Rave if you know that raising taxes will have little impact on reducing the deficit

Deputy Chief 2012/11/28 02:51:30

Republican congressional leaders, in their battle to extend the current low tax rates for all Americans, drive home Tuesday their argument that ending those rates for families earning more than $250,000 a year would produce only enough money to run the government for less than nine days.

The lawmakers pointed out that President Obama's tax rate plan would generate just $82.3 billion annually, as estimated by the non-partisan Congressional Budget Office. Republicans argue he should be focused on a more balanced approach that includes cuts to federal spending -- including to entitlement programs, such as Medicare, Medicaid and Social Security.

“The president's plan to increase taxes on the upper 2 percent (of American earners) covers the spending by this federal government not for eight years, not for eight months, not for eight weeks but for eight days,” Rep. Tom Price, R-Ga., said Tuesday on MSNBC.

It was a phrase he has repeated often since the elections three weeks ago and since talks resumed between Congress and the White House on a deal on taxes, spending and the deficit before the Bush-era tax rates expire and massive spending cuts automatically kick in Jan. 1.

The tax increases and spending cuts will equal about $500 billion in 2013. And roughly $1.2 trillion will be cut from the federal budget over the next 10 years should both sides fail to reach a deal.

Some economists say those scenarios could send the country over a “fiscal cliff," with a new recession likely.

Republicans have said they would consider increased revenue through tax reforms, such as closing loopholes, but they are opposed to tax rate changes on top incomes, which they say would barely put a dent in the budget.

“Eight days only,” Price continued Tuesday. “It's not a real solution. I’m puzzled by an administration that seems to be more interested in raising tack rates than in gaining economic vitality.”

The theory that the cuts would run the federal government for less than nine days is based on the daily operating cost being $9.69 billion – which would mean the $82.3 billion in cuts would cover only that period.

The president has a goal of cutting $4.4 trillion from the budget over the next 10 years.

Republicans over the past few days have agreed that additional revenue is needed to check the deficit, which has consistently topped $1 trillion in recent years. But they also criticize Democrats for not saying which specific cuts they will agree to.

“Republicans understand that we must avert the fiscal cliff and have laid out a framework to do so that is consistent with the ‘balanced’ approach the president says he wants,” Mike Steel, spokesman for House Speaker John Boehner, said Tuesday. “In contrast, Democrats in Congress have downplayed the danger of going over the cliff and continue to rule out sensible spending cuts that must be part of any significant agreement to reduce the deficit.”

Read more: http://www.foxnews.com/politics/2012/11/27/republicans-say-li...
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  • Larry M 2012/12/08 21:18:45
    Larry M
    Any additional revenues will find a new place to be spent, not one penny will go to lower the deficit.
  • Woof 2012/12/05 07:49:40
    We need spending cuts and until we do that no tax increase will help.

  • Mytstar ~PWCM~JLA 2012/12/02 23:53:27 (edited)
    Mytstar ~PWCM~JLA
    There is no way raising Taxes will EVER EVER EVER pull this country out of Debt....EVER... this country will have to stumble upon a gold mine the size of Texas to begin to recover from the debt Obama has created..... Raising taxes is like sticking your finger in the dyke to stop the flood
  • Beagle Mom 2012/12/02 04:38:27 (edited)
    Beagle Mom
    Why all the talk about raising taxes? The focus should be on getting people back to work, thus increasing the number of taxpayers and tax revenue.
  • Georgia50 2012/12/02 04:00:45 (edited)
    This president is determined to outspend receipts. Liberals have no problem with this approach and Republicans lack the resolve to block it. That process has been underway for four years. We are getting nothing from Washington but kabuki theater.
    liberals approach republicans resolve block process years washington kabuki theater

    Allow me to translate Washington DC's message to Americans represented in the above interpretive dance:
    kabuki theater translate washington dcs message americans represented interpretive dance

