Fiscal Cliff and Sequestration? I'm Confused

[cutter]

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?

 

[ScienceRocks]

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!

 

[cutter]

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!

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.

 

[occupied]

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.

 

[candycorn]

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.

 

[g5000]

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?

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.

.

 

[cutter]

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?

 

[LordBrownTrout]

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.

 

[cutter]

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.

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.

 

[LordBrownTrout]

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.

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.

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.

 

[Oddball]

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?

The grand bargain that both the remocrats and depublicans are working on is to head off the spending cuts....Nothing more.

If both sides did nothing then the sequester would kick in and Boiking and his minions would get the tax increases that they want...But that means that real spending cuts to their beloved socialistic welfare state would be part of the equation.

OTOH, you have repubs who are in a death struggle to save their sacred Pentagon pork, but too cowardly to come out in public and admit it, being held over a barrel with the "tax cuts for the wealthy" meme.

That about covers it.

 

[GoneBezerk]

The GOP needs to let Obamination hammer everyone making over $250K then sit back and laugh at the carnage and the voters running to the GOP.

The STUPID GOP strategy of fighting Obamination by doing nothing and allowing taxes to also go up on the middle class is the dumbest shit I've seen.

Just let him tax rich people, cost people jobs then point the finger right back in his face. Otherwise fighting the tax increase while the economy still gets worse and middle class people pay more in taxes will be blamed on the GOP and further make a bigger mess with the 2014 elections.

 

[Zoom-boing]

Sequestration was proposed by the Super Committee when they couldn't come up with a balanced budget.

Was there any language in there about what happens when congress doesn't even have a budget?

I say let the tax cuts expire, let the spending cuts happen but let it happen without the blame game, from either side. Yeah, right.

 

[boedicca]

We're heading back into recession, although given the anemic nature of the so called recovery, it feels like the last one never really ended.

Thanks Obama!

 

[GoneBezerk]

The Sequestration idea was from a Obamination supporter in the White House and the GOP fell for it.

The ultimate goal of Sequestration is to gut the military, but have the GOP's fingerprints on it too.

Obamination got the GOP to fall for Sequestration with promises of working together before the DoD cuts went into affect, but now he is somehow deaf when they want a deal......

 

[eflatminor]

The higher Taxes on the top wage makers will generate about 500billion.

Highly doubtful. There is the possibility that revenue will increase following a tax rate increase for wealthier Americans but there's also a good chance that action will further damage job growth and the capital markets, resulting in less revenue generated. No one knows for sure.

 

[Oddball]

The Sequestration idea was from a Obamination supporter in the White House and the GOP fell for it.

The ultimate goal of Sequestration is to gut the military, but have the GOP's fingerprints on it too.

Obamination got the GOP to fall for Sequestration with promises of working together before the DoD cuts went into affect, but now he is somehow deaf when they want a deal......

The cuts are equally split between domestic and Pentagon spending....You keyboard kommandos are as big of snivelers as the poverty pimps.

If the DoD can't squeeze $50 billion of waste, duplication and money pits like the Osprey out of their nearly $750 bil honey pot, then they're not even trying.

 

[boedicca]

The net impact of sequestration will be to roll back Defense Spending to 2006 levels...which, as I seem to recall, was when the leftards were screaming about how much Bush was spending on WARS.

 

[eflatminor]

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?

It's their plan, let 'em own it. Stand firm on no tax rates increases, let the "cuts" happen (really just a slight decrease in the planned increased rate of spending), increase regulations, give out more entitlements, meddle with more markets and print as much money as necessary and let the Keynesian/Socialist dream of equality produce the excellent results we've been promised. The central planners know what's best for all of us.

 

[C_Clayton_Jones]

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.

Correct. In fact, there really isn’t a ‘fiscal cliff,’ as Congress can reinstate tax cuts or reauthorize spending retroactively to January 1st. But it would obviously be better to get a deal before the deadline.

But taxes will need to be increased, it’s naïve to believe otherwise; as spending cuts alone will not make a significant impact on the deficit.