The Fiscall Cliff - Let's make a deal?

[gary5912]

Originally Posted by HoustonMilfDebbie

Don't you gentlemen get it?? We have no revenue coming in because the wealthiest don't want to pay taxes. I paid about 25 percent when I was only making sixty thousand per year. My boss paid less in taxes than I did. This happens every day, and most "average Americans" don't even know about it.

Thank God that we have another point of view...

don't you get it honey the gov. waste money every day why give them any more to waste l'm sure most of the clients you have are not living in the getto

[Chica Chaser]

Originally Posted by WTF

There should be an accross the board spending cut, however small each and every year until we get this debt under control. But it is not the Democrats fault not the Republicans...it is the American public's fault.

Finally....we may be getting somewhere!! YES, we keep sending these politicians back to Washington, year after year.

Let it go over the cliff, that will start some spending cuts, 1.2 Trillion over 10 years to be precise. Half of it in Defense.

The Office of Management and Budget released calculations in September showing there would be a 9.4% cut to discretionary defense spending, such as overseas operations and weapon systems.

Non-defense discretionary spending, which includes housing assistance and energy subsidies for low-income people, would drop by 8.2%.
And non-defense mandatory spending, including the U.S. Forest Service and social services block grants, would be cut 7.6%. Certain low-income programs, such as Medicaid and food stamps, are shielded.

If these cuts are enacted, it would hurt the economy, experts say. In fiscal 2013 alone, federal spending would fall an estimated $65 billion, according to the Congressional Budget Office. This could shave off two-thirds of the expected economic growth for the year and boost the unemployment rate by as much as 1.5 percentage points, according to Steve Fuller, director of the Center for Regional Analysis at George Mason University.

On the defense side, many federal contractors are already holding off on hiring and projects, waiting to see what Congress does, Fuller said. The spending reductions could cost 325,700 jobs, including 48,100 civilian Department of Defense employees. Suppliers and vendors that depend on military contractors could also shed 282,400 jobs.
http://money.cnn.com/2012/11/29/news...spending-cuts/

So we get the Defense cuts you're harping on, the tax increase for those rich folks. Plus across the board spending cut, excluding Medicaid and food stamps, thats great for those 600,000 people that could lose their jobs.

Win-Win-Win. And its all automatic, no one has to do anything.

[gnadfly]

Originally Posted by HoustonMilfDebbie

Don't you gentlemen get it?? We have no revenue coming in because the wealthiest don't want to pay taxes. I paid about 25 percent when I was only making sixty thousand per year. My boss paid less in taxes than I did. This happens every day, and most "average Americans" don't even know about it.

Thank God that we have another point of view...

We have record revenue coming end Debbie, or at least until Obama took office:

http://www.taxpolicycenter.org/taxfa....cfm?Docid=200

Fool me once, shame on you.
Fool me twice, shame on me.
Fool me a third time, well, Obama can only run two times.

Hey, where's exNYer on this thread? Didn't he believe the Dems would cut 3 dollars in entitlements for every dollar in increased tax revenue if taxes were raised?

[CuteOldGuy]

Originally Posted by ekim008

Damn COG is the main one with graphs and BS you are really dissing him

Would you please post links to all the graphs I've posted?

[CJ7]

Originally Posted by gnadfly

We have record revenue coming end Debbie, or at least until Obama took office:

http://www.taxpolicycenter.org/taxfa....cfm?Docid=200

Fool me once, shame on you.
Fool me twice, shame on me.
Fool me a third time, well, Obama can only run two times.

Hey, where's exNYer on this thread? Didn't he believe the Dems would cut 3 dollars in entitlements for every dollar in increased tax revenue if taxes were raised?

you better learn how to read a chart ..

[I B Hankering]

Originally Posted by WTF

As do Republicians...Reagan did not cut government spending nor reduce its size.

Just an FYI: President Reagan advocated a “balanced approach” in the 1982 budget deal, and it never come to pass. “TEFRA (the Tax Equity and Fiscal Responsibility Act) was designed to bring about $3 in spending cuts for every $1 in new revenue, which meant that, on paper, it advanced Reagan’s goal of shrinking the federal government. In practice, the results of TEFRA were almost exactly the opposite. While the tax increases were real, Congress never delivered on the spending cuts. By one calculation, the 1982 budget deal actually resulted in $1.14 of new spending for each extra tax dollar. Obama and today’s liberals have responded with incredulity to the Republicans’ refusal to take a 3-for-1 cuts-to-taxes deal (or a 10-to-1 deal, as was posed hypothetically to the GOP presidential field in an Iowa debate). Some of us have seen this movie before, and we know how it ends.

