Simpson-Bowles sense (that would be "common sense")
Obamacare, Host of Others Need Slashing: Simpson-Bowles
Excerpt:
"We think that would promote dynamic growth in America and put people back to work," Bowles said. Social Security, he added, is "$900 billion cash negative" over the next 10 years and adjustments need to be made in eligibility. He noted that when President Franklin Delano Roosevelt created the program it kicked in at age 65 when the average life span was 63. Now, the plan kicks in at 62 when the average life span is 75. "Al and I don't want to throw grandma over the cliff, but we do want to make Social Security solvent," said Bowles, chief of staff under former President Bill Clinton.Comment: FixtheDebt.org
Norquist Blasts Simpson Tax Criticism as 'Ranting':
ReplyDeleteSimpson chided his fellow Republican for sticking to his guns on keeping taxes low, and questioned Norquist's ability to force Republicans to toe his line.
"What can he do to you? He can't murder you, he can't burn your house. The only thing he can do to you is defeat you for reelection. And if that means more to you than your country ... you shouldn't even be in Congress."
Norquist, however, threw cold water on the Simpson-Bowles proposal. The anti-tax advocate said the plan would take taxes as a percentage of gross domestic product from 18.5 percent in full employment - the average over the past 30 years - to 21 percent, which equates to a $5 trillion tax increase over the next decade.
Norquist told "Closing Bell" growth - not tax hikes - is the best way to raise revenue for the federal government.
My take: I don't want higher taxes. I think the tax code needs to be simplified and deductions limited.