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House Passes Budget Blueprint, Clearing Path for Tax Overhaul

danarhea

danarhea

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House Republicans were “asked to vote for a budget that nobody believes in so that we have the chance to vote for a tax bill that nobody’s read,” Representative Matt Gaetz, Republican of Florida, complained this week.
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This quote I picked out of the article pretty much says it all. The Republican leadership wanted to pass that tax bill that nobody has read as part of this vote, but this was stopped by...... Wait for it..... Republicans. Good move. There are a lot of Republicans out there who don't like the way this is being pushed, and they are going to fight it. Will a tax deal be done in the next 3 weeks, which is all the time they have? Doubtful. Should the tax code be overhauled? Yes, but before voting on something, people need to read it, and not just trust those who crafted the bill to be honest. To those Republicans who are now holding up the deal until they see what's in it - Stay strong.

Now to my main point. Here's the deal - We just ended a fiscal year going into debt by another 80 billion dollars. This is all on Obama. Moving forward, additional deficits will be all on Trump, and the budget they are looking to pass will add at least another 150 billion on top of that. This can't go on forever. Eventually, this monetary house of cards is going to come crashing down upon us all, and 1929 will seem like a walk in the park. Think Weimar Republic here. So the discussion I would like to see here is the following:

1) Is a tax cut appropriate at this time?

2) If so, who gets it and who doesn't?

3) What should be cut, and by how much?

4) Do we renege on what we owe to foreign nations by telling them that we can no longer afford to meet our obligations, essential telling the world that we are bankrupt? What would be the implications of such a move?

5) Is the military, and those who manufacture arms, getting too big of the slice of pie here? Should that be cut a bit?

6) What about our own decaying infrastructure? What do we do here? Trump is correct when he says that we must do something about it, but can we afford to do it and cut taxes at the same time?

7) What about Social Security? This is something that is paid for by employee contributions. Do we use that for other purposes?

8) What about all those tax breaks for corporations and the rich? While Trump talks about lowering taxes, he also talks about eliminating all those tax breaks. Will that keep us from going deeper into debt?

9) Finally, what about aspects of this that I haven't mentioned, but you think up? Let's talk about that too.

10) This line intentionally left blank, so that this becomes a top 10 - LOL.

Think about it. If this was our own household finances we are talking about, we would all be homeless. So, just like we prepare our own household budgets, let's try, as an experiment, to come up with one that will keep America out of the poor house. You know, I think Parker Brothers might be able to come up with a game based on this issue. This could actually be fun. Let's all be polite to each other, and play this game.

https://www.nytimes.com/2017/10/26/...st-column-region®ion=top-news&WT.nav=top-news
 
danarhea said:
This quote I picked out of the article pretty much says it all. The Republican leadership wanted to pass that tax bill that nobody has read as part of this vote, but this was stopped by...... Wait for it..... Republicans. Good move. There are a lot of Republicans out there who don't like the way this is being pushed, and they are going to fight it. Will a tax deal be done in the next 3 weeks, which is all the time they have? Doubtful. Should the tax code be overhauled? Yes, but before voting on something, people need to read it, and not just trust those who crafted the bill to be honest. To those Republicans who are now holding up the deal until they see what's in it - Stay strong.

Now to my main point. Here's the deal - We just ended a fiscal year going into debt by another 80 billion dollars. This is all on Obama. Moving forward, additional deficits will be all on Trump, and the budget they are looking to pass will add at least another 150 billion on top of that. This can't go on forever. Eventually, this monetary house of cards is going to come crashing down upon us all, and 1929 will seem like a walk in the park. Think Weimar Republic here. So the discussion I would like to see here is the following:

1) Is a tax cut appropriate at this time?

2) If so, who gets it and who doesn't?

3) What should be cut, and by how much?

4) Do we renege on what we owe to foreign nations by telling them that we can no longer afford to meet our obligations, essential telling the world that we are bankrupt? What would be the implications of such a move?

5) Is the military, and those who manufacture arms, getting too big of the slice of pie here? Should that be cut a bit?

6) What about our own decaying infrastructure? What do we do here? Trump is correct when he says that we must do something about it, but can we afford to do it and cut taxes at the same time?

7) What about Social Security? This is something that is paid for by employee contributions. Do we use that for other purposes?

8) What about all those tax breaks for corporations and the rich? While Trump talks about lowering taxes, he also talks about eliminating all those tax breaks. Will that keep us from going deeper into debt?

9) Finally, what about aspects of this that I haven't mentioned, but you think up? Let's talk about that too.

