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Forums - General - Obama: Cut the deficit by taxing the rich

Rath on 14 April 2011
ssj12 said:
Seece said:

In a speech in Washington DC he outlined a package of tax increases and spending cuts aimed at reducing the deficit by $4tn (£2.45tn) by 2023.

The deficit is forecast to reach $1.5 trillion (£921bn) this year and both Democrats and Republicans have said cutting it is a priority.

Is that 1.5 this year alone, or total? else I'm confused, unless they expect it to peak above 4 trillion ..

the deficit is about 76 tillion...

http://www.datelinezero.com/2011/03/31/economic-warning-signs-abound-in-u-s/

Public debt is actually about $14 trillion

http://treasurydirect.gov/govt/reports/pd/pd_debtposactrpt_1011.pdf

The link you give hasn't got a decent source.

 

The deficit isn't public debt in any case, a deficit is the revenue minus expenditure. It ignores previous debts (apart from the interest paid on them).



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ssj12 on 14 April 2011
Rath said:
ssj12 said:
Seece said:

In a speech in Washington DC he outlined a package of tax increases and spending cuts aimed at reducing the deficit by $4tn (£2.45tn) by 2023.

The deficit is forecast to reach $1.5 trillion (£921bn) this year and both Democrats and Republicans have said cutting it is a priority.

Is that 1.5 this year alone, or total? else I'm confused, unless they expect it to peak above 4 trillion ..

the deficit is about 76 tillion...

http://www.datelinezero.com/2011/03/31/economic-warning-signs-abound-in-u-s/

Public debt is actually about $14 trillion

http://treasurydirect.gov/govt/reports/pd/pd_debtposactrpt_1011.pdf

The link you give hasn't got a decent source.

 

The deficit isn't public debt in any case, a deficit is the revenue minus expenditure. It ignores previous debts (apart from the interest paid on them).


their source is http://inflation.us/tsunamijapan.html

which you have to include all debt, including promised debt thanks to social security, medicare, the military, and other programs.

I just gave a link to a nice article pointing out our inevitable future, at least before government collapse.



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Spankey on 14 April 2011

as well as taxing the rich more, maybe they should tax the churches.

As it it written; "And lo, on the seventh day*, the deficit would vanish"

*seven days is probably a mistranslation from numerous pre-translated sources. Modern scholars' estimates put it at 6 days or less.

 



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MrBubbles on 14 April 2011

sales tax is pretty low in the states, you could always raise that a couple percents and bring in lots of cash.



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megaman79 on 14 April 2011
axt113 said:


“There’s class warfare, all right,” Mr. Buffett said, “but it’s my class, the rich class, that’s making war, and we’re winning.”


Nobody on vgc earns enough money for this to bother them, Buffett is 100% right, but he's the only guy saying it.



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RCTjunkie on 14 April 2011
Spankey said:

as well as taxing the rich more, maybe they should tax the churches.

As it it written; "And lo, on the seventh day*, the deficit would vanish"

*seven days is probably a mistranslation from numerous pre-translated sources. Modern scholars' estimates put it at 6 days or less.

 


I hope you're not serious. "Seperation of Church and State" is a two-way street. Churches won't get involved with politics, the government doesn't tax them.



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Spankey on 14 April 2011
RCTjunkie said:
Spankey said:

as well as taxing the rich more, maybe they should tax the churches.

As it it written; "And lo, on the seventh day*, the deficit would vanish"

*seven days is probably a mistranslation from numerous pre-translated sources. Modern scholars' estimates put it at 6 days or less.

 


I hope you're not serious. "Seperation of Church and State" is a two-way street. Churches won't get involved with politics, the government doesn't tax them.

I'm very serious. unless the church is on an island somewhere, they're still within the US taking up the countries space and resourses. if they're supposed to be seperate from the state, then they should be completely seperate from the state. They're currently enjoying the best of both worlds. whatever doesn't pay rent must get out as the saying goes.



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numonex on 14 April 2011

Tax increases and economic austerity programs are being put in place in Europe and soon North America to reduce deficits and slow down the growth of national debt. The smaller the debt the lower the amount of interest that needs to be repaid on the debts. Governments only have to be able to pay back the interest of their debts.  National debts add to inflationary pressure that drives up interest rates.

Retirement age will be extended over time. Retirement age of 70 or even 75 could be universal by the middle of this century. Human life expectancies continue to increase over time due to the advances in modern medicine, science and technology.

1980 to 1990. National debt grew from $2 trillion 1990 to $4.5 trillion. Reagan's tax cuts for the rich and corporations contributed  significantly towards the huge increase in the national debt. 

2000 to 2008. National debt grew from $5 trillion to $8.5 trillion. Bush tax cuts for the rich and corporation as well as fighting two unwinnable wars in the Middle East(not included in the Budget/national debt) accelerated the increase in National debt and contributed towards the GFC meltdown.

Corporate bail outs under Obama have increased the national debt from $8.5 trillion to over $14 trillion with no end in sight. Obama also extended Bush tax cuts to the rich. 

Rich top 1% wealth in the US more than the wealth of bottom 95% in the US combined.

Tax cuts should only be implemented if the nation can afford it and failing corporations should never be bailed out. 



Rath on 14 April 2011
RCTjunkie said:
Spankey said:

as well as taxing the rich more, maybe they should tax the churches.

As it it written; "And lo, on the seventh day*, the deficit would vanish"

*seven days is probably a mistranslation from numerous pre-translated sources. Modern scholars' estimates put it at 6 days or less.

 


I hope you're not serious. "Seperation of Church and State" is a two-way street. Churches won't get involved with politics, the government doesn't tax them.


Actually it's only really a one way street. The church is not allowed to have influence on the running of the country, it is not a part of the State.

Taxing churches wouldn't breach the seperation of church and state, as far as I know the only reason they are excluded is because the work they do is considered charitable - which I've got no problem with. Well, apart from churches that are run like a business (looking at you Scientology) those should be taxed.



thranx on 14 April 2011
MrBubbles said:

sales tax is pretty low in the states, you could always raise that a couple percents and bring in lots of cash.


Sales tax are only done by states not on the federal level. There is no federal sales tax. Any money collected through sales tax goes to which ever state it was collected in and would not help the feds in any way. In the United states you usually have a federal income tax, a state income tax, a local tax, and sales tax. not to mention specail taxes on certain items such as alcohol, cigarrets, gas, etc. You can also be taxed in certain situations such as inheritence. All of this is for individuals, busineses/busines owners also pay other taxes of which I do  not know so much. Too many taxes if you ask me. I would prefer a nation wide sales tax and property tax, with the sales tax broken into 3 categories luxury taxed highest, normal, and essential to life (no tax)