Bush tax cuts

[editec]

All we have to do is cut $1.7 TRILLION from the annual budget and we can easily afford to allow the Bush II tax cuts for billionaires program to continue.

What FEDERAL government spending shall we eliminate?

here's a visual aid to help us see how the money is allocated

source​

Medicare for those with incomes over 65K a year, a large % of the elderly population.
Raise the age to draw social security for those under 50 to age 70, 50- 55 to age 67, 55-60to age 65.
End the war on drugs and release all non violent drug ofenders imediately.
Your chart does no show the Earned Income Credit, eliminate it.
Your chart does not show automatic 5% increases in most programs-freeze that for 10 years except the military if needed.
Cut every government entity 10% now
On and on and on and on and on.

Yes, my chart does not show where money comes from, only were it is spent.

You might find this illuminating

Obama?s 2011 Budget Proposal: How It?s Spent - Interactive Graphic - NYTimes.com

and this you might acually find frightening

proposed budget includes $3.69 trillion
estimated deficit of ..........$1.27 trillion.

So really, if the above numbers are accurate, then we'd have to cut spending by about 33% to eliminate the deficiet in 2011.

 

[edthecynic]

I own land which is next to impossible to sell these days but I am in for the long run as most of it I have bought the last 2 years at very good prices.
Now let me appeal to the reason and common sense of you folks:
1. The capital gains tax is now at 15% and with the economy very bad how would a rise in the capital gains tax to past rates of 30% help the economy? If the tax rate goes up then the PROFITS go down for investors that risk their capital. They will NOT invest it because the RISK goes up with the higher tax rates. Same with all investments.
2. If we raise the tax rates what wil government do with the $? Pay down the debt with that $. LOL, HAHAHA, sure right! They will continue to FUND the programs they have now INTSTEAD OF CUTTING THOSE PROGRAMS.

Taxes are not the problem. SPENDING IS THE PROBLEM and lack of investment in the economy is the problem. The more you tax investors with capital the less those investors put at risk their capital.
And it is investment capital that fuels the economy and creates jobs.

Your question is easily answered, setting cap gains taxes high and keeping them there benefits the economy by discouraging SPECULATION. You are a land speculator, so of course you will put your own interests above this great country's. The Bush Depression started in Dec 2007 and for the 3 years since we have been at the lower Bush cap gains tax rates and we have been losing jobs. So much for the crap that lower cap gains taxes creates jobs!

CON$ are always wrong even when they are right! If cutting taxes is good for the economy, then you can be sure the CON$ will want to cut the WRONG taxes, like cap gains. If yor really want to create jobs with a tax cut, the best tax to cut is the payroll taxes!!!! Studies have shown cutting payroll taxes gives you the most bang for your tax cutting dollar.

What I would do to stimulate the economy and create AMERICAN jobs is to REPLACE each of Bush's American job killing tax cuts when they expire, DOLLAR FOR DOLLAR, with a cut in the job killing payroll taxes.
This would give the American wage earner an immediate increase in take home pay to spend on a regular basis without costing the employer a single penny thus stimulating demand, and the businesses that employ Americans would have an immediate cut in the cost of labor without downsizing or outsourcing a single American job as well as saving the cost of compliance. The businesses that employ the most AMERICANS will get the most benefit from the tax cuts, exactly the group of people you would want to benefit most from tax cuts. The last group you want to benefit from tax cuts are the speculators who drive up the cost of everything without creating a single job.

ALL investment is speculation dumbass. Without it there would be NO investment and NO jobs. When you invest $$$ in employees that is SPECULATION. Damn, obvipus you do not have your $$ at risk.
My investment speculation IS A BUSINESS. When the land sells people build on it creating many jobs. Tax it at a high rate there is LESS $$ as a profit and LESS investment.
Less investment means LESS jobs. $$$ creates jobs. Businesses borrow $$$ and investment capital, SPECULATION, funds the entire economy.
Capital is what pays for jobs. Always.