10) This line intentionally left blank, so that this becomes a top 10 - LOL.

Think about it. If this was our own household finances we are talking about, we would all be homeless. So, just like we prepare our own household budgets, let's try, as an experiment, to come up with one that will keep America out of the poor house. You know, I think Parker Brothers might be able to come up with a game based on this issue. This could actually be fun. Let's all be polite to each other, and play this game.

https://www.nytimes.com/2017/10/26/...st-column-region®ion=top-news&WT.nav=top-news
Click to expand...

This gop budget is something that only the ghost of Andrew Mellon would write.
 
Unitedwestand13 said:
This gop budget is something that only the ghost of Andrew Mellon would write.
Click to expand...

But what would YOU do. I am asking for people to contribute to an experimental game called Writing the Budget. How you might feel about the GOP budget is irrelevant to what I am asking in this thread. Don't point fingers. Give me an answer. What would YOU do?
 
danarhea said:
But what would YOU do. I am asking for people to contribute to an experimental game called Writing the Budget. How you might feel about the GOP budget is irrelevant to what I am asking in this thread. Don't point fingers. Give me an answer. What would YOU do?
Click to expand...

I would first go through every single item of federal finances and identify what is considered essential programs and measure the overall effect that said programs have on American society.

Next I would change the tax code to reflect the developments of the modern economy: find new sources of revenue and modernize the way taxes are collected.
 
danarhea said:
This quote I picked out of the article pretty much says it all. The Republican leadership wanted to pass that tax bill that nobody has read as part of this vote, but this was stopped by...... Wait for it..... Republicans. Good move. There are a lot of Republicans out there who don't like the way this is being pushed, and they are going to fight it. Will a tax deal be done in the next 3 weeks, which is all the time they have? Doubtful. Should the tax code be overhauled? Yes, but before voting on something, people need to read it, and not just trust those who crafted the bill to be honest. To those Republicans who are now holding up the deal until they see what's in it - Stay strong.

Now to my main point. Here's the deal - We just ended a fiscal year going into debt by another 80 billion dollars. This is all on Obama. Moving forward, additional deficits will be all on Trump, and the budget they are looking to pass will add at least another 150 billion on top of that. This can't go on forever. Eventually, this monetary house of cards is going to come crashing down upon us all, and 1929 will seem like a walk in the park. Think Weimar Republic here. So the discussion I would like to see here is the following:

1) Is a tax cut appropriate at this time?

2) If so, who gets it and who doesn't?

3) What should be cut, and by how much?

4) Do we renege on what we owe to foreign nations by telling them that we can no longer afford to meet our obligations, essential telling the world that we are bankrupt? What would be the implications of such a move?

5) Is the military, and those who manufacture arms, getting too big of the slice of pie here? Should that be cut a bit?

6) What about our own decaying infrastructure? What do we do here? Trump is correct when he says that we must do something about it, but can we afford to do it and cut taxes at the same time?

7) What about Social Security? This is something that is paid for by employee contributions. Do we use that for other purposes?

8) What about all those tax breaks for corporations and the rich? While Trump talks about lowering taxes, he also talks about eliminating all those tax breaks. Will that keep us from going deeper into debt?

9) Finally, what about aspects of this that I haven't mentioned, but you think up? Let's talk about that too.

10) This line intentionally left blank, so that this becomes a top 10 - LOL.

Think about it. If this was our own household finances we are talking about, we would all be homeless. So, just like we prepare our own household budgets, let's try, as an experiment, to come up with one that will keep America out of the poor house. You know, I think Parker Brothers might be able to come up with a game based on this issue. This could actually be fun. Let's all be polite to each other, and play this game.

https://www.nytimes.com/2017/10/26/...st-column-region®ion=top-news&WT.nav=top-news
Click to expand...

1) No. We need to raise taxes in order to balance the budget. Economy is very healthy. This is the best time to have higher taxes.
2) N/A
3) N/A
4) No, why in the world would we do that?? Not only is it not necessary, but it would be detrimental to the US.
5) Cut it by more than a bit. We can afford to cut it by 30% easily.
6) I'm not opposed to some infrastructure spending, even though I don't think it's the optimal time.
7) No, this is comparable to #4. Reneging on a debt.
8) I haven't seen him support removing any tax deductions besides things like Mortgage Interest Deduction & S&L tax deduction, which significantly benefit middle class families.
9) I'd prefer to have capital gains tax brackets, just as we have them with ordinary income. People making $100 million from a stock sale should be taxed at a rate that is closer to the ordinary income tax rate.
 
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