[cargo_brad]

Debt talks turn to tax reform - David Rogers - POLITICO.com

With White House debt talks due to resume Sunday, the next few days will sorely test the mettle of President Barack Obama and Speaker John Boehner as they try to finalize a landmark budget and tax reform deal, held prisoner thus far by the rhetoric of both parties.

The two men have set their sights on an estimated $4 trillion 10-year deficit reduction package that demands big spending cuts but ultimately represents a huge bet on putting in place sweeping tax reforms by early next year. Obama would be able to make permanent the lower-income tax rates established in the Bush era, while Boehner gets a commitment to broad reform — covering personal and corporate taxes — with the goal of lowering rates by establishing a more efficient code.

Nothing is yet fully resolved, and just implementing the deal would require a complicated two-stage structure that poses its own perils politically. But if successful the hope is both to generate up to $1 trillion in added revenues for real deficit reduction over the next decade and give a shot-in-the-arm to a lagging economic recovery.

Read more: Debt talks turn to tax reform - David Rogers - POLITICO.com

[TorryJens]

Willing to wait for the details. If there is a mutual compromise on tax reform/simplification dealing with loopholes and rates, I'd be happy with it.

[Kinds Of Pain Meds]

Prediction:

Repubs will sign on to make permanent the lower tax rates, then walk away from the table when the difficult work of reforming the tax code comes to pass, thus getting their cake and eating it too.

To hedge, Obama should stipulate that any reforms to Medicare/Medicaid/SS are dependent upon the tax reform actually happening.

[somozasayre]

obama should just resign, the job is too much for him.

Prediction:

Repubs will sign on to make permanent the lower tax rates, then walk away from the table when the difficult work of reforming the tax code comes to pass, thus getting their cake and eating it too.

To hedge, Obama should stipulate that any reforms to Medicare/Medicaid/SS are dependent upon the tax reform actually happening.

[nizcreare]

obama should just resign, the job is too much for him.

I'm getting old and sometimes the past is a little vague, please remind me of the glorious accomplishments of G W Bush and how McCain if he was elected president would have would have built on those accomplishments and taken the United States to the promised land. Humor an old man.

[DghtRdc]

Never mentioned W's accomplishments or McCain just stated the obvious. Here it is again maybe if you read slowly you may be able to comprehend.
"obama should just resign, the job is too much for him."

I'm getting old and sometimes the past is a little vague, please remind me of the glorious accomplishments of G W Bush and how McCain if he was elected president would have would have built on those accomplishments and taken the United States to the promised land. Humor an old man.

[strongjannabiz]

Never mentioned W's accomplishments or McCain just stated the obvious. Here it is again maybe if you read slowly you may be able to comprehend.
"obama should just resign, the job is too much for him."

I disagree, I think he has done a remarkable job of stabilizing the dog pile he got when he took office. It is very hard to stop a ship from sinking while turning it around.

[ManituIKOL]

He should not of purchased a dog if he cannot contol the dog piles that it leaves.If he cannot even do that how can he handle the job of POTUS. Again, "obama should just resign, the job is too much for him."

I disagree, I think he has done a remarkable job of stabilizing the dog pile he got when he took office. It is very hard to stop a ship from sinking while turning it around.

[Alkanyadela]

He should not of purchased a dog if he cannot contol the dog piles that it leaves.If he cannot even do that how can he handle the job of POTUS. Again, "obama should just resign, the job is too much for him."

Oh wait, you don't like Obama?

[Z3s9vQZj]

obama should just resign, the job is too much for him.

Then it would be left to Joe Biden and a new VP would be appointed ala Spiro Agnew.

I would laugh if the appointment was Nancy Pelosi. All the Obama haters would probably stick a Colt 45 in their mouths over that.

[Keendwainge]

Oh wait, you don't like Obama?

Hides it well but if you read the words. Must be a slogan writer.

[discountviagraman]

I am surprised that Biden can even get his shoes on the right feet, but at least the dems knows he is doofus

Then it would be left to Joe Biden and a new VP would be appointed ala Spiro Agnew.

I would laugh if the appointment was Nancy Pelosi. All the Obama haters would probably stick a Colt 45 in their mouths over that.

[mloversia]

I disagree, I think he has done a remarkable job of stabilizing the dog pile he got when he took office. It is very hard to stop a ship from sinking while turning it around.

How much is it his policies and how much of it is the Fed injecting a massive amount of liquidity into the economy (which will probably bring about another bubble so we keep going from bubble to bubble to bubble...)?

[Roxanjbra]

How much is it his policies and how much of it is the Fed injecting a massive amount of liquidity into the economy (which will probably bring about another bubble so we keep going from bubble to bubble to bubble...)?

Just thoughts that went through my mind as this disaster surfaced. What would have happened if the Fed did not try to have a soft landing ? We might be trading beads now. There were many things I didn't like but the alternatives could have been unreal. The underwater loans could have been multiples of what they are now, investments wiped out, the stock market could have dropped way more than the 50% it did, the FDIC couldn't have covered anything near what the claims would be, tax receipts would have dropped to near zero and we would have historic unemployment. Just thoughts.

[Coededgeme]

Just thoughts that went through my mind as this disaster surfaced. What would have happened if the Fed did not try to have a soft landing ? We might be trading beads now. There were many things I didn't like but the alternatives could have been unreal. The underwater loans could have been multiples of what they are now, investments wiped out, the stock market could have dropped way more than the 50% it did, the FDIC couldn't have covered anything near what the claims would be, tax receipts would have dropped to near zero and we would have historic unemployment. Just thoughts.

Or mybe if we did nothing and let markets work everything would have just deflated to real market values. Bad companies would have failed (GS, GM, AIG) and gone thru bankruptcy, broken up and sold to investors and we would be out of this mess with more of our freedoms and liberty

[UtidaBrar]

Or mybe if we did nothing and let markets work everything would have just deflated to real market values. Bad companies would have failed (GS, GM, AIG) and gone thru bankruptcy, broken up and sold to investors and we would be out of this mess with more of our freedoms and liberty

I actually think panic would trump your scenario.

[ThomasMannfanny]

I actually think panic would trump your scenario.

The idiots in DC tried everything to panic our country and most citizens didn't ... same way they tried to panic us a few months ago if we didn't/don't raise the debt ceiling

[HugoSimon]

The idiots in DC tried everything to panic our country and most citizens didn't ... same way they tried to panic us a few months ago if we didn't/don't raise the debt ceiling

I don't think I would want to go all in, would you ?

[invest7manager]

I don't think I would want to go all in, would you ?

of course i would

[YmolafBp]

of course i would

I happy that you are not POTUS. I saw an interview of a man who just finished voting in SC. Sort of looked like a Bob's big boy statue and the person from CNN asked who he voted for. His answer was "I am scared, I voted for the N word". On panic what will happen when your neighbor goes to the ACaMe and is told his credit card has been rejected ? Multiply that a couple of hundred million people.