The Latest in the Black Liquor Saga – And How We are Going to Finance Such Corruption
Category : Black Liquor, Environmental Issues, Politics, Pulp
The Black Liquor travesty continues to mock us, rather than slink away and die from embarrassment – as it should. The Dead Tree Blog has posted an important update, IRS Brings Son of Black Liquor Back From the Dead; Ruling May Be Worth Billions to U.S. Pulp Makers .
At the same time our government continues to pass out hundreds of billions of dollars to politically connected friends, family members, labor unions, and other special interest groups, President Obama is deciding how and who will pay for these political payoffs and political favors. His President’s commission has informed us that it won’t be pretty – US deficit Reduction Painful, Commission Chiefs Warns.
Restoring U.S. fiscal balance is going to be a painful process that mostly requires spending cuts, but also some tax increases, the leaders of President Barack Obama’s deficit commission said on Wednesday.
Erskine Bowles and Alan Simpson made clear at a U.S. Chamber of Commerce event that the bipartisan panel is eying tax breaks, including the popular mortgage interest deduction, as well as slashing government spending in its effort to recommend ways to cut the estimated $1.4 trillion federal deficit.
“It is all going to be very painful,” Bowles said.
The new taxes and reduced deductions are scheduled to be implemented in 2011 or 2012. This will be an additional depressant on the economy. Consider just one item; if the mortgage interest tax deduction is eliminated, the impact on home values, and home sales, will be enormous.