budget, budget, who has the budget?

Discussion in 'Economy' started by emptystep, Jan 20, 2013.

  1. emptystep
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    emptystep VIP Member

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    I am trying to sort all this out. Like everything else in Washington it is not the most straight forward of processes. Any help would be greatly appreciated.

    The world is going to come to an end, well maybe not quite that drastic, if a budget is not passed by March 1st. The Hill reports that the administration is going to be late, again, submitting a budget. There is a budget for 2013 on the White House web page, what is that? The Republicans have submitted the 'Paul Ryan' budget which Democrats actually successfully campaigned against. I am not sure how many Republicans actually like the Paul Ryan budget.

    So with one phantom budget and one whipping-boy budget how is an actual budget for the entire federal government going to come together in the 39 days, 14 hours, 10 minutes, and 25 seconds?
     
  2. emptystep
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    emptystep VIP Member

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    http://www.nytimes.com/2013/01/07/us/politics/paul-ryan-balances-pragmatism-and-politics.html?_r=0
    January 6, 2013
     
  3. CrusaderFrank
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    CrusaderFrank Diamond Member

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    Reid and Obama have no interest in passing a budget
     
  4. Stephanie
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    Stephanie Diamond Member Supporting Member

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    so now they are making jokes about Obama and Democrats not having a budget?

    Do you people live this way? If you did you'd be in bankruptcy..

    oh well, see you all down the drain and our great children can thank you all for the dept
     
    Last edited: Jan 20, 2013
  5. emptystep
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    emptystep VIP Member

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    http://www.nytimes.com/2013/01/21/u...push-for-broad-overhaul-of-tax-code.html?_r=0

    By JONATHAN WEISMAN
    Published: January 20, 2013


     
  6. emptystep
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    emptystep VIP Member

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  7. Wiseacre
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    Wiseacre Retired USAF Chief Supporting Member

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    Let's see if we can sort all this out. First, as part of the Fiscal Cliff deal, they extended the Bush Tax Cuts for everybody except the people making $400k and up, and some other taxes went up too. They made very few spending cuts in the deal, something on the order of 42:1, tax increases to spending cuts. BUT - as part of the deal, they extended the Sequestration Cuts ($1.2 trillion) that were agreed to back in August of 2011, which were considered so onerous that Congress would surely take action before the Cuts actually took effect. Weeeeell, no action was taken but the Cuts were postponed until 1 March.

    SO - on 1 March the $1.2 trillion Sequestration cuts WILL go into effect by law, and there's nothing Obama and the democrats can do about it. Half of the cuts will be for defense, the other half spread across the board for discretionary things with some exceptions like Social Security and Medicare.

    NOW - as you may know, we've hit the debt ceiling, and by current law the gov't cannot borrow more money until that limit is raised. Since we're running large deficits these days, we won't be able to fund everything we've already agreed to do in our past appropriations (continuing resolutions [CRs]). The republicans have recently come out and said they will vote to increase the debt ceiling IF the Senate will pass a budget, something they are supposed to do but haven't for over 3 years now. Chuck Schumer and other democrats are beginning to push for more tax revenues, probably through reforms to the tax code, something that I think is long overdue. If the Senate doesn't pass a budget, then presumeably the House will pass one and then continue to extend the debt ceiling by small amounts to avoid a possible default on our debt and a possible credit downgrade, which may happen anyway. And then they can happily bash the democrats for not doing a budget in the Senate.

    How's it all going to work out? Damned if I know, we got some tax rate hikes and it looks like we're going to get some spending cuts and just maybe avoid a default or a gov't shutdown, which occurs if they can't agree on a budget or a CR. Frankly, I'm really hoping for a reforming of the tax code for both individuals and businesses, it's ridiculous that some big corps pay no taxes at all. I don't think we need to end up with significantly higher taxes than we've already got, or big spending cuts all at once either. People talk all the time about uncertainty and how it hurts growth; well here's a chance to remove some of that.
     
    Last edited: Jan 20, 2013
  8. Flanders
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    Flanders ARCHCONSERVATIVE

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    To emptystep: I don’t know if this will help you, but if you want to understand anything the federal government does you need look no further than the following poem. I got it in an e-mail that did not include the poets’s name:

    Tax his land,
    Tax his bed,
    Tax the table,
    At which he's fed.

    Tax his tractor,
    Tax his mule,
    Teach him taxes
    Are the rule.

    Tax his work,
    Tax his pay,
    He works for
    peanuts anyway!

    Tax his cow,
    Tax his goat,
    Tax his pants,
    Tax his coat.

    Tax his ties,
    Tax his shirt,
    Tax his work,
    Tax his dirt.

    Tax his tobacco,
    Tax his drink,
    Tax him if he
    Tries to think.

    Tax his cigars,
    Tax his beers,
    If he cries
    Tax his tears.

    Tax his car,
    Tax his gas,
    Find other ways
    To tax his ass.
    Tax all he has
    Then let him know
    That you won't be done
    Till he has no dough.

    When he screams and hollers;
    Then tax him some more,
    Tax him till
    He's good and sore.

    Then tax his coffin,
    Tax his grave,
    Tax the sod in
    Which he's laid...

    Put these words
    Upon his tomb,
    'Taxes drove me
    to my doom...'

    When he's gone,
    Do not relax,
    Its time to apply
    The inheritance tax.
    Accounts Receivable Tax
    Building Permit Tax
    CDL license Tax
    Cigarette Tax
    Corporate Income Tax
    Dog License Tax
    Excise Taxes
    Federal Income Tax
    Federal Unemployment Tax (FUTA)
    Fishing License Tax
    Food License Tax
    Fuel Permit Tax
    Gasoline Tax (currently 44.75 cents per gallon)
    Gross Receipts Tax
    Hunting License Tax
    Inheritance Tax
    Inventory Tax
    IRS Interest Charges IRS Penalties (tax on top of tax)
    Liquor Tax
    Luxury Taxes
    Marriage License Tax
    Medicare Tax
    Personal Property Tax
    Property Tax
    Real Estate TaxService Charge Tax
    Social Security Tax
    Road Usage Tax
    Recreational Vehicle Tax
    Sales Tax
    School Tax
    State Income Tax
    State Unemployment Tax (SUTA)
    Telephone Federal Excise Tax
    Telephone Federal Universal Service Fee Tax
    Telephone Federal, State and Local Surcharge Taxes
    Telephone Minimum Usage Surcharge Tax
    Telephone Recurring and Nonrecurring Charges Tax
    Telephone State and Local Tax
    Telephone Usage Charge Tax
    Utility Taxes
    Vehicle License Registration Tax
    Vehicle Sales Tax
    Watercraft Registration Tax
    Well Permit Tax
    Workers Compensation Tax
     
    • Thank You! Thank You! x 1
  9. Stephanie
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    Stephanie Diamond Member Supporting Member

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    lol, the Democrats want more of you all monies..I hope they take from all of you who voted for Obama..
     
  10. emptystep
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    emptystep VIP Member

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    :lol:
     

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