Republican House jobs plan incorporates tax reform – The Hill’s On The Money
Posted May 30, 2011on:
The Democrats have kept the Republicans in the House tied up with their lies about Ryan’s plan killing granny. (Have you seen the ad of a Ryan look alike throwing granny over a cliff?)
Seniors citizens are the dumbest bunch of people sometimes. The townhalls show groups of them yelling ,”Don’t touch my Medicare!”. Well the Ryan Plan DOES Not touch the seniors Medicare. If you are over 55 years old you don’t have a dog in this fight because nothing is going to change for you at all. that is unless Congress does nothing and Medicare completely runs out of money that is and then no one has medical coverage. The plan only takes effect in 2022 when those who are now under 55 reach retirement and Medicare age. Now those 55 and under do hav e a dog in the fight and they see and UNDERSTAND that Ryan’s Plan is their only hope of ever having Medicare.
Anyhow the Republicans are trying to get back to the jobs issue as hard as they can because they know Americans need jobs before anything else. Since this is the case you should have some idea what is in the jobs plan. BB
GOP jobs plan incorporates tax reformBy Bernie Becker – 05/26/11 06:30 PM ET
As expected, tax reform is a major plank in the package of economic growth proposals House Republicans released on Thursday.
In large part, the GOP rollout contained few new proposals, including when it comes to taxes. The package calls for reducing the top tax rate for both businesses and individuals to 25 percent, and for allowing U.S. multinationals to bring overseas profits into the country without penalty. ( Right now companies who bring their profits home to the United States are TAXED on these profits made in another country! Drop this tax and allow them to bring this money home without penalty where it can be used in this country! BB)
“Obviously, our tax code is broken. It’s too complex, too costly, it’s too burdensome for families and small business owners,” Rep. Dave Camp (R-Mich.) — the chairman of the House Ways and Means Committee, who has been pushing for comprehensive tax reform — said at a news conference unveiling the Republican initiative.
Camp added that the GOP would “look at the various deductions, loopholes, tax expenditures, preferences, whatever you want to call them; it’s very important that we address that.”
For his part, Rep. Sandy Levin (D-Mich.), the ranking member on Ways and Means, said the GOP ideas would raise taxes on the middle class while decreasing them for the wealthy. “We need tax reform, not loose talk from Republicans about reducing the top individual rate to 25 percent,” Levin said in a statement. (That old song and dance about taxing the “rich” or those who already pay 47% of what is taken in by the Treasury Department already. And incidentally, those who have the money to build factories and start businesses and give Americans JOBS! BB)
The GOP rollout comes after Rep. Eric Cantor (R-Va.), the House majority leader, and Rep. Kevin Brady, a senior member of Ways and Means, have pushed for a so-called repatriation holiday that would allow multinationals to bring profits stored abroad into the U.S. at a reduced tax rate.
Cantor and Brady have envisioned the holiday as sort of a bridge to tax reform, but Camp said Thursday that he would rather look at treatment of offshore profits within the broader tax reform discussion.
“Repatriation is an important idea. I’m for it. I think it’s also going to be an important part of fundamental tax reform,” Camp said.
The Treasury Department has said that it would look at repatriation only in the overall reform talks.
Still, WIN America Campaign, a group pushing for a tax holiday, said in a statement they thought the GOP plan was a sign their side was gaining momentum.