Sunday, December 9, 2012

Fix the Debt: Simpson - Bowles Plan

Fix the Debt: Simpson - Bowles Plan

First, let us state that the US Debt discussion is a smoke screen to cut social spending and the government. Period. The real problem is lack of jobs.  It is purely and ideological augment over the size and scope of government.  The financial markets could careless and the same goes for consumers.

Given all that we like the Simpson Bowles plan. Many of the CEOs who visited the white house recently support the plan.  Simpson Bowles raises taxes oh the rich, cuts military spending and curbs social security and health care costs. It also taxes corporate gains at the same rate as income.

Here are some of the CEO's that support the plan. The CEO Council of Fix the Debt

Fix the Debt 
Moment of Truth

You can Google Simpson Bowles at "National Commission on Fiscal Responsibility and Reform" oe read more here.

While not directly criticizing the plan the IPS, The Institute for Policy Studies has a counter argument here. 

Finally, we are opposed to a territorial tax which would let companies bring revenue's back to the United States without paying taxes when the revenue is taxed overseas. Foreign taxes and US taxes are part of the cost of doing business.

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