Sunday, December 9, 2012
Fix the Debt: Simpson - Bowles Plan
First, let us state outright that the US Debt discussion is a smoke screen to cut social spending and the government. Period. It is just another political maneuver to reward their friends and cut spending for groups they don't like.
The real problem continues to be lack of jobs and lack of good paying jobs that are hollowing out the middle class. Reducing the debt (or it's newborn cousin the Fiscal Cliff) is purely an ideological augment over the size and function of government. The financial markets could mostly 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 supported 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 recently meet with president Obama. You can read more at these web-sites but they are conservative leaning. Most want to cut spending by cutting social security and healthcare without touching military spending or raising taxes on upper incomes.
Fix the Debt
Moment of Truth
Committee for Responsible Federal Budget
You can "Google" Simpson Bowles at "National Commission on Fiscal Responsibility and Reform" or read more here.
A better analysis is presented at
Tax Policy Center
While not directly criticizing the Simpson-Bowles plan, The Institute for Policy Studies has a counter argument here.
Lastly, we are opposed to any tax change, such as a territorial tax, which would let companies bring revenue's back to the United States without paying their fair share of US taxes. Corporations receive a credit on their US returns for foreign taxes pad. Foreign taxes and US taxes are part of the cost of doing business.
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