Taxes: Fair compromise?

[Ravi]

The House Dems just basically voted to allow every American to continue paying today's lower tax rates on the first $250,000 of their income.

Do you believe this is a fair compromise given the deficits we have racked up in the past several years?

 

[boedicca]

No.

As a country, we are not under taxed.

The government spends too much money. Absolute dollar outlays (real dollars spent, not budget gimmick garbage) have increased f4rom $2.8T in 2007 to a projected $3.7T this year.

Did we have cumulative inflation of 30% in the past three years? - no

Did the private sector grow 30% in the past three years? - no

Then why on this Good Green Earth should the Federal Government be spending such unseemly amount of money?

 

[8537]

No.

As a country, we are not under taxed.

The government spends too much money. Absolute dollar outlays (real dollars spent, not budget gimmick garbage) have increased f4rom $2.8T in 2007 to a projected $3.7T this year.

Did we have cumulative inflation of 30% in the past three years? - no

Did the private sector grow 30% in the past three years? - no

Then why on this Good Green Earth should the Federal Government be spending such unseemly amount of money?

The expenses of the federal government increase when private sector spending declines.

 

[Defiant1]

No. Make the tax cuts permanent.

 

[boedicca]

No.

As a country, we are not under taxed.

The government spends too much money. Absolute dollar outlays (real dollars spent, not budget gimmick garbage) have increased f4rom $2.8T in 2007 to a projected $3.7T this year.

Did we have cumulative inflation of 30% in the past three years? - no

Did the private sector grow 30% in the past three years? - no

Then why on this Good Green Earth should the Federal Government be spending such unseemly amount of money?

The expenses of the federal government increase when private sector spending declines.

Only if one holds the beliefs of a Statist.

 

[Revere]

Obama ran up $2T in new debt and now wants someone else to pay for it.

 

[uscitizen]

No.

As a country, we are not under taxed.

The government spends too much money. Absolute dollar outlays (real dollars spent, not budget gimmick garbage) have increased f4rom $2.8T in 2007 to a projected $3.7T this year.

Did we have cumulative inflation of 30% in the past three years? - no

Did the private sector grow 30% in the past three years? - no

Then why on this Good Green Earth should the Federal Government be spending such unseemly amount of money?

Umm a couple of wars and the worst recession since the great depression?

I do not think we should reduce any taxes for a couple of years at least. But we DO need to cut spending where we can. Closing about 2/3 of our overseas military bases would be a start. The govt employee wage freeze is another good move.
Agressively pursue medicaid/medicare fraud, enact some really nasty penalties for it.

It will not happen but I still say the best thing we culd do is a pure flat personal invome tax on ALL personal income with no deductions or minimums.
you make 41 you pay a dime you make 1 millin you still pay 10%

the only tax breaks I can see as sensible right now are ones for companies that actually create US jobs. And we need to penalize those that move jobs overseas with tarrifs on imported goods.
We have no need for a corporate headquarters here when virtually all the jobs they create are overseas.

 

[Revere]

Ah, Smoot-Hawley II.

We know what happens next.

 

[Meister]

More taxes = More spending. How simple can this be?

 

[boedicca]

Every $1 in taxes leads to $1.17 in spending.

In the late 1980s, one of us, Richard Vedder, and Lowell Gallaway of Ohio University co-authored a often-cited research paper for the congressional Joint Economic Committee (known as the $1.58 study) that found that every new dollar of new taxes led to more than one dollar of new spending by Congress. Subsequent revisions of the study over the next decade found similar results.

We've updated the research. Using standard statistical analyses that introduce variables to control for business-cycle fluctuations, wars and inflation, we found that over the entire post World War II era through 2009 each dollar of new tax revenue was associated with $1.17 of new spending. Politicians spend the money as fast as it comes in—and a little bit more. ...

Stephen Moore and Richard Vedder: Higher Taxes Won't Reduce the Deficit - WSJ.com

 

[uscitizen]

More taxes = More spending. How simple can this be?

so then we never pay off the national debt?

