Flap’s Links and Comments for July 20th on 18:05
These are my links for July 20th from 18:05 to 19:23:
- Dilbert July 20, 2011 – Shame | Flap’s Blog – FullosseousFlap’s Dental Blog – Dilbert July 20, 2011 – Shame #tcot #catcot
- Flap’s Dentistry Blog: Video: Dentistry of the Mujahideen – Video: Dentistry of the Mujahideen
- Flap’s Dentistry Blog: Fighting a Parking Ticket Like Doing Your Own Dentistry? – Fighting a Parking Ticket Like Doing Your Own Dentistry?
- Just Say No to the Gang of Six Proposal/Fraud/Sell Out – The new Gang of Six proposal brewing in the Senate is a total sellout which promises to usher in a vast new round of new taxes. Not just closing of loopholes, but real live taxes we will all have to pay.
The proposal is based on the recommendations of the Bowles-Simpson Deficit Reduction Commission as modified by the "Gang of Six" US Senators. It plans to raise $1 trillion in new tax revenues. While the gang is vague on the details of the new taxes, the Bowles-Simpson Commission was quite clear – it proposes the virtual elimination of all tax deductions, certainly for taxpayers with joint incomes of over $200,000 and possibly for everyone. The revenues it would generate from eliminating or sharply curtailing the mortgage interest, charitable, and state and local tax deductions are set to generate $1 trillion of new revenues over ten years and to finance a vague and unspecified hoped for cut in the top tax bracket.
The elimination or significant curtailment of these deductions would have a ruinous economic impact.
Cutting out the mortgage interest deduction would cost American taxpayers almost $100 billion a year. It would decimate the already moribund real estate sector and would make their current homes unaffordable for millions of homeowners by changing the financial rules in the middle of the game.
Restricting or eliminating the state and local tax deduction is, in effect, to levy a 25-35 percent surcharge on state and local taxes – income and property – hammering people who live in high tax states. The cost in jobs and state revenues are likely to be staggering.
Read it all