Five Fun Facts About the $14 Trillion National Debt

[Ban Hammer 13,352]

He said "across the board".

those on eic won't be happy with steven.

[Mr. Big Dog 10,747]

Ahhhh never mind, I wasn't paying close enough attention. So ok yes, I understand repealing the whole kit and kaboodle will increase taxes for everyone. Honestly my preference would be to repeal only the tax cuts for the wealthy, but if it came down to it, I'd be open to an across the board repeal. I'd have to hold my nose though, as I think the middle class are already carrying more than their fair share of the burden. I'd want to see corporate loopholes closed down too.

Repealing the entire package would raise revenues some $3.7 trillion dollars over a decade. Repealing the package only for those on the higher end would bring in a measly $700bn or so over that same time frame. Looking at those figures, it is clear that reverting to 1999 tax rates on the higher incomes alone won't even make a dent into the deficit. It's gotta be across the board if we're serious about addressing the deficit.

[Mr. Big Dog 10,747]

those on eic won't be happy with steven.

** the EITC. People ought to be paid living wages. I have this discussion with my wife every year at tax time when some of her friends with a couple of kids talk about these huge tax refunds they get while working near minimum wage jobs. My wife has a hard time understanding that they get money back that they never paid in in the first place while we are paying federal income taxes and then get a rather modest refund only. She thinks I'm doing something wrong on the tax returns and I keep telling her that our refund is modest because I actually get paid pretty well. Discussion always ends when I offer to quit my well paid job and go work some measly minimum wage job instead. Then we'd have a better refund but would not have any money to spend for the rest of the year. She realizes that that's not as great a deal overall as it seems at tax time.

[JohnSmith2007 353]

Ending the Bush Tax Cuts across the board means everyone will be paying a little more. This was the big fight in Washington. The Democrats wanted to extend the tax cuts for the Middle Class. I think a good compromise is to end all of them, which is already off the table for now, which is sad.

You keep calling it the "Bush tax cuts". They are not. The Bush tax cuts expired last year. Obama and his congress extended the tax cuts. It is now the "Obama Tax Cuts".

[I AM NOT THAT GUY 5,715]

none of this sounds very fun to me

I liked this.

[Mr. Big Dog 10,747]

You keep calling it the "Bush tax cuts". They are not. The Bush tax cuts expired last year. Obama and his congress extended the tax cuts. It is now the "Obama Tax Cuts".

Valid point.

[mawilson 2,133]

Honestly my preference would be to repeal only the tax cuts for the wealthy

It's not enough to make any significant dent on the deficit.

[JohnSmith2007 353]

It's not enough to make any significant dent on the deficit.

But it would make him feel better as we went down the drain.

Edited March 25, 2011 by JohnSmith2007

[JohnSmith2007 353]

Repealing the entire package would raise revenues some $3.7 trillion dollars over a decade. Repealing the package only for those on the higher end would bring in a measly $700bn or so over that same time frame. Looking at those figures, it is clear that reverting to 1999 tax rates on the higher incomes alone won't even make a dent into the deficit. It's gotta be across the board if we're serious about addressing the deficit.

Honestly, I would approve of repealing the Obama tax breaks for everyone if we passed a law that says we must have a balanced budget each year. No exception, no exemptions. We raise taxes on everyone and cut the budget to only what we take in. The problem with raising taxes is we never cut our spending, we only spend the new money and then ask for more!

[mawilson 2,133]

Honestly, I would approve of repealing the Obama tax breaks for everyone if we passed a law that says we must have a balanced budget each year. No exception, no exemptions. We raise taxes on everyone and cut the budget to only what we take in. The problem with raising taxes is we never cut our spending, we only spend the new money and then ask for more!

I agree. There's no guarantee that if they raised taxes, they wouldn't just spend all the extra money and then some.

[Captain Hammer 113]

But it would make him feel better as we went down the drain.

Now why would you say that?

If more needs to be done, then ok I'm all for that. But I do think that the poor and middle class have been squeezed terribly, while the wealthy and corporations have had more than their fair share of the cream at the top. What I'd like to see is a fair tax system, whatever shape that happens to take.

[JohnSmith2007 353]

Now why would you say that?

If more needs to be done, then ok I'm all for that. But I do think that the poor and middle class have been squeezed terribly, while the wealthy and corporations have had more than their fair share of the cream at the top. What I'd like to see is a fair tax system, whatever shape that happens to take.

I would rather see the IRS disbanded and we go to a VAT tax with food and necessities exempted. That way the more you spend the more you pay. That would mean the wealthy pay more and the poor pay less but everyone pays something.

The poor have not been "squeezed" at all. In fact with the EIC they get back more than they put in.

[I AM NOT THAT GUY 5,715]

Now why would you say that?

If more needs to be done, then ok I'm all for that. But I do think that the poor and middle class have been squeezed terribly, while the wealthy and corporations have had more than their fair share of the cream at the top. What I'd like to see is a fair tax system, whatever shape that happens to take.

This is an example of the bleeding heart mentality that has gotten us into this mess. Beginning with the New Deal, the Progressives (that includes quite a few Republicans as well -- think Medicare Part D) in government have created one economic doomsday machine after another. I am afraid the evil socialist idealism has done its deed.

[Usui Takumi 1,562]

Ah yes when I was a young sprite I remember the lowest tax bracket was 21%. Took my last nickel it did. Could have bought dinner with it no less.

On a serious not I'm surprised their aren't any hardcore conservative pitching the 19% of GDP argument regarding taxes yet.

[Captain Hammer 113]

This is an example of the bleeding heart mentality...

This is an example of the type of hyperbole that shuts productive conversation down. :\ I'm happy to discuss the flaws in my positions, but once you start labeling then it just becomes pointless.