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Thread: Obama ‘Agnostic’ on Deficit Cuts, Won’t Prejudge Tax Increases

  1. #21
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    Re: Obama ‘Agnostic’ on Deficit Cuts, Won’t Prejudge Tax Increases

    Quote Originally Posted by Scarecrow Akhbar View Post
    Well, since the deficit is a spending problem, not a revenue problem, clearly the solution is reductions in spending, not increases in taxes.

    The government, however, is like a pimp. When the pimp needs more money, he's beats his ho's harder and "encourages" them to work harder. The pimp never considers buying fewer gold chains.
    What would you consider being cut?

    SS, medicare, medicaid, and defense spending make up like 75% of our spending (excluding interest payments).

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    Re: Obama ‘Agnostic’ on Deficit Cuts, Won’t Prejudge Tax Increases

    Quote Originally Posted by drz-400 View Post
    Well, the article said he was not going to prejudge and was going to leave everything on the table. This is what some people in this thread were actually mad about, he was considering taxing more than just the top 1%.
    The "anger" here is The Obama going back on his campaign promise to not raise taxes on households making $250k or less. The article doesnt say that he is going to, but that it IS on the table.

    I don't see where this notion that the lowest bracket does not pay any taxes comes from. Everyone pays payroll taxes up to the 1st $105,000 of there paycheck (at least for SS, its all of your income for medicare).
    The 'do not pay any taxes' refers to income tax, not payroll tax.

    This makes up the largest portion of income for the federal government.
    Incorrect.
    Federal Income,. FY 2008
    Income taxs:
    $1,145.7B
    Corporate taxs
    $304.3B
    Social insurance taxes (FICA deduction + employer contributions)
    $900.2B

    Income tax revenue exceeds social insurance tax revenue every FY since 1969 (and likely before).

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    Re: Obama ‘Agnostic’ on Deficit Cuts, Won’t Prejudge Tax Increases

    Quote Originally Posted by NoJingoLingo View Post
    What was the salient point? Oh right, that you want to cap on the president because he said he will look at every idea to decrease the deficit,
    Your Messiah would look most apropos in this cap, don't you think?


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    Re: Obama ‘Agnostic’ on Deficit Cuts, Won’t Prejudge Tax Increases

    Quote Originally Posted by drz-400 View Post
    What would you consider being cut?

    SS, medicare, medicaid, and defense spending make up like 75% of our spending (excluding interest payments).
    Well, let's see....

    Socialist Security is unconstitutional, so that has to go.

    Medicaid...hmmmm, that's not in the Constitution either. Bye bye...

    Defense is Constitutional, but the goals and budget should be defense, not social engineering or tinkering or any kind of World Cop bull****. Germany, France, Japan should expect to see US troops leaving, except for Okinawa, which was paid for with the blood of thousands of Marines. That does not have cash value.

    There, I've cut 60% from the budget.

    Next?

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    Re: Obama ‘Agnostic’ on Deficit Cuts, Won’t Prejudge Tax Increases

    Quote Originally Posted by drz-400 View Post
    The largest amount of money from the bush tax cuts went to the top bracket. It is simple math. Compare 1% of $480,000 to 1% of $32,000. That is the difference between the top 1% bracket and the lower 50%.
    You see, the problem with this is that it does not look at the actual facts.

    Ten Myths About the Bush Tax Cuts


    In 2007, according to CBO and Joint Committee on Taxation data, the increased child tax credit, mar*riage penalty relief, 10 percent bracket, and AMT fix will have a combined budgetary effect of $114 bil*lion.[14] (See Table 2.) These policies do not have strong supply-side effects to minimize that effect.

    By comparison, the more maligned capital gains, dividends, and estate tax cuts are projected to reduce 2007 revenues by just $36 billion even before the large and positive supply-side effects are incorporated. Thus, repealing these tax cuts would raise very little revenue and could possibly even reduce federal tax revenue. Such tax increases would certainly reduce the savings and investment vital to economic growth.

    The individual income tax rate reductions come to $59 billion in 2007 and are not really a tax cut for the rich. All families with taxable incomes over $62,000 (and single filers over $31,000) benefit. Repealing this tax cut would reduce work incentives and raise taxes on millions of families and small businesses, thereby harming the economy and min*imizing any new revenues.
    Additionally:


    I don't see where this notion that the lowest bracket does not pay any taxes comes from. Everyone pays payroll taxes up to the 1st $105,000 of there paycheck (at least for SS, its all of your income for medicare). This makes up the largest portion of income for the federal government.
    We are talking about income taxes here. If people pay for only Medicare and SS, then those are the only things they have a stake in.

