Senate Dems unveil $110 billion sequester-replacement package | TigerDroppings.com
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pistolpete23
In the present
Member since Dec 2007
4032 posts

Senate Dems unveil $110 billion sequester-replacement package

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Senate Democratic leaders unveiled a $110 billion sequester-replacement bill at a closed-door caucus meeting Thursday that would replace $85 billion in automatic spending cuts set for March 1.

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The Senate Democratic package is split evenly between spending cuts and provisions raising new tax revenues, according to a Democratic source.

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It would raise nearly $55 billion in taxes by implementing the Buffett Rule, setting a minimum effective tax rate for wealthy individuals and families. It would raise additional revenue by changing the tax treatment of oil extraction from tar sands.


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The $55 billion in spending cuts are evenly divided between defense and non-defense programs. It would save $27.5 billion by eliminating agricultural subsidies and another $27.5 billion though defense cuts.

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Opposition in the Senate also came Thursday from liberals, who said it should have been tilted more to tax hikes.

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doubleb
LSU Fan
Baton Rouge
Member since Aug 2006
7590 posts

re: Senate Dems unveil $110 billion sequester-replacement package
They just raised taxes twice (Obamacare, and letting some of the Bush tax cuts expire) and now they want to raise taxes again!!!

The small 85 billion dollar spending cuts already in the works will be replaced by a 55 billion dollar set of cuts over th next 10 years!!!

We are screwed. Everything DC is vital There's no waste, there's nothing to cut, everything is vital now.


udtiger
LSU Fan
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Member since Nov 2006
28619 posts
Online

re: Senate Dems unveil $110 billion sequester-replacement package


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Tiger n Miami AU83
Auburn Fan
Miami
Member since Oct 2007
37198 posts

re: Senate Dems unveil $110 billion sequester-replacement package
I think the GOP needs to jump on this if they have the opportunity.


BBONDS25
LSU Fan
Member since Mar 2008
17757 posts
Online

re: Senate Dems unveil $110 billion sequester-replacement package
quote:

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It would raise nearly $55 billion in taxes by implementing the Buffett Rule, setting a minimum effective tax rate for wealthy individuals and families

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I think the GOP needs to jump on this if they have the opportunity

Don't you work in taxes? What do you think will result from the implementation of a minimum effective rate?


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wickowick
LSU Fan
Head of Island
Member since Dec 2006
26619 posts
Online

re: Senate Dems unveil $110 billion sequester-replacement package
quote:

It would raise nearly $54 billion in taxes by implementing the Buffett Rule, setting a minimum effective tax rate for wealthy individuals and families. It would raise additional revenues by changing the tax treatment of oil extraction from oil sands.

This version of the Buffett Rule would phase in a 30-percent effective rate for incomes between $1 million and $2 million.

The plan would also end tax breaks that incentivize companies to move jobs overseas, raising less than $1 billion.

The $55 billion in spending cuts are evenly divided between defense and non-defense programs. It would save $27.5 billion by eliminating agricultural subsidies and another $27.5 billion though defense cuts.

Senate Appropriations Committee Chairwoman Barbara Mikulski (D-Md.) said the defense cuts don't kick in until 2015, after the Afghanistan war ends and they are phased in slowly until 2021. The plan would make defense cuts of about $3 billion in fiscal years 2015 and 2016 and slowly rise to $5 billion in 2021.





wickowick
LSU Fan
Head of Island
Member since Dec 2006
26619 posts
Online

re: Senate Dems unveil $110 billion sequester-replacement package
quote:

Liberals voiced concern about the 1-to-1 ratio of spending cuts to tax revenues in the package. By their estimation, Congress has already cut $1.7 trillion in spending and raised taxes by $700 billion since 2010, they note.

“We’ve let it be really lopsided,” said Sen. Tom Udall (D-N.M.). “I’m going to support a more balanced approach than what we have now.”





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ehidal1
Rice Fan
Chief Boot Knocka
Member since Dec 2007
20513 posts

re: Senate Dems unveil $110 billion sequester-replacement package
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cuts of about $3 billion in fiscal years 2015 and 2016 and slowly rise to $5 billion in 2021.

The debt doesn't stand a chance against these guys. Making the hard choices


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lsu13lsu
LSU Fan
Member since Jan 2008
2686 posts

re: Senate Dems unveil $110 billion sequester-replacement package
quote:

I think the GOP needs to jump on this if they have the opportunity.




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CajunSoldier225
Army Fan
The Cajun Heartland
Member since Aug 2011
1014 posts

re: Senate Dems unveil $110 billion sequester-replacement package
They do realize just because we are ending our War on Terror that Al-Qaeda will not be ending theirs...



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