Obama Eyes $300 Billion Tax Cut

[KMAN]

Obama Eyes $300 Billion Tax Cut - WSJ.com

 

[auditor0007]

I don't like this at all. Taxes have been cut over and over again. We can't afford to continue cutting taxes. Who's going to pay for it? When will we pay for it? I like the idea of spending money on infrastructure where jobs will be created. It will take longer, but adding another massive tax cut on top of the spending package is going too far. What we need to remember is that this will have to be paid for at some point. I think it better to struggle a bit for a while than to place an even larger burden upon ourselves and our children down the road.

 

[KittenKoder]

I don't like this at all. Taxes have been cut over and over again. We can't afford to continue cutting taxes. Who's going to pay for it? When will we pay for it? I like the idea of spending money on infrastructure where jobs will be created. It will take longer, but adding another massive tax cut on top of the spending package is going too far. What we need to remember is that this will have to be paid for at some point. I think it better to struggle a bit for a while than to place an even larger burden upon ourselves and our children down the road.

Well ... I'm guessing that the people our country owes will soon call in their debts because of this, seeing that the trend will never allow us to pay them back.

That being an extremely high possibility ... how is everyone's Japanese? Their companies will likely own most of us.

 

[KMAN]

I don't like this at all. Taxes have been cut over and over again. We can't afford to continue cutting taxes. Who's going to pay for it? When will we pay for it? I like the idea of spending money on infrastructure where jobs will be created. It will take longer, but adding another massive tax cut on top of the spending package is going too far. What we need to remember is that this will have to be paid for at some point. I think it better to struggle a bit for a while than to place an even larger burden upon ourselves and our children down the road.

It all comes down to spending... Tax Cuts are great for the people...IF (and that's a big if) the government can stop spending... and as history has proven the government is not going to stop spending... They are just as bad as us if not worse about spending money they don't have...

Regarding spending money on infrastructure. that's great, but who is going to pay for that?

 

[pete]

That being an extremely high possibility ... how is everyone's Japanese? Their companies will likely own most of us.

and you are comfortable with that?

 

[editec]

Got my 1040 today.

Anyone notice that the Bush II stimulus payments will be deducted from any returns we might have been hoping for?

What the government giveth, the goverment taketh away.

 

[WillowTree]

and you are comfortable with that?

The Japanese know how to run a company!

 

[DavidS]

The nation is struggling and $500 per person in tax credits are going to help us? That's Obama's plan?

No rebate checks?

Oy. Ever get that really bad morning after feel? I got that on November 6.

 

[editec]

I prefer, and I suspect many American would prefer a decent job rather than a tax break or a small check that won't make a whole lot of difference in the long run.

You can't fix this economy by simply messing with the tax laws, folks.

Tax laws are NOT the root source of America's financial difficulties.

Income inequity resulting in an increasing number of us not making a living wage is the primary problem we're facing.

 

[KMAN]

However, if you make it cheaper for companies to run their business they will hire more people....alas creating jobs.

 

[rayboyusmc]

However, if you make it cheaper for companies to run their business they will hire more people....alas creating jobs.

And more people who can't buy the products they make.

At least Henry Ford got it right when he said he paid them more so they could buy the frigging cars.

We have increased personal productivity but decreased wages. Sounds to me like the corporations are already getting the breaks.

Until we get a strong middle class we will not have a strong economy.

The obscene republican mantra from Ronald (Fuck the Middle Class) Reagan of having the rich trickle on US is one of the most stupid right wing bullcrap ideas ever accepted by the middle class right.

 

[auditor0007]

My point is that the government needs a certain amount to operate on. Over the last four decades or so, the federal government has spent from 20 to 24 percent of GDP per year. Through good management and the reduction of some unnecessary programs, spending could be cut at most by 10%, and that's probably a stretch. This would only reduce actual spending as a portion of GDP by 2 percent, from say 23 percent to 21 percent. In other words, spending cuts can only help so much, especially considering that the bulk of spending goes to four main things; Military, SS, Medicare, and Medicaid. There is very little likelihood that any of spending will be cut from any of these programs. We know for a fact that SS and Medicare spending is actually going to increase substantially in the near and long term future.

