Congrats to the Successful...You're Taxes Are Going Up!

[Annie]

No problem with me.

Better they tax me than my children, which is what deficit financing is anyways.

So you think this will get rid of the deficit?

Of course. Why wouldn't it? Taxes were raised under Clinton and the budget was balanced. Taxes were raised in Canada and the budget was balanced.

It is simple math.

I fail to see the necessary cuts, why would we believe that the government is going to relinquish all these programs after a certain date?

 

[Toro]

It did when Clinton was in office.

Nope, it was the tech boom that wiped out the deficit in the late 1990's and when that bubble burst it wiped out the retirement savings of a whole generation.

Too much for him to comprehend, I applaud the effort though.

Yes, the capital gains tax bonanza from the tech bubble contributed to the surplus. However, the budget would have been in deficit instead of surplus had taxes not been raised earlier in the decade.

 

[Chris]

So you think this will get rid of the deficit?

It did when Clinton was in office.

Nope, it was the tech boom that wiped out the deficit in the late 1990's and when that bubble burst it wiped out the retirement savings of a whole generation.

No, it was a budget deal Clinton made with Newt Gingrich. Cutting military spending while raising taxes on the rich. Bush did exactly the opposite, and that created the huge deficit.

 

[Toro]

So you think this will get rid of the deficit?

Of course. Why wouldn't it? Taxes were raised under Clinton and the budget was balanced. Taxes were raised in Canada and the budget was balanced.

It is simple math.

I fail to see the necessary cuts, why would we believe that the government is going to relinquish all these programs after a certain date?

I think that is a fair criticism. I imagine government spending will be cut in the future. But likewise, your taxes are going up.

Deficit financing is merely taxes on your children.

 

[DiveCon]

Nope, it was the tech boom that wiped out the deficit in the late 1990's and when that bubble burst it wiped out the retirement savings of a whole generation.

Too much for him to comprehend, I applaud the effort though.

Yes, the capital gains tax bonanza from the tech bubble contributed to the surplus. However, the budget would have been in deficit instead of surplus had taxes not been raised earlier in the decade.

only there was no surplus, the debt still went up

and they did a lot of that on the so called "peace dividend"

 

[toomuchtime_]

It did when Clinton was in office.

Nope, it was the tech boom that wiped out the deficit in the late 1990's and when that bubble burst it wiped out the retirement savings of a whole generation.

No, it was a budget deal Clinton made with Newt Gingrich. Cutting military spending while raising taxes on the rich. Bush did exactly the opposite, and that created the huge deficit.

Nope, Gingrich didn't become speaker until after the tax increase. The Democrats had control of the House when it was passed. In fact, the Republicans got control of the House largely because of the tax increase. A Republican House was the price Clinton paid for that ill advised tax increase.

 

[Annie]

Of course. Why wouldn't it? Taxes were raised under Clinton and the budget was balanced. Taxes were raised in Canada and the budget was balanced.

It is simple math.

I fail to see the necessary cuts, why would we believe that the government is going to relinquish all these programs after a certain date?

I think that is a fair criticism. I imagine government spending will be cut in the future. But likewise, your taxes are going up.

Deficit financing is merely taxes on your children.

I understand that deficits are taxes for the future. What I don't understand is the calls for increases, while spending like we can print money. Oh yeah, that IS the ticket.

I would expect those that understand the economy far better than I to be calling for a halt to the pork spending, focusing on the areas of how to best address housing problems and banking. IMO bailing out folks that were successful enough to 'qualify' for homes in the $400k-millions, taking out multiple loans against inflated 'appraised value', shouldn't be bailed out.

I can almost understand some hardworking people, with a $30-40k income, taking a $0 down, $110 mortgage. This wholesale thing, with Fannie and Freddie in the midst? Nope.

 

[Chris]

Ah.....those were the days....

President Clinton announces another record budget surplus

September 27, 2000
Web posted at: 4:51 p.m. EDT (2051 GMT)

WASHINGTON (CNN) -- President Clinton announced Wednesday that the federal budget surplus for fiscal year 2000 amounted to at least $230 billion, making it the largest in U.S. history and topping last year's record surplus of $122.7 billion.

"Eight years ago, our future was at risk," Clinton said Wednesday morning. "Economic growth was low, unemployment was high, interest rates were high, the federal debt had quadrupled in the previous 12 years. When Vice President Gore and I took office, the budget deficit was $290 billion, and it was projected this year the budget deficit would be $455 billion."

Instead, the president explained, the $5.7 trillion national debt has been reduced by $360 billion in the last three years -- $223 billion this year alone.

This represents, Clinton said, "the largest one-year debt reduction in the history of the United States."

President Clinton announces another record budget surplus - September 27, 2000

 

[DiveCon]

Ah.....those were the days....