All investment is NOT speculation. Investors hold and develop their capitol assets, speculators turn over their assets never developing them leaving the development to the investors they just gouged. As you just admitted, after you jacked up the price of the land you speculated on OTHER PEOPLE, the true investors, develop the land and create the jobs. You are just a lazy middleman creating nothing but higher prices.

Tax capital gains at a high rate and there is less short term speculation jacking the price of everything up on the people who do create jobs and hold on to their investments for the long term. Speculation funds nothing, speculators hold their assets OUT of the market to get the price up, making it harder and more expensive for the true investors to create jobs and economic growth.

 

[Old Rocks]

All we have to do is cut $1.7 TRILLION from the annual budget and we can easily afford to allow the Bush II tax cuts for billionaires program to continue.

What FEDERAL government spending shall we eliminate?

here's a visual aid to help us see how the money is allocated

source​

Medicare for those with incomes over 65K a year, a large % of the elderly population.
Raise the age to draw social security for those under 50 to age 70, 50- 55 to age 67, 55-60to age 65.
End the war on drugs and release all non violent drug ofenders imediately.
Your chart does no show the Earned Income Credit, eliminate it.
Your chart does not show automatic 5% increases in most programs-freeze that for 10 years except the military if needed.
Cut every government entity 10% now
On and on and on and on and on.

Godawg, I was 65 two years ago. But I did not start drawing SS until I was 66, because that is the date for anyone born in the latter part of 1943 to draw full SS. And I believe that the law at present has a point where you have to be 70 to draw full SS.

I suppose that you could also eliminate SS for those still working. That came into being when we were lacking enough skilled people to fill the jobs during the Clinton Admin. But, unless you do it quickly, I will still draw it until I retire from my job.

If you are going to eliminate Medicare for anyone with an income over 65K, you had better set some kind of program where the Health Insurance is affordable. Seems that we are the only nation that routinely bankrupts it's citizens for medical bills. Of course, the idea of shared risk, which is what socialized medicine is, is an anthema to Conservatives. There should only be shared risk if someone can manage to siphon a few billion off of the system.

End the drug war? Damned right. Follow the lead of Norway and Portugal.

Why except the military? And we could save one hell of a lot of money were we to mothball the carrier fleet that we have stationed in the Mid-East. It is their oil, let them protect it.

 

[Gadawg73]

Your question is easily answered, setting cap gains taxes high and keeping them there benefits the economy by discouraging SPECULATION. You are a land speculator, so of course you will put your own interests above this great country's. The Bush Depression started in Dec 2007 and for the 3 years since we have been at the lower Bush cap gains tax rates and we have been losing jobs. So much for the crap that lower cap gains taxes creates jobs!

CON$ are always wrong even when they are right! If cutting taxes is good for the economy, then you can be sure the CON$ will want to cut the WRONG taxes, like cap gains. If yor really want to create jobs with a tax cut, the best tax to cut is the payroll taxes!!!! Studies have shown cutting payroll taxes gives you the most bang for your tax cutting dollar.

What I would do to stimulate the economy and create AMERICAN jobs is to REPLACE each of Bush's American job killing tax cuts when they expire, DOLLAR FOR DOLLAR, with a cut in the job killing payroll taxes.
This would give the American wage earner an immediate increase in take home pay to spend on a regular basis without costing the employer a single penny thus stimulating demand, and the businesses that employ Americans would have an immediate cut in the cost of labor without downsizing or outsourcing a single American job as well as saving the cost of compliance. The businesses that employ the most AMERICANS will get the most benefit from the tax cuts, exactly the group of people you would want to benefit most from tax cuts. The last group you want to benefit from tax cuts are the speculators who drive up the cost of everything without creating a single job.

ALL investment is speculation dumbass. Without it there would be NO investment and NO jobs. When you invest $$$ in employees that is SPECULATION. Damn, obvipus you do not have your $$ at risk.
My investment speculation IS A BUSINESS. When the land sells people build on it creating many jobs. Tax it at a high rate there is LESS $$ as a profit and LESS investment.
Less investment means LESS jobs. $$$ creates jobs. Businesses borrow $$$ and investment capital, SPECULATION, funds the entire economy.
Capital is what pays for jobs. Always.