    Edit: in light of Rob Clary's worthy comments below, please read "underway for four years" instead as "underway for forty years."
  • Rob Clary Georgia50 2012/12/02 12:32:23
    Rob Clary
    Don't act like spending suddenly became an issue with Obama.
    Bush got that ball rolling - not Obama.
  • Georgia50 Rob Clary 2012/12/02 17:17:13
    Bush had 9/11 and Katrina to deal with. And deficits were headed down in the last two years of the Bush era. Deficit spending is one issue. Vastly outspending receipts until every last penny of federal tax receipts services the debt is quite another. In the latter scenario, government collapses.
  • Rob Clary Georgia50 2012/12/02 17:23:43
    Rob Clary
    I agree with you, but your outrage is very selective.
    Don't make excuses for Bush just because he has an "R".
    W Bush was a lousy president and huge spender. He gave us guns and butter, then put the whole thing on a credit card to come due to the next generation.
    Reagan did likewise.
    We need to get honest about this situation.
  • Georgia50 Rob Clary 2012/12/02 18:18:13
    With the GOP, there were conservatives all along who opposed excessive spending by Reagan and both Bushes. The Elder Bush was excoriated for breaking his "read my lips" pledge. We've been dragged kicking and screaming for 40 years. Granted, as debt gets leveraged against economic and population growth (successfully), some of that screaming ends up in the "boy who cried wolf" chorus. But we're moving past that slim gray line of comfort very rapidly.
  • Rob Clary Georgia50 2012/12/02 18:21:53
    Rob Clary
    Well Said!
    And I just keep the debate simple. Just pay for what you want. If the people want cradle to grave government care, fine. If we want the baddest military in the world, great!
    Don't demand all these things from the government, then carp over taxation.
  • Woof Georgia50 2012/12/05 07:55:10 (edited)
    The bubble started in the Clinton administration, this has been in route longer than we acknowledge. We were talking about the real estate bubble in the Clinton Administration and how they wanted to ease it a little because they didn't want it to get too big.
  • rbeas 2012/12/02 00:44:37
    1.7 more revenue in the coffers is something regardless of what you want to believe.. If you dont believe it, give me 1.7 trillion and see what I can buy.
  • Butterfly rbeas 2012/12/02 01:00:05
    Well , that would be the problem. We are trying to ,,,,,GET AWAY FROM SPENDING. Ha.
  • rbeas Butterfly 2012/12/02 01:04:30
    Thats exactly my point, collect it and give it to me. Dont spend it let me.
  • BabyBear 2012/12/01 23:31:28
    Raising taxes does not work. The government needs to cut expenses to lower the deficit.
  • VonDruid 2012/12/01 23:05:10
    The money that Obama keeps claiming that he can get by raising taxes on the upper 2% is a flat out lie and he knows it. The ones that should pay more, have their butts coverd from every angle, you can't get anymore money out of them. Everything the have is hidden in tax exempt trust funds, everything. The only ones that will be hit with higher taxes will be the small business owners, which will cripple their ability to maintain their businesses and create jobs. That will mean that Obama will come after the middle class next. He wants to raise the capitol gains tax, the people that get hit with that one are the family farms. They have land, but not much cash. If the parents die, the kids end up having to sell the farm to pay the taxes and there you go one less privately owned farm in the country, one less farm willing to grow organic veggies and clean meat and dairy. There should be a separate tax bracket just for the corporations, that needs to be taxed all to hell.
  • Kookieless The Sexy Nihilis... 2012/12/01 22:36:55
  • Butterfly 2012/12/01 21:09:32
    Rave, rave, rave.
  • Azrael-In GOD we trust 2012/12/01 20:06:36
    Azrael-In GOD we trust
    It does not work to keep raising taxes WITHOUT CUTTING GOVERNMENT SPENDING!!
  • Butterfly Azrael-... 2012/12/01 21:10:39
    See, that is common sense, that is, what is lacking by the DEMOCRATS/ liberals/ progressives/ statists.
  • Azrael-... Butterfly 2012/12/01 21:24:25
    Azrael-In GOD we trust
    You, myself and others like us know that.
    I think many of the left know that but they are either greedy (politicians) or people who wish the entitlements. They just wanna keep milking the ol' cow beyond the teats running dry-the teats are being pulled clear off.
  • Butterfly Azrael-... 2012/12/02 01:03:16
    However,,,,,,,that is obama's, real plan.
  • Azrael-... Butterfly 2012/12/03 01:37:13
    Azrael-In GOD we trust
    Yep-sadly it is.
  • Lerro DeHazel 2012/12/01 19:24:08
    Lerro DeHazel
    Raising Taxes is running the the most-successful businesses out of the State of California . . . But no one is noticing THAT . . . It's kind of being kept a Secret . . .
  • Butterfly Lerro D... 2012/12/01 21:11:32
    The rest of us know,,,,,,,not those ruining Calif. all the illegals, etc.
  • Diane Spraggs Yates 2012/12/01 19:09:48
    Diane Spraggs Yates
    Will pay 8 days of expenses !!!!!
  • Butterfly 2012/12/01 18:57:35
    Thank you for making this thread. Che keeps posting all the LIES BY THE LEFT, and propaganding (is that a word? ) those lies! He has me blocked, so I can't post real information and FACTS. I would say, if SOMEONE, on here has to do that; IT WOULD SAY,,,,,,,YOU ARE LYING, AND "I DON'T WANT,,,,,,REAL FACTS ON MY THREAD." Maybe, he is being PAID by obama, to post his crap?
  • Pat 2012/12/01 17:57:59
    Any moron knows that tax hikes will not stop at million- & billionaires.