President Clinton announces another record budget surplus

September 27, 2000
Web posted at: 4:51 p.m. EDT (2051 GMT)

WASHINGTON (CNN) -- President Clinton announced Wednesday that the federal budget surplus for fiscal year 2000 amounted to at least $230 billion, making it the largest in U.S. history and topping last year's record surplus of $122.7 billion.

"Eight years ago, our future was at risk," Clinton said Wednesday morning. "Economic growth was low, unemployment was high, interest rates were high, the federal debt had quadrupled in the previous 12 years. When Vice President Gore and I took office, the budget deficit was $290 billion, and it was projected this year the budget deficit would be $455 billion."

Instead, the president explained, the $5.7 trillion national debt has been reduced by $360 billion in the last three years -- $223 billion this year alone.

This represents, Clinton said, "the largest one-year debt reduction in the history of the United States."

President Clinton announces another record budget surplus - September 27, 2000

only there wasnt any
the debt still increased

 

[Annie]

Nope, it was the tech boom that wiped out the deficit in the late 1990's and when that bubble burst it wiped out the retirement savings of a whole generation.

Too much for him to comprehend, I applaud the effort though.

Yes, the capital gains tax bonanza from the tech bubble contributed to the surplus. However, the budget would have been in deficit instead of surplus had taxes not been raised earlier in the decade.

Different times, no? I'm coming at this just as an informed citizen, not so much knowledge of economy or finances in general. I read things that worry me, especially when it appears they are making things up as they go along:

Corker says banks insolvent : Business : Knoxville News Sentinel

Corker says banks insolvent

Senator offers ideas, predicts regret over $787B stimulus bill

By Josh Flory , Bob Fowler
Saturday, February 21, 2009

Major U.S. banks are insolvent, the country will regret the $787 billion economic stimulus package, and the world is in the grips of an "unbelievable recession."

Those were the key notes delivered Friday by Sen. Bob Corker, who was in Knoxville and Oak Ridge speaking to business groups.

In a speech at the Square Room on Market Square, the East Tennessee Republican spoke to Knoxville Chamber members about the slumping economy, with particular emphasis on crises in the banking and automotive industries. Corker has a close view of both issues because he has played a high-profile role during the debate over federal assistance for U.S. automakers and he sits on the Senate's banking committee, which has been active in trying to address a meltdown in the financial services sector.

Corker told business leaders in Knox and Anderson counties that he believes some major U.S. financial institutions are insolvent. In a morning meeting at the chamber, he advised the Obama administration to decide whether to take significant steps in dealing with troubled lenders or continue parceling out money to keep them from going under.

"I think we ought to take our medicine, personally," he said.

Pressed by an audience member to define his meaning, the senator outlined a number of possible remedies that have been discussed, including a proposal to create "bad" banks that would hold the most-troubled assets of the nation's four largest lenders. The catch, he noted, is what to do with the bad banks. Corker said if that option were chosen, "some degree of taxpayer obligation would have to be involved."...

 

[Harry Dresden]

all this from an idiot who hires tax cheats into his administration,,, the perfect jackass!

i would rep ya Willow .....but it wont let me.....so i will give you a non-official rep.....

 

[toomuchtime_]

Nope, it was the tech boom that wiped out the deficit in the late 1990's and when that bubble burst it wiped out the retirement savings of a whole generation.

Too much for him to comprehend, I applaud the effort though.

Yes, the capital gains tax bonanza from the tech bubble contributed to the surplus. However, the budget would have been in deficit instead of surplus had taxes not been raised earlier in the decade.

I've seen that statement made about Clinton's tax increase before, but I've never seen numbers to support it. In the years when we had a budget surplus were the receipts due to the tax increase actually greater than the surplus?

 

[Harry Dresden]

all this from an idiot who hires tax cheats into his administration,,, the perfect jackass!

Democrats like taxes because they don't pay them.

At least not in Obama's cabinet, well that's when they DO pay them. I think all tax cheats should be nominated to some position in the government, maybe then we wouldn't be facing higher taxes.

Annie...they dont mind taxing you.....just dont tax them....

 

[Sinatra]

Ah.....those were the days....

President Clinton announces another record budget surplus

September 27, 2000
Web posted at: 4:51 p.m. EDT (2051 GMT)

WASHINGTON (CNN) -- President Clinton announced Wednesday that the federal budget surplus for fiscal year 2000 amounted to at least $230 billion, making it the largest in U.S. history and topping last year's record surplus of $122.7 billion.

"Eight years ago, our future was at risk," Clinton said Wednesday morning. "Economic growth was low, unemployment was high, interest rates were high, the federal debt had quadrupled in the previous 12 years. When Vice President Gore and I took office, the budget deficit was $290 billion, and it was projected this year the budget deficit would be $455 billion."

