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Thread: Corker: Why We Should Just Raise Taxes on Rich

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    Corker: Why We Should Just Raise Taxes on Rich

    GOP Senator Corker making some good points except it doesn't just "appear" they don't want to raise taxes on the rich, they don't want to raise taxes on their biggest donors.

    Corker: Why We Should Just Raise Taxes on Rich - Yahoo! Finance
    By Justin Menza | CNBC – 2 hours 31 minutes ago

    Republicans need to let tax rates on the rich rise to change the "fiscal cliff" debate from taxes to more important entitlement reforms, Republican Sen. Bob Corker told CNBC on Monday.

    "The best place for Republicans to be is to pass the rate increases, be done with it and then we're still focused on the right thing, which is entitlement changes," he said in an interview on "Squawk on the Street."

    Over the weekend, Corker and a handful of other Republicans including Sen. Tom Coburn and Rep. Tom Cole, both from Oklahoma, signaled a willingness to Let taxes rise.

    Corker said Republicans have put themselves in a very "awkward place" as it relates to taxes on the wealthy, since it makes it appear that the party is only trying to protect the rich.
    [......]
    Corker said that the House could change the "fiscal cliff" debate and Regain some Leverage from President Barack Obama by sending the Senate a bill that freezes taxes on 98% of Americans. If the House passed a second bill that dealt with taxes on the wealthy in some form, the discussion could move back to entitlements.

    Right now, Corker said, he is worried that Republicans are not holding out for the type of entitlement reform that will help contain spending. [.....]
    But he is right on in saying we have to get the right kind of cuts; entitlement cuts. We need permanent ones that ensure a more viable budget.
    Last edited by mbig; 12-10-12 at 06:04 PM.
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    Re: Corker: Why We Should Just Raise Taxes on Rich

    Quote Originally Posted by mbig View Post
    GOP Senator Corker making some good points except it doesn't just "appear" they don't want to raise taxes on the rich, they don't want to raise taxes on their biggest donors.

    Corker: Why We Should Just Raise Taxes on Rich - Yahoo! Finance
    By Justin Menza | CNBC – 2 hours 31 minutes ago

    But he is right on in saying we have to get the right kind of cuts; entitlement cuts. We need lasting permanent ones that ensure a more viable budget.
    Good luck with that, Obama is borrowing 1.2 trillion a yr, when he gets his tax hike that will raise 800 billion over 10 yrs. So now all Obama has to borrow is 1.1 trillion a yr. So the liberals are going to cut what?
    Liberals - Punish the Successful, Reward the Unsuccessful
    Liberals - Tax, Borrow, Spend, and Give Free Stuff
    Obama's legacy - President Donald Trump

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    Re: Corker: Why We Should Just Raise Taxes on Rich

    Quote Originally Posted by Born Free View Post
    Good luck with that, Obama is borrowing 1.2 trillion a yr, when he gets his tax hike that will raise 800 billion over 10 yrs. So now all Obama has to borrow is 1.1 trillion a yr. So the liberals are going to cut what?
    Obama and the GOP congress Are borrowing. To the degree they are they are stimulating the economy putting more in than taking out.
    One can argue this is irresponsible But not that it hurt/s the economy in the short run.

    Any solution to the 'Cliff' either raises taxes or cuts spending.. or both.
    Reducing the deficit means reducing the fake economy. So they are taking only small steps.
    Resolving the The actual Cliff/Deficit of $1 Trillion would require Draconian Cuts and Rev rises and would be instant depression.
    So we probably rightly take only a small dose now.
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    Re: Corker: Why We Should Just Raise Taxes on Rich

    Quote Originally Posted by mbig View Post
    GOP Senator Corker making some good points except it doesn't just "appear" they don't want to raise taxes on the rich, they don't want to raise taxes on their biggest donors.

    Corker: Why We Should Just Raise Taxes on Rich - Yahoo! Finance
    By Justin Menza | CNBC – 2 hours 31 minutes ago

    But he is right on in saying we have to get the right kind of cuts; entitlement cuts. We need permanent ones that ensure a more viable budget.
    Be specific which entitlements and how much do you think it will save?

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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    Re: Corker: Why We Should Just Raise Taxes on Rich

    Quote Originally Posted by Boo Radley View Post
    Be specific which entitlements and how much do you think it will save?
    Fair question.
    Social Security is a pretty easy fix.. slowly adjust age and or contribution and or taxability or means test.

