Zone1 Tax the Rich! Make them Pay their Fair Share!

[JonKoch]

Clinton did it with cooperation from newt gringich

I concede that repubs talk a better game of deficit reduction than they do

But I eill always give priority to in the case of reagan military spending, or the bipartisan covid insanity

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The Real Heroes of the 1998 Budget Surplus: Clinton and His Economy​

....Take President Clinton’s 1993 budget bill—officially known as the Omnibus Budget Reconciliation Act of 1993. OBRA, which mainly raised taxes on wealthy people but also raised the gas tax, extended limits on discretionary spending and cut back on some mandatory spending, was signed into law on August 10, 1993.


Just five months prior, the Congressional Budget Office projected a 1998 deficit of $360 billion. One month after the bill passed, the CBO’s new estimate of the 1988 deficit was down to $200 billion.


The CBO explained the dramatic improvement this way: “For the first time in two and one-half years, the deficit projections have taken a decided turn for the better… The reconciliation act deserves most of the credit for the improvement over the long run.''

Indeed, of the $160 billion improvement from March to September of that year, CBO directly credited OBRA with $143 billion. In fact, OBRA turns out to have been the single largest contributor to the 1998 surplus.



After OBRA, the second largest contributor to fiscal improvement over the period was the rapidly strengthening economy.

Not So Fast, Newt

Newt Gingrich would love to claim credit for the 1998 budget surplus, but the facts show he had nothing to do with it, writes Michael Linden.

www.americanprogress.org

AFTER CLINTON'S FIRST SURPLUS, HE HAD TO VETO THE GOP'S $792+ BILLION TAX CUT TO GET 3 MORE SURPLUSES, THEN DUBYA/GOP HAD TOTAL CONTROL FOR 6 YEARS!

 

[Woodznutz]

We've done that too but I'm donating the rest of my billions to charity.

I'm going to register as a charity.

 

[Woodznutz]

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​

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The Real Heroes of the 1998 Budget Surplus: Clinton and His Economy​

....Take President Clinton’s 1993 budget bill—officially known as the Omnibus Budget Reconciliation Act of 1993. OBRA, which mainly raised taxes on wealthy people but also raised the gas tax, extended limits on discretionary spending and cut back on some mandatory spending, was signed into law on August 10, 1993.


Just five months prior, the Congressional Budget Office projected a 1998 deficit of $360 billion. One month after the bill passed, the CBO’s new estimate of the 1988 deficit was down to $200 billion.


The CBO explained the dramatic improvement this way: “For the first time in two and one-half years, the deficit projections have taken a decided turn for the better… The reconciliation act deserves most of the credit for the improvement over the long run.''

Indeed, of the $160 billion improvement from March to September of that year, CBO directly credited OBRA with $143 billion. In fact, OBRA turns out to have been the single largest contributor to the 1998 surplus.



After OBRA, the second largest contributor to fiscal improvement over the period was the rapidly strengthening economy.

Not So Fast, Newt

Newt Gingrich would love to claim credit for the 1998 budget surplus, but the facts show he had nothing to do with it, writes Michael Linden.

www.americanprogress.org

AFTER CLINTON'S FIRST SURPLUS, HE HAD TO VETO THE GOP'S $792+ BILLION TAX CUT TO GET 3 MORE SURPLUSES, THEN DUBYA/GOP HAD TOTAL CONTROL FOR 6 YEARS!

Clinton reduced the deficit, and the world didn't end. Who knew?

 

[Hafar1014]

Well it is not poor schools since Blue states generally rank higher than Red states.

Its blue cities run by democrats where all the crime filth illegals and failed schools are.

 

[Woodznutz]

Every family is important and should not suffer but the big question is what do we want this country to look like. Do we want dynasties and nobility or a country where everyone has an equal opportunity to succeed or fail?

Anyone who wants to succeed here can succeed. Most just want to do their 40 hours, punch out, hit the couch, and drink a beer (actually, that's not a bad life).

 

[Hafar1014]

So you can't read a graph?


How about THIS



From Bush's President's Working Group on Financial Markets October 2008

"The Presidents Working Group's March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007."




Carter HUH?


A LAW AROUND SINCE 1977 TOOK UNTIL 2004 TO CAUSE IT HUH?


WORLD WIDE BANKSTER SUBPRIME BUBBLE, CHEERED ON BY DUBYA IN THE US, AS HE GUTTED REGULATOTS




View attachment 1242459

Democrats passed the CRA which forced banks to take on quotas of bad loans mostly in the black community. The banks demanded the government back up 90% of them. When the loans crashed Bush was president but democrats controlled thew house and senate and blocked reforms that could have stopped it. Barny Frank and Chriss Dodd controlled banking over sight. Dodd was taking bribes form Countrywide Mortgage, Fwank was in a gay relationship with a Fanny Mae executive. Democrats were the cause

 

[JonKoch]

Its blue cities run by democrats where all the crime filth illegals and failed schools are.