Instead, the president explained, the $5.7 trillion national debt has been reduced by $360 billion in the last three years -- $223 billion this year alone.

This represents, Clinton said, "the largest one-year debt reduction in the history of the United States."

President Clinton announces another record budget surplus - September 27, 2000

And then the tech bubble went POP...

 

[Harry Dresden]

Ah.....those were the days....

President Clinton announces another record budget surplus

September 27, 2000
Web posted at: 4:51 p.m. EDT (2051 GMT)

WASHINGTON (CNN) -- President Clinton announced Wednesday that the federal budget surplus for fiscal year 2000 amounted to at least $230 billion, making it the largest in U.S. history and topping last year's record surplus of $122.7 billion.

"Eight years ago, our future was at risk," Clinton said Wednesday morning. "Economic growth was low, unemployment was high, interest rates were high, the federal debt had quadrupled in the previous 12 years. When Vice President Gore and I took office, the budget deficit was $290 billion, and it was projected this year the budget deficit would be $455 billion."

Instead, the president explained, the $5.7 trillion national debt has been reduced by $360 billion in the last three years -- $223 billion this year alone.

This represents, Clinton said, "the largest one-year debt reduction in the history of the United States."

President Clinton announces another record budget surplus - September 27, 2000

And then the tech bubble went POP...

Chris doesn't realize that Billy boy was president at a good time,the billions that the tech boom caused made the guy look good.....if Bush 1 had won the election HE would have looked good.....now i wanna hear someone tell me that Clinton/Gore where responsible for the BOOM happening......

 

[Sinatra]

Ah.....those were the days....

President Clinton announces another record budget surplus

September 27, 2000
Web posted at: 4:51 p.m. EDT (2051 GMT)

WASHINGTON (CNN) -- President Clinton announced Wednesday that the federal budget surplus for fiscal year 2000 amounted to at least $230 billion, making it the largest in U.S. history and topping last year's record surplus of $122.7 billion.

"Eight years ago, our future was at risk," Clinton said Wednesday morning. "Economic growth was low, unemployment was high, interest rates were high, the federal debt had quadrupled in the previous 12 years. When Vice President Gore and I took office, the budget deficit was $290 billion, and it was projected this year the budget deficit would be $455 billion."

Instead, the president explained, the $5.7 trillion national debt has been reduced by $360 billion in the last three years -- $223 billion this year alone.

This represents, Clinton said, "the largest one-year debt reduction in the history of the United States."

President Clinton announces another record budget surplus - September 27, 2000

And then the tech bubble went POP...

Chris doesn't realize that Billy boy was president at a good time,the billions that the tech boom caused made the guy look good.....if Bush 1 had won the election HE would have looked good.....now i wanna hear someone tell me that Clinton/Gore where responsible for the BOOM happening......

You are aware Gore invented all technology, right? He pisses Liberty and craps Freedom too - unless you are Jewish....

 

[Ravi]

Obama to Unveil an Ambitious Budget Plan

You're welcome. Taxes should be a little higher. Sorry you don't have the burden of success.

 

[Toro]

I understand that deficits are taxes for the future. What I don't understand is the calls for increases, while spending like we can print money. Oh yeah, that IS the ticket.

To raise aggregate taxes now would be insane, which is not what the Obama administration is intending to do. The government should be cutting taxes instead, at least as a stimulus measure to fight the crisis. When we get through the crisis - and we will eventually - taxes will be increased to pay for the stimulus (and pay for the Bush tax cuts), as they should because the fiscal accounts are way out of balance. And spending should/will be cut also.

See, this is what pisses you off about the Bush administration. They ran deficits during times of economic expansion and during a war out of political expediency, playing to this idiotic notion widespread throughout the Republican base that cutting taxes doesn't harm the deficit. Had the country been in a better fiscal position before the crisis started, then we could attack it more forcefully and/or have less of a mess to clean up when we come out.

 

[jillian]

Democrats like taxes because they don't pay them.

if that were even half true than why do the red states take more of our tax money than they pay in taxes while blue states take more than they pay?

do you really think if you say something often enough, it becomes true?

 

[Toro]

Obama to Unveil an Ambitious Budget Plan

You're welcome. Taxes should be a little higher. Sorry you don't have the burden of success.

It should be noted that taxes are expected to rise in 2011, primarily as expirations to the Bush tax cuts for upper earners.

I think this is a great idea.

Obama's budget seeks to tax the earnings of hedge fund managers as normal income rather than at the lower 15 percent capital gains rate.

Essentially, the income from hedge fund and private equity partnerships is taxed at the rate of capital gains, yet the income is not really capital gains, it is fee income. In other words, if you make $40,000 a year, you pay a higher marginal rate of tax than a guy who makes $40,000,000 a year. That's out.