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View Diary: You Can't Call It a Concession if No One Asked For It (211 comments)

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  •  You're correct. Except that I would differ with (7+ / 0-)

    you on one point.  According to the Bowles-Simpson Commission's recommendations, the goal is to lower marginal tax rates, and 'broaden the base.'

    Translation:  Bring more 'poor and low income folks' into the federal tax system, at the same time that you slash the marginal tax rates for the wealthy and corporations.

    A federal income tax 'overhaul' is being worked on now, due to be finished by the end of July (at the direction of the Administration).

    'In the sights of' the House Ways and Means Committee is the elimination of the exemption that mostly helps working and middle class folks (since the truly very wealthy are not usually covered on group health insurance--some CEO's yes, but many other of the 1% are covered under 'private' insurance plans)--getting rid of the tax shield (for common folk) in regard to the portion of their group health insurance premiums that IS PAID BY THEIR EMPLOYER, AND IS NOT TAXED AS INCOME!!!  

    This has been tax law for decades, as I understand it.  I'm keeping an eye on this one.  

    All the VSP's want this, in both parties (although Dems rarely say this, except on C-Span programs that they know only ten people watch!)  And yes, Mr. Mollie and I are two of those ten folks, LOL!

    The Bowles-Simpson proposal (the plan which the Administration endorses as 'a framework' for deficit reduction) calls for this 'tax loophole' to be closed.  As well as the elimination and/or capping of other 'middle class' tax exemptions.

    Just watch.  

    Since both Repubs and the Administration are in agreement in regard to substantially cutting the marginal tax rates for the wealthy and corporations, before it's over, those groups will likely have most of their 'tax loopholes' intact, while the rest of us take a major haircut.  

    I hope that I'm wrong.  But the tax exemptions (or loopholes) that apply to the broader masses, are what I see written about in policy papers.

    It's only on cable news or liberal radio that the emphasis is put on the elimination of tax loopholes for industry, big business, corporate jets, etc.

    And even if they do close a loophole or two that apply to the wealthy and corporations, since they employ full-time lobbyists, those loopholes could very well be reinstated, and we'd never hear a word about it.
     

    Mollie

    "Only he who can see the invisible, can do the impossible."-- Frank L. Gaines


    hiddennplainsight

    by musiccitymollie on Sun Apr 07, 2013 at 03:13:49 PM PDT

    [ Parent ]

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