With our current govt that is a given.
And think about it a bit, the banks love our debt up to a point.
They get lots of money off of treasury bond sales.

 

[boedicca]

No.

As a country, we are not under taxed.

The government spends too much money. Absolute dollar outlays (real dollars spent, not budget gimmick garbage) have increased f4rom $2.8T in 2007 to a projected $3.7T this year.

Did we have cumulative inflation of 30% in the past three years? - no

Did the private sector grow 30% in the past three years? - no

Then why on this Good Green Earth should the Federal Government be spending such unseemly amount of money?

Umm a couple of wars and the worst recession since the great depression?

I do not think we should reduce any taxes for a couple of years at least. But we DO need to cut spending where we can. Closing about 2/3 of our overseas military bases would be a start. The govt employee wage freeze is another good move.
Agressively pursue medicaid/medicare fraud, enact some really nasty penalties for it.

It will not happen but I still say the best thing we culd do is a pure flat personal invome tax on ALL personal income with no deductions or minimums.
you make 41 you pay a dime you make 1 millin you still pay 10%

the only tax breaks I can see as sensible right now are ones for companies that actually create US jobs. And we need to penalize those that move jobs overseas with tarrifs on imported goods.
We have no need for a corporate headquarters here when virtually all the jobs they create are overseas.

The runrate of spending for the wars was already in the 2007 outlays of $2.8T.

Keynesian Economics don't work. We now have yet another, although much larger, demonstration.

 

[Revere]

Since when does Obama care about debt?

 

[boedicca]

Ah, Smoot-Hawley II.

We know what happens next.

Yep. We're on the way to a bigger and worse downturn if the brewing Trade War goes hot.

 

[uscitizen]

The republican party clearly proved that cutting taxes does not cut spending nor the debt.

 

[uscitizen]

No.

As a country, we are not under taxed.

The government spends too much money. Absolute dollar outlays (real dollars spent, not budget gimmick garbage) have increased f4rom $2.8T in 2007 to a projected $3.7T this year.

Did we have cumulative inflation of 30% in the past three years? - no

Did the private sector grow 30% in the past three years? - no

Then why on this Good Green Earth should the Federal Government be spending such unseemly amount of money?

Umm a couple of wars and the worst recession since the great depression?

I do not think we should reduce any taxes for a couple of years at least. But we DO need to cut spending where we can. Closing about 2/3 of our overseas military bases would be a start. The govt employee wage freeze is another good move.
Agressively pursue medicaid/medicare fraud, enact some really nasty penalties for it.

It will not happen but I still say the best thing we culd do is a pure flat personal invome tax on ALL personal income with no deductions or minimums.
you make 41 you pay a dime you make 1 millin you still pay 10%

the only tax breaks I can see as sensible right now are ones for companies that actually create US jobs. And we need to penalize those that move jobs overseas with tarrifs on imported goods.
We have no need for a corporate headquarters here when virtually all the jobs they create are overseas.

The runrate of spending for the wars was already in the 2007 outlays of $2.8T.

Keynesian Economics don't work. We now have yet another, although much larger, demonstration.

ahh but Keynesian economoic is just as the banking industry designed it.
Our government overspending is not all of the problem folks.
look to those who profit from the overspending. And I do not mean poor folks, they just stay alive not fill their pockets and buy yachts with govt dollars.

 

[Revere]

Obama grew government by 24% without raising income taxes.

Does he really care about revenue?

 

[Sallow]

The House Dems just basically voted to allow every American to continue paying today's lower tax rates on the first $250,000 of their income.

Do you believe this is a fair compromise given the deficits we have racked up in the past several years?

No.

It should all be allowed to expire.

Along with stopping the wars..and cutting the spending.

This whole thing is theater..and shows that no one is serious.

 

[Revere]

What is Obama's credibility about cutting spending, having grown government 24% in two years?

 

[Care4all]

ravi, fyi- it is not the first $250k earned but the first $250k of taxable income earned...after all deductibles are taken...