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Old 03-26-2007
Americano Americano is offline
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Re: Get Ready for the Biggest Tax Hike in History

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Originally Posted by timj219 View Post
If that tax hike comes with deficit reduction and responsible budgeting I won't complain. I never thought the tax break I received under w was worth the deficits we've run up and the debt we're dumping on future taxpayers.
Responsibility is not a contemporary government virtue when printing money to perpetuate the illusion of positive economic growth.
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Old 03-27-2007
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Re: Get Ready for the Biggest Tax Hike in History

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Originally Posted by proUSA View Post
I disagree; make them get the spending under control. They have enough revenue as it is, they (all sides) need to stop the bullcrap spending.

Citizens Against Government Waste: Homepage
An immediate withdrawal from Iraq could save a hundred billion a year, further reduce military spending by 75%, and the budget is balanced.

Then we can raise taxes to pay for vital programs.

Don't you agree?
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Old 03-27-2007
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SamInTheSouth SamInTheSouth is offline
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Re: Get Ready for the Biggest Tax Hike in History

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Originally Posted by partofme View Post
Socialist party of America? How would you react if I start calling the GOP The Fascist Party?
I wouldn't lose any sleep over it. Call the GOP whatever you want.

If I were you, though, I would be less concerned about me calling the Democrats exactly what they are, and more about why they want to screw working families across the country, people they claim to be representing.
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Old 03-27-2007
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SamInTheSouth SamInTheSouth is offline
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Re: Get Ready for the Biggest Tax Hike in History

Here is a release on this from the Republican Caucus:

http://budget.house.gov/republicans/...r20070322b.pdf
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Old 03-27-2007
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Re: Get Ready for the Biggest Tax Hike in History

It is a large tax hike, but remember, it was passed by a Republican House and Senate and signed into law by President Bush.

Now the Republicans are trying to blame the Democrats for not stopping it.

This was done some time ago, because the Bush tax plan was so out of whack with reality it would produce huge deficits forever, and destroy the country, So the GOP made the tax cuts temporary, that way the projections showed the deficit coming down and closing, because in the Republican plan all the tax cuts expired, and that is what accounted for the end of the deficit.

Now for years the Republicans have been using projections to show the deficit coming down in the future, projections that assumed that all the tax cuts will expire.

I assume that the Democrats will pass tax cuts that go largely to the middle class, so that the vast majority of people will see their taxes go down or stay the same, but for that few percent at the top, the rates go back to where they were before Bush, and that is enough to make it the largest tax increase in history.
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“ The subjects of every state ought to contribute towards the support of the government, as nearly as possible, in proportion to their respective abilities; that is, in proportion to the revenue which they respectively enjoy under the protection of the state.”

Adam Smith , The Wealth of Nations 1776

"We have always known that heedless self-interest was bad morals; we know now that it is bad economics"
FDR's second Inaugural Address
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Old 03-27-2007
steveox steveox is offline
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Re: Get Ready for the Biggest Tax Hike in History

If Democrats wanna get Re-Elected they gotta step up to the plate for the middle class.By cutting Taxes on the Middle class and then you could see them get Re-Elected in 08!
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Old 03-27-2007
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Re: Get Ready for the Biggest Tax Hike in History

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Originally Posted by SamInTheBurgh View Post
I wouldn't lose any sleep over it. Call the GOP whatever you want.

If I were you, though, I would be less concerned about me calling the Democrats exactly what they are, and more about why they want to screw working families across the country, people they claim to be representing.
I would test that theory by doing so but I do not want to sink to that. Anyway, calling democrats socialist doesn't make them so. While they are not as hands off as the GOP they are not even close to eliminating markets are the driving force in our nation.
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Old 03-27-2007
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Wallaroo Wallaroo is offline
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Re: Get Ready for the Biggest Tax Hike in History

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Originally Posted by partofme View Post
Socialist party of America? How would you react if I start calling the GOP The Fascist Party?
Now, that wouldn't be a big ass lie.
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Old 03-27-2007
Hudson Hudson is offline
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Re: Get Ready for the Biggest Tax Hike in History

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Originally Posted by goober View Post
An immediate withdrawal from Iraq could save a hundred billion a year, further reduce military spending by 75%, and the budget is balanced.

Then we can raise taxes to pay for vital programs.

Don't you agree?
Withdrawing from Iraq will not decrease the military budget by 75%. it would be more like 10%. The reason for this is that military salary will still be the same base pay minus the additional hazardous and combat pay to about 130,000 plus the time and expense of transporting the soldiers via air and sea back to the bases in Europe, Asia, and the US.