So, we can't continue cutting taxes. It is true that, as a general rule, tax cuts lead to more government revenue. But that only works for so long. Eventually, that no longer holds water. If you reduce the rate to zero, for instance, you're not going to get any return at all; you're just going to reduce revenue to zero.

Obama's plan to increase spending dramatically while reducing taxes would be a double whammy. I don't have the answers, but we need to be very careful as to how much more we are willing to borrow, because the money will eventually need to be paid back. The only way to ever pay it back is by growing the economy while holding the line on spending. Eventually, the deficit becomes a smaller percentage of GDP and becomes more managable. It is unlikely that the deficit will ever be completely paid off, but that shouldn't be the greatest concern. Reducing it as a percentage of GDP is the real goal.

In the end, we are almost certainly going to be faced with paying more taxes, regardless of what the politicians tell us. They may cut taxes now, but it is likely that it will only mean a much greater raise in taxes down the road. On top of that, we can be assured that SS and Medicare benefits will be reduced in some way.

 

[auditor0007]

And more people who can't buy the products they make.

At least Henry Ford got it right when he said he paid them more so they could buy the frigging cars.

We have increased personal productivity but decreased wages. Sounds to me like the corporations are already getting the breaks.

Until we get a strong middle class we will not have a strong economy.

The obscene republican mantra from Ronald (Fuck the Middle Class) Reagan of having the rich trickle on US is one of the most stupid right wing bullcrap ideas ever accepted by the middle class right.

Actually, Reagan's philosophy was sound, and it was probably the main reason the economy boomed as it did through the 90's. You have to remember though, that tax rates on the wealthy were ridiculously high before the Reagan tax cuts. The problem is whether we went too far with the tax cuts. Based on the evidence, that answer is most likely a yes.

 

[xsited1]

This is clearly unpatriotic. You can only be patriotic if you pay more in taxes.

 

[Toro]

They aren't going to give rebates. But one of the proposals is to cut payroll taxes. That's a great idea because it lowers the cost of employing people and puts more money into people's pockets.

At some point, the government is going to have to raise taxes and cut spending to balance the budget and pay off all this debt. However, now is not the time to do that.

 

[KittenKoder]

and you are comfortable with that?

If anyone knows me well, they also know I just don't care at this point. Our government screwed up, perhaps corporate government can do better, who knows. Bottom line, as long as they keep screwing up there is no love loss.

 

[KittenKoder]

The nation is struggling and $500 per person in tax credits are going to help us? That's Obama's plan?

No rebate checks?

Oy. Ever get that really bad morning after feel? I got that on November 6.

Wait, you would rather get the money all at once ... um ... then have to pay for it later ...

Yeah, that's just as good a plan as cutting taxes, same problem different angle. Don't you remember what got us into this mess in the first place: credit.

 

[Tech_Esq]

And more people who can't buy the products they make.

At least Henry Ford got it right when he said he paid them more so they could buy the frigging cars.

We have increased personal productivity but decreased wages. Sounds to me like the corporations are already getting the breaks.

Until we get a strong middle class we will not have a strong economy.

The obscene republican mantra from Ronald (Fuck the Middle Class) Reagan of having the rich trickle on US is one of the most stupid right wing bullcrap ideas ever accepted by the middle class right.

You are absolutely right. Reagan should have kept doing what Jimmy Carter was doing!!! He had this country running like a top! If Reagan had kept Carter's economic "plan" up, every one would have been making the same amount of money in 8 years..... 0

You fucking dumbass!

 

[Tech_Esq]

They need to tax us all the amount it will take to not run a deficit.

Then maybe we'll scream loud enough to stop spending money on bullshit.

 

[KittenKoder]

The best solution, though we will have to go through a REALLY rough bit for awhile, end ALL credit. Just end it. Collect all the debts and stop credit from being used or issued. After the huge mess it will all be stable again and then we can work on the small parts.