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    Re: Obama ‘Agnostic’ on Deficit Cuts, Won’t Prejudge Tax Increases

    Quote Originally Posted by drz-400 View Post
    Well, the article said he was not going to prejudge and was going to leave everything on the table. This is what some people in this thread were actually mad about, he was considering taxing more than just the top 1%.



    The largest amount of money from the bush tax cuts went to the top bracket. It is simple math. Compare 1% of $480,000 to 1% of $32,000. That is the difference between the top 1% bracket and the lower 50%.

    I don't see where this notion that the lowest bracket does not pay any taxes comes from. Everyone pays payroll taxes up to the 1st $105,000 of there paycheck (at least for SS, its all of your income for medicare). This makes up the largest portion of income for the federal government.
    Except the lower 40% don't pay income tax

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    Re: Obama ‘Agnostic’ on Deficit Cuts, Won’t Prejudge Tax Increases

    Quote Originally Posted by drz-400 View Post
    What would you consider being cut?

    SS, medicare, medicaid, and defense spending make up like 75% of our spending (excluding interest payments).
    So make the middle class that were promised no rise in taxes and the retired pay on a fixed income.

    Democrats do that and they will be gone.

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    Re: Obama ‘Agnostic’ on Deficit Cuts, Won’t Prejudge Tax Increases

    Quote Originally Posted by Scarecrow Akhbar View Post
    Well, let's see....

    Socialist Security is unconstitutional, so that has to go.

    Medicaid...hmmmm, that's not in the Constitution either. Bye bye...

    Defense is Constitutional, but the goals and budget should be defense, not social engineering or tinkering or any kind of World Cop bull****. Germany, France, Japan should expect to see US troops leaving, except for Okinawa, which was paid for with the blood of thousands of Marines. That does not have cash value.

    There, I've cut 60% from the budget.

    Next?
    How do you repay the money paid in or do you just steal that from the people?

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    Re: Obama ‘Agnostic’ on Deficit Cuts, Won’t Prejudge Tax Increases

    Quote Originally Posted by ptif219 View Post
    How do you repay the money paid in or do you just steal that from the people?
    How do you repay the money people paid in to wage a war?

    You don't.

    It's pissed away.

    And the reality is that Socialist Security can't be removed with a chainsaw, it will need Death by Pruning, one cut at a time, over years.

    First Step: Tell the people under thirty they're not eligible for Socialist Security and allow them to keep their visible half of the FICA tax they pay. Establish a system so this money can be invested tax-deferred in some kind of IRA, that'll make the smarter ones very happy indeed.

    Next Step: Tell people under fifty and over thirty that they're going to be means-tested for Socialist Security eligibility.

    Then figure out a way to keep it solvent (this means taxes, people, lots and lots of taxes) until the people on the system finally die.

    And hopefully that will be a lesson to all the god damned idiots who think "Progressivism" is superior to freedom.

    OR

    we can watch our government do absolutely nothing, the system implodes and takes the entire economy down with it.
    Last edited by Scarecrow Akhbar; 02-11-10 at 07:20 PM.

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    Re: Obama ‘Agnostic’ on Deficit Cuts, Won’t Prejudge Tax Increases

    Quote Originally Posted by Scarecrow Akhbar View Post
    How do you repay the money people paid in to wage a war?

    You don't.

    It's pissed away.

    And the reality is that Socialist Security can't be removed with a chainsaw, it will need Death by Pruning, one cut at a time, over years.

    First Step: Tell the people under thirty they're not eligible for Socialist Security and allow them to keep their visible half of the FICA tax they pay. Establish a system so this money can be invested tax-deferred in some kind of IRA, that'll make the smarter ones very happy indeed.

    Next Step: Tell people under fifty and over thirty that they're going to be means-tested for Socialist Security eligibility.

    Then figure out a way to keep it solvent (this means taxes, people, lots and lots of taxes) until the people on the system finally die.

    And hopefully that will be a lesson to all the god damned idiots who think "Progressivism" is superior to freedom.

    OR

    we can watch our government do absolutely nothing, the system implodes and takes the entire economy down with it.
    And what's your solution to the people who don't invest in their retirement and can no longer work but now have no money?

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