All investment is NOT speculation. Investors hold and develop their capitol assets, speculators turn over their assets never developing them leaving the development to the investors they just gouged. As you just admitted, after you jacked up the price of the land you speculated on OTHER PEOPLE, the true investors, develop the land and create the jobs. You are just a lazy middleman creating nothing but higher prices.

Tax capital gains at a high rate and there is less short term speculation jacking the price of everything up on the people who do create jobs and hold on to their investments for the long term. Speculation funds nothing, speculators hold their assets OUT of the market to get the price up, making it harder and more expensive for the true investors to create jobs and economic growth.

The market sets the price, not what an investor "jacks up the price".
Yeah, I was real lazy WORKING HARD for the money that I am investing.
Wheredo you think I got the $$ I am investing. And you believe we ALWAYS make $$ on every investment we make?
Do you even have a clue as to what RISK is?
Of course folks like you believe this investment $$ grows on trees and is never earned by the person that IS DOING THE INVESTING.
No one "creates nothing but higher prices".
The MARKET sets and creates the prices. It is called supply and demand, something you know nothing about.
You need an Econ 101 class Moe. You are clueless as to how $$ is earned, saved, invested and wealth is created. I have a BBA in finance and management.

 

[CMike]

Can anyone tell me how much eliminating the Bush tax cuts will save the federal government?

It won't. I will cost revenue to the government, because it will cause significant loss of income for businesses.

 

[CMike]

The government not confiscating more money from the people who earn the money is not a government expense

 

[CMike]

I don't think that anybody here is really serious about the deficit. As far as redistribution of wealth is concerned, we have just seen the greatest redistribution of wealth in our nation's history. From the middle and working class poor, to the very wealthy.

Fearing a soaring deficit, many analysts favor letting Bush tax cuts expire

Today, the economy is sluggish and the national debt is soaring to worrisome levels. As lawmakers bicker over whether to extend the Bush-era tax cuts, not just for the middle class but also for the wealthy, many economists and budget analysts say there's a simple way to curb borrowing: Let the tax cuts expire for everyone.

Official and independent budget estimates show that letting tax rates spring back to pre-Bush levels for all taxpayers would bring the country within striking distance of meeting President Obama's goal of balancing the budget, excluding interest payments on the debt, by 2015.
"If we actually ended the Bush-era tax cuts, that would pretty much do it," Obama's recently departed budget director, Peter Orszag, said in an interview last week with CNN's Fareed Zakaria. "If you do a bit on the spending side and then end the tax cuts, you pretty much get there."

Just going back to 2008 spending levels will decrease spending by 23%.

 

[Bern80]

All we have to do is cut $1.7 TRILLION from the annual budget and we can easily afford to allow the Bush II tax cuts for billionaires program to continue.

What FEDERAL government spending shall we eliminate?

here's a visual aid to help us see how the money is allocated

source​

Medicare for those with incomes over 65K a year, a large % of the elderly population.
Raise the age to draw social security for those under 50 to age 70, 50- 55 to age 67, 55-60to age 65.
End the war on drugs and release all non violent drug ofenders imediately.
Your chart does no show the Earned Income Credit, eliminate it.
Your chart does not show automatic 5% increases in most programs-freeze that for 10 years except the military if needed.
Cut every government entity 10% now
On and on and on and on and on.

Yes, my chart does not show where money comes from, only were it is spent.

You might find this illuminating

Obama?s 2011 Budget Proposal: How It?s Spent - Interactive Graphic - NYTimes.com

and this you might acually find frightening

proposed budget includes $3.69 trillion
estimated deficit of ..........$1.27 trillion.

So really, if the above numbers are accurate, then we'd have to cut spending by about 33% to eliminate the deficiet in 2011.

That's it?! I thought it would be more than that. Maybe we have to look at some our European friends to solve this problem because countries like Germany and the U.K. are where we are going to be. Specifically let's take a qeueu from the U.K. and start by slashing a few hundred thousand government jobs.

 

[midcan5]

If tax cuts hurt the economy then the economy can go to hell, its my money, not yours, who the **** are you to take my money.

