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Thread: Tax bills in 2009 at lowest level since 1950

  1. #11
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    Re: Tax bills in 2009 at lowest level since 1950

    Strangely enough I'd be all for a compromise type situation where the Bush Cuts...all of them...are "extended". Following that pass a law raising taxes a certain amount, perhaps more on the higher earning brackets, across the board however in conjunction with that there would be a requirement on congress to pass a budget that is a certain percentage less than the previous years. If they fail to do so then the tax hike fails to go into effect. Give it a time limit of say, 5 years. Essentially...we the people would agree to pay more in taxes in exchange for they the government stating they'd spend less. If they don't hold up to their end of the bargain, we wouldn't have to.

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    Re: Tax bills in 2009 at lowest level since 1950

    Quote Originally Posted by Deuce View Post
    Reality really does have a liberal bias.
    Not at all, its how one spins it that has the bias.

    The simple fact is we've taken in less tax dollars.

    A liberal bias would say "See, we've not raised your taxes but have actually given money back to you all, resulting in you all not paying as much to the government. ".

    The conservative bias would say "See, the economy is in shambles, people realize Democrats will let the actual tax CUTS expire while giving away temporary tax credits, so they're hording their money while having less people making money resulting in less revenue due to the uncertainty of their finanical futures."

    The truth is likely somewhere in between.

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    Re: Tax bills in 2009 at lowest level since 1950

    The economy is down. Revenue is down. Profits are dramatically down. Earnings are down. Income is down. Unemployment is way, way, way up.

    So yes, of course tax revenue is down.

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    Re: Tax bills in 2009 at lowest level since 1950

    Quote Originally Posted by Zyphlin View Post
    Strangely enough I'd be all for a compromise type situation where the Bush Cuts...all of them...are "extended". Following that pass a law raising taxes a certain amount, perhaps more on the higher earning brackets, across the board however in conjunction with that there would be a requirement on congress to pass a budget that is a certain percentage less than the previous years. If they fail to do so then the tax hike fails to go into effect. Give it a time limit of say, 5 years. Essentially...we the people would agree to pay more in taxes in exchange for they the government stating they'd spend less. If they don't hold up to their end of the bargain, we wouldn't have to.

    That seems reasonable. If we pay 5% less in taxes they need to cut 5% of the budget. And not the kind of "cutting" where they simply reduce the rate of growth. An actual cut. Granted, we have a lot more work to do, but that would be a fair start. Because we do need more revenue. And we sure as hell need less spending.
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    Re: Tax bills in 2009 at lowest level since 1950

    Quote Originally Posted by Zyphlin View Post
    Strangely enough I'd be all for a compromise type situation where the Bush Cuts...all of them...are "extended". Following that pass a law raising taxes a certain amount, perhaps more on the higher earning brackets, across the board however in conjunction with that there would be a requirement on congress to pass a budget that is a certain percentage less than the previous years. If they fail to do so then the tax hike fails to go into effect. Give it a time limit of say, 5 years. Essentially...we the people would agree to pay more in taxes in exchange for they the government stating they'd spend less. If they don't hold up to their end of the bargain, we wouldn't have to.
    We could set ourselves up for a trap, unless they included off budget items in the spending reductions.
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    Re: Tax bills in 2009 at lowest level since 1950

    Quote Originally Posted by Zyphlin View Post
    Not to mention the tax law reamining primarily the same is in essense saying that the Bush Tax cuts are still in effect. These tax cuts however are looking to expire here at the end of the year to my understanding. The continued comment and view of conservatives that "The democrats are going to raise taxes" largely is based on the notion that part of, if not all, of the Bush Tax Cuts will not be extended.

    Add Bush's Tax Cuts, mixed with numerous One Time tax credits, and an extremely poor and sluggish economy and employment situation and yeah, this isn't that surprising. If anything its a sad conflagration that will give cover for the coming argument to likely allow the Bush Tax Cuts to expire, or at least partially expire, so as to get tax revenue back up.
    As for the Bush tax cuts, I was in favor of them, but for them to be effective, spending cuts also had to be made, and this is the area that Bush screwed the pooch on.
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    Re: Tax bills in 2009 at lowest level since 1950

    Quote Originally Posted by danarhea View Post
    As for the Bush tax cuts, I was in favor of them, but for them to be effective, spending cuts also had to be made, and this is the area that Bush screwed the pooch on.
    He screwed far more than one pooch.
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    Re: Tax bills in 2009 at lowest level since 1950

    Quote Originally Posted by stekim View Post
    He screwed far more than one pooch.
    Fine. He screwed many, many pooches. Happy?
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    Re: Tax bills in 2009 at lowest level since 1950

    Quote Originally Posted by Harry Guerrilla View Post
    We could set ourselves up for a trap, unless they included off budget items in the spending reductions.
    Indeed. Could put into the legislation some kind of clause to where if off budget items occur that put the total expenditure above the point required by the agreement then people will recieve a tax credit on that years tax return of the amount they were erroniously taxed.

    IE, they authorize off budget emergency spending that raises it over the say, 5% reduction that was required of them. The next time income taxes roll around you get that extra 5% you were taxed BACK in your tax return since they failed to uphold their end of the bargain.

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    Re: Tax bills in 2009 at lowest level since 1950

    Quote Originally Posted by Burning Giraffe View Post
    Fine. He screwed many, many pooches. Happy?
    No, actually. I'm not happy at all. I'm pissed, in fact.
    Wow. Am I awesome or what?

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