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Subject:  Re: Tentative Deal? Date:  7/31/2011  10:22 AM
Author:  2828 Number:  577759 of 882136

what will happen....

the debt commission will report...

it will be ignored....

the Bush cuts will be allowed to expire...

tax rates will necessarily skyrocket
There might be tax increases above and beyond the Bush tax cuts expiring:

The formation of a special Congressional committee to recommend further deficit reduction of up to $1.6 trillion (whatever it takes to add up to the total of the debt ceiling increase). This deficit reduction could take the form of spending cuts, tax increases or both.

2012 is going to be a very important election. If the dems win back control and Obama is reelected i wouldn't be surprised to start hearing talk of a VAT.
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