White House Exploring Various Methods To Pay Off The Debt. Massive Tax Increases

[editec]

All we gotta do is roll back the tax cuts of the Bush II administration.

That's why we fell back into deficeit spending to begin with.

 

[mudwhistle]

All we gotta do is roll back the tax cuts of the Bush II administration.

That's why we fell back into deficeit spending to begin with.

But that would be a tax increase for everyone..including those who make less then $250k.

Can we thank the President for that?


I think he needs to stop all of the massive spending.....don't you?

 

[Oddball]

All we gotta do is roll back the tax cuts of the Bush II administration.

That's why we fell back into deficeit spending to begin with.

Absolute nonsense.

First off, the demographic makeup of the nation meant that entitlement spending (2/3 of the budget) was on track to explode beginning in 2002...Shrubbie's puny and timid tax cuts aren't but spit in the ocean compared to that fiscal time bomb.

Secondly, the chief problem with deficits is and always be runaway spending and bloated bureaucracy, not lack of expropriation of Americans' productivity.

 

[Avatar4321]

Here is a simple way to pay off the debt:

Stop spending so damn much

Nice sherlock, but that's not going to magically get rid of the debt we currently have. At some point, taxes are going to have to be raised. War doesn't pay for itself.

No, you're right. There is nothing magical about it. You dont need magical powers to understand that if you bring in money and dont spend, you still have money and can use that to pay off the debt.

Do you have debt? I didnt think it would be that difficult to understand that if don't spend the money you are taking in on other things and used it to pay off the debt, the debt would go away.

 

[Avatar4321]

Why do you guys not seem to understand that raising taxes is going to hurt revenues by pushing the economy into a greater recession/depression?

 

[DiamondDave]

All we gotta do is roll back the tax cuts of the Bush II administration.

That's why we fell back into deficeit spending to begin with.

Sure... if you start taxing the ~50% that do not pay income tax now at the same rate as the highest tax bracket

Betcha then you will see the DEMs and uber-lefties screaming for the tax cut

 

[mudwhistle]

All we gotta do is roll back the tax cuts of the Bush II administration.

That's why we fell back into deficeit spending to begin with.

Absolute nonsense.

First off, the demographic makeup of the nation meant that entitlement spending (2/3 of the budget) was on track to explode beginning in 2002...Shrubbie's puny and timid tax cuts aren't but spit in the ocean compared to that fiscal time bomb.

Secondly, the chief problem with deficits is and always be runaway spending and bloated bureaucracy, not lack of expropriation of Americans' productivity.

That's the case with every level of government. They need to stop spending like it's not their money.

 

[mudwhistle]

All we gotta do is roll back the tax cuts of the Bush II administration.

That's why we fell back into deficeit spending to begin with.

Sure... if you start taxing the ~50% that do not pay income tax now at the same rate as the highest tax bracket

Betcha then you will see the DEMs and uber-lefties screaming for the tax cut

Now you're talking a VAT tax. That's the Dems solution.

It will work in the short run but then the Dems will start dreaming up new ways of spending all of the new revenue.....then much to their chagrin...they'll have to unwillingly start raising the rate to pay for it. So sorry folks.

Obama said a Value Added Tax would be NOVEL.....then he said it's worked in European Countries.

Excuse me.......isn't something novel something that hasn't been tried before????

Is this guy an idiot or what?

So far Obama has given us a tiny tax cut on our income taxes but he has at the same time raised at least 6 separate taxes on goods and services including tax increases on cigarettes, booze, soda-pop, tourism, etc.

 

[California Girl]

All we gotta do is roll back the tax cuts of the Bush II administration.

That's why we fell back into deficeit spending to begin with.

Sure... if you start taxing the ~50% that do not pay income tax now at the same rate as the highest tax bracket

Betcha then you will see the DEMs and uber-lefties screaming for the tax cut

Now you're talking a VAT tax. That's the Dems solution.

It will work in the short run but then the Dems will start dreaming up new ways of spending all of the new revenue.....then much to their chagrin...they'll have to unwillingly start raising the rate to pay for it. So sorry folks.

Obama said a Value Added Tax would be NOVEL.....then he said it's worked in European Countries.

Excuse me.......isn't something novel something that hasn't been tried before????

Is this guy an idiot or what?

So far Obama has given us a tiny tax cut on our income taxes but he has at the same time raised at least 6 separate taxes on goods and services including tax increases on cigarettes, booze, soda-pop, tourism, etc.

