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Staring Now on CSpan is "Changing the Tax Code" by FixtheDebt
Posted: Dec 4, 2012
It's a panel made up of different groups/people putting their heads together to come up with sensible suggestions. The first speaker was Sen. Max Bauchus, who gave them the challenge.
I'm going to watch it now. See ya later.
;
Fair warning. Their real agenda is their tax rate. The - debt is a smoke screen they're
[ In Reply To ..]working hard to not have to pay down themselves. If they do their job well, their taxes will actually drop and the debt WOULD actually increase, but they also recommend drops in Grandma's Social Security check and the conditions her Medicare covers--her involuntary sacrifices being their sole contribution to "solving" the debt problem.
Watched as much as was on CSpan. Each member - backwards typist
[ In Reply To ..]gave short ideas and answers...IOW, they discussed the issues. There were 13 members who discussed the issues while CSpan carried this program, but there were more on the committee that were cut short because of the House meeting.
All in all, the suggestions they thought should be followed were:
1. Tweak Simpson-Bowles.
2. VAT and/or Carbon tax.
3. National sales tax, although they all agreed that wouldn't fly with voters because it's a "seen" tax.
4. Gas tax but same reason as #3, only a little less opposition.
5. Cap on overall deduction system to 18%. Perfect way is to do these 1 by 1 but then you'll have opposition, so the VAT/Carbon tax was suggested to pay for healthcare spending and earmarks.
They all agree more revenue is needed and most of them agreed the tax system needs to be simplified.
Judd Gregg suggest Simpson-Bowles and VAT but stated it does not fix the problem and the American people won't go for the national sales tax.
Donald Maroon is for VAT. He stated if you limit tax caps at $250K, a lot of revenue is lost.
Michael Peterson stated that growth is the best way but so far, everything suggested will hurt growth.
Maya MacGuineas stated the tax code should be changed because the government loses UP TO $1 billion in lost revenue each year. She stated to limp and cap deductions by broadening the base and lower the rates. She also believes that people don't trust tax revenue will go to the intended purposes. They need to dedicate the savings to what they're intended.
I found this discussion very interesting and only listed a few members by name because of their difference in opinions from the rest.
Maybe you should go to CSpan and watch it for yourself so you know what's going on?
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