Sunday, October 30, 2011

A taxing debate: Who should pay more?

Talk about taxing times! Even as the presidential candidates wrangle publicly over who should pay what, a special congressional committee is wrangling in private over just the same thing. The saying is "Don't tax you, don't tax me, tax the fella behind the tree." They're trying to figure out who IS the fella behind the tree? Our cover story is reported by Martha Teichner:

Here we have a super-committee, six Democrats and six Republicans, battling behind closed doors to cut at least $1.2 trillion from the federal deficit.

You can imagine an alarm clock ticking away toward a November 23rd wake-up call. If the super-committee doesn't agree on a deal by then, the alarm will go off, triggering draconian budget cuts in both military and domestic programs neither side wants.

What's the fight about? Taxes ... whether some Americans should pay more to help achieve deficit reduction. If so, who?

And would higher taxes help or hurt the economy? Kill or create jobs?

It's a fight Occupy Wall Street has taken to the streets, in city after city.

It's a fight the Republicans have taken to the talk shows.

"I just don't believe that raising taxes in this weak economy makes any sense at all," said House Speaker John Boehner, R-Ohio.

Are they right? Or is President Obama, arguing for a millionaire's tax to pay for his jobs bill? You remember this?

"Right now, Warren Buffett pays a lower tax rate than his secretary, an outrage he has asked us to fix," Mr. Obama told Congress. more