Another Republican Plan

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bronco

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www.washingtonpost.com/business/economy/coburn-deficit-plan-proposes-9-trillion-in-savings/2011/07/18/gIQArcBvMI_story.html

Coburn has put forth a specific plan. The repubs keep doing the work on this.

I admit I like Coburn as I know him socially (not close at all) and he has been a voice of reason in this debate for years. he undrstands that it will take spending cuts and revenue increases to make things work. The article says his plan will piss off both parties, so it is probably a good one.

Coburn was a memebr of the debt panel that BO created and then ignored so he has looked at everything out there.
 
It's ambitious and appreciate the specificity of it, but it closes tax loopholes. So basically, it is DOA.

To further add to it's death, Grover Norquist and Mr. Coburn have been having a war of words lately. Mr. Norquist will not endorse this plan and the GOP shows no signs of not being obsequious to his will.

sheesss.. i am in a downright negative mood this morning.

** edit ** sorry, let me just add, this plan would be DOA for most ideologically entrenched Democrats as well.

Sorry state of affairs.
 
The Coburn plan seems to be the best one out there that I can see. It takes a sober account of the current set of affairs and seeks to make meaningful changes on behalf of the nation's good.
 
Like it.

I'm not in favor of a flat out, tax increase on anyone ... but I'd love to see tax loopholes closed. If it's a "loophole", it's probably a cheat, and shouldn't be there in the first place.
 
IMO, Coburn has been the guy who can bridge this deal together. Nobody can challenge his conservative credentials, he's told Nordquist to go **** himself, and he and the president have a good relationship/friendship. With the left and the right both having their ridiculous lines in the sand, Coburn has been one of the few to be rational and willing to recognize that there's more than one way to address this issue.
 
I pay my CPA to find every legal way to reduce my tax liability. What are the specific "loopholes" everyone is speaking about. My guess is that it is just political spin.

I say eliminate the current tax code, make it simple, and lay off as many IRS personnel as possible.
 
As a graduate of the top accounting program in the nation (do west mallers know about our accounting program?), I know CPA firms would lobby against this . However, every business needs a good accountant. Layoffs create opportunity.
 
Coburn did rejoin the Gang. I like their plan too. Anything is a good start.

The loophole point is exactly right. They consider normal deductions loopholes, like mortgage interest.

The plan for these guys is a lowered tax rate (I think the high end is only 28% or so) but a removal of all deductions. There is a low rate of like 4% that everyone gets stuck with- no free rides. They say the simplification will generate nearly $1 T in new revenue.
 
Hopefully, the compromise will be somewhere between the Senate Gang 6 Plan and the Coburn plan. One thing that I do not want to see is delayed cuts: They don't happen.
 
I agree but Obama and the Senate have to have something to cling to to claim victory. And at least everyone will have a stake in our gov't spending.
 
They are not raising taxes just making sure everyone pays their share. If That means no "loopholes" and credits, then I am all for it. Like I've said before, everybody needs to sacrifice.
 
Exactly right, Uninformed. Long term "cuts" never materialize, but the immediately enacted tax increases sure as hell do.

**** those guys. If it's a cut, it should be cut today, not over 10 years.
 
It's 3T in cuts kids, take a deep breath, you're not getting everything you want. Or go ahead, hold your breath, turn blue and stomp your feet, I hear it's called "The Cantor".
 
i don't know ... is the mortgage tax deduction a deduction or a loophole? I would too be interested to see what these "loopholes" are exactly.

I think there would probably be a difference between a valid deduction and a loophole. I define a loophole as something a business may claim that probably shouldn't be claiming it.

Not to say, there are a few valid deductions i don't agree with. TBH ... there probably are too many deductions out there as is. The deficit panel put out a few good recommendations on a few deductions that should be eliminated and i agree with many of em.
 
"I define a loophole as something a business may claim that probably shouldn't be claiming it. "

uh could you give an example of something a company could claim that they shouldn't?
if they shouldn't claim it the IRS could catch them and and get paid plus fines.
 
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