View Poll Results: Which do you choose

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  • Cut spending to match revenue and default on the debt

    3 10.71%
  • Cut spending to match revenue and pay the debt service from that revenue

    17 60.71%
  • Other (specify)

    8 28.57%
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Thread: If the debt ceiling is not raised...

  1. #61
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    Re: If the debt ceiling is not raised...

    Quote Originally Posted by cpwill View Post
    unless, of course, it was matched with a prebate. but that's a debate for another thread.
    The person I replied to stated that there should not be any tax loopholes.

  2. #62
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    Re: If the debt ceiling is not raised...

    Quote Originally Posted by phattonez View Post
    If they're supposedly sitting on it, then how will a capital gains tax get that money back?
    Two seprate things. I didn't say they weren't still investing.

    And what about people like me who invest extra income in order to get a better interest rate on my savings? Why should I be harmed when I already pay an income tax on that money?
    It is income is it not? Why should you pay less on this income than a guy digging ditches? You can say that one is helping create something but so is the guy building the new business.

  3. #63
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    Re: If the debt ceiling is not raised...

    Quote Originally Posted by phattonez View Post
    What's laughable to me is that people make the claim that the rich are just sitting on this cash. That is nonsense. Anyone with half a brain would have their wealth in some kind of commodity or some investment. Nobody would have their money in a savings account or just stuffed into their mattress. That's an investment scheme that is a sure loser. If we want the rich to invest in companies again as opposed to just securing their wealth, then maybe we should stop messing with the monetary base so that investors can make more accurate predictions about future costs of production. That more than anything else (though threats of new taxation and regulations are up there as well) is what is prohibiting investment in expansion and hiring.
    Rolling their money over and over into things like energy stocks is likely more damaging to the economy than sitting on it. This is a part of the term "sitting on it". They are not creating anything, just messing with prices.

    It's why I said that we should tax trades also.
    Last edited by 1Perry; 07-12-11 at 07:51 PM.

  4. #64
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    Re: If the debt ceiling is not raised...

    An excellent solution to this debt ceiling stalemate was proposed today...by Mitch McConnell, of all people. The National Review has the details:
    More Contingency Plan - By Rich Lowry - The Corner - National Review Online

    I am 100% supportive of this plan. It essentially allows the minority party to continue using the debt ceiling the way it's always been used - to embarrass the party in power - without giving them the ability to actually cut off our nation's access to credit. Essentially, the debt ceiling would automatically increase unless Congress cast a vote of disapproval (which the president could veto, and could only be overridden by a two-thirds majority in both houses). I hope that this solution can garner bipartisan support. Not only will it provide a way out of THIS standoff, but it will prevent this kind of close call from occurring again in the future.
    Are you coming to bed?
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  5. #65
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    Re: If the debt ceiling is not raised...

    Quote Originally Posted by 1Perry View Post
    It is income is it not? Why should you pay less on this income than a guy digging ditches? You can say that one is helping create something but so is the guy building the new business.
    I never implied that I supported the income tax.

    Who shall ascend the hill of the Lord? And who shall stand in his holy place? He who has clean hands and a pure heart, who does not lift up his soul to what is false, and does not swear deceitfully. Psalm 24
    "True law is right reason in agreement with nature . . . Whoever is disobedient is fleeing from himself and denying his human nature [and] will suffer the worst penalties . . ." - Cicero

  6. #66
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    Re: If the debt ceiling is not raised...

    Quote Originally Posted by 1Perry View Post
    Rolling their money over and over into things like energy stocks is likely more damaging to the economy than sitting on it. This is a part of the term "sitting on it". They are not creating anything, just messing with prices.

    It's why I said that we should tax trades also.
    They are doing it because it is profitable, and it is profitable because of manipulation of the monetary base. You're looking at proximate causes and not the ultimate cause.

    Who shall ascend the hill of the Lord? And who shall stand in his holy place? He who has clean hands and a pure heart, who does not lift up his soul to what is false, and does not swear deceitfully. Psalm 24
    "True law is right reason in agreement with nature . . . Whoever is disobedient is fleeing from himself and denying his human nature [and] will suffer the worst penalties . . ." - Cicero

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