However, the largest increases are the entitlement programs such as medicare and social security. But the taxes, Federal Insurance Contribution Act taxes are already earmarked for those programs with excess revenue flowing into the general account fund. You also have gasoline taxes and other excises taxes earmarked for various programs such as maintaining federal highways, airport security, certain environmental protection programs, etc.
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Old 03-27-2007
Americano Americano is offline
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Re: Get Ready for the Biggest Tax Hike in History

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Originally Posted by SamInTheBurgh View Post
Here is a release on this from the Republican Caucus:

http://budget.house.gov/republicans/...r20070322b.pdf
Looks normal to me. I've always been a fiscal conservative, expecting democrats in power to increase taxes for domestic purposes. It's only been since the Regan Administration that the Republican party decided big government, regime changes and public debt were the key to US economic expansion. I'd rather pay the taxes than have future generations face the debt, but pay as you go is no longer considered a viable option in US politics.
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Old 03-27-2007
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Re: Get Ready for the Biggest Tax Hike in History

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Originally Posted by Hudson View Post
Withdrawing from Iraq will not decrease the military budget by 75%. it would be more like 10%. The reason for this is that military salary will still be the same base pay minus the additional hazardous and combat pay to about 130,000 plus the time and expense of transporting the soldiers via air and sea back to the bases in Europe, Asia, and the US.

However, the largest increases are the entitlement programs such as medicare and social security. But the taxes, Federal Insurance Contribution Act taxes are already earmarked for those programs with excess revenue flowing into the general account fund. You also have gasoline taxes and other excises taxes earmarked for various programs such as maintaining federal highways, airport security, certain environmental protection programs, etc.
After you withdraw from Iraq you reduce the number of active duty people by 75%, cut out the waste and leave enough military to defend the country.
BTW, the estimate that 75% of the military budget is waste isn't mine, it comes from Grover Norquist, one of President Bush's advisors.
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Adam Smith , The Wealth of Nations 1776

"We have always known that heedless self-interest was bad morals; we know now that it is bad economics"
FDR's second Inaugural Address
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Old 03-27-2007
Marcus1124 Marcus1124 is offline
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Re: Get Ready for the Biggest Tax Hike in History

Quote:
timj29
If that tax hike comes with deficit reduction and responsible budgeting I won't complain. I never thought the tax break I received under w was worth the deficits we've run up and the debt we're dumping on future taxpayers.
If the deficits are a result of the tax cuts, explain how it is that the deficit has PLLUMETTED since they were fully implemented?

Quote:
steveox
Heres how cutting taxes would look like. 5% all income taxes cut. Then you add the luxery sales taxes.Thats how you make the Rich Pay more.This is my idea of Luxery Sale Taxes.

Any Home is above $300,000 and More
Gold and Diamond Jewelry= Gold or Diamiond Watches,,Necklaces,Bracelets and Rings.
Fur Coats and Hats.
Cars thats over $40,000.
Yachts
Private Jets
Big Business Sales but not Small Business Sales.
All These Items are Subjected to a 10% luxery sales tax added to your States sales tax. THATS HOW YOU MAKE THE RICH PAY THEIR FAIR SHARE,,And Theyre no Lawyers can help em get around this.The only way around it is to Fly to Canada and buy these items.
What complete fucking nonesense. Especially the "Big Business Sales" vs. "small business sales". Has it occured to you that MOST "big business" markets mostly to MIDDLE CLASS consumers? Who is "big business" if not Walmart? Are their customers "rich".

You might also want to look at the net effect of Clinton's luxury tax on yachts. It resulted in a net reduction of revenue raising the tax.

Quote:
steveox
Lets see now,, Donald Trump,Vince McManhon, Burt Reynolds,Ice T,Ice Cube,George Clooney,Barry Bonds,Peyton Manning all make too much money.Its time for them pay their fair share.
How much is "too much"? And what moral basis do you have to take freely earned money from people merely because you think they have "too much"?

Quote:
Americano
Responsibility is not a contemporary government virtue when printing money to perpetuate the illusion of positive economic growth.
Utterly fucking clueless, what idiot propoganda have you been listening to. Printing money cannot create an illusion of economic growth, since it results in inflationary pressures which simply cannot be hidden in real growth figures. DUHHHHHH

Quote:
goober
An immediate withdrawal from Iraq could save a hundred billion a year, further reduce military spending by 75%, and the budget is balanced.

Then we can raise taxes to pay for vital programs.

Don't you agree?
And THAT ladies and gentleman is the reason democrats simply cannot be trusted with the safety and security of this nation.