Has nothing to do with me, and money is only money if we agree it is money and some government guaranties its substance as money.

"Separate an individual from society, and give him an island or a continent to possess, and he cannot acquire personal property. He cannot be rich. So inseparably are the means connected with the end, in all cases, that where the former do not exist the latter cannot be obtained. All accumulation, therefore, of personal property, beyond what a man's own hands produce, is derived to him by living in society; and he owes on every principle of justice, of gratitude, and of civilization, a part of that accumulation back again to society from whence the whole came." Thomas Paine

 

[edthecynic]

ALL investment is speculation dumbass. Without it there would be NO investment and NO jobs. When you invest $$$ in employees that is SPECULATION. Damn, obvipus you do not have your $$ at risk.
My investment speculation IS A BUSINESS. When the land sells people build on it creating many jobs. Tax it at a high rate there is LESS $$ as a profit and LESS investment.
Less investment means LESS jobs. $$$ creates jobs. Businesses borrow $$$ and investment capital, SPECULATION, funds the entire economy.
Capital is what pays for jobs. Always.

All investment is NOT speculation. Investors hold and develop their capitol assets, speculators turn over their assets never developing them leaving the development to the investors they just gouged. As you just admitted, after you jacked up the price of the land you speculated on OTHER PEOPLE, the true investors, develop the land and create the jobs. You are just a lazy middleman creating nothing but higher prices.

Tax capital gains at a high rate and there is less short term speculation jacking the price of everything up on the people who do create jobs and hold on to their investments for the long term. Speculation funds nothing, speculators hold their assets OUT of the market to get the price up, making it harder and more expensive for the true investors to create jobs and economic growth.

The market sets the price, not what an investor "jacks up the price".
Yeah, I was real lazy WORKING HARD for the money that I am investing.
Wheredo you think I got the $$ I am investing. And you believe we ALWAYS make $$ on every investment we make?
Do you even have a clue as to what RISK is?
Of course folks like you believe this investment $$ grows on trees and is never earned by the person that IS DOING THE INVESTING.
No one "creates nothing but higher prices".
The MARKET sets and creates the prices. It is called supply and demand, something you know nothing about.
You need an Econ 101 class Moe. You are clueless as to how $$ is earned, saved, invested and wealth is created. I have a BBA in finance and management.

You can always tell when CON$ know they are wrong, they spew the insults and the arrogant condescension.

Speculators manipulate the supply to jack up the price. A perfect example was just a few years ago, speculators were buying the oil and STORING it to keep it off the market artificially reducing the supply to jack up the price. Speculators manipulate supply and demand, they produce nothing effecting supply and demand.

And your bachelor degree makes you a genius and I'm merely a stupid physicist so the math and concepts of economics are far beyond me to an elitist like you. But in my college, to prevent cheating, all 3 economics classes were given the same exams at the same time and somehow little old me beat all the economics majors in all 3 classes by enough of a margin that the economics professor tried to get me to switch to economics. Apparently I fully understood concepts like marginal propensity to consume and marginal propensity to save and the law of comparative advantage which are so much more difficult than any concept in physics.

 

[mdn2000]

If tax cuts hurt the economy then the economy can go to hell, its my money, not yours, who the **** are you to take my money.

Has nothing to do with me, and money is only money if we agree it is money and some government guaranties its substance as money.

"Separate an individual from society, and give him an island or a continent to possess, and he cannot acquire personal property. He cannot be rich. So inseparably are the means connected with the end, in all cases, that where the former do not exist the latter cannot be obtained. All accumulation, therefore, of personal property, beyond what a man's own hands produce, is derived to him by living in society; and he owes on every principle of justice, of gratitude, and of civilization, a part of that accumulation back again to society from whence the whole came." Thomas Paine

Money is my hard work, outside of all the politics and theory money is my hard work realized.

So what is your point. Mine is simple, my hard work is for my benefit first and foremost.

 

[Gadawg73]

All investment is NOT speculation. Investors hold and develop their capitol assets, speculators turn over their assets never developing them leaving the development to the investors they just gouged. As you just admitted, after you jacked up the price of the land you speculated on OTHER PEOPLE, the true investors, develop the land and create the jobs. You are just a lazy middleman creating nothing but higher prices.

