Is the ultimate solution to lowering the current debt raising taxes (not extremely, slight raises) and responsible (ie NOT something like 30% in one year) cuts to discretionary spending?
Discretionary spending isn't as big an issue as mandatory spending IMO
Responsible cuts to spending yes.
Elimination of foreign taxes. Reduction of corporate taxes.
Pelosi said there is nothing to cut an she should know. The spent 385 B after the agreement to 17 T +. they ask for 2.4 T budget and get 2.2 T so they cut the budget by .2 T. stop spending now! But pork rules.
No we need more drastic efforts, and it would take a lot of negotiation to convince me to accept even modest tax hikes. We have a spending problem not a revenue problem.
Long term yes, but we need to be extreme careful about spending cuts in the short term. The "recovery" is precarious as it is. I wish there were a clever way, too, to keep the extremely wealthy from sending American money offshore. It's almost theft.
I know some have suggested tax breaks for those that rerun, the problem is as soon as they expire, they go back off shore, only to come back a bit later to get the tax break
Right. I hate that America is the only country that charges its citizens income tax no matter where they live/earn $, but by the same token when you have so many Americans gaming the system like this, what else are we to do? Not rhetorical btw.
Bethany, as of now, Im honestly not sure.
Neither am I :-/
Nice mess they left us under-40s with, yeah?
Why do you think I want to do my part, obviously voting et al, but possible run for office
If a company returns (no sure who left) they must stay for X year to get a tax deal. They could figure out penalties.
Need way more than minor cuts. Period.
I never said dint do 30%, I said doing that in one year is probably impossible and likely to be considered irresponsible although looking back on it I probably shouldn't have put that in there
I'm not opposed do tax increases to foster fiscal responsibility. I'm opposed to targeting successful people as if they were born with a silver platter and demanding they contribute to this tax increase more than everyone else.
To* not do. I've been HORRIBLE at typing on my phone tonight!
All I said was tax increase and spending decrease. Where and what. For what you would do, that's ultimately up to you. Assuming this ever got through congress (I doubt it but say it does) that would be up to them although at least this allows for many opinions to be shared through this poll
I agree that no one should be *targeted* but by the same token, IMO it is WRONG that my husband and I pay a higher effective tax rate than people like Mitt Romney. We need to be better about making sure ppl pay their fair share under existing law.
Exactly, so cut loopholes, but don't pile near 40% federal income tax with my state taxes and make us give over 50% back while there are absurd loopholes that can be circumvented... I'm sure most were concerned with social issues, but that's what...
... most Republican candidates have been calling for for a long time now.
I generally agree, although I will interject a reminder that marginal rates =/= effective rates.
And not to be offensive, but I know how to do our taxes. When it's all said and done and we pay everything that we have to pay, we keep just under 50%.
Entitlements are considered non discretionary, yes? That is where all the money is. Really, I think they need to be re-worked. There's got to be a way to make them more effective, for as much money is spent on them. I don't know how personally, tho.
If we don't start now (which is almost impossible) this is what we are going to have to do
It's always somewhere in the middle.
Would this qualify as close to the middle?
Yeah, I think so. Although then you get into the details of *whose* taxes to raise and *what* exactly to cut. Are you talking across the board?
In theory at least yes. I know the ny times has a thing where you can cut the budget based off certain options and my class mostly just cut cut cut, nothing like this, despite my teacher pointing this idea out.
I don't really like the idea of across the board cuts, but reasonable cuts to certain programs would be fine (I'd personally cut military spending first). As far as taxes, it'd probably be best to close some loopholes before raising rates.
Fair enough. I only said across the board as that's the only thing I could see passing, although with this congress, I don't really see anything major passing without hurting us severely first
We've raised taxes. Time to cut spending.
We've CUT! Look at unbiased numbers on deficit reduction!!!
Stop giving corporations tax rebates!!!
We haven't cut enough and haven't cut where we need to.
I am in agreement that we need to stop giving business tax breaks and subsidies.
But I don't support increasing taxes on income. Closing loopholes would be nice.
What would be better, is replacing our system with the fair tax system.
I agree we the people pay enough... that earn it.
Inheritance, capital gains are not earning money. Paying GE, Exxon, et al tax rebates is INSANE.
"Fair" taxation is regressive as percentage of income. Do not support.
The fair tax isn't that. It repeals all taxes and replaces it with a tax on something purchased. So they only way a person or business is taxed, is when they decide to spend their money.
Business will just pass the cost on to us no matter what.
As I said, it is REGRESSIVE. Romney buying bread and you buying bread. As %age of income, who is getting the better deal? Synonyms of regressive, unequal, unfair. DO NOT SUPPORT.
We're paying the same price. How is that not fair???
How is capital gains not eating money?! Do you understand the terms "earning" and "money"?!
Earning* not eating.
You break rocks, get wage. Earned.
You inherit stock, house, land, and sell. You call that earned? Those that do are lying to themselves about that and a wealth of other things.
It's peoples right to pass those things on to their children and they shouldn't be taxed. Many were ALREADY taxed on when originally earned.
Fool yourself id you will. This country was founded on ENDING DYNASTIC POWER. How do you keep power? With all the "free speech" you can keep your hands on.
And all I was talking about was the gains on selling was NOT EARNING them. Please read.
That was in the 1700s, man.
Yes. The powers have concertedly concentrated themselves time and again. The last time they had to be taken down a peg or two was in the 1930's. It was the Powell memo that gave them the game plan that has truly come to fruition in the last decade
Lowering the deficit is NOT cutting spending. It's spending less than what was asked for yet still more than the previous year. And why are you ok with punishing savings and investing? In regards to the fair tax, those that make more will spend more
and ultimately pay much more in tax. Do you have the money to spend $10K/night in a hotel? Think of the tax money there by celebrities and businessman. They spend tons of money to try to earn new business.
To make up for our spending we would need to tax everyone in the country 100% more. We obviously can't do that. The solution needs to be found in reducing the size of our government to compensate for retirement benefits for all public employees.
No one is saying pay the debt at once,vehicle would call for that kind of taxation. If you cut government, are you also going to lower taxes on your plan?
Our government makes 1.87 trillion a year (that number may be 'slightly' off) and spends over 3 trillion a year. Before we even tackle the debt accumulated, we need a solid budget that doesnt put us in the red.
And no, I wouldn't raise taxes. The taxpayers didn't get the country into this mess, our leaders past and present did.
That's fair. If you cut spending AND taxes, you're still not dealing with the debt, just spending.
Would you keep taxes at where they are now, or lower them?
Keep them where they are, finding things to cut is hard enough, our government needs a "steady paycheck" to figure things out.
Ok. Tap hat at least can help deal with the debt to some extent.
How would you cut and how fast would you?
I really don't know. I'd probably start with closing some of our military bases overseas.