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Corker: Why We Should Just Raise Taxes on Rich

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GOP Senator Corker making some good points except it doesn't just "appear" they don't want to raise taxes on the rich, they don't want to raise taxes on their biggest donors.

Corker: Why We Should Just Raise Taxes on Rich - Yahoo! Finance
cnbc-yline-and-rr-title-png-210454-png_052435.png
By Justin Menza | CNBC – 2 hours 31 minutes ago

Republicans need to let tax rates on the rich rise to change the "fiscal cliff" debate from taxes to more important entitlement reforms, Republican Sen. Bob Corker told CNBC on Monday.

"The best place for Republicans to be is to pass the rate increases, be done with it and then we're still focused on the right thing, which is entitlement changes," he said in an interview on "Squawk on the Street."

Over the weekend, Corker and a handful of other Republicans including Sen. Tom Coburn and Rep. Tom Cole, both from Oklahoma, signaled a willingness to Let taxes rise.

Corker said Republicans have put themselves in a very "awkward place" as it relates to taxes on the wealthy, since it makes it appear that the party is only trying to protect the rich.
[......]
Corker said that the House could change the "fiscal cliff" debate and Regain some Leverage from President Barack Obama by sending the Senate a bill that freezes taxes on 98% of Americans. If the House passed a second bill that dealt with taxes on the wealthy in some form, the discussion could move back to entitlements.

Right now, Corker said, he is worried that Republicans are not holding out for the type of entitlement reform that will help contain spending. [.....]
But he is right on in saying we have to get the right kind of cuts; entitlement cuts. We need permanent ones that ensure a more viable budget.
 
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GOP Senator Corker making some good points except it doesn't just "appear" they don't want to raise taxes on the rich, they don't want to raise taxes on their biggest donors.

Corker: Why We Should Just Raise Taxes on Rich - Yahoo! Finance
cnbc-byline-and-rr-title-png-210454-png_052435.png
By Justin Menza | CNBC – 2 hours 31 minutes ago

But he is right on in saying we have to get the right kind of cuts; entitlement cuts. We need lasting permanent ones that ensure a more viable budget.

Good luck with that, Obama is borrowing 1.2 trillion a yr, when he gets his tax hike that will raise 800 billion over 10 yrs. So now all Obama has to borrow is 1.1 trillion a yr. So the liberals are going to cut what?
 
Good luck with that, Obama is borrowing 1.2 trillion a yr, when he gets his tax hike that will raise 800 billion over 10 yrs. So now all Obama has to borrow is 1.1 trillion a yr. So the liberals are going to cut what?
Obama and the GOP congress Are borrowing. To the degree they are they are stimulating the economy putting more in than taking out.
One can argue this is irresponsible But not that it hurt/s the economy in the short run.

Any solution to the 'Cliff' either raises taxes or cuts spending.. or both.
Reducing the deficit means reducing the fake economy. So they are taking only small steps.
Resolving the The actual Cliff/Deficit of $1 Trillion would require Draconian Cuts and Rev rises and would be instant depression.
So we probably rightly take only a small dose now.
 
GOP Senator Corker making some good points except it doesn't just "appear" they don't want to raise taxes on the rich, they don't want to raise taxes on their biggest donors.

Corker: Why We Should Just Raise Taxes on Rich - Yahoo! Finance
cnbc-yline-and-rr-title-png-210454-png_052435.png
By Justin Menza | CNBC – 2 hours 31 minutes ago

But he is right on in saying we have to get the right kind of cuts; entitlement cuts. We need permanent ones that ensure a more viable budget.

Be specific which entitlements and how much do you think it will save?
 
Be specific which entitlements and how much do you think it will save?
Fair question.
Social Security is a pretty easy fix.. slowly adjust age and or contribution and or taxability or means test.

Medicare is numero Uno.
It's simply not viable. We can't have virtually free Medical care from 65-95 because you THINK you paid in enough.
Demograhically the people eligible are exploding. add in Med inflation of 7%.

