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Thread: Obama budget resurrects rejected tax increases

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    Re: Obama budget resurrects rejected tax increases

    Quote Originally Posted by ptif219 View Post
    These are the taxes you beloved leader wants to put on us.The highest in history
    Might not be my choice, as I woudl support just letting the Bush tax cuts expire. But, the concept that there needs to be an increase in taxes is sound. It is just a matter of which ones.

    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: Obama budget resurrects rejected tax increases

    Quote Originally Posted by Boo Radley View Post
    Might not be my choice, as I woudl support just letting the Bush tax cuts expire. But, the concept that there needs to be an increase in taxes is sound. It is just a matter of which ones.
    "But the economy is bad , we can't raise taxes to pay down the deficit, it'll be worse!".

    "But the economy is good, we can't raise taxes to pay down the deficit, it'll make it bad!".

    Pretty much what I get from these people.

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    Re: Obama budget resurrects rejected tax increases

    Tax hikes may be inevitable.

    However, they should be the weapon (yes, I used a violent image here... so ****ing shoot me - yes, that was another one, so what) of last resort in the fight to lower the deficit, debt, and bring this country back to some semblance of fiscal sanity and solvency.

    Only AFTER all waste, fraud and abuse has been removed from the budget and from government in general, should a tax increase even be discussed. We have to spend what we have WISELY, before having the balls to ask for more.

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    Re: Obama budget resurrects rejected tax increases

    Quote Originally Posted by Whovian View Post
    Tax hikes may be inevitable.

    However, they should be the weapon (yes, I used a violent image here... so ****ing shoot me - yes, that was another one, so what) of last resort in the fight to lower the deficit, debt, and bring this country back to some semblance of fiscal sanity and solvency.

    Only AFTER all waste, fraud and abuse has been removed from the budget and from government in general, should a tax increase even be discussed. We have to spend what we have WISELY, before having the balls to ask for more.
    This is the problem with America though, the abuse in your system is so rampant, I do not actually see the point in raising taxes at this point.

    The problem is, unless you tackle SS, Medicare and Defense Spending, you ain't doing **** to the budget. But no politician wants to step up to that plate.

    I think the above, combined with slight tax increases across the board would have a vast impact on the deficit, but that simply isn't going to happen, everyone in Washington can keep sticking their heads in the sand to stay politically expedient, but the fact is, they're delaying a catastrophe.

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    Re: Obama budget resurrects rejected tax increases

    Quote Originally Posted by Jetboogieman View Post
    This is the problem with America though, the abuse in your system is so rampant, I do not actually see the point in raising taxes at this point.

    The problem is, unless you tackle SS, Medicare and Defense Spending, you ain't doing **** to the budget. But no politician wants to step up to that plate.

    I think the above, combined with slight tax increases across the board would have a vast impact on the deficit, but that simply isn't going to happen, everyone in Washington can keep sticking their heads in the sand to stay politically expedient, but the fact is, they're delaying a catastrophe.
    Exactly right. but it isn't just Washington. It's the disconnect the public has that factors into this as well.

    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: Obama budget resurrects rejected tax increases

    Quote Originally Posted by Boo Radley View Post
    Exactly right. but it isn't just Washington. It's the disconnect the public has that factors into this as well.
    Especially when everyone says "we'll eliminate earmarks as part of cutting spending" yeah, while everyone ignores the elephant in the room.

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    Re: Obama budget resurrects rejected tax increases

    I think we are ignoring the elephant in the room ~

    "Obama's new budget puts forward a plan to achieve $1.1 trillion in deficit reductions over the next decade, according to an administration official who spoke to the Associated Press on condition of anonymity in advance of the formal release of the budget.

    Those reductions -- averaging just over $100 billion each year -- are achieved mainly by squeezing social programs. A deal struck to extend the Bush tax cuts for just two years, meanwhile, increased the deficit by $858 billion dollars. More than $500 billion of that bargain constituted tax cuts, with billions more funding business tax breaks and a reduction in the estate tax. Roughly $56 billion went to reauthorize emergency unemployment benefits.

    The president's budget was expected to mostly target "non-defense discretionary spending," which makes up less than one-quarter of the overall budget, making balancing the budget with such cuts mathematically impossible.

    Indeed, the driver of the deficit is tax cuts. The Wall Street Journal is reporting that as a result of the tax cut deal, the projected deficit in Obama's budget will reach a "record" level of $1.6 trillion this year, though that figure, relative to the size of the American economy, is far lower than many other governments around the world, according to data compiled by the Central Intelligence Agency. And the relative deficit is well below the levels of the 1940s, a time of economic prosperity. "President Barack Obama's 2012 budget proposal projects this year's deficit will reach $1.6 trillion, the largest on record, as December's tax-cut deal begins to reduce federal revenues, a senior Democrat said Sunday," the Journal reported Sunday evening. (The deficit is only a record if it is neither adjusted for inflation nor considered relative to the size of GDP.)"
    Obama Budget Proposal: Cuts To Target Working Poor, Middle Class & Students (LIVE UPDATES)
    Last edited by Catawba; 02-15-11 at 02:49 PM.
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    Re: Obama budget resurrects rejected tax increases

    Quote Originally Posted by Boo Radley View Post
    Exactly right. but it isn't just Washington. It's the disconnect the public has that factors into this as well.
    Boo you should know better than this. Social security is not a driver of the current deficit, even the president said so today at his press conference. It needs to be adjusted like they did in the 80's to insure it will be viable down the road. Same goes for medicare although the problems are harder to fix.

    Politicians seem to be throwing social security and medicare into the pot because it is a good scare tactic. remember those programs are funded by seperate taxes. Neither program is being funded by general funds. Also putting that money aside shows just how difficult the problem is, which none of these pols want to acknowledge.

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    Re: Obama budget resurrects rejected tax increases

    Quote Originally Posted by washunut View Post
    Boo you should know better than this. Social security is not a driver of the current deficit, even the president said so today at his press conference. It needs to be adjusted like they did in the 80's to insure it will be viable down the road. Same goes for medicare although the problems are harder to fix.

    Politicians seem to be throwing social security and medicare into the pot because it is a good scare tactic. remember those programs are funded by seperate taxes. Neither program is being funded by general funds. Also putting that money aside shows just how difficult the problem is, which none of these pols want to acknowledge.
    Driver? Not sure that is the word I used, but the largest components of the budget involve Medicare, SS, and the military. You have to address that if cuts are the way you want to go. I would target some specific cuts in the three, restructure in some cases, and increase taxes as we move forward. These things provide a service, and are important. However, leaving things as they is not wise. And if the deficit is a concern, you have to propose a plan that will actually reduce, and not just elect republicans and forget about it.

    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: Obama budget resurrects rejected tax increases

    Quote Originally Posted by washunut View Post
    Boo you should know better than this. Social security is not a driver of the current deficit, even the president said so today at his press conference.
    1. it is projected to be in the near future
    2. if you give me back 7.65% + payroll 7.65%, you've left some wiggle room for increases in other tax rates some, effectively making elimination of entitlements able to potentiall "bring in more tax revenue". It's all coming from my pocket either way right?

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