Debt Commission released their preliminary proposal...
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Canadiens1131
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It's a White House counter-move in the Bush Tax Cuts chess game.
The House GOP is now in the unenviable position of being in power, promising to cut spending drastically but not very sure of how to do it. They can't take on Social Security drastically (ask 1981's Ronald Regan or Newt about that), so I think the White House is proposing a gentler alternative.
One thing is for sure - tax reform has been needed for a long time in the US. It's not a flat tax, but nice way to throw a bone to the wingnuts.
This is going to be fascinating to watch, considering the precedent Gordon Brown's coalition government has set in spending cuts.
The House GOP is now in the unenviable position of being in power, promising to cut spending drastically but not very sure of how to do it. They can't take on Social Security drastically (ask 1981's Ronald Regan or Newt about that), so I think the White House is proposing a gentler alternative.
One thing is for sure - tax reform has been needed for a long time in the US. It's not a flat tax, but nice way to throw a bone to the wingnuts.
This is going to be fascinating to watch, considering the precedent Gordon Brown's coalition government has set in spending cuts.
financeguy
ONE love, blood, life
It's a Conservative/Liberal Democrat coalition. Gordon Brown is no longer the PM, thankfully.
Canadiens1131
ONE love, blood, life
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Was wayyyyy too lazy to edit for King and Country.
deep
Blue Crack Addict
we'll see if the Tea Party elected representatives really want to control spending and balance the budget.
MrsSpringsteen
Blue Crack Addict
In an exclusive interview on "This Week," Warren Buffett, Chairman and CEO of Berkshire Hathaway, told Christiane Amanpour that the rich should be paying more taxes and that the Bush-era tax cuts for the wealthy should be left to expire at the end of December.
"If anything, taxes for the lower and middle class and maybe even the upper middle class should even probably be cut further," Buffett said. "But I think that people at the high end -- people like myself -- should be paying a lot more in taxes. We have it better than we've ever had it."
The full Buffett interview will air on a special Thanksgiving edition of "This Week" focused on The Giving Pledge, a major philanthropic effort spearheaded by Buffet, and Bill and Melinda Gates.
The billionaire brushed aside Republican arguments that letting tax cuts expire for the wealthy would hurt economic growth.
"They say you have to keep those tax cuts, even on the very wealthy, because that is what energizes business and capitalism," anchor Amanpour said.
"The rich are always going to say that, you know, just give us more money and we'll go out and spend more and then it will all trickle down to the rest of you. But that has not worked the last 10 years, and I hope the American public is catching on," Buffett explained.
The White House announced on Wednesday that President Obama will award Buffett a Presidential Medal of Freedom, the nation's highest civilian honor, early next year.
"If anything, taxes for the lower and middle class and maybe even the upper middle class should even probably be cut further," Buffett said. "But I think that people at the high end -- people like myself -- should be paying a lot more in taxes. We have it better than we've ever had it."
The full Buffett interview will air on a special Thanksgiving edition of "This Week" focused on The Giving Pledge, a major philanthropic effort spearheaded by Buffet, and Bill and Melinda Gates.
The billionaire brushed aside Republican arguments that letting tax cuts expire for the wealthy would hurt economic growth.
"They say you have to keep those tax cuts, even on the very wealthy, because that is what energizes business and capitalism," anchor Amanpour said.
"The rich are always going to say that, you know, just give us more money and we'll go out and spend more and then it will all trickle down to the rest of you. But that has not worked the last 10 years, and I hope the American public is catching on," Buffett explained.
The White House announced on Wednesday that President Obama will award Buffett a Presidential Medal of Freedom, the nation's highest civilian honor, early next year.
