Doing only spending cuts and austerity measures will only slow the growth of the economy, and force the public sector to cut their resources so bare bones, that recovery might never really happen again. This government cannot continue down the path of privatizing profits and publicizing its debt. There has to be more of a balance.
People forget that when government shrinks, real jobs in the public sector are being lost, which to any given American, is a job. While it's great that the private sector is picking back up again, we won't truly see a nationwide recovery until the public sector also stops bleeding jobs.
Bush-era tax cuts have to expire. This is an 750+ billion dollar boondoggle that has not incentivized the wealthiest taxpayers in this country to create more of anything other than more wealth for themselves. Of this total tax cut package, just over $400B is going to the top 5% of wealthiest Americans, while the remaining alottment goes to the bottom 95%. That is not a fiscally responsible spending measure, and it has clearly been doing more harm than good.
Should we raise taxes on the RICH or cut SPENDING??!!
BlueRepublican
2012/05/08 21:42:56
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This seems to be the argument. The left wants to solve our deficit problems by raising raxes on the rich and using the generated revenue to balance the budget. The right opposes any measure to raise taxes and endorses cutting the pork.
Raising taxes on the rich may be a popular move for the President to campaign especially during an election year. Most Americans are still understandably upset about the economic situation and Wall-Street bail-outs of wealthy bankers and CEO's.
Raising taxes on the wealthy was even endorsed by famous Berkshire Billionaire Warren Buffett. The DNC has capitalized on this momentum as expected.
The GOP paints a different picture. One of uncontrolled spending, unbalanced budgets and MASSIVE national debt. They argue that we cannot raise taxes on the 'job creators' at this time. The GOP leadership feels that austerity measures and cuts all-across-the-board are necessary.
The stakes are high. In Europe the wealthy are leaving due to outrageous proposed tax hikes up to 75% in some countries. Due to recent unpopular but necessary austerity measures taken by some countries in Europe, people have taken to the street in protest of cuts to their 'entitlements', so.....
What do YOU think?
Should we raise taxes on the RICH or cut SPENDING??!!
Raising taxes on the rich may be a popular move for the President to campaign especially during an election year. Most Americans are still understandably upset about the economic situation and Wall-Street bail-outs of wealthy bankers and CEO's.
Raising taxes on the wealthy was even endorsed by famous Berkshire Billionaire Warren Buffett. The DNC has capitalized on this momentum as expected.
The GOP paints a different picture. One of uncontrolled spending, unbalanced budgets and MASSIVE national debt. They argue that we cannot raise taxes on the 'job creators' at this time. The GOP leadership feels that austerity measures and cuts all-across-the-board are necessary.
The stakes are high. In Europe the wealthy are leaving due to outrageous proposed tax hikes up to 75% in some countries. Due to recent unpopular but necessary austerity measures taken by some countries in Europe, people have taken to the street in protest of cuts to their 'entitlements', so.....
What do YOU think?
Should we raise taxes on the RICH or cut SPENDING??!!
Top Opinion
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scbluesman13 2012/05/08 22:26:27
http://www.wthr.com/video?cli...
If there is a second Obama/Biden term, you can rest assured that the country will go into such financial disaster from their policies that Joe's boys WON'T be able to afford the Presidency or WHATEVER THEY WANT TO ACHIEVE. Those days will be gone.
It's not so much raising the tax rate as it is amending the Tax Code. The 6 brackets we have are stupid. We need to collect less from the low-end -- paying 15% on $50K leaves you with $35K, while paying 35% on $1M leaves you with $650K. Sure, $350K in taxes is a lot, but you have a lot more left. And brackets need to be adjusted. And, of course, close loopholes and eliminate credits. The fact that someone named Koch or Rockefeller gets a government subsidy for ANYTHING is outrageous.
Before you call me a Liberal, don't forget that the $35K family pays the same sales taxes, buys the same food, gas, utilities, and holds a mortgage/pays rent, etc. as the $650K family. I'm not saying punish the rich; I'm saying the less successful need more help.
Since the "job creators" haven't created one job in 7 years, that argument is dead. Congress doesn't EVER suggest giving up any of its perks or policing its own house better. Our government is so full of sacred cows that it's amazing anyone can walk in DC without stepping in cow patties.
I'd like to see LOTS of departments cut massively, maybe not eliminated altogether. Once you start doing that, it's just "my faves" against yours, and we'll never settle anything. But I'd bet that there isn...
