Well, belated Happy Thanksgiving - and the Tax Reform committee decided to punt a turkey to celebrate the holiday!
The "Super Committee" (of six Republicans and six Democrats) were charged with the task in August of 2011 of creating new tax laws (which could result in more tax revenue) and spending cuts at least equalled to $2.4 trillion over the next ten years. Otherwise, automatic cuts would take place.
Well, get ready for the automatic cuts.
The problem is the Democrats simply won't move on without some new taxes - while the Republicans (not all, but a significant number), simply won't agree to any tax hikes.
I was hoping they both would stand back and think "outside the box" - like what if we eliminate a whole bunch of deductions (home mortgage interest, for example, which only benefits 1/3 of all taxpayers and gives nearly 60% of the benefit to the top 5% of income earners) - and decrease all the tax rates.
Ultimately, you could create more revenue for the Treasury - though it would not be clear that any particular income class has benefited or lost due to the change.
Unfortunately, that didn't happen.... oh well, like many sports fans say - "There is always next year!"
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