Is it time to repeal the Bush tax cuts?

[alan1]

The Reagan-Bush tax cuts for the rich created the vast majority of the National Debt.

Reagan's budget director David Stockman called them a "trojan horse" to reduce taxes for the rich.

Tax cuts don't cause deficits, you moron, spending more than you have does.
If you got a 25% raise at work and went out and spent 45% more, you'd run a deficit.
If you got a 5% cut in pay and cut your spending by 5% would you run a deficit?
Yer an idiot.

Why would the government lower taxes, Bush tax cut of 2001, and bush tax cut of 2003, when THEY KNEW they would be spending more? They KNEW IT...they KNEW they would be running deficits, borrowing from china and japan and saudi arabia? Why, why why would they lower taxes under those conditions...when they KNEW they would be spending much more?

it doesn't make sense...they gave tax cuts and in the same breath, they doubled their spending???? not logical to me....????

For votes???

That's congress for you, a bunch of damn idiots.

 

[Care4all]

Tax cuts don't cause deficits, you moron, spending more than you have does.
If you got a 25% raise at work and went out and spent 45% more, you'd run a deficit.
If you got a 5% cut in pay and cut your spending by 5% would you run a deficit?
Yer an idiot.

Why would the government lower taxes, Bush tax cut of 2001, and bush tax cut of 2003, when THEY KNEW they would be spending more? They KNEW IT...they KNEW they would be running deficits, borrowing from china and japan and saudi arabia? Why, why why would they lower taxes under those conditions...when they KNEW they would be spending much more?

it doesn't make sense...they gave tax cuts and in the same breath, they doubled their spending???? not logical to me....????

For votes???

That's congress for you, a bunch of damn idiots.

Is there something GOOD in doing what they did, that i just can't see?

i agree it seems like they are just a bunch of idiots...

 

[CrusaderFrank]

Democrats should repeal the tax cuts. The economy will tank further in 2010 and Pelosi may be the only Democrat left in Congress

 

[alan1]

Why would the government lower taxes, Bush tax cut of 2001, and bush tax cut of 2003, when THEY KNEW they would be spending more? They KNEW IT...they KNEW they would be running deficits, borrowing from china and japan and saudi arabia? Why, why why would they lower taxes under those conditions...when they KNEW they would be spending much more?

it doesn't make sense...they gave tax cuts and in the same breath, they doubled their spending???? not logical to me....????

For votes???

That's congress for you, a bunch of damn idiots.

Is there something GOOD in doing what they did, that i just can't see?

i agree it seems like they are just a bunch of idiots...

The good part was allowing the working people to keep more of what they earned. Unfortunately, congress is a bunch of spendaholics and forgot to go to their meetings that involve a 12 step recovery process.

 

[Missourian]

Well, when a bank changes the rules of interest on your credit care debt, so they can recover loses based on making stupid loans, I call it stealing. But taxes are passed by legislatures and enacted into law. It is by definition legal; stealing is be definition, illegal and in the case of banking, immoral.

So let me get this straight...

When a bank raises it's rates to cover it's loses, that stupid, immoral and theft...

But when the government raises it's rates (taxes) to cover it's loses (deficit spending) that is noble, moral and laudable.

 

[Missourian]

Perhaps if the banks only raised the rates on the rich, they could be smart and moral again.

 

[Old Rocks]

I think it's time we repealed taxation.

OK. How well do you speak Chinese?

 

[Old Rocks]

Well, when a bank changes the rules of interest on your credit care debt, so they can recover loses based on making stupid loans, I call it stealing. But taxes are passed by legislatures and enacted into law. It is by definition legal; stealing is be definition, illegal and in the case of banking, immoral.

So let me get this straight...

When a bank raises it's rates to cover it's loses, that stupid, immoral and theft...

But when the government raises it's rates (taxes) to cover it's loses (deficit spending) that is noble, moral and laudable.

Missouri, the government cut the taxes at the very time we knew we were going to war. That is the first time the government has ever cut taxes going into a war. The tax cuts at that time were idiocy, pure and simple. The resultant policy of borrowing indiscriminatly has put us into a position of vulnebility economically. A position where another nation could use our debt to influence domestic and foriegn policy here.

That is what we did to Britain in the Suez Canal Crisis. We are now vulnable to the same leverage.

Tax and spend is far preferable to spend and borrow.

 

[Care4all]

when a bank raises its rates on people they lured in with their reasonable interest rate, and the customer honored all terms of that agreement, by always paying their bill on time, and by not being late on any of their other obligations either, and by not going over their limit on any of their credit cards, and by keeping their job or income level the same when they issued you the card and they raised their interest rate from the 10% they lured you in with to 32%, where your monthly payments went from $300 a month to $900 a month, because someone else that this credit card company decided to loan money to who was at high risk and crapped on them, is not stealing from the person who abides by the rules to pay for the company's stupid mistake and the delinquent person's bill, then i don't know what else to say!!!

 

[Cold Fusion38]

Let's just get to brass tacks......................Reagan's cuts did NOT create jobs(at least not in America) and gave massive tax breaks to the wealthy. If you look at it we actually have a REVESE regresive tax as people are only taxed upto $100,000. If you look at the kind of BS tax dodging the WEALTHIEST 5%take advantage of ( Accounts in swiss bank accounts) and put their corporate offices in the CAYMAN islands to avoid corporate taxes(like BLACKWATER DID) Then you should be DISGUSTED with these people. Blackwater employees don't even pay TAXES!!!


