As I have written here twice now the Republicans in the House of representatives already passed their bill that raises the debt ceiling.
And we have a gang of six in the Senate that is putting together their bill right now.
There are some stark differences between the two bills and if we go by what the Democrats in the Senate have said, neither will be passed.
The Republicans bill raises the debt ceiling by 2.
4 trillion dollars and cuts spending by 2.
4 trillion.
It does not raise taxes on anyone, not even those filthy "rich" that actually get up and work for a living every single day, 60 to 80 hours a week.
The gang of 6 raise the debt ceiling bill has a few other things to it that are not conducive to our nation.
First it cuts 3.
7 trillion dollars from the deficit, the Senate Democrats already said that 2.
4 trillion is too deep to cut the budget, so how would they support a 3.
7 trillion dollars worth of cuts? Secondly it removes the AMT, not this might be enough to make it pass because none of these guys and gals wants to have their tax base paying this tax.
Far more Americans are going to fall under this in 2012 than ever and that could spell doom for many of their careers as a majority falls within the AMT's grasp of higher tax rates.
AMT was passed by the Democrats because they felt that it too many of those filthy "rich" were getting by without paying their fair share.
It should be noted that each year to keep the AMT from affecting the voters, congress passes a separate bill each year to keep it from affecting the middle class.
The senates bill also removes a lot of the deductions that were part of the reason for the AMT, as if congress ever needed a reason to raise taxes on anyone, and once AMT goes away so do those deductions, which is a tax increase on the very people who benefit from them.
Many are still middle class, read making 100K to 249K, and will be adversely affected by such tax increases.
It would also be another tax increase on that group, a campaign promise broken many times by Obama and the Democrats since the 2008 election.
So while the Democrats in the senate have stated that 2.
4 trillion is too much to cut, they will swallow their principles at a chance to pass a bill that will end the nightmare they passed almost 30 years ago, the current version passed in 1982.
It is something that has been plaguing the working class people for far too long.
To bad that the Senate Democrats did not side with all the working class and looks to saddle the producers of this nation with more taxes, while the let the real wealthy get away with lower rates.
A true raise the debt ceiling bill that looks to raise revenues through taxation should be looking at the capital gains tax, where the billionaires and millionaires all have their money hiding paying at most 20% tax rate.
That alone is why you get Democrat supporters like Warren Buffett making the claim that he pays less than his Secretary, it is because he does not get a salary and makes his living by dividends that are taxed at the capital gains rate.
So while the Republicans in the house passed a bill that raised the debt ceiling responsible and did not tax a single person, the Democrats are touting a bill that has far deeper cuts than what they said they would accept and raises taxes on people who make 100K to 249K each year.
Can anyone tell me where this makes sense? Republicans show true leadership and lead with principle, Democrats seem to have sold their principle out for a few more dollars in taxes.