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Thread: GOP 2012 budget to make $4 trillion-plus in cuts

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    Re: GOP 2012 budget to make $4 trillion-plus in cuts

    Quote Originally Posted by cpwill View Post
    oh, that upsets you? tell us, then, what your feelings are on the House 2012 budget closing those loopholes and ending corporate welfare?
    I'll believe they can accomplish that miracle when I see it. Those same corporations that get welfare also have lobbyists and donate to campaigns, after all.

    But, I could be wrong. My cynicism proves right only about 90% of the time, after all.
    "Donald Trump is a phony, a fraud... [he's] playing the American public for suckers." Mitt Romney

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    Re: GOP 2012 budget to make $4 trillion-plus in cuts

    Politicians only do what the voters let them get away with. I blame a lot of this on the Early 20th Century Progressives and the move to make Senators elected by "the people". All that did was ENSURE such stupidity.
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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    Re: GOP 2012 budget to make $4 trillion-plus in cuts

    Quote Originally Posted by MrVicchio View Post
    Politicians only do what the voters let them get away with. I blame a lot of this on the Early 20th Century Progressives and the move to make Senators elected by "the people". All that did was ENSURE such stupidity.
    Repealing the 17th would fix a lot!
    Welfare (Food Stamps, WIC, etc...) are not entitlements. They are taxpayer funded handouts and shouldn't be called entitlements at all. Social Security and Veteran's benefits are 'Entitlements' because the people receiving them are entitled to them. They were earned and paid for by the recipients.

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    Re: GOP 2012 budget to make $4 trillion-plus in cuts

    Quote Originally Posted by Hugh_Akston View Post
    So you are in support of a flat tax where corporations can't play the system? That's great news!!!
    Actually, a flat tax would be perfect. Exempt food, medicine, school supplies, and rent / mortgage for actual persons. For corporations, exempt raw materials, so that products are not taxed twice. Also, eliminate offshore exemptions, which encourage corporations to change their mailing addresses to PO boxes in the Cayman Islands.
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    Re: GOP 2012 budget to make $4 trillion-plus in cuts

    Quote Originally Posted by danarhea View Post
    Actually, a flat tax would be perfect. Exempt food, medicine, school supplies, and rent / mortgage for actual persons. For corporations, exempt raw materials, so that products are not taxed twice. Also, eliminate offshore exemptions, which encourage corporations to change their mailing addresses to PO boxes in the Cayman Islands.
    A flat tax would eliminate the IRS, eliminate the gargantuan tax code, eliminate loopholes that companies like GE utilize and everyone pays their fair share. Everyone pays the same percentage on what they purchase. You purchase more, you pay more in taxes.

    I figured out roughly what I would be paying a couple of years ago. I would be paying about $450-500 more per year in taxes and the government would save billions by eliminating the IRS. It's a win-win for government (more in revenue generated from taxes and eliminating the money pit that the IRS is). Of course the "tax the evil rich bastards" crowd would never go for such a thing, even though it makes complete sense and saves the government billions per year while generating more in tax revenue.
    Welfare (Food Stamps, WIC, etc...) are not entitlements. They are taxpayer funded handouts and shouldn't be called entitlements at all. Social Security and Veteran's benefits are 'Entitlements' because the people receiving them are entitled to them. They were earned and paid for by the recipients.

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    Re: GOP 2012 budget to make $4 trillion-plus in cuts

    Some issues:

    Quote Originally Posted by danarhea View Post
    Exempt food, medicine, school supplies, and rent / mortgage for actual persons.
    Unfortunately, that would eliminate 40%-50% of the tax base, meaning the tax rates would have to be quite high to raise revenue similar to current levels of revenue.

    U.S. Department of Commerce. Bureau of Economic Analysis

    Indeed, I believe this tax base issue is the reason Dick Armey proposed a flat tax with no deductions other than a large personal exemption. His flat tax plan contained no mortgage interest deduction, no state/local taxes deduction, etc., but offered a very low tax rate.

    For corporations, exempt raw materials, so that products are not taxed twice.
    Exempting only raw materials would create a bias in favor of firms that consume a lot of raw materials. Hence, among other things, professional services firms would be at a decided disadvantage relative to manufacturing firms when it comes to the tax code, even as knowledge/information-intensive industries are growing relatively more important on a global basis.

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    Re: GOP 2012 budget to make $4 trillion-plus in cuts

    Quote Originally Posted by donsutherland1 View Post
    Some issues:



    Unfortunately, that would eliminate 40%-50% of the tax base, meaning the tax rates would have to be quite high to raise revenue similar to current levels of revenue.

    U.S. Department of Commerce. Bureau of Economic Analysis

    Indeed, I believe this tax base issue is the reason Dick Armey proposed a flat tax with no deductions other than a large personal exemption. His flat tax plan contained no mortgage interest deduction, no state/local taxes deduction, etc., but offered a very low tax rate.



    Exempting only raw materials would create a bias in favor of firms that consume a lot of raw materials. Hence, among other things, professional services firms would be at a decided disadvantage relative to manufacturing firms when it comes to the tax code, even as knowledge/information-intensive industries are growing relatively more important on a global basis.
    In 2009 47% of the income earners didn't pay any Federal Income taxes anyway and in my opinion that is a travesty

    http://www.nytimes.com/2010/04/14/bu...leonhardt.html

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    Re: GOP 2012 budget to make $4 trillion-plus in cuts

    Quote Originally Posted by Conservative View Post
    In 2009 47% of the income earners didn't pay any Federal Income taxes anyway and in my opinion that is a travesty

    http://www.nytimes.com/2010/04/14/bu...leonhardt.html
    The current tax code has many issues. It is not ideal by any stretch of the imagination.

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    Re: GOP 2012 budget to make $4 trillion-plus in cuts

    Quote Originally Posted by Dittohead not! View Post
    I'll believe they can accomplish that miracle when I see it. Those same corporations that get welfare also have lobbyists and donate to campaigns, after all.

    But, I could be wrong. My cynicism proves right only about 90% of the time, after all.
    Ryan knows if he doesn't keep this thing revenue neutral then his argument for cutting rates is f&$*ed, and so is he. I generally trust politicians to look after their personal political interests.

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    Re: GOP 2012 budget to make $4 trillion-plus in cuts

    Quote Originally Posted by Hugh_Akston View Post
    A flat tax would eliminate the IRS, eliminate the gargantuan tax code, eliminate loopholes that companies like GE utilize and everyone pays their fair share. Everyone pays the same percentage on what they purchase. You purchase more, you pay more in taxes.

    I figured out roughly what I would be paying a couple of years ago. I would be paying about $450-500 more per year in taxes and the government would save billions by eliminating the IRS. It's a win-win for government (more in revenue generated from taxes and eliminating the money pit that the IRS is). Of course the "tax the evil rich bastards" crowd would never go for such a thing, even though it makes complete sense and saves the government billions per year while generating more in tax revenue.
    While I agree with this completely, anything short of a mob in the street and public beheadings won't get this done.

    The tax code is complicated and befuddling by design. To get rid of it would be to virtually eliminate any and all power held by those we elect. They won't give that up, either side, without anything short of civil war.

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