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mrcolin1
Joined: 21 May 2011
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 Posted: Sun Oct 02, 2011 10:59 pm Post subject: |
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| raise taxes on the rich |
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weebil
Joined: 24 May 2009
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| Posted: Sun Oct 02, 2011 11:51 pm Post subject: |
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| mrcolin1 wrote: |
| raise taxes on the rich |
this. problem solved. |
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Nowhere Man
Joined: 08 Feb 2004
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| Posted: Mon Oct 03, 2011 7:13 am Post subject: |
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Social security only taxes up to $108.000?
That's not even a loophole. That's a gaping void. |
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Kuros
Joined: 27 Apr 2004
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| Posted: Mon Oct 03, 2011 9:21 am Post subject: |
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| weebil wrote: |
| mrcolin1 wrote: |
| raise taxes on the rich |
this. problem solved. |
Problem not solved.
| Quote: |
Going back to 2000 ("Clinton era") marginal rates on income over $200,000, let's call it a 5 percentage point increase in the marginal rate, would therefore yield $59 billion on a static basis. Going from there to a 45% rate on incomes over $1 million (another 5 percentage point increase) yields an additional $31 billion. Or, instead, on top of 2000 rates over $200,000, 50%/60%/70% [marginal tax rates] on [those earning] $500,000/$5 million/$10 million [in income]? An extra $133 billion, or nearly 1% of GDP. That's not accounting for the further middle class tax cuts that are usually proposed along with these "millionaires' taxes."
Now, compare this to deficits of $1,413 billion in 2009 and $1,293 billion in 2010, and using optimistic White House estimates, $1,645 billion in 2011 $1,101 billion in 2012, $768 billion in 2013, and continuing at over $600 billion after.
. . .
My point is just that I don't see how deficits this large can be closed with income taxes on the rich, even at marginal rates far higher than anything we've seen in the post-1986 era. Paying for spending at near-term levels, not even considering entitlement and interest payments that will accelerate a decade out, would have to include meaningful base broadening by eliminating tax expenditures like the mortgage interest deduction or the employer health case deduction, or would have to rely on new taxes like a VAT. |
We will have to repeal the Bush tax cuts, or engage in its smart equivalent: Simpson-Bowles.
Politicians love to cut taxes and raise spending. It doesn't matter if they're (D) or (R). Its not hard to see why. People are easily misled as to matters of public finances. |
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comm
Joined: 22 Jun 2010
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| Posted: Mon Oct 03, 2011 4:28 pm Post subject: |
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| weebil wrote: |
| mrcolin1 wrote: |
| raise taxes on the rich |
this. problem solved. |
I think you guys missed the part where a privately held company created $16 trillion out of thin air and lent it out it at will, in secret. This was discovered by a -partial- audit of the Federal Reserve that ONLY covered 2008.
Nearly $1 trillion of that is 100% missing.
You can't tax the top 1% of earners into losing a game that is designed so that they will win. So long as the Federal Reserve shovels money at them (which you lose due to inflation) TAXES DONT MATTER. |
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Kuros
Joined: 27 Apr 2004
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| Posted: Thu Feb 02, 2012 6:32 am Post subject: |
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The new CBO baseline budget projections for 10 years are out.
| Robert L. Bixby, Concord Coalition's executive director wrote: |
The CBO forecasts steady growth in the federal debt over the next decade, even under some fairly optimistic assumptions -- including a full economic recovery. Under less optimistic assumptions, the picture gets far worse. There are a number of risks and uncertainties, ranging from the government debt crisis in Europe to persistent slow economic growth in the United States.
Meanwhile, thousands of older Baby Boomers are signing up every day to receive Social Security and Medicare benefits, further increasing the demands on the federal budget. So we really can�t afford to wait for Washington to start moving towards a more sustainable path. We need a credible, long-term plan in place as soon as possible. |
Concord Coalition plausible baseline
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| The CBO�s report, along with The Concord Coalition�s own projections, show that we cannot get the federal budget under control by just economizing here and there, or by simply focusing on the politicians� favorite target: waste, fraud and abuse |
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borg
Joined: 30 Jan 2012
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| Posted: Tue Feb 07, 2012 11:37 pm Post subject: |
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Here's a crazy idea. Let's raise taxes on the rich to the same levels blue collar workers are paying.
25% flat, across the board. |
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sirius black
Joined: 04 Jun 2010
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| Posted: Wed Feb 08, 2012 10:06 pm Post subject: |
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| comm wrote: |
| weebil wrote: |
| mrcolin1 wrote: |
| raise taxes on the rich |
this. problem solved. |
I think you guys missed the part where a privately held company created $16 trillion out of thin air and lent it out it at will, in secret. This was discovered by a -partial- audit of the Federal Reserve that ONLY covered 2008.
Nearly $1 trillion of that is 100% missing.
You can't tax the top 1% of earners into losing a game that is designed so that they will win. So long as the Federal Reserve shovels money at them (which you lose due to inflation) TAXES DONT MATTER. |
^
true
I am not one for conspiracy theories but if Ron Paul or Rand Paul ever got in the White House or even before they make it there. The instuutions involved will do just about anything to 'quiet' him. Read into that whatever you may.
If, as I suspect, its much worse than we expect, it may actually be the one thing that causes a citizenry revolt. Not a violent revolt but a political/social one. |
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