"Republicans say deal can be done on U.S. "fiscal cliff""

[applegrove]

Republicans say deal can be done on U.S. "fiscal cliff"


By Alister Bull at Reuters

http://www.reuters.com/article/2012/11/11/us-usa-fiscal-idUSBRE8A80WV20121111

"SNIP..........................................

Republican Senator Bob Corker said increasing tax revenues from wealthier Americans would have to be part of the plan, but he stressed closing loopholes rather than raising top tax rates as many Democrats favor, provided spending is also tackled.

"I am optimistic," Corker told "Fox News Sunday." "I think there is the basis for the deal. ... There is a way of getting there on the revenue side. The real question is: can we come to terms on the entitlement side?"

Obama has invited congressional leaders to the White House on Friday to discuss the issue, with only 50 days left until the end of the year. Unless Congress acts first, $600 billion in tax hikes and automatic federal spending cuts would take effect at the end of December, with a potentially devastating impact on the economy.

The Obama administration and congressional leaders are attempting to negotiate a deal to avoid the fiscal cliff, and instead work toward a deficit-reduction package in the next session of Congress that begins in January.

...........................................SNIP"

[Warren Stupidity]

1. Since they all took the Norquist pledge, I call bullshit.

[gravity]

3. Closing loopholes goes against the Norquist pledge

[SickOfTheOnePct]

2. Personally, I don't care how they raise the revenue from the rich

Pick a $ amount that needs to be raised, and then decide how it's going to be done without raising taxes on the lower and middle classes. If they can do it by eliminating deductions and loopholes while keeping the top bracket at 35%, I couldn't care less.

[msongs]

4. they are just waiting for dems to cave in again nt

[Vadem]

5. That is the question....and it had better be on our terms!...

"can we come to terms on the entitlement side?"

[gravity]

6. The Republicans are negotiating from weakness

They know Obama has the upper hand especially after the tax cuts expire.

[Angry Dragon]

7. Bullshit

Entitlement assumes something that you have not earned.
People have paid into the retirement insurance plan, so they have earned it.
No difference than car insurance or house insurance.

What have corporations done to earn their corporate welfare??

[Xyzse]

8. Closing loop holes is not enough.

Besides, even the middle class use those same loop holes at times.
Particularly if it is property based.

Guess who gets hurt?
No, sorry, no deal.

[SickOfTheOnePct]

10. Loopholes and deductions can be cut specifically so as not to affect the lower brackets

Take an AGI of $400,000, with deductions of $100,000, making taxable income $300,000.

Raise the rate to 39.6% for the amount over $250,000 ($50,000), and the tax will be $19,800.

Take the same AGI of $400,000, limit deductions to $50,000, making taxable income $350,000.

Keep the rate at 35% for the amount over $250,000 ($100,000), and the tax will be $35,000.

How is that a bad thing?

[Xyzse]

13. Not a bad thing.

If it actually works out that way.
From what I am understanding, they are talking about just closing loop holes, not limiting deductions to a particular value.

[SickOfTheOnePct]

14. I agree that it would have to be both

Loopholes and deduction limitations on the highest bracket.

My point is that, IMO, the only non-negotiable items should be a) $X in revenue (whatever X is) and b) all of $X would have to come from those earning more than $250,000.

[orpupilofnature57]

9. I feel secure, is that an entitlement ? How is the 1% Entitled to loopholes & Lower taxes

[Major Hogwash]

11. The Republicans are playing with a handicap, they're behind the 8-ball.

President Obama played this game of chess last year and won both times, last year, and again this year.

But, the Repubicans are so frickin' stupid, they don't know it, yet.

Talk is cheap, and if they don't agree to let the Bush tax cuts for the wealthy expire, it's "fiscal cliff time", and Obama is fine with that result.

Elections have consequences.

[Thinkingabout]

12. Someone is going to have to stand down the TP.

Cantor and his buddies will not be able to just say no this year. The Bush tax cuts will expire and there will be automatic cuts. As a party they do not have enough numbers to win elections without true republicans. I am writing to my representative already letting him know I expect action. I told him to start with his health care. He claims to pay for his health care but he only pays a smaller cost of his healthcare. He has voted 33 times to repeal ACA but voted to keep his health care. It is time for Congress members to be under the rules they set for the rest of us.

[old guy]

15. Pay no attention to the rhetoric,

the repubs have not changed their minds at all.

[bluestate10]

16. No. It all has to come from the revenue side. No entitlement cuts. Republicans created this coming

cluster fuck, they should be told to take the democrat's deal of go screw themselves.

[B Calm]

17. Rebublicans look at SS and MC as entitlements.

Fuck them, no deal!