I am dealing with 1 remaining elderly parent, but both lived 25 years under it's umbrella, taking probably $5 mil between them in care.
How much did they pay in? maybe 3% of that.
Bush II Added in Gratis Prescription Drug Benefits/Part D.
As my friend Kyle Bass says, "Obamacare is just a single bad day compared to Medicare".
Part D alone will run a bigger deficit than Social Security in the coming years. (Bass also)

What else to cut?
Farm subsidies. Especially the Ethanol Boondoggle.
Farmers are rolling in moola.
Big money owns much the the ag land now.

But Virtually everything needs to be cut Except one of the things the GOP is whining about- food stamps.
please.
Could say much more but that's the first tranche.
 
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Ummm Military should be at the top of your list! Before we get to Medicare or Medicade! We spend double what the rest of the world spends. One way to cut the military is to quit butting into other countries problems.
 
As I said, my list was just partial and virtually everything needs to be cut.
Military, should, can, and will be cut.
It's an easy one and no-brainer/must.
But it's going to be dwarfed by Medical care that is Swallowing the public and private treasuries.
 
Fair question.
Social Security is a pretty easy fix.. slowly adjust age and or contribution and or taxability or means test.

Medicare is numero Uno.
It's simply not viable. We can't have virtually free Medical care from 65-95 because you THINK you paid in enough.
Demograhically the people eligible are exploding. add in Med inflation of 7%.

I am dealing with 1 remaining elderly parent, but both lived 25 years under it's umbrella, taking probably $5 mil between them in care.
How much did they pay in? maybe 3% of that.
Bush II Added in Gratis Prescription Drug Benefits/Part D.
As my friend Kyle Bass says, "Obamacare is just a single bad day compared to Medicare".
Part D alone will run a bigger deficit than Social Security in the coming years. (Bass also)

What else to cut?
Farm subsidies. Especially the Ethanol Boondoggle.
Farmers are rolling in moola.
Big money owns much the the ag land now.

But Virtually everything needs to be cut Except one of the things the GOP is whining about- food stamps.
please.
Could say much more but that's the first tranche.

You people to returner later? Ok. Many work longer anyway. What to look at farm subsidies, go head (though lose much of the Midwest come election time).

But Medicare? You lose with the "because you think you paid enough comment." Healthcare is not something we should see vas a luxury. I have always thought is was a mistake to see treatment of illness and injury as a business. That's how you get "let em die comments."

Also, I would include cuts the military. Common sense cuts. Maybe be a little slower to go towar.
 
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But Medicare? You lose with the "because you think you paid enough comment." Healthcare is not something we should see vas a luxury. I have always thought is was a mistake to see treatment of illness and injury as a business. That's how you get "let em die comments."
I didn't lose.
I understand and explained the cost explosion.

You asked what would I cut. I told you under the current or similar circumstance.
If we raise/say DOUBLE Payroll taxes on everyone and/or introduce an National Sales tax/VAT we can keep it.
That's what other Universal Health care countries have to do.
But that assumes a whole new tax regimen not the current one or even close.

Math Rules.

Radley said:
Also, I would include cuts the military. Common sense cuts. Maybe be a little slower to go towar.
I agreed above already.
 
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I didn't lose.
Unlike you I understand and explained the cost explosion.

You asked what would I cut. I told you under the current or similar circumstance.
If we raise/say DOUBLE Payroll taxes on everyone and/or introduce an National Sales tax/VAT we can keep it.
That's what other Universal Health care countries have to do.
But that assumes a whole new tax regimen not the current one or even close.

Math Rules.

I agreed above already.

I mean you lose me. Not sure how I lose words on this iPad.
 
i'd rather see all of the rates return to 1990s levels, not just the top rate.
 
What happened the last time a government got it in their head that they could tax their citizens to the breaking point without fear of being held responsible? Oh ya, it was called a revolution. Britain was the super power at the time and their citizens maintained the highest standard of living the world had ever seen. Now America is in that position, and making the same mistakes Britain did. Taxation is not the answer.
 
Ummm Military should be at the top of your list! Before we get to Medicare or Medicade! We spend double what the rest of the world spends. One way to cut the military is to quit butting into other countries problems.
We spend three and a half times more (and growing) on health care than we spend on the military. You could defund the military entirely and Obama would still be running a deficit higher than all but one year under Bush.
 
Does anyone really believe this additional money from the "rich" is going to be paid toward the deficit?

And does anyone really believe substantive cuts are going to be made to entitlements?