    Medicare is numero Uno.
    It's simply not viable. We can't have virtually free Medical care from 65-95 because you THINK you paid in enough.
    Demograhically the people eligible are exploding. add in Med inflation of 7%.

    I am dealing with 1 remaining elderly parent, but both lived 25 years under it's umbrella, taking probably $5 mil between them in care.
    How much did they pay in? maybe 3% of that.
    Bush II Added in Gratis Prescription Drug Benefits/Part D.
    As my friend Kyle Bass says, "Obamacare is just a single bad day compared to Medicare".
    Part D alone will run a bigger deficit than Social Security in the coming years. (Bass also)

    What else to cut?
    Farm subsidies. Especially the Ethanol Boondoggle.
    Farmers are rolling in moola.
    Big money owns much the the ag land now.

    But Virtually everything needs to be cut Except one of the things the GOP is whining about- food stamps.
    please.
    Could say much more but that's the first tranche.
    Last edited by mbig; 12-10-12 at 11:07 PM.
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    Re: Corker: Why We Should Just Raise Taxes on Rich

    Ummm Military should be at the top of your list! Before we get to Medicare or Medicade! We spend double what the rest of the world spends. One way to cut the military is to quit butting into other countries problems.

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    Re: Corker: Why We Should Just Raise Taxes on Rich

    As I said, my list was just partial and virtually everything needs to be cut.
    Military, should, can, and will be cut.
    It's an easy one and no-brainer/must.
    But it's going to be dwarfed by Medical care that is Swallowing the public and private treasuries.
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    Re: Corker: Why We Should Just Raise Taxes on Rich

    Quote Originally Posted by mbig View Post
    Fair question.
    Social Security is a pretty easy fix.. slowly adjust age and or contribution and or taxability or means test.

    Medicare is numero Uno.
    It's simply not viable. We can't have virtually free Medical care from 65-95 because you THINK you paid in enough.
    Demograhically the people eligible are exploding. add in Med inflation of 7%.

    I am dealing with 1 remaining elderly parent, but both lived 25 years under it's umbrella, taking probably $5 mil between them in care.
    How much did they pay in? maybe 3% of that.
    Bush II Added in Gratis Prescription Drug Benefits/Part D.
    As my friend Kyle Bass says, "Obamacare is just a single bad day compared to Medicare".
    Part D alone will run a bigger deficit than Social Security in the coming years. (Bass also)

    What else to cut?
    Farm subsidies. Especially the Ethanol Boondoggle.
    Farmers are rolling in moola.
    Big money owns much the the ag land now.

    But Virtually everything needs to be cut Except one of the things the GOP is whining about- food stamps.
    please.
    Could say much more but that's the first tranche.
    You people to returner later? Ok. Many work longer anyway. What to look at farm subsidies, go head (though lose much of the Midwest come election time).

    But Medicare? You lose with the "because you think you paid enough comment." Healthcare is not something we should see vas a luxury. I have always thought is was a mistake to see treatment of illness and injury as a business. That's how you get "let em die comments."

    Also, I would include cuts the military. Common sense cuts. Maybe be a little slower to go towar.

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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    Re: Corker: Why We Should Just Raise Taxes on Rich

    Quote Originally Posted by Boo Radley View Post
    ...
    But Medicare? You lose with the "because you think you paid enough comment." Healthcare is not something we should see vas a luxury. I have always thought is was a mistake to see treatment of illness and injury as a business. That's how you get "let em die comments."
    I didn't lose.
    I understand and explained the cost explosion.

    You asked what would I cut. I told you under the current or similar circumstance.
    If we raise/say DOUBLE Payroll taxes on everyone and/or introduce an National Sales tax/VAT we can keep it.
    That's what other Universal Health care countries have to do.
    But that assumes a whole new tax regimen not the current one or even close.

    Math Rules.

    Quote Originally Posted by Radley
    Also, I would include cuts the military. Common sense cuts. Maybe be a little slower to go towar.
    I agreed above already.
    Last edited by mbig; 12-10-12 at 11:29 PM.
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    Re: Corker: Why We Should Just Raise Taxes on Rich

    Quote Originally Posted by mbig View Post
    I didn't lose.
    Unlike you I understand and explained the cost explosion.

    You asked what would I cut. I told you under the current or similar circumstance.
    If we raise/say DOUBLE Payroll taxes on everyone and/or introduce an National Sales tax/VAT we can keep it.
    That's what other Universal Health care countries have to do.
    But that assumes a whole new tax regimen not the current one or even close.

    Math Rules.

    I agreed above already.
    I mean you lose me. Not sure how I lose words on this iPad.

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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