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CNN - Economists: Extend Bush tax cuts for all

Discussion in 'Political Discussion' started by PatriotsReign, Sep 20, 2010.

  1. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    "NEW YORK (CNNMoney.com) -- With income tax rates set to go up on Dec. 31, Congress is hotly debating what to do next. But most economists agree: Keep them where they are.

    One option, to let the tax cuts passed during the Bush administration expire for only the richest 3% of taxpayers while renewing them for everyone else, is popular among Democrats and the choice of the Obama administration.

    But a majority of a panel of leading economists surveyed by CNNMoney.com said that the tax cuts should be renewed for everyone."


    Economists: Extend Bush tax cuts for wealthy, middle class - Sep. 19, 2010

    Makes a hell of a lot of sense to me....
     
  2. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    I think rather than extend tax cuts to wealthy, increase the cuts to the middle class, since they are more likely to spend the money, rather than invest it. But, glad to see you're okay with increasing the deficit. That opens a lot of other options, too.
     
  3. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    Real funny Patters!;)

    Please show me where I said that. I also believe we should cut WAY back on spending. And #1 should be military spending (I know you'll agree!).

    But if we don't take care of our economy now, deficits won't matter. The only way to reduce the deficit is to cut spending and increase revenues. Putting 10 million poeple back to work is the fastest & easiest way to increase revenues.

    P.S. I'd be ok with extending & increasing tax breaks to the middle class and allowing the breaks to expire on the very wealthy. But $250K is not very wealthy.
     
  4. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    How does cutting spending help? Spending is part of our GDP, and cutting it presumes that we're going to somehow generate that spending it elsewhere. In fact, arguably, reducing our deficit could result in a stronger dollar that makes our products more expensive abroad. You are right, I'm not against significant cuts in military spending, but I still feel that we need to spend more on social services. As far as $250k being not very wealthy, I'm not worried about them. My partner and I earn far less than $250k, yet we are in very good economic shape and don't need a tax cut. We have managed our money well, never overspent, saved properly, and kept our debt to a minimum. Those who earn over $250k who need a tax cut have badly mismanaged their money. I don't think we need to reward them in a time when we have so many serious social needs. (That doesn't mean there aren't some exceptions, such as the high income person who is putting kids through school, providing round-the-clock-care for a disabled mother, etc., but those are exceptions not the rule.)
     
    Last edited: Sep 20, 2010
  5. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    Cutting spending helps because the private sector will spend more efficiently than government. Government is overhead, while some overhead is necessary too much overhead will damage and eventually destroy an enterprise.
     
  6. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    QUESTION:
    If Gov't Spending = Real GDP, then why not create more gov't programs to help our economy?

    ANSWER:
    Because then we'd need to INCREASE our tax base even more to pay for it!

    Not only that, but by adding more gov't workers, we increase the legacy costs of our gov't & thus, the burden placed upon our taxpayers.

    A truly healthy economy is based purely upon the private sector, not gov't spending.

    Increasing the size of the federal gov't to increase GDP just creates an endless cycle of "Tax & Spend" upon our citizens and does not address the PROBLEM of gov't spending.
     
    Last edited: Sep 21, 2010
  7. sdaniels7114

    sdaniels7114 Experienced Starter w/First Big Contract

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    I wonder why Bush and the Republicans put an expiration date on them in the first place? Its not like it was constitutionally required. Yet they set things up so that perhaps some poor schlub of a Republican* wouldn't be put into the position of being a Republican who raised taxes. One has to wonder if the peeps who put them into place didn't know it was too much and wanted to make sure they were temporary.

    *at the time they were enacted nobody knew who would be president today
     
  8. Mrs.PatsFanInVa

    Mrs.PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    #24 Jersey

    Because no one had the cojones to come up with a permanent solution?

    To get votes?
     
  9. reflexblue

    reflexblue PatsFans.com Supporter PatsFans.com Supporter

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    #91 Jersey

    Because they couldn't get enough votes to get the tax cuts permanent, so they used Reconciliation. By using reconciliation there had t be a time limit place on the cuts.

    Its a hoot that the righties were complaining about the "Will of the People" when it came to health care but jammed through these tax cuts against the "Will of the People"
     
  10. khayos

    khayos In the Starting Line-Up

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    Yeah, I disagree with the tactics. I think the tax cuts were the right thing, but we're in agreement that reconciliation is a pretty crappy tactic.
     
  11. Stokes

    Stokes In the Starting Line-Up

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    The tax cut was a purely budgetary matter, therefore reconciliation was appropriate. The health care bill included such things as mandates for purchasing insurance that do not fall into purely budget-related categories, therefore reconciliation would not have been appropriate.
     
  12. Harry Boy

    Harry Boy Look Up, It's Amazing PatsFans.com Supporter

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    Tax Cuts should be for every American that works regardless of how much money they make.
     

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