    We need to dump ALL that idiot Bush's tax cuts to make a REAL difference.

    People are hurting.

    Entitlements MUST go UP!

    We should NEVER balance to budget on those more poor.
  • Rob Clary Pat 2012/12/01 18:49:10
    Rob Clary
    Raise taxes and increase spending?
    And how does this solve our deficit and economic issues? That would just compound the problems.
  • Butterfly Rob Clary 2012/12/01 19:38:58
    It does nothing. A drop in the bucket. This is just to punish, those who did well in America. Obamas tapping into all the people's jealousies, envy, and coveting what OTHERS HAVE. Except,,,,,,his money. lol
  • Pat Rob Clary 2012/12/02 06:09:04
    Compounds the problems of taxpayers.

    Helps the poor.
  • Butterfly Pat 2012/12/01 19:31:03
    Wait a minute. Raising taxes, ON THE ONLY GROUP, WHO ACTUALLY......PAY TAXES, ,,,,,in the first place, ,,,,,is not the answer. Almost,,,,50%, of people in the USA,,,,,,dont' pay,,,ANY TAXES,,,,,,,AT ALL! They, receive, back all kind of FREE money, from those who do pay. It has already been a level playing field. Child care/school credits? 1,000 per child. EIC? Over, 5,000 dollars. 5535? Maximum. A person with four kids, can get BACK, almost 10,000 dollars. More kids, more money back, There are other tax breaks. The basic ones, exemptions. standard deductions, IRA ETC.
    This is obama 'war' on those people,who are successful, and did well. Why do you want to ENVY, BE JEALOUS, COVET, what is someone's elses? If you you know the commandments, #10 thou shalt NOT COVET,,,,,ANYTHING,,,,ANYTHIN... IS THY NEIGHBORS. You want TO HELP OBAMA DESTROY AMERICA, and the American dream because so many people are,,,,,,JEALOUS?
  • Butterfly Butterfly 2012/12/01 19:33:08 (edited)
    BTW, obama is worth OVER 20 million, and ,,,,,,he, ,,,,,he,,,,,takes ALL THE TAX CREDITS, TO reduce ,,,,,HIS TAX LIABILITY. "Do as I say, but not DO, AS I DO."
    And, the wealthy ALREADY PAY EXTRA, ON AMT. Alternative Minumum Tax, form, in case the IRS feels, they DIDN'T PAY ENOUGH. They are taxed.....TWICE!
    ON THE SAME INCOME!!!!!!!!!!!
  • Azrael-... Butterfly 2012/12/01 21:29:28
    Azrael-In GOD we trust
    His Sheeple followers fair to realize that/are in denial that his wad of money is so great. Do they think he's poor? HAHAHAHA!!!!!
    Makes you wonder how people have gotten by until BO . . . . . . .
  • Butterfly Azrael-... 2012/12/02 01:08:38
    yes, they think he is poor, because he is 6% black. His mother and grandparents were 'wealthy. His grandmother,,,,,,WAS A BANKER. The Best of schools for obama.
  • Pat Butterfly 2012/12/02 06:09:48
    The poor aren't just jealous of those makng money.

    They NEED their money.
  • truthzx95 Pat 2012/12/02 17:42:55
    Poor people are almost always supporters of leftist politicians. O-blame-o teaches his supporters to HATE the very people who make it possible for their existence. You people are dumb.
  • Pat truthzx95 2012/12/02 18:04:02
    You're the one childishly calling people names, but I'm the hater?

    Not hardly.

    I LOVE government checks.
  • truthzx95 Pat 2012/12/02 19:40:41
    Of course you do. Loser.
  • Pat truthzx95 2012/12/02 20:15:34
    Name-calling's so mature.
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