Fiscal Cliff and Sequestration? I'm Confused

Discussion in 'Politics' started by cutter, Nov 16, 2012.

  1. cutter
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    cutter Silver Member

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    Everyone seems focused on the bush tax cuts to stop us from going over the Fiscal Cliff. If the President gets his way how does this keep us from the Cliff? Sequestration was proposed by the Super Committee when they couldn't come up with a balanced budget. The higher Taxes on the top wage makers will generate about 500billion. That doesn't make a balanced budget, we currently spend about 1.2trillion more than we take in. If the President get's the higher rates on some won't Sequestration still happen? Don't we need 1.2T every year to keep it from happening?
     
  2. Matthew
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    Matthew Blue dog all the way!

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    The free shit must be cut
    and I'd be willing to discuss a small tax on the rich

    Otherwise let's go over the cliff!
     
  3. cutter
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    cutter Silver Member

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    Letting it go over was my thought too. Make us take the cuts we need to take whether we like it or not. We would be better off in the long run instead of just kicking the can down the road again. None of our politicians like to think beyond the next election.
     
  4. occupied
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    occupied Gold Member

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    Personally I would prefer to allow the whole thing to go ahead as passed, let America get a taste of the consequences of allowing clueless ideologues to control the debate.
     
  5. candycorn
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    candycorn Alis volat propriis

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    You all may be right. And I think the net result may be that it isn't the end of the world that some are forecasting.

    I would like to think that it would highlight the need to install some actual rules on the governing bodies. Where the Constitution is now silent, voice needs to be added to change the structure of the beast since we can't rely on lawmakers to self-police.

    It won't happen but It is a pleasant thought.
     
  6. g5000
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    g5000 Diamond Member

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    The cuts imposed by sequestration are arbitrary instead of targeted.

    The Bush tax cuts that are about to expire are tax cuts that were given to all taxpayers, not just the rich. So everyone would experience a tax hike if we go over the cliff.

    Also, the Obama payroll tax cuts are expiring, and they should be allowed to since they were an emergency measure and were not paid for.

    Yes, spending cuts must be made, but do you want them made in an orderly fashion or arbitrarily?

    We need tax and entitlement reform. Sequestration was a way of forcing Republicans and Democrats to the table to do exactly that.

    .
     
  7. cutter
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    cutter Silver Member

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    Last year a couple making as much as $50,000 could file short form and pay $0 in taxes. Is this fair? Should the rich's "fair share" be increased when 50% of people pay $0?
     
  8. LordBrownTrout
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    LordBrownTrout Gold Member

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    Id be willing to listen to congress if they could demonstrate fiscal responsibility over a 10 year period. Balance the budget, quit spending money they dont have, cut 10 percent out of all departments. Then maybe we discuss a 1 percent tax increase on everyone. Otherwise, screw em.
     
  9. cutter
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    cutter Silver Member

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    Congress only works on a 4yr plan. They may propose budget cuts over a 10yr proiod but the next guy elected will just change it so he can spend more money.
     
  10. LordBrownTrout
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    LordBrownTrout Gold Member

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    Yep, they'll just change it.

    There are a myriad of taxes set to increase in jan 2013. In addition to income taxes, cap gains will increase, real estate will be taxed at 45% over 3.5 million and of course the Ocare taxes.
     

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