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US republicans reject Obama's tax proposal |
2012-12-01 |
[Iran Press TV] US Republican politicians have rejected as "ridiculous" and "unreasonable" President Barack Obama's How's it going, Sunshine?... tax proposal that includes 1.6-trillion-dollar tax hikes over the next decade. "While USD1.6 trillion is the White House's public position, it is ridiculous to offer that amount two weeks after negotiations began - and less than a month before we must have a solution," said a Congressional Republican aide who spoke on condition of anonymity after Obama's fiscal plan was presented by Treasury Secretary Timothy Geithner on Thursday, AFP reported. Describing the offer by the White House as unrealistic and unbalanced, he went on to say that "It (proposal) calls for USD1.6 trillion in tax hikes (over the next decade) - all of that upfront - in exchange for only USD400 billion in spending cuts that come later." The plan also calls for new powers to raise the federal debt limit, which must increase in the near future to prevent a default. If the democrats and republicans do not reach a compromise by January 2013, tax increases and spending cuts kick in automatically, costing US taxpayers an average of more than USD 2,000 a year. |
Posted by:Fred |
#6 ROFLMAO, Abu! You owe me a new monitor. ;-p |
Posted by: Barbara 2012-12-01 19:35 |
#5 Omugabe is woefully ignorant of economics. However, he does know something of Tony Rezco type (Chicago) economics. |
Posted by: JohnQC 2012-12-01 18:14 |
#4 The plan also calls for new powers to raise the federal debt limit Specifically, Ogabe wants to transfer the power from Congress to himself. Awesome: let him have it, and make him own it. It won't matter anyway. Foreign markets will set a limit on how much more the US can borrow. With the debt already at $16.3 trillion and climbing - and the commensurate decreasing likelihood that any of it will ever be repaid - we don't have much borrowing capacity left. When it's gone, the US will default and trigger a global finanical meltdown. Let that be Ogabe's legacy, so we don't ever make this mistake again. |
Posted by: RandomJD 2012-12-01 16:23 |
#3 Republicans are damned if they do and damned if they don't. They'll take the blame if we go over the cliff but if they let His Majesty have His way they will have nothing left to do but watch as the consequences unfold. Boehner: Mr. President, do you like travel? Obama: Why, yes I do. You know how much I enjoy jetting around the world with the taxpayers footing the bills. Boehner: Mr. President, do you like sex? Obama: Well, that's none of your business but, uh, yes. Boehner: Then you can take a fucking hike. |
Posted by: Abu Uluque 2012-12-01 10:33 |
#2 The plan also calls for new powers to raise the federal debt limit.. At the wish and whim of the President/Executive. Printing money without controls is just another form of taxing. It takes value out of existing money by debasing its ratio of backing/value to amount in circulation. In essence, with an unlimited authority to 'print' the King no longer needs Parliament to run government. That is indeed a transformative act to change America back to when it was but a backwater to London and royal prerogatives. |
Posted by: Procopius2k 2012-12-01 09:32 |
#1 Additional |
Posted by: Besoeker 2012-12-01 05:31 |