It's not so much raising the tax rate as it is amending the Tax Code. The 6 brackets we have are stupid. We need to collect less from the low-end -- paying 15% on $50K leaves you with $35K, while paying 35% on $1M leaves you with $650K. Sure, $350K in taxes is a lot, but you have a lot more left. And brackets need to be adjusted. And, of course, close loopholes and eliminate credits. The fact that someone named Koch or Rockefeller gets a government subsidy for ANYTHING is outrageous.
Before you call me a Liberal, don't forget that the $35K family pays the same sales taxes, buys the same food, gas, utilities, and holds a mortgage/pays rent, etc. as the $650K family. I'm not saying punish the rich; I'm saying the less successful need more help.
Since the "job creators" haven't created one job in 7 years, that argument is dead. Congress doesn't EVER suggest giving up any of its perks or policing its own house better. Our government is so full of sacred cows that it's amazing anyone can walk in DC without stepping in cow patties.
I'd like to see LOTS of departments cut massively, maybe not eliminated altogether. Once you start doing that, it's just "my faves" against yours, and we'll never settle anything. But I'd bet that there isn't ONE federal agency/department/service that couldn't be pruned effectively, some MUCH more than others.
If I had to choose, I'd say control spending. Prove the ability to be fiscally responsible or go home. We're so far in debt now getting more tax revenue won't do any good -- all the draining, poorly managed, worthless programs will still be there.
I think we should stop sending any tax dollars of any kind outside US borders.. including stopping all funding of the UN and any overseas aid.
Here is $4billion we could use..
trying to fill a bucket with water..
there are holes in the bucket
no matter how much I put into the bucket , it just drains to the ground
no matter how much $$ the liberals get into the tax system, they will spend that amount and then borrow from China to spend more and more.
stop the spending, stop the drain of our $$$$ ...
if the rich were taxed at the 100% rate, it still is not enuff..
stop the spending... stop the free loaders ,, stop the entitlement programs...
stop obomma now...
do you think, may be, they will vote into office obomma who will give them a raise in their entitlement programs ??/
you bet they will try..
stop these '10 year projections' those are offered to intentionally mislead.
reduce the repatriation of overseas profit taxes from 35% to 12%.
encourage drilling everywhere. every barrel of oil drilled here is not a barrel frilled over there and bought with money that adds to our trade balance.
at the same time, go through the tax code and start hacking at that.
THEN and ONLY then, see IF taxes need to be increased.
~~~~~~~~~~~~~~~~~~~~~~~~~ CUT SPENDING ! ~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~ NOBAMA 2012 ! ~~~~~~~~~~~~~~~~~~~~~~~
Minimum of 50% cut in Congress's own budget. No more retirement program. No more medical program.
Miltary should be examined from top to bottom for cost savings. Biggest one should be in the procurement processes.
Now for the Big One
GET IT THROUGH YOUR HEAD, SOCIAL SECURITY AND MEDICARE ARE NOT ENTITLEMENTS!!!!! I REPEAT THEY ARE NOT ENTITLEMENTS.
We pay for these via withholding from our paychecks and I'll be damned if you and your neocons are going to get away with stealing MY prepaid retirement programs from me and stick me with a bigger bill.
Taxing the rich in times of war and economic distress has ALWAYS been the case until BUSH II came along. He gave away over $5 TRILLION in tax cuts and it is the ghost of those tax cuts that still haunt us today. He started two wars that were unfunded at a cost of over $4 TRILLION DOLLARS and they are still haunting us today.
I suggest you pull you head out of your posterior orifice and see sunshine for once in your life.
exactly!
Frankly they should NEVER have been lumped into the general budget. They are a trust fund established for future payouts to those who have paid in.
Frankly itis people like yourself that have not seen what has happened and don't care what will happen.
i agree
i do see. and am appalled. its people like you that want what you want, when you want it, no matter where the money comes from, that have issues.
these problems have been brewing for a long time. Obama ran on hope and change and is just doing more 'kicking of the can down the road.' LOTS more.
As far as I am concerned your attitude towards those of us who have put money into these prepaid programs which we have planned our retiremenst around, you bet we expect to withdraw as we have been lead to believe we will be able to withdraw. No cuts no increases in deductables, no decreases in services. It is most certainly NOT an attitude of "its people like you that want what you want, when you want it," it is an expectation that I have NOT BEEN LIED TO and damned well expect to be paid as was promised.
YOUR ATTACK ON PRESIDENT OBAMA IS A COPOUT AND NOTHING LESS.