Further Proof that whom ever wins will HAVE to raise taxes!

Discussion in 'Congress' started by Life_Long_Dem!, Nov 3, 2008.

  1. Life_Long_Dem!
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    Life_Long_Dem! Member

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    The economic crisis and our national debt combined together proves that it is inevitable that our taxes will have to go up to pay for programs and for paying off debt...at least Obama has been up front and realistic that taxes will have to go up some how somewhere....

    It’s the surge you won’t hear anyone boast about.

    Never before in U.S. history has the national debt increased as much and as rapidly as it has over the past month.

    Since September 30, the day the national debt hit the $10-trillion mark for the first time, the government has run up over $500 billion in new debt.

    That’s more than the federal deficit for the entire 2008 fiscal year, which ended September 30. And it’s the most rapid increase in the national debt ever: over half a trillion dollars in less than a month - 23 days to be exact.

    The government’s latest calculation of the national debt stands at $10,530,893,033,778.21 - that’s $10.5-trillion for short. It took less than four months for it to rocket to that level from $9.5 trillion on July 21.

    Less than four months! To put it in perspective, consider this: it took the U.S. government over four decades, from 1940 to 1982, to run up its first trillion dollars of debt.

    The second and third trillions were racked up much more quickly - each in just four years. And it only took from 1990 to 1992 for the national debt to hit $4 trillion.

    On the day President Bush was sworn in, the debt stood at $5.7 trillion. Less than eight years later, the it’s within days of having swelled $5 trillion dollars on his watch - an embarrassing milestone for a president who considers himself a conservative and an advocate of fiscal discipline.

    What’s to blame for the most recent surge in the debt? Above all else, it’s the federal government's response to the financial crisis


    National Debt Soars $500B In Under A Month, Financial Bailout Plan The Primary Culprit In Record-Setting Debt Accumulation - CBS News
     
  2. sealybobo
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    sealybobo Diamond Member

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    :eusa_shhh:
    :eusa_shhh:

    Not until after tomorrow.
     
  3. Navy1960
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    Navy1960 Senior Member

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    Well well, see what you find when you actually go looking. I would like to personally thank you life, for verifying what I have been saying all along about Barack Obama and to some degree John McCain and that is that both of their social spending plans are going to be a disaster. In short, without raising taxes on everyone to pay for this massive increase in spending and addressing the deficit all you do is add to it. So I appreciate your candor life.
     
  4. Chris
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    Chris Gold Member

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    George Bush increased taxes more than anyone because deficit spending is an invisible tax. All we need to do is reign in military spending and raise taxes on the rich which is exactly what Bill Clinton did.
     
  5. Navy1960
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    Navy1960 Senior Member

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    Chris you really need to learn more about the Clinton era tax increase, the Clinton tax increase was an across the board tax increase, which means that while raising taxes on the mean old rich people, he also raised it on everyone else.


    In 1993, President Clinton ushered through Congress a large package of tax increases, which included the following:[2]

    An increase in the individual income tax rate to 36 percent and a 10 percent surcharge for the highest earners, thereby effectively creating a top rate of
    39.6 percent.

    Repeal of the income cap on Medicare taxes. This provision made the 2.9 percent Medicare payroll tax apply to all wage income. Like the Social Security payroll tax base today, the Medicare tax base was capped at a certain level of wage income prior to 1993.

    A 4.3 cent per gallon increase in transportation fuel taxes.


    An increase in the taxable portion of Social Security benefits.

    A permanent extension of the phase-out of personal exemptions and the phase-down of the deduction for itemized expenses.

    Raising the corporate income tax rate to 35 percent.


    The only thing it has in common with the Obama plan is the top rate is the same and Chris, when this plan was implemented at the time there was 8 consectutive quarters of sustained growth, further a decrease in spending and cuts. Which went to the deficit. Contrast that to the Obama plan wich calls for an additional trillion in spending on top of the already addintional trillion spent in the last year. The GAO estimates that both Obama and McCain at the end of 4 years will add over a trillion more to the deficit. So the comparison between Clinton and Obama are completely false. One more thing in 1997 Cliton signed a bill that cut the cap gains tax and , offered a massice tax cut further fueling the economy.
     

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