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Thread: In surprise move, GOP leaders admit defeat in payroll tax battle

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    Re: In surprise move, GOP leaders admit defeat in payroll tax battle

    Quote Originally Posted by MrVicchio View Post
    There was no balanced budget.
    http://www.gpoaccess.gov/usbudget/fy06/pdf/hist.pdf

    p.24 = *.pdf p.28
    Last edited by MoSurveyor; 02-14-12 at 08:35 AM.
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    Re: In surprise move, GOP leaders admit defeat in payroll tax battle

    Taxing the rich may make the rest of us feel good but it will do absolutely nothing to fix our economy or reduce the deficit, only cutting spending will do that.

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    Re: In surprise move, GOP leaders admit defeat in payroll tax battle

    Quote Originally Posted by sawyerloggingon View Post
    Taxing the rich may make the rest of us feel good but it will do absolutely nothing to fix our economy or reduce the deficit, only cutting spending will do that.
    That's a rather absurd statement. Deficits are created when spending outpaces revenue. Deficits can be reduced by cutting spending, raising revenue, or preferably, both.

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    Re: In surprise move, GOP leaders admit defeat in payroll tax battle

    Quote Originally Posted by MoSurveyor View Post
    Which compared to actual spending and revenue never materialized.

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    Re: In surprise move, GOP leaders admit defeat in payroll tax battle

    Quote Originally Posted by AdamT View Post
    That's a rather absurd statement. Deficits are created when spending outpaces revenue. Deficits can be reduced by cutting spending, raising revenue, or preferably, both.
    Absolutely. We need to do both, and lets be honest about it: nobody in Washington has the balls to do it.

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    Re: In surprise move, GOP leaders admit defeat in payroll tax battle

    Quote Originally Posted by AdamT View Post
    That's a rather absurd statement. Deficits are created when spending outpaces revenue. Deficits can be reduced by cutting spending, raising revenue, or preferably, both.
    I am for cutting spending and raising revenue. I would love to hear someone argue against that.
    We went from sticks and stones may break my bones but words will never hurt me to safe spaces.

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    Re: In surprise move, GOP leaders admit defeat in payroll tax battle

    Quote Originally Posted by Blue_State View Post
    I am for cutting spending and raising revenue. I would love to hear someone argue against that.
    Raising revenue cuts only one thing, and that is the urgency to reduce spending.

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    Re: In surprise move, GOP leaders admit defeat in payroll tax battle

    Quote Originally Posted by AdamT View Post
    That's a rather absurd statement. Deficits are created when spending outpaces revenue. Deficits can be reduced by cutting spending, raising revenue, or preferably, both.
    Taxing the rich will produce piss in a bucket compared to the ocean of debt we're in. Then, those rich people will get mad and recoup their losses by cutting their workforce, reducing compensation, and taking more of their business overseas and destroy every union out there.

    Liberals just want to raise taxes on the rich because they resent their success. Nothing more and nothing less. Imagine if we actually made that whiny 47 percent of Americans pay federal taxes?

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    Re: In surprise move, GOP leaders admit defeat in payroll tax battle

    Quote Originally Posted by Blue_State View Post
    I am for cutting spending and raising revenue. I would love to hear someone argue against that.
    no one is. we simply point out that thinking that one can raise revenue by seriously jacking up rates is historically exceedingly unlikely:



    if you want to raise revenue therefore, you have two options: 1. sell stuff (the US owns a lot of generally useless land) and 2. economic growth.


    now, Obama's plan is to continue to spend at about 24% of GDP. looking at the graph above, it should be pretty easy to see how well that is going to work.

    repealing the Bush tax cuts, in the meantime, will get us (according to a static scoring model, which is to say, if one takes the wildly optimistic option) an extra $80 billion. out of a deficit of about $1.3 Trillion. that's not even a rounding error.

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    Re: In surprise move, GOP leaders admit defeat in payroll tax battle

    Quote Originally Posted by Fletch View Post
    Raising revenue cuts only one thing, and that is the urgency to reduce spending.
    I could make an equally falacious and opposite argument: cutting spending doesn't reduce deficits -- it just provides an exucse to cut taxes further.

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