Urban vs. Rural: Analyses that removed the largest "blue" cities from red states found that the murder rates in those red states still remained higher than in blue states in 18 out of 21 years observed.

The Two-Decade Red State Murder Problem

In March of 2022, we found that murder rates in 2020 were 40% higher in Trump-voting states than Biden-voting states. In this follow-up, we studied homicide data going back to 2000 to see if this one-year Red State murder epidemic was an anomaly. It was not. Despite a media narrative to the...

www.thirdway.org

 

[JonKoch]

Democrats passed the CRA which forced banks to take on quotas of bad loans mostly in the black community. The banks demanded the government back up 90% of them. When the loans crashed Bush was president but democrats controlled thew house and senate and blocked reforms that could have stopped it. Barny Frank and Chriss Dodd controlled banking over sight. Dodd was taking bribes form Countrywide Mortgage, Fwank was in a gay relationship with a Fanny Mae executive. Democrats were the cause

LMAOROG. So no you can't read a chart




Barney Frank controlled banking oversight in the GOP CONTROLLED HOUSE JAN 1995 TO JAN 2007? Really?



A law (CRA) passed in 1977 CAUSED THIS


OCT 2008


The Presidents Working Group's March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007'


NOW explain WORLD WIDE CREDIT BUBBLE?

Examining the big lie: How the facts of the economic crisis stack up​

The boom and bust was global. Proponents of the Big Lie ignore the worldwide nature of the housing boom and bust.


A McKinsey Global Institute report noted “from 2000 through 2007, a remarkable run-up in global home prices occurred.” It is highly unlikely that a simultaneous boom and bust everywhere else in the world was caused by one set of factors (ultra-low rates, securitized AAA-rated subprime, derivatives) but had a different set of causes in the United States.


Indeed, this might be the biggest obstacle to pushing the false narrative. How did U.S. regulations against redlining in inner cities also cause a boom in Spain, Ireland and Australia? How can we explain the boom occurring in countries that do not have a tax deduction for mortgage interest or government-sponsored enterprises? And why, after nearly a century of mortgage interest deduction in the United States, did it suddenly cause a crisis?

https://archive.ph/20200215001736/https://www.washingtonpost.com/business/examining-the-big-lie-how-the-facts-of-the-economic-crisis-stack-up/2011/11/16/gIQA7G23cN_story.html#selection-937.1-947.773

IGNORANT MAGATards

 

[JonKoch]

Democrats passed the CRA which forced banks to take on quotas of bad loans mostly in the black community. The banks demanded the government back up 90% of them. When the loans crashed Bush was president but democrats controlled thew house and senate and blocked reforms that could have stopped it. Barny Frank and Chriss Dodd controlled banking over sight. Dodd was taking bribes form Countrywide Mortgage, Fwank was in a gay relationship with a Fanny Mae executive. Democrats were the cause

BANKS PAID OVER $200 BILLION IN FINES AFTER THE 2008 WORLD WIDE CREDIT BUBBLE. JUST IN THE US, SO THEY WERE FORCED? BUT DECIDED TO PAY THE FINES?

Private sector loans, not Fannie or Freddie, triggered crisis​

Federal Reserve Board data show that:

• More than 84 percent of the subprime mortgages in 2006 were issued by private lending institutions.

Private firms made nearly 83 percent of the subprime loans to low- and moderate-income borrowers that year.


Only one of the top 25 subprime lenders in 2006 was directly subject to the housing law (CRA!!!) that's being lambasted by conservative critics.



The "turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007," the President's Working Group on Financial Markets reported Friday.

https://archive.ph/fT4Qv#selection-1101.0-1127.251

 

[Woodznutz]

LMAOROG. So no you can't read a chart




Barney Frank controlled banking oversight in the GOP CONTROLLED HOUSE JAN 1995 TO JAN 2007? Really?



A law (CRA) passed in 1977 CAUSED THIS


OCT 2008


The Presidents Working Group's March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007'


NOW explain WORLD WIDE CREDIT BUBBLE?

Examining the big lie: How the facts of the economic crisis stack up​

The boom and bust was global. Proponents of the Big Lie ignore the worldwide nature of the housing boom and bust.


A McKinsey Global Institute report noted “from 2000 through 2007, a remarkable run-up in global home prices occurred.” It is highly unlikely that a simultaneous boom and bust everywhere else in the world was caused by one set of factors (ultra-low rates, securitized AAA-rated subprime, derivatives) but had a different set of causes in the United States.


