Reply With Quote
Heard you the first time, chief.
USA TodayThe Congressional Budget Office has projected that if Bush's tax cuts for his rich friends expire in 2010 as per current law, then the federal budget will return to surplus only two years later, in 2012.
"...if those tax cuts are allowed to expire after 2010... ...the budget would begin showing a surplus in 2012, the CBO's budget projections showed.
"Bush wants Congress to make the tax cuts permanent before he leaves office in 2009."
"In its annual budget and economic report, the agency estimated that this year's deficit will be $337 billion, up $19 billion from 2005. It said the deficit will be about $360 billion if extra anticipated costs for Iraq, Afghanistan and the hurricane-ravaged Gulf Coast are added."
"The long-term budget forecast is gloomier, particularly if Bush and Congress agree to extend the tax cuts. In 2016, the deficit would be nearly $400 billion..."
New forecasts issued by the Congressional Budget Office confirm that if the tax cuts and Alternative Minimum Tax relief are extended, the nation faces large and growing deficits over the next ten years, with total deficits of between $3.5 and $4 trillion over that period.
Heard you the first time, chief.
It's not like this news is from a leftist, propaganda website, unless of course, the CBO has been inflitrated by Howard Dean and Nancy Pelosi.
I don't really care who it came from. It's quite obvious that you could deal with deficits by reducing spending growth.
you're dumb.
it's stupid and faulty logic. the tax cuts are the reason the economy is growing so they are assuming higher tax rates on the a higher tax base that's attributed to the tax cuts. Increasing taxes will slow growth substantially, so higher tax rates will be applied to a shrinking base. If youR brain can't work around this concept study what decreasing capital gains tax rate under Clinton did to the collection of capital gains.
Last edited by 2centsworth; 01-28-2006 at 09:11 PM.
No, no tricky math. Cutting taxes increases capital investment, wages, discretionary income spent on consumer goods, etc...
Reducing the tax rate and cutting taxes actually raises tax receipts (to a point) because you broaden the tax base paying at the lower rate.
So your for across the board cuts? Cuts in defense spending? Who else you gonna squeeze?
Reread what I posted Sherlock. The projections by the CBO take into consideration some expected growth in the economy, and even with a larger tax base, the numbers still don't add up. Wrap your mind around that for a second.
There will be no growth if rates are raised. That is not in those numbers.
With taxe rates (on the rich) much high than now over the past 50 years, increase in wealth and size of US economy has been fantastic.
The question is how much longer will America live on borrowed money.
Excellent question. Watch the valuation of the dollar over the next year, and you'll get your answer.
That's true. Clinton actually raised taxes and the economy still grew, the Stock Market trived on news that our nation's debt oligation wasn't being over-looked by the politicians, then in Big Dog's second term with a $1+ trillion projected surplus in our future debt oligations, he lowered taxes.
The tax cuts are not only for the rich.
I received quite a bit of relief. My taxes went from about 18.5 K to 16.2 for equivalent income years.
I am not rich. $1,500 of the savings came from the child tax credit (I have 3).
You want the government to waste more of your money? Go ahead and give it to them. I'll keep as much of mine as I can, thank you.
The stock market explosion started with Reagan when he dramatically reduced income taxes. It continued through the Clinton Administration because of relative peace and the Internet Bubble. Also, Clinton reducing capital gains taxes didn't hurt much either.
you talking about the contract with america?
Since there would obviously be no economic impact from mammoth tax increases and since we apparently are past the point of even hoping for a slowdown in the rate of spending growth, let's jack those rates up.
It's amazing how partisanship makes people stupid.
A way to look at it is, America is offshoring lower margin business activities and specializing in the higher margin ones. The US remains a good investment due to this. The problems, of course, lie in a ty government dominated K-12 educational system which fails to prepare students to take advantage of the US' move up the value chain. If Phyiuck Yiu in China wants to work in a factory for 10 cents an hour making shoes so that Americans can pay less for footwear, well, is that a blessing or a curse? Depends on whether or not you're a member of a Shoemakers Local in the States.
The problem as I see it is not that employment in the US is ever increasingly moving to IP, it's that students are ill-prepared to deal for that reality. The mode of thinking in this country in government and education is based on an industrial style economy and not an IP one. We buy plenty of from around the world where it is cheap to make it, something which I think is great, but then we have to buy highly skilled workers from abroad because we can't fill those roles in our economy.
The education deficit in this country is much more dangerous to its future than the trade or budget ones.
Last edited by Peter; 01-30-2006 at 04:04 PM.
The point is that consistant growth occurred in the economy under Clinton even though his tax rates were higher, help despelling the Republican myth that higher tax rates will necessarily lead to slower growth. You wanna see real growth in the Stock Market and the economy, raising tax rates will tell foreign investors financing our debt that we are serious about dealing with that debt and this should lead to lower interest rates for average consumers.
Foreign lobbyist and Multinational Corporations have funneled big bucks into the American political system for the right to take your high-paying job, white-collar and blue-collar, to India, China, and Indonesia. Just yesterday, the Dell corporation announced that they were hiring 5,000 more employees - all in India. American schools in Texas and other southern states may be suffering from years of Republican neglect and malficance, but we are still as a whole the highest-educated and most productive population in the world. However, when a company can pay a person in India or bring them here to work for $5 per hour to answer a phone and work those "IP" jobs, versus the $8-$20 it takes to pay a comparable American, guess which employee the company is going to hire?A way to look at it is, America is offshoring lower margin business activities and specializing in the higher margin ones. The US remains a good investment due to this. The problems, of course, lie in a ty government dominated K-12 educational system which fails to prepare students to take advantage of the US' move up the value chain. If Phyiuck Yiu in China wants to work in a factory for 10 cents an hour making shoes so that Americans can pay less for footwear, well, is that a blessing or a curse? Depends on whether or not you're a member of a Shoemakers Local in the States.
Predictable hollow partisan response. No solution, no plan, no nothing.
It's not about students receiving an education to be able to take customer service calls. That's not at all what I was referring to.
I think Dan's plan on education is laid out very well in Wesley Clark's speech today. More money on Sciences, Mathematics, Engineering, and Early Childhood Education. Partnerships in education between parents and teachers. Accountability of teachers to parents of students and not to standardized tests. No school vouchers.
Clark's speech wasn't cited in this thread. Anyways, more money to whom? Throwing more $ into the same ty system will yield the same ty results. Standardized tests came on the scene because teachers weren't accountable to parents. The system is ed up. When we want something done right, we don't give the government a monopoly on it.
Becuase more money thrown at public schools is a proven winner as compared to a private education,...right....
There are currently 1 users browsing this thread. (0 members and 1 guests)
Posting Permissions
