who make the... Stick with me on this. All itemized deductions for everybody who makes $174,000 or more -- home mortgage interest, charities, all of that, gone in exchange for a lowered rate from 38, 28%. Now, we've done this before. Back in 1986, top rate was 50, took it down to 28, there was a bubble of 31 percent for few people, and we got rid of some deductions.
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Supercommittee: Dems Demand That GOP Give Up Lowering Tax Rates - The Hill - Supercommittee Democrats say they are willing to accept the latest deficit-reduction offer from Republicans, but only if the GOP drops its demand to lower and extend the Bush tax rates.  The demand that tax rates stay at their current levels is one of four major Democratic demands that will be tough for Republicans to accept. The Democatic proposal, which Democratic sources said was made to supercommittee Republicans on Friday, to a degree illustrates the wide gaps the remain between the two sides less than a week before the panel’s Nov. 23 deadline to reach a deal on at least $1.2 trillion in cuts.  Democrats also say Republicans must drop their demand to raise the Medicare retirement age and forego their proposal to use chain CPI to calculate entitlement benefits and tax brackets. Liberal experts calculate that using chain CPI could reduce Social Security cost-of-living adjustments by up to a third of a percentage point.  The fourth demand from Democrats is that the GOP deficit-reduction plan include stimulus spending to make “a real investment in jobs.”  Read more........

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