Quote:
goober
It is a large tax hike, but remember, it was passed by a Republican House and Senate and signed into law by President Bush.

Now the Republicans are trying to blame the Democrats for not stopping it.

This was done some time ago, because the Bush tax plan was so out of whack with reality it would produce huge deficits forever, and destroy the country, So the GOP made the tax cuts temporary, that way the projections showed the deficit coming down and closing, because in the Republican plan all the tax cuts expired, and that is what accounted for the end of the deficit.

All because some fools (both democrats and some Republicans) failed to account for the FACT that tax cuts spur growth and offset revenue "losses" increasingly over the long run. That is why the deficit has plumetted in the last three years AFTER the full implementation of the tax cuts and HIGHER than projected spending. Explain to me exactly how deficits DECLINED despite higher than projected spending AFTER the tax cuts were fully implemented if tax cuts cause bigger deficits?

Republicans are absolutely clear on this, if the tax cuts aren't extended, people's taxes are going up massively. Period, If I were running for office, I would want to be on the side of letting people keep their hard earned money!

Quote:
steveox
If Democrats wanna get Re-Elected they gotta step up to the plate for the middle class.By cutting Taxes on the Middle class and then you could see them get Re-Elected in 08!
Actually, Larry Kudlow has often opined that if liberals ever clued into the reality that reduced marginal tax rates increase revenue in the long run, and stopped demagouging on economically idiotic classware, they would probably end of with far more middle class support.

Quote:
Americano
Looks normal to me. I've always been a fiscal conservative, expecting democrats in power to increase taxes for domestic purposes. It's only been since the Regan Administration that the Republican party decided big government, regime changes and public debt were the key to US economic expansion. I'd rather pay the taxes than have future generations face the debt, but pay as you go is no longer considered a viable option in US politics.
Deficits during the Bush 43 years have been quite low. Democrats hyperventillated over a couple of nominally large deficits (which were BEFORE the full implementation of his growth driving marginal tax rate cuts and AFTER a recession). Since Bush's tax cuts were fully implemented, the deficit has plumetted. That's a fact, revenues have come into the Treasury like a tsunami, and despite higher than projected spending, the deficit has dropped. In fact, that only real pressure on the deficits going forward is from the irresponsible and unsustainable entitlement programs that are the long-term nightmare left to us by prior generations of liberals.
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Old 03-28-2007
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Re: Get Ready for the Biggest Tax Hike in History

The tax increase is part of President Bush's tax plan, passed by a Republican House and a Republican Senate, if you are going to blame anyone, blame the people who wrote this, passed it and signed it into law.

I would hope that the Congress will deal with this in a responsible way, and I expect a permanent middle class tax cut to be put in place by Congress, either now, or when there is a Democrat in the White House in 2009.
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“ The subjects of every state ought to contribute towards the support of the government, as nearly as possible, in proportion to their respective abilities; that is, in proportion to the revenue which they respectively enjoy under the protection of the state.”

Adam Smith , The Wealth of Nations 1776

"We have always known that heedless self-interest was bad morals; we know now that it is bad economics"
FDR's second Inaugural Address
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Old 03-28-2007
Americano Americano is offline
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Re: Get Ready for the Biggest Tax Hike in History

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Originally Posted by goober View Post
After you withdraw from Iraq you reduce the number of active duty people by 75%, cut out the waste and leave enough military to defend the country.
BTW, the estimate that 75% of the military budget is waste isn't mine, it comes from Grover Norquist, one of President Bush's advisors.
Afghanistan/Iraq military expenses aren't included in the formal budget. They've always been supplementary spending bills. I'm in agreement that the military budget for antiquated, conventional expenses and US troops stationed around the world should be slashed to a purely defensive level suitable for defending the US.
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Old 03-28-2007
Marcus1124 Marcus1124 is offline
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Re: Get Ready for the Biggest Tax Hike in History

Quote:
goober
The tax increase is part of President Bush's tax plan, passed by a Republican House and a Republican Senate, if you are going to blame anyone, blame the people who wrote this, passed it and signed it into law.

I would hope that the Congress will deal with this in a responsible way, and I expect a permanent middle class tax cut to be put in place by Congress, either now, or when there is a Democrat in the White House in 2009.
Gee, blame the people who gave you lower taxes for the fact that they had to put an utterly stupid end-date for them to fit into completely unrealistic budget forecasts (now proven to be utterly wrong with regard to the revenue impact of the tax cuts). That's like blaming the surgeon who removed your tumor five years ago for the fact that you're still alive to get cancer again now! I supose the Republicans beat back democrats' efforts to make the tax cuts permanent, huh?
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