Republican Pennsylvania Senator Pat Toomey is pushing giant tax hikes, targeting common tax deductions such as the one for mortgage interest, to reach a debt reduction deal with Democrats on the Congressional Super Committee.
So, while all the energy of the conservative movement is on simplifying and flattening the tax code, broadening the paying base to increase revenue and stimulate economic growth by easing the burden on job creators, “super conservative” Toomey decides it’s a good idea to complicate the tax code and slam society’s productive.
Remember when everyone was pissed that Rick Santorum supported Arlen Specter over Toomey in the 2004 primary election? Maybe he had a point.
A GOP congressional aide said the plan is designed to raise taxes on households in the top two tax brackets. That would affect individuals making more than $174,400 and married couples making more than $212,300. Some Republicans say the plan offers a potential breakthrough in deficit-reduction talks that have stalled over GOP opposition to tax hikes and Democrats’ objection to cuts in benefit programs without significant revenue increases.
House Speaker John Boehner, R-Ohio, spoke of it favorably, but his party’s majority leader, Rep. Eric Cantor of Virginia, has declined to endorse it. Several GOP presidential hopefuls also have criticized if for offering to increase taxes.
This is a total screw-job on homeowners who actually pay their mortgages and local taxes (also no longer tax deductible) to benefit people who pay very little federal, state or local tax to begin with. Society’s takers will receive a 20% reduction in their federal income tax rate, from 10% to 8%. The people already getting boned by the socialist progressive tax system will see a wash at the lower end of the scale to a massive tax hike on those making $174,000 and above.
Meanwhile, have you heard a word – even one single word – about any cuts to domestic discretionary spending proposed or agreed to by the Democrats on the committee?
Oh, yeah. There is the bullshit “look at all the money we’re saving not fighting wars that were already scheduled to end” cut.
We’re Charlie Brown. They’re Lucy. Every. Single. Time.
Democrats, meanwhile, have panned the plan, saying it would cut taxes for the wealthy, raise taxes on the middle class and generate less revenue than advertised.