Use war savings to fund a stimulus deal say super committee Democrats

November 11, 2011

The deficit reduction back-and-forth between Democrats and Republicans on the super committee continues.

This Veterans Day week, Democrats suggested that savings from ending the Iraq and Afghanistan wars be used to pay for a new stimulus package, according to The Hill.

A summary of the $2.3 trillion plan obtained by the Capitol Hill newspaper includes $200 billion in defense cuts and slashes $200 billion from other discretionary spending.

Part of that savings, say the six Democrats on the Joint Select Committee on Deficit Reduction should go toward spending on infrastructure.

The proposal also raises $650 billion in new federal revenue via a tax code overhaul.

No taw rewrite specifics, however, were provided by the newspaper. I'm presuming that at this point the Democratic plan also was vague about what to do to our tax system.

Overall, the Democrats say their measure would generate $1 trillion in total revenue.

Not surprisingly, Republicans weren't impressed.

And so the countdown to Nov. 23 continues.

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TAX-SAVVY WAYS
TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill.

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings.

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year.

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

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