Government is like a female with a shopping addiction... no concept of debt.... just the rush of that new pair of shoes.... Every other country who has it has increased it and increased it and increased it.... just so they can keep spending on 'helping' people.... and instead of getting them out of debt.... they run up more.

A VAT is just another way for them to take, take, take.... and spend, spend, spend.

 

[Murf76]

All we gotta do is roll back the tax cuts of the Bush II administration.

That's why we fell back into deficeit spending to begin with.

Nope. It's a drop in the bucket. Rolling back the Bush Tax Cuts, as Obama has proposed, would raise about 700 billion in ten years' time. And in ten years' time, the interest ALONE on our national debt will be about a trillion ANNUALLY.

Obama has always been happy to boast that he'll let the Bush tax cuts on high-end earners expire at the end of this year. This blow for justice will initially generate all of about $40 billion annually, or only about 5 percent of the cost of Obama's stimulus bill. Over 10 years, it will raise almost $700 billion, or only enough to cover about half of the budget deficit this year alone.

(more...)

Read more: Tax hikes forever - NYPOST.com

 

[skookerasbil]

Here is a simple way to pay off the debt:

Stop spending so damn much

Nice sherlock, but that's not going to magically get rid of the debt we currently have. At some point, taxes are going to have to be raised. War doesn't pay for itself.

Id suggest then that you volunteer to pay my taxes s0n!!!

Geez........the fcukking brainwashed sheep on this board..............

 

[Murf76]

Now you're talking a VAT tax. That's the Dems solution.

It will work in the short run but then the Dems will start dreaming up new ways of spending all of the new revenue.....then much to their chagrin...they'll have to unwillingly start raising the rate to pay for it. So sorry folks.

Obama said a Value Added Tax would be NOVEL.....then he said it's worked in European Countries.

Excuse me.......isn't something novel something that hasn't been tried before????

Is this guy an idiot or what?

So far Obama has given us a tiny tax cut on our income taxes but he has at the same time raised at least 6 separate taxes on goods and services including tax increases on cigarettes, booze, soda-pop, tourism, etc.

I'm thinking that discussion of the VAT is more or less a last resort. If you think about it... Obama's master plan was to use some of his "initiatives" to pay for others. From your linked article:

"For his first 15 months, Mr. Obama has pounded away at four domestic initiatives. All four — economic stimulus, health care, Wall Street regulations and energy policy — reflected priorities of important Democratic constituencies."

Reduction Is Theme Of President’s Next Act - The Caucus Blog - NYTimes.com

Porkulus and Obamacare are big spenders. Cap-and-Tax and Financial overhaul were supposed to be the revenue raisers. Obama's problem though... is that the wheels have fallen off his "Green" strong-arming of Big Business. Climategate has exposed the so-called "settled science" of global-warming as trickery. And it's become common knowledge that even if every, single aspect of Cap-and-Tax was put into effect.... the savings in CO2 emissions would only be about one-tenth of one percent.
Meanwhile, it would jack up the cost of goods and services on ALL Americans, not just the wealthy ones.

He's likely to have more luck on his Robbin' Hood Finance Reform. But there's going to be some serious push-back. Consider that New York City already has a steady-stream of high-income earners leaving the city... along with their tax revenue.
Tax refugees staging escape from New York - NYPOST.com

Obama's outrageous outrage at the salaries of these people doesn't take into account that these top earners are FUNDING THE CITY. What's more, he can only push so far before some of these institutions pull up stakes altogether and move offshore. So... mugging Wall Street isn't going to bring him enough revenue. He needed to perpetuate his Green Energy fraud in tandem with it.

THAT's why they're floating the VAT. The wheels are falling off their money-makers.

Obama is a liar and a con-man. He swore he'd not raise taxes on the middle class and thus far he's been about half-assed successful at hiding the fact that he has. But raising the price of goods and services by about 25% on ALL consumers can't be hidden. That said, I don't think the mere fact that he'd have to eat crow would stop him for a second. It's imperative that we take his Toy Congress from him and elect a legislative branch that will assert its authority.

 

[mudwhistle]

Everything Obama has done so far has been to get us into debt, cause one crisis after another, and then move in and take over another part of the private sector.

The way he intends on paying for all of this is most likely the VAT. Cap & Trade is just another way to curb consumption. The TARP was used to take over banks, the Stimulus to centralize power in Washington, Cap & Trade to take over energy in this country, the health care bill to take over the medical sector and insurance companies. The new banking regulations are meant to spy on everyone's finances so they can tax us accordingly.