Government has never gotten smaller. Why would it now under a president who BELIEVES in massive government?
 
Ummm Military should be at the top of your list! Before we get to Medicare or Medicade! We spend double what the rest of the world spends. One way to cut the military is to quit butting into other countries problems.
I think taking positions like this is a big reason why we have gotten this close to the abyss in the first place.

We're well past the point of being able to pick and choose which expenditures get cut and which ones are spared. With a 1.2 trillion dollar deficit, just raising the top tax bracket to 39.6% only cuts into that figure by 50-80 billion. Now we're at 1.13ish trillion. Not anywhere close to where we need to be. Cut the military? OK, let's lop 10% off the top. That saves us about 70 billion bringing our deficit number down to about 1.06 trillion. Still not anywhere close to where we need to be.

See where I'm going with this? We need to cut everywhere. Nothing should be safe at this point.
 
I am OK with the rich paying a little more IF it accompanied by spending cuts. Not promises of future spending cuts but immediate cuts that are implemented at the exact same time taxes go up.

What you're describing is the fiscal cliff everyone is freaking out about.
 

BINGO.

The rightwing noise machine has worked endlessly to promote the meme that SS is "broke' or is a Ponzi Scheme. In fact it's the most secure, best funded, best managed fund in the world. Nothing is even close.

As to Medicare -- yep that's a real problem. Obamacare might help for a while, but the only real answer is single payer. Pay for service in health care is the wrong model for numerous well-known and well-researched reasons.
 
BINGO.

The rightwing noise machine has worked endlessly to promote the meme that SS is "broke' or is a Ponzi Scheme. In fact it's the most secure, best funded, best managed fund in the world. Nothing is even close.

As to Medicare -- yep that's a real problem. Obamacare might help for a while, but the only real answer is single payer. Pay for service in health care is the wrong model for numerous well-known and well-researched reasons.

I don't know about your characterization of your opponents, but SS is well funded. Except when we have to start paying even more taxes to pay back the IOU's that represent the borrowing from the Social Security Trust fund.

If the medical profession goes to single payer, I hope the legal profession does as well.
 
I don't know about your characterization of your opponents, but SS is well funded. Except when we have to start paying even more taxes to pay back the IOU's that represent the borrowing from the Social Security Trust fund.

If the medical profession goes to single payer, I hope the legal profession does as well.

The problem isn't with SS itself, but with the government borrowing money from it. It's disgusting.
 
I think taking positions like this is a big reason why we have gotten this close to the abyss in the first place.

We're well past the point of being able to pick and choose which expenditures get cut and which ones are spared. With a 1.2 trillion dollar deficit, just raising the top tax bracket to 39.6% only cuts into that figure by 50-80 billion. Now we're at 1.13ish trillion. Not anywhere close to where we need to be. Cut the military? OK, let's lop 10% off the top. That saves us about 70 billion bringing our deficit number down to about 1.06 trillion. Still not anywhere close to where we need to be.

See where I'm going with this? We need to cut everywhere. Nothing should be safe at this point.

Lets lop off 40% at 10% we are doing nothing we spend double what the rest of the world combined on Military. We could cut it 50% to 60% and still be able to defend our nation! So lets gets serious. 20% on Medicare and Medicade would still not get us there. Then go after corporate welfare. Believe me there is money to be found. We could raise the top rate to 45% as well. Remeber I am for letting all the tax cuts expire.
 
Lets lop off 40% at 10% we are doing nothing we spend double what the rest of the world combined on Military. We could cut it 50% to 60% and still be able to defend our nation! So lets gets serious. 20% on Medicare and Medicade would still not get us there. Then go after corporate welfare. Believe me there is money to be found. We could raise the top rate to 45% as well. Remeber I am for letting all the tax cuts expire.

I too believe the military can be reduced, but I really appreciate the Navy keeping the sea lanes open. The British used to do that in the 1700 and 1800's and part of hte 1900's and now it is the US. Oh, and I really like having Aircraft Carriers show up after natural disasters to help rescue people. I bet a few Indonesians studied who Abraham Lincoln was when they heard about this huge ship bearing his name was helping rescue their citizens. Yeah, I like aircraft carriers. What kind of stuff does the military do that you like and wouldn't want cut?
 
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