Indeed, this might be the biggest obstacle to pushing the false narrative. How did U.S. regulations against redlining in inner cities also cause a boom in Spain, Ireland and Australia? How can we explain the boom occurring in countries that do not have a tax deduction for mortgage interest or government-sponsored enterprises? And why, after nearly a century of mortgage interest deduction in the United States, did it suddenly cause a crisis?

https://archive.ph/20200215001736/https://www.washingtonpost.com/business/examining-the-big-lie-how-the-facts-of-the-economic-crisis-stack-up/2011/11/16/gIQA7G23cN_story.html#selection-937.1-947.773

IGNORANT MAGATards

It doesn't really matter "who done what" if neither party is able to govern properly.

 

[JonKoch]

It doesn't really matter "who done what" if neither party is able to govern properly.

Yeah, "both sides" are at fault

ONE party over the past 45 years GUTTED revenues AS they ramped up spending. Can you guess which party?



ONE party increased revenues (though not enough) for EVERY major bill (except rescue packages) they passed. Care to guess which party?




Yes, Clinton/Democrats 1993 omnibus bill, without a single GOP vote, decreased the debt to GDP ration while he was in office



Obama passed Obamacares with over 100% funding. 9until the right sued to stop funding)



Biden Inflation Reduction Act (2022): Although proposed in 2021, the major legislative changes were signed in August 2022. This included a minimum tax on corporate financial statement income, a tax on stock buybacks, and increased IRS funding for audits.


It established a 15% corporate alternative minimum tax (CAMT) on adjusted financial statement income for corporations with profits exceeding $1 billion, effective for tax years after December 31, 2022. It also introduced a 1% excise tax on net stock buybacks by publicly traded companies and provided $80 billion in additional IRS funding over 10 years, partly for enforcement.





"Starve the beast" is a political strategy employed by American conservatives to limit government spending by cutting taxes, to deprive the federal government of revenue in a deliberate effort to force it to reduce spending. The term "the beast", in this context, refers to the United States federal government and the programs it funds, primarily with American tax money, particularly social programs such as education, welfare, Social Security, Medicare, and Medicaid.




Before his election as President, then-candidate Ronald Reagan foreshadowed the strategy during the 1980 US Presidential debates, saying "John Anderson tells us that first we've got to reduce spending before we can reduce taxes. Well, if you've got a kid that's extravagant, you can lecture him all you want to about his extravagance. Or you can cut his allowance and achieve the same end much quicker."

Starve the beast - Wikipedia

en.wikipedia.org

YEAH, BOTH PARTIES "ARE THE SAME"

 

[Woodznutz]

Yeah, "both sides" are at fault

ONE party over the past 45 years GUTTED revenues AS they ramped up spending. Can you guess which party?



ONE party increased revenues (though not enough) for EVERY major bill (except rescue packages) they passed. Care to guess which party?




Yes, Clinton/Democrats 1993 omnibus bill, without a single GOP vote, decreased the debt to GDP ration while he was in office



Obama passed Obamacares with over 100% funding. 9until the right sued to stop funding)



Biden Inflation Reduction Act (2022): Although proposed in 2021, the major legislative changes were signed in August 2022. This included a minimum tax on corporate financial statement income, a tax on stock buybacks, and increased IRS funding for audits.


It established a 15% corporate alternative minimum tax (CAMT) on adjusted financial statement income for corporations with profits exceeding $1 billion, effective for tax years after December 31, 2022. It also introduced a 1% excise tax on net stock buybacks by publicly traded companies and provided $80 billion in additional IRS funding over 10 years, partly for enforcement.





"Starve the beast" is a political strategy employed by American conservatives to limit government spending by cutting taxes, to deprive the federal government of revenue in a deliberate effort to force it to reduce spending. The term "the beast", in this context, refers to the United States federal government and the programs it funds, primarily with American tax money, particularly social programs such as education, welfare, Social Security, Medicare, and Medicaid.




Before his election as President, then-candidate Ronald Reagan foreshadowed the strategy during the 1980 US Presidential debates, saying "John Anderson tells us that first we've got to reduce spending before we can reduce taxes. Well, if you've got a kid that's extravagant, you can lecture him all you want to about his extravagance. Or you can cut his allowance and achieve the same end much quicker."

Starve the beast - Wikipedia

en.wikipedia.org

YEAH, BOTH PARTIES "ARE THE SAME"

I can speak to Obamacare, which attempted to ensconce poor health as normal in America and a desirable part of the economy (the medical/pharma industry thanks him).

 

[Woodznutz]

Billions of government dollars translate to a few hundred dollars for the average person. Most people can work around that.

 

[Concerned American]

Since you live in America, I think you something to the country. How many Americans have died for this country?

How many of your family members have died for this country? What have YOU contributed? STFU, you don't know what you're talking about.

 

[Woodznutz]

Yeah, "both sides" are at fault

ONE party over the past 45 years GUTTED revenues AS they ramped up spending. Can you guess which party?