"Reagan struck a sorrowful note about the TEFRA deal in his memoirs, writing that ‘later the Democrats reneged on their pledge and we never got those cuts.; Many of his closest aides agree with the judgment of Reagan’s longtime intimate, Edwin Meese, that ‘the TEFRA compromise—the ‘Debacle of 1982’—was the greatest domestic error of the Reagan administration. . . . Judged by the results, TEFRA was not only a mistake, it was an object lesson in how not to reduce the deficit.’” By Steven F Hayward — October 2011

http://www.commentarymagazine.com/ar...ive-president/

[JD Barleycorn]

Didn't Reagan have a democratic House and Senate? Yes, that's right. The people in charge of the budget grew government WTF. Remember what I said earlier, the democrats proposed a 3:1 tax increase for spending cuts. Reagan gave them the tax increase but the spending cuts never materialized. Same thing happened when Reagan gave illegals amnesty. The democrats promised that they would secure the border but they never even tried. Democrats lie like carpets. Never trust them. Always demand the cuts up front and irrevocable.

I am terrible sorry Deb but you are no longer attractive to me. I like to see someone other than a brainwashed zombie.

[acp5762]

Originally Posted by HoustonMilfDebbie

Don't you gentlemen get it?? We have no revenue coming in because the wealthiest don't want to pay taxes. I paid about 25 percent when I was only making sixty thousand per year. My boss paid less in taxes than I did. This happens every day, and most "average Americans" don't even know about it.

Thank God that we have another point of view...

You're hilarious. The wealthy do pay taxes. But heres the deal. Wealthy people first of all aren't wealthy by accident. Their wealth enables them to have tax shelters which helps them to avoid paying higher taxes than middle class or poor people. To be wealthy is also a way of life. Theoretically a wealthy person can give all his wealth to a poor person. In ten years or possibly less, the wealthy person would be rich again and the poor person would be poor again. Wealthy people know how to be rich. They know how to save, invest and what to spend their money on. Poor people only know how to spend it. Sorry to burst any bubbles here but rich people contribute to the economy more efficiently than poor people.

[gnadfly]

Originally Posted by gnadfly

We have record revenue coming end Debbie, or at least until Obama took office:

http://www.taxpolicycenter.org/taxfa....cfm?Docid=200

Fool me once, shame on you.
Fool me twice, shame on me.
Fool me a third time, well, Obama can only run two times.

Hey, where's exNYer on this thread? Didn't he believe the Dems would cut 3 dollars in entitlements for every dollar in increased tax revenue if taxes were raised?

Originally Posted by CJ7

you better learn how to read a chart ..

Nope, you need to learn to read a chart. Huge drop off in Revenues in 2009.

[CJ7]

Originally Posted by gnadfly

Nope, you need to learn to read a chart. Huge drop off in Revenues in 2009.

all the jobs Bush lost during his recession didnt have anything to do with that did they? nah, course not ... aside from that your ststement is contradicted by your link.

speaking of your link ... notice the deficit reduction figures?

[Chica Chaser]

Here is a summary of the major tax changes slated to take place January 1, 2013 without Congressional intervention:

The end of 2011 and 2012 temporary payroll tax cuts, resulting in a 2% tax increase for workers.

Federal income tax rates in the top four brackets will be increased: 39.6% (from 35%), 36% (from 33%), 31% (from 28%) and 28% (from 25%).

Capital gains will be taxed at a 20% rate (increased from 15% currently).

Dividends received by individuals will be treated as ordinary income and taxed at the top income tax rate, rather than at the long-term capital gains rate (15%).

Estate tax reverts to pre-2001 levels. The exemption level will be decreased from $5 million to around $1 million and the top tax rate will increase from 35% to 55%.

Additionally, Congress never renewed a number of tax credits that expired at the end of 2011 (for example: research and development tax credit, deduction of state and local sales taxes, alternative minimum tax adjustment) and others expire at the end of 2012 (for example: 50% bonus depreciation, Section 179 deduction returns to $25,000 from its current level of $139,000).

Spending cuts will take place in more than 1,000 government programs, including cuts in the defense budget as well as social programs, such as Medicare.

[Whirlaway]

[markroxny]

[markroxny]

[WTF]

Originally Posted by Chica Chaser

Here is a summary of the major tax changes slated to take place January 1, 2013 without Congressional intervention:

The end of 2011 and 2012 temporary payroll tax cuts, resulting in a 2% tax increase for workers.

Federal income tax rates in the top four brackets will be increased: 39.6% (from 35%), 36% (from 33%), 31% (from 28%) and 28% (from 25%).

Capital gains will be taxed at a 20% rate (increased from 15% currently).

Dividends received by individuals will be treated as ordinary income and taxed at the top income tax rate, rather than at the long-term capital gains rate (15%).

Estate tax reverts to pre-2001 levels. The exemption level will be decreased from $5 million to around $1 million and the top tax rate will increase from 35% to 55%.

Additionally, Congress never renewed a number of tax credits that expired at the end of 2011 (for example: research and development tax credit, deduction of state and local sales taxes, alternative minimum tax adjustment) and others expire at the end of 2012 (for example: 50% bonus depreciation, Section 179 deduction returns to $25,000 from its current level of $139,000).

Spending cuts will take place in more than 1,000 government programs, including cuts in the defense budget as well as social programs, such as Medicare.

And these are bad things?