Democrats Should Support the Deficit Commission Proposals

Simpaon an Bowles are presenting a tax overhaul policy that's very similar to the one I've been preaching about for the past two years.I was saying do away with allcredits, deductions and exemptions, including filing status and have a$10,000 annual exemption for all, an additional $10,000 exemption fof all taxpayers 65 years and older with four brackets: 5% under $50,000 annual income,10% from $50,000 to $99,999, 15% from $100,000 to $199,999, and 25% for $200,000 and over. Do away with farm sxubsidies and those for fossil fuels, and those companies exporting jobs overseas, and tax credits for companies that create new jobs in the good old U. S. of A. The 16,000 page tax code ca be reduced to no more than 100 pages. Lets discuss Simpson Bowles. Everything sholuld be on the table.

Jack Golding of KS 3:02PM November 16, 2010

Mr. Ferrell; I agree with most of your report. Why not Repeal the McCarran-Ferguson Act 1945 which would force insurance companies to abide by the same Anti Trust laws as other industries/! That would contribute to more competition and lower costs; although competition could be hindered if continue on this trend of big insurance company mergers. The premise of this suggestion is to bring down the present and future costs of medicare, medicaid, and Health reform bill. I fear that limiting the increase in costs to 1% will be to the detriment of the poor, disabled and elderly who cannot afford to absorb costs that are greater than the 1%.

Another suggestion is to tax Hedge Fund owners. Is it true that

And Finally, somebody is suggesting that we do away with the Oil & Gas company tax subsidies. It was infuriating to here that the Deficit Commission seemed to attack the poor and middle class, and nothing was said about the Billions of Dollars in Corporate Welfare we taxpayers for each year. Why is it always on the backs of poor and middle class, while the rich get rich... and corporate profits rise?! I often refer to the republicans as; Republicorp. Truly they are the extended arm of Corporate America!

Anyway, I believe the oil companies game more than just $3 Billion per year in tax subsidies. According to an excerpt in the NYTimes article July 2010, "Oil Companies Reap Billion From Tax Subsidies"; " But some government watchdog groups say that only the industry’s political muscle is preserving the tax breaks. An economist for the Treasury Department said in 2009 that a study had found that oil prices and potential profits were so high that eliminating the subsidies would decrease American output by less than half of one percent.

"“We’re giving tax breaks to highly profitable companies to do what they would be doing anyway,” said Sima J. Gandhi, a policy analyst at the Center for American Progress, a liberal research organization. “That’s not an incentive; that’s a giveaway.” " The article reports that Obama administration was working on a bill that would cut $20 Billion over the next 10 years, although that works out to be only $2 Billion per year over a decade versus the reported $4 Billion per year in current oil tax subsidies.

"Some of the tax breaks date back nearly a century, when they were intended to encourage exploration in an era of rudimentary technology, when costly investments frequently produced only dry holes. Because of one lingering provision from the Tariff Act of 1913, many small and midsize oil companies based in the United States can claim deductions for the lost value of tapped oil fields far beyond the amount the companies actually paid for the oil rights. "

Reference: http://www.nytimes.com/2010/07/04/business/04bptax.html

http://www.bnet.com/blog/healthcare-business/repealing-the-health-insurance-antitrust-exemption-a-catchy-but-useless-idea/1220

Teri of WA 1:02PM November 16, 2010

So, the question of the day is whether the Barack Hussein Obama Death Panels

are Back again? And so,only this time der glorius leader from Kenya Obama has simply shifted his master plan for the total elimination and termination of life for

all elderly and disabled senior citizens by such devious means as denying them

their annual Social Security COLAS (Cost Of Living Allowances) so that they will

strave to death and die rapidly. And Obama and Nancy Pelosi and Harry Reid

will then also make Obamacare so restrictive that our Doctors and hospitals will

be required to pull the plug on us when we get sick or injured and require medical care as part of the Democrats and Barack Hussein Obama hidden deadly

secret agenda...We should like to point out that a Gentleman in Nazi Germany

tried this same deadly scheme as Der Furher Adolf Hitler will deadly and fatal

results for six million Jewish and other minority people and we all know how that

worked out,therefore I personally appeal to Congress,as a disabled senior citizen myself to Totally Reject the Simple Simpson and Bowles Phony Baloney

Deficit Commision So-called Findings. And as a former Wyoming resident I must

further say to Alan Simpson SHAME on You Sir!

Ralph of AZ 9:51AM November 16, 2010

Pork gone from Republican diet ? Anyone for TEA.

Republicans in Congress heard the message.

obama heard too.

Bill Hedges of MO 6:53PM November 15, 2010