Debit Ceiling

[Jdriller]

Why do we even need to have a debt ceiling at all? Why not just do away with the concept of a debt ceiling and just spend what we need to to maintain all the programs, SS, and vetrans benefits and so forth. The debt ceiling is an artificial and arbitrary concept anyway.

[TexTushHog]

Suits me!!!

[WTF]

Because of the healthy debate that is going on now. Without it,neither party would come to the table.

As is the GOP is getting their ass handed to them. We need a increase in taxes and cuts to all programs.

The GOP just wants to cut a few programs not all but just a few. They do not want to even cut welfare for the rich, only welfare for the poor.

I hope Obama keeps dick slapping thir ass on this issue.

I doubt he will but he damn sure should.

[Marshall]

Originally Posted by WTF

I hope Obama keeps dick slapping thir ass on this issue.

I’ll bet you wish you were Republican so Odumbo would dick-slap your ass…..HA! HA! HA! HA! HA! HA! HA! HA! HA! HA! HA! HA!

[Guest040616]

[quote=Marshall;1476162] Odumbo would dick-slap your ass…..[/quote]

Why would George W. Odumbo dick-slap WTF's ass now? He left office two and a half years ago!

And the world is a better place because of it!

[Marshall]

[quote=bigtex;1476175]

Originally Posted by Marshall

Odumbo would dick-slap your ass…..[/quote]

Why would George W. Odumbo dick-slap WTF's ass now? He left office two and a half years ago!

Hey bigmex, did you know that Bush had better college grades than Odumbo?

[Jackie S]

I agree, we need both increased revenue, and cuts in Federal Spending.

I guess the big question is how much increase, and where to cut. I would go for a 5 percent accross the board increase for $250,000 and up wage earners. That means most in that $200,000 to $500,000 bracket, (many small business owners), would only pay an increase on what they made over the initial $250,000. However, millionaire movie stars, pro sports figures, CEO's, Rock Stars, etc would pay all the way up.

How much will be cut, and where, seems to be a big sticking point. Any suggestions??

[WTF]

Originally Posted by Jackie S

I agree, we need both increased revenue, and cuts in Federal Spending.

I guess the big question is how much increase, and where to cut. I would go for a 5 percent accross the board increase for $250,000 and up wage earners. That means most in that $200,000 to $500,000 bracket, (many small business owners), would only pay an increase on what they made over the initial $250,000. However, millionaire movie stars, pro sports figures, CEO's, Rock Stars, etc would pay all the way up.

How much will be cut, and where, seems to be a big sticking point. Any suggestions??

They are talking about raising the retirement age. I agree with that. That is a start. I know my lefty friends will bitch and moan but when that program was set up , we did not live as long and medical costs were not as high.

Something needs to be done. Without raising taxes you are just pissing in the wind or worse, putting us on a road to a depression. If we cut all the things the Tea Folks want to cut, there would be 25% unemployment. See how the public would swallow that. Hell the Tea Folks cry like a baby right now if you talk about cutting their Medicare!

[WTF]

Originally Posted by Marshall

I’ll bet you wish you were Republican so Odumbo would dick-slap your ass…..HA! HA! HA! HA! HA! HA! HA! HA! HA! HA! HA! HA!

I wish I was a LogCabin Republican for a day, just so I could sit next to you at their next meeting and dick slap you up side the head

[DFW5Traveler]

Originally Posted by bigtex

...And the world is a better place because of it!

Is it really? AFP seems to disagree. Not to mention that BO is bombing more countries now than, "your wording," George W. Odumbo's TWO wars. Wasn't the middle east supposed to fall in love with the current president?

[DragonTongue]

Good thing he got the Nobel Peace Prize before he had a chance to prove them wrong...

[DragonTongue]

Originally Posted by Jackie S

I agree, we need both increased revenue, and cuts in Federal Spending.

I guess the big question is how much increase, and where to cut. I would go for a 5 percent accross the board increase for $250,000 and up wage earners. That means most in that $200,000 to $500,000 bracket, (many small business owners), would only pay an increase on what they made over the initial $250,000. However, millionaire movie stars, pro sports figures, CEO's, Rock Stars, etc would pay all the way up.

How much will be cut, and where, seems to be a big sticking point. Any suggestions??

That would hit the people that pay the highest tax rate already the hardest. Over $500k/year, more people are living off of investments, and their average tax rates are along the same lines as those making $60k or less. Change the capital gains and dividend taxes to mirror the wage-tax progression and you will see the top "earners" paying taxes more in line with how the system was set up on paper.

The taxes on a $1 million salary are approximately double the 15% tax on $1 million of interest and dividend income due to the special tax definitions.

[JONBALLS]

get rid of the EPA and send HALIBURTON into Alaska and lets get some oil!!!Slaughter the caribu to feed the poor.There..two birds with one stone!

[Jdriller]

So with a week to go the debt limit talks have collapsed. Will they raise it? One way or the other it will be better for the country if they do raise it. There is a lot of talk about raising taxes by closing tax loop holes. One of the "loop holes" is elimination of the tax break afforded to home owners for their interest and taxes paid on their homes. Any time taxes get raised it seems the "middle class" gets hit hardest. This particular tax break is a deal maker for those who want to buy homes. This tax break is one of the main reasons why people buy homes instead of continuing to rent. Eliminating this tax break will hurt the middle class far more than the "rich". It will also cause a collapse of the already ailing home building industry. They are also considering eliminating deductions for the cost of your medical insurance premiums. Again, this will hurt the middle class far more than the "rich". The rush to raise revenue by raising taxes will not really hurt the rich all that much. But those of us who actually work to make a living and do relatively well as well as those who do moderately well will get stuck with significant tax payment increases while the really rich, and the poor will be by and large uneffected by these increases. I have also read that the insurance coverage you will be by law mandated to carry, if paid for by your employer will have to reported as part of your income, and thus you will have to pay additional income tax on that too. Again, this won't hurt the poor who don't pay income taxes nor the "rich" people either. But, it will be a hit on the middle class. There is even discussion on eliminating the deduction from your income for state and local taxes paid by you. So you get to pay federal taxes on money you already paid (at least locally) taxes on. Again, probably will hurt the middle class more than any other group. None of this (tax revenue increases) is set in stone at this time. But the fact that they are being seriously considered as part of the methods to raise tax revenue while coupling this with phanthom spending reductions is seriously disturbing. Borders is closing and 10,000 + jobs will be gone by September. Teachers are being layed off in droves all across the country, new private business jobs are not happening in significant numbers. If the debt ceiling is not raised and the US credit rating is lowered "they" say banks and credit agencies will sharply raise the interest rates you pay on personal loans and your credit cards. (again who is that going to hurt...mostly the middle class with credit card debt and small business seeking loans to expand and maybe hire more people) There is talk about phasing out the 15% standard deduction taken by most income tax filers, (after all most people will get a better deduction by taking the standard dedution than by itemizing deductions). Loss of the standard deduction would again hurt mostly the middle class but not the poor or really rich) Thousands of goverment employees will be layed off, Social security checks might not get mailed out. Get ready for a shit storm. Those of you who clamor for raising taxes better be careful about what you wish for.

[JONBALLS]

DEFAULT! DEFAULT! DEFAULT!!!!! if the glove dont fit you must aquit!!!LOL!!!!! the first thing the loosers will do is start rioting and hopefully BURNING my houses down!!!!!!!!!MO MONEY! MO MONEY! MO MONEY!... then after all the rats jump off the ship oportunity will abound again!! America will be reborn!!!!!!