ONE party increased revenues (though not enough) for EVERY major bill (except rescue packages) they passed. Care to guess which party?




Yes, Clinton/Democrats 1993 omnibus bill, without a single GOP vote, decreased the debt to GDP ration while he was in office



Obama passed Obamacares with over 100% funding. 9until the right sued to stop funding)



Biden Inflation Reduction Act (2022): Although proposed in 2021, the major legislative changes were signed in August 2022. This included a minimum tax on corporate financial statement income, a tax on stock buybacks, and increased IRS funding for audits.


It established a 15% corporate alternative minimum tax (CAMT) on adjusted financial statement income for corporations with profits exceeding $1 billion, effective for tax years after December 31, 2022. It also introduced a 1% excise tax on net stock buybacks by publicly traded companies and provided $80 billion in additional IRS funding over 10 years, partly for enforcement.





"Starve the beast" is a political strategy employed by American conservatives to limit government spending by cutting taxes, to deprive the federal government of revenue in a deliberate effort to force it to reduce spending. The term "the beast", in this context, refers to the United States federal government and the programs it funds, primarily with American tax money, particularly social programs such as education, welfare, Social Security, Medicare, and Medicaid.




Before his election as President, then-candidate Ronald Reagan foreshadowed the strategy during the 1980 US Presidential debates, saying "John Anderson tells us that first we've got to reduce spending before we can reduce taxes. Well, if you've got a kid that's extravagant, you can lecture him all you want to about his extravagance. Or you can cut his allowance and achieve the same end much quicker."

Starve the beast - Wikipedia

en.wikipedia.org

YEAH, BOTH PARTIES "ARE THE SAME"

Regarding "starving the Beast" that's the responsibility of the citizenry, not the GOP. The need for some of these revenues must be curtailed before they are reduced or cut from the budget. If the need continues to grow the revenues must be collected to provide for them. For example the need for funding Medicare, Medicaid, Obamacare, NIH, HSS, CDC, and others is a direct response to the poor health of Americans. It's the people that cause the massive spending on these programs. And because people refuse to care for their health these costs, and taxes (or gov't debt), will only rise.

 

[Woodznutz]

Yeah, "both sides" are at fault

ONE party over the past 45 years GUTTED revenues AS they ramped up spending. Can you guess which party?



ONE party increased revenues (though not enough) for EVERY major bill (except rescue packages) they passed. Care to guess which party?




Yes, Clinton/Democrats 1993 omnibus bill, without a single GOP vote, decreased the debt to GDP ration while he was in office



Obama passed Obamacares with over 100% funding. 9until the right sued to stop funding)



Biden Inflation Reduction Act (2022): Although proposed in 2021, the major legislative changes were signed in August 2022. This included a minimum tax on corporate financial statement income, a tax on stock buybacks, and increased IRS funding for audits.


It established a 15% corporate alternative minimum tax (CAMT) on adjusted financial statement income for corporations with profits exceeding $1 billion, effective for tax years after December 31, 2022. It also introduced a 1% excise tax on net stock buybacks by publicly traded companies and provided $80 billion in additional IRS funding over 10 years, partly for enforcement.





"Starve the beast" is a political strategy employed by American conservatives to limit government spending by cutting taxes, to deprive the federal government of revenue in a deliberate effort to force it to reduce spending. The term "the beast", in this context, refers to the United States federal government and the programs it funds, primarily with American tax money, particularly social programs such as education, welfare, Social Security, Medicare, and Medicaid.




Before his election as President, then-candidate Ronald Reagan foreshadowed the strategy during the 1980 US Presidential debates, saying "John Anderson tells us that first we've got to reduce spending before we can reduce taxes. Well, if you've got a kid that's extravagant, you can lecture him all you want to about his extravagance. Or you can cut his allowance and achieve the same end much quicker."

Starve the beast - Wikipedia

en.wikipedia.org

YEAH, BOTH PARTIES "ARE THE SAME"

How does assigning blame to either party solve these problems.

 

[leftwinger]

Mac-7

Yet ONLY Clinton, Obama and Biden handed the next guy a smaller deficit than the one handed to them since Carter.

Ronnie, Dubya, Cheeto ALL gutted revenues AS they blew up spending

Create a crisis stesl power it aint rocket science. Leave a broken mess. Rinse repeat.

 

[alang1216]

Its blue cities run by democrats where all the crime filth illegals and failed schools are.

I just love the internet, you can make any claim you want without having to bother backing it up.

 

[alang1216]

Anyone who wants to succeed here can succeed. Most just want to do their 40 hours, punch out, hit the couch, and drink a beer (actually, that's not a bad life).

How many millions do your parents have to give you to make that happen?

 

[alang1216]

How many of your family members have died for this country? What have YOU contributed? STFU, you don't know what you're talking about.

Oh, I think I hit a nerve.