这次的debt ceiling increase牵扯到budget cut. 想要做budget cut就要先从税收下手. 但是国会不想要加税率,免得被攻击. 所以两党的决议就是从Scheducle A deduction下手. 包括mortgage interest and charitable conribution. 还要调整AMT.即使Schedule A整个都消失掉,也不无可能. Long-term capital gain and qualified dividend也将取消优惠. 公司税将会进一步往下调整,约为23% ~ 29%. 所以,股市往下跑是正常的.因为美国人的消费能力将从此大幅度地下降. Statutory Timelines Joint Select Committee on Deficit Reduction (JSC) The Budget Control Act of 2011 carries extremely aggressive targets that Congress and the JSC are supposed to meet. Here's a summary of what has to be done and when: ‧No later than Aug. 16, 2011 (14 days after the enactment date), the 12 members and the co-chairs of the JSC must be appointed by the majority and minority leaders of the Senate, and the Speaker and minority leader of the House, who each must appoint three members. The Speaker and the majority leader of the Senate must each appoint one member to serve as co-chair from among the JSC members. ‧No later than Sept. 16, 2011 (45 days after the enactment date), the JSC is to hold its first meeting. ‧No later than Oct. 14, 2011, House and Senate committees may transmit to the JSC their recommendations for law changes necessary to meet the goal of JSC. ‧No later than Nov. 23, 2011, the JSC must vote on a report containing the findings, conclusions, and recommendations of the committee, as well as the estimates provided by the Congressional Budget Office (CBO), and legislative language in support of those recommendations, which must also contain a statement of the deficit reduction achieved over fiscal years 2012 through 2021. A majority of JSC members must approve the report and accompanying legislative language, and the text of the report and accompanying legislative language must be made public promptly after the vote on adoption of those matters. Any JSC member may file additional, supplemental, or minority views within 3 calendar days if the member provides notice of this intention at the time of final vote on adoption of the report and legislative language. ‧No later than Dec. 2, 2011, if a majority of the JSC approve a report and legislative language, they must be transmitted to the President, Vice President, the Speaker of the House, and the majority and minority leaders of the House and Senate. ‧No later than Dec. 23, 2011, if the JSC approves a report and legislative language, it must be voted on by both the Senate and the House of Representatives. No amendments will be considered. Major changes to the Tax Code proposed within the course of the most recent deficit debate include:* Three individual income tax brackets, as low as 8, 14, and 23 percent Reduction of favored treatment for capital gains and dividends Repeal of the alternative minimum tax (AMT) Reduction of key deductions such as for mortgage interest, charitable contributions and medical coverage expenses Repeal of deductions for state/local taxes and all miscellaneous itemized deductions A single corporate income tax rate, as low as 23 percent Reduction in key business deductions/incentives such as the Sec. 199 production activity deduction, LIFO and oil/gas benefits Switch from a worldwide to a territorial based international tax system http://www.sacbee.com/2011/08/03/3812680/mortgage-deduction-could-be-trimmed.html WASHINGTON – Just as Social Security and Medicare benefits were dangled above the shredder in the debt ceiling debate, another of Washington's sacred cows could end up on the chopping block soon as well. The mortgage interest deduction, which allows 35 million homeowners to write off their mortgage interest payments, may be in for serious restructuring if ongoing efforts to pare the bulging federal debt are broadened. As part of the just-concluded debt ceiling debate, a bipartisan group of senators known as the "Gang of Six" proposed lowering the limit on mortgages eligible for the deduction from $1 million to $500,000 and restricting the tax break only to primary residences. But as it has through decades of federal budget cuts and crises, the popular provision emerged unscathed in the debt limit compromise that President Barack Obama signed into law Tuesday. That reprieve, however, may not last. With lawmakers looking for $1.2 trillion to $1.5 trillion in additional budget cuts by the end of the year, the deduction – which will cost the federal treasury about $131 billion next year – makes for a juicy target. First of all, the revenue the government forgoes because of the deduction is huge: more than twice the entire budget of the Department of Housing and Urban Development. And there are better, more cost-efficient ways for the tax code to encourage homeownership, economists argue. Plus, the benefits of the deduction go disproportionately to the upper middle class, whose bigger homes and mortgages bring bigger tax write-offs. In fact, the average value of the deduction increases with income, from $91 for those who make less than $40,000 a year to $5,459 for those who earn more than $250,000, according to a 2010 report by the Tax Policy Center, a joint project of the Urban Institute and the Brookings Institution, two center-left research centers. The idea of curbing the mortgage tax break has been around for years. President George W. Bush's tax overhaul panel recommended limiting the deduction in 2005, but the issue quickly disappeared as lawmakers showed no stomach for it. The recent recession may have changed that, however. As federal revenue plummeted, calls to trim and revamp the deduction have came from the Bipartisan Policy Center's Debt Reduction Task Force and President Barack Obama's National Commission on Fiscal Responsibility and Reform. "While nothing has happened in response to any of these ideas, it is definitely now on the table as it has never been before," said Eric Toder, a co-director of the Tax Policy Center. So don't be surprised if the deduction is back when a new 12-member bipartisan debt-reduction legislative committee must recommend even more budget cuts. At an estimated $484 billion from 2010 to 2014, the mortgage deduction is second only to the employer-paid health insurance exemption as the most costly individual tax break, according to the congressional Joint Committee on Taxation. A study by the libertarian Reason Foundation suggests eliminating the deduction altogether to fund a revenue-neutral 8 percent cut in federal taxes for everyone. Read more: http://www.sacbee.com/2011/08/03/3812680/mortgage-deduction-could-be-trimmed.html#ixzz1Tz7OjK7H -- Our Father who art in heaven, hallowed be thy name. Thy kingdom come. Thy will be done on earth as it is in heaven. Give us this day our daily bread, and forgive us our trespasses, as we forgive those who trespass against us, and lead us not into temptation, but deliver us from evil --

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