Tax capital gains at a high rate and there is less short term speculation jacking the price of everything up on the people who do create jobs and hold on to their investments for the long term. Speculation funds nothing, speculators hold their assets OUT of the market to get the price up, making it harder and more expensive for the true investors to create jobs and economic growth.

The market sets the price, not what an investor "jacks up the price".
Yeah, I was real lazy WORKING HARD for the money that I am investing.
Wheredo you think I got the $$ I am investing. And you believe we ALWAYS make $$ on every investment we make?
Do you even have a clue as to what RISK is?
Of course folks like you believe this investment $$ grows on trees and is never earned by the person that IS DOING THE INVESTING.
No one "creates nothing but higher prices".
The MARKET sets and creates the prices. It is called supply and demand, something you know nothing about.
You need an Econ 101 class Moe. You are clueless as to how $$ is earned, saved, invested and wealth is created. I have a BBA in finance and management.

You can always tell when CON$ know they are wrong, they spew the insults and the arrogant condescension.

Speculators manipulate the supply to jack up the price. A perfect example was just a few years ago, speculators were buying the oil and STORING it to keep it off the market artificially reducing the supply to jack up the price. Speculators manipulate supply and demand, they produce nothing effecting supply and demand.

And your bachelor degree makes you a genius and I'm merely a stupid physicist so the math and concepts of economics are far beyond me to an elitist like you. But in my college, to prevent cheating, all 3 economics classes were given the same exams at the same time and somehow little old me beat all the economics majors in all 3 classes by enough of a margin that the economics professor tried to get me to switch to economics. Apparently I fully understood concepts like marginal propensity to consume and marginal propensity to save and the law of comparative advantage which are so much more difficult than any concept in physics.

You calling me lazy not "spewing insults and arrogant condescension"?
You can dish it out but you can not take it.

And tell me how I am a "con" when I am not opposed to gay marriage, support gay rights, decriminalization of drugs and many other libertarian positions.
I own 3 businesses and have $$ at risk. The market, not you, I or the government, sets the price.
Investment capital is the LIFE BLOOD of the economy. Why is it going overseas? Why are the profits of those investments ALREADY OVERSEAS by American companies STAYING OVER SEAS?
High corporate and capital gains taxes in the United States of America. If American corporations bring back those foreign profits and re-invest it here they are taxed on the profits made over seas AND the profits that capital, which will be lower profits here because our taxes are the highest in the world, will again be taxed at high corporate rates the next year here.
So why do you believe American corporations are going over seas? Lower wages? Yes, but the long term reason is LOW TAXES.

 

[editec]

Impose tarriffs and this economic problem is gone in ten years.

Continue with the foolish trade policies we've had and the problem will never go away.

Rasing taxes or lowering them won't solve the root cause of America's woes.

A working nation is a wealthy nation.

 

[Sallow]

If tax cuts hurt the economy then the economy can go to hell, its my money, not yours, who the **** are you to take my money.

Give all your money away, that is if you got a job.

I work hard for what I got and the government takes more, and more, and more. That is you demand the government take more, that is you taking my money.

Notice to make a point you encompass how many decades.

Go make you own money.

Your money?

It costs money to defend and maintain this country.

Think of it as like rent.

 

[mdn2000]

Impose tarriffs and this economic problem is gone in ten years.

Continue with the foolish trade policies we've had and the problem will never go away.

Rasing taxes or lowering them won't solve the root cause of America's woes.

A working nation is a wealthy nation.

How about a simple tax, one tax, no fees, no nothing except one simple sales tax on the dollar as its spent.

No income tax, estate tax, death tax, no capital gain tax, no federal or state income tax.

Just one tax that never goes up.

Spend a buck taxed on a buck.

Tax or put tariffs on imported goods and services.

Grow the economy to the level needed to sustain our society with one simple tax.

Yes our trade policies are foolish, its also foolish to let politicians have the power to raise money, it corrupts them, they must find new ways to steal every increasing amounts of money.