What we need is FAIR trade and not FREE trade because we will ALWAYS get fucked in "FREE TRADE" agreements due to benefits abd WAGES.

Tell me what tax rate would we have to offer a co who pays $20.00 an hour to stay in the US. They can go any number of places abd pay .15 and hour. There is NO WAY we can compete with that.

One move we need to make is nuclear so we can self sustain and provide cheap energy to industry/individuals. WE also need to charge tarifs on foreign made products(I know I have heard about isolationism making the prob worse but I don't think it can get much worse THEN we MAY be able to bring good paying jobs back to the US

 

[Cold Fusion38]

Here is the FACT! Republicans have "justified" the "TRICKLE DOWN" theory of Reagan by saying it produced JOBS!!! WHERE!!!??? Where are the jobs that were created by the ULTRA WEALTHY? Sent overseas to employ other countries citizens abd moving their money to over seas banks so they don't have to pay income tax. THEY ARE THE MOST UN-AMERICAN SOBs in AMERICAN!!! They ould Kill there own MOTHERS for a fucking $. They have sold us ALL out so they can say I am a BILLIONAIRE NOW!!! GOOD for them/FUCK THEM!!!

 

[LibocalypseNow]

No.

 

[Cold Fusion38]

So what I would like to see is some CEO PIG who has benefited FAR mor than the 80% who go to work EVERY and bring their BEST effort to work every day. I would like those CEOs to say hey I know it is YOUR hard work that has gotten me where I am so I am going to give ALL hourly workers a 20-50% increase in your pay. I want to keep the hardest working people HERE to keep this CO profitable so I am taking a PAT CUT and giving you and your sturugleing employees more money to catch up or even get ahead. That is why I am SO happy to get a chance at Cost Co. They treat their employees better than MOST US COs.

 

[Wry Catcher]

Understood. No one likes to pay taxes. My point is those who earn the most got the greatest benefit from the Bush and Reagan tax cuts, and these same people are receiving enormous bonuses today. At the same time, those layed off and receiving unemployment benefits will soon be further out of luck.
The latter group will not spend money they don't have on goods and services from small business (as you suggest); and the big money boys won't either.

Wry,
I think it's time to rethink our tax policy all together...does anyone have a surefire way to raise revenue and not piss off some other interest group? No.

I believe the Bush tax cuts are set to expire soon. As far as I know nothing was made permanent. This will result in a tax hike for most working Americans. The Reagan tax cuts on the other hand are permanent. Why do you want the income tax raised back to 50% plus? This will not only affect you but nearly 40% of the workforce. With the price of the cost of living we pay today I cannot afford to give 50% of my paycheck to the government and then pay Medicare, FICA, health insurance and then still take care of my family. This is shear lunacy to me and would send the economy into a tail spin....not to mention get Obama thrown out of the White House on his ass.

Patek, I agree; your first parapraph frames the issue and I wish there were a way to rewrite the tax code so taxes were in fact fair. The problem, as is almost always the case, is Congress is unduly influenced by interests groups - be they labor unions or large industries; and, tax policy has become an emotional issue.

 

[Wry Catcher]

No.

Well said Libo...Now,
In a word you summed up the contribution of the Republican leadership - McConnell, Boehner and Steele - in working to solve the many problems facing our nation.
There only 'idea' is applicable to every problem, "cut taxes".

 

[Missourian]

when a bank raises its rates on people they lured in with their reasonable interest rate, and the customer honored all terms of that agreement, by always paying their bill on time, and by not being late on any of their other obligations either, and by not going over their limit on any of their credit cards, and by keeping their job or income level the same when they issued you the card and they raised their interest rate from the 10% they lured you in with to 32%, where your monthly payments went from $300 a month to $900 a month, because someone else that this credit card company decided to loan money to who was at high risk and crapped on them, is not stealing from the person who abides by the rules to pay for the company's stupid mistake and the delinquent person's bill, then i don't know what else to say!!!

So if the banks had lowered the rates instead, that would have been a good thing, right?

 

[LibocalypseNow]

Yea just call me Dr. No. I wear that badge very proudly. I really don't consider that an insult. I would definitely vote No on this.

 

[Wry Catcher]

Yea just call me Dr. No. I wear that badge very proudly. I really don't consider that an insult. I would definitely vote No on this.

Of course you would.
It makes no sense to me to pay interest on loans, does that make sense to you? I suspect not, so, what's your solution?

 

[LibocalypseNow]

More people should have stood up and said No to the Socialists in our Government. We wouldn't even be having this discussion if they had. Less Taxes on the People is always a good thing. Ridiculous and out of control spending is never a good thing.

 

[alan1]

Yea just call me Dr. No. I wear that badge very proudly. I really don't consider that an insult. I would definitely vote No on this.

Of course you would.
It makes no sense to me to pay interest on loans, does that make sense to you? I suspect not, so, what's your solution?

Don't borrow money.
Yes, it's that easy.
Next stupid question.