To a degree, but like Kasz said, how many businesses are really taking advantage of the loopholes? It would only bring some of the companies, like GE, back into paying their fair share.

No, we're not. I'm from the UK, living in Hong Kong.

I know Americans don't save, that's true for all Westerners. The reason being that the incentives just aren't there because of all the reasons I suggest. Only a moron would save their money, when infation is far higher than any interest they would earn. As it stands, it is more profitable to hold a mortgage with 3-4% interest, then it is to save. That is insane, and unsustainable.

That video you linked, that guy is twisting things a lot and obviously has some kind of superiority complex.  So many things were neglected in that video that it's stupid.  One obvious thing that is missing is pretty much any form of tax coming from anywhere else.  Where does sales tax go?  Where does everyone elses taxes go?  What about all the other taxes that we have that aren't just taxes on corporations and income?  Also, those numbers he mentioned ARE significant.  Significant enough to the point where balancing the increase of taxes with cuts in spending where they are questionable could pull us out of a deficit.  That video is overly biased.

edit: also when he mentioned the military, he should have doubled the amount due to the fact that if that were to happen, the deficit would have decreased by that same amount, in theory.

Way to miss the point of the video, MDMAlliance. The point is that you cannot run our massive government off the backs of the rich because you will run out of rich people. Then you and I will be next.

Sales taxes and other taxes aren't relevant. The argument is against the notion that the "rich don't pay their fair share." They can't! It won't keep us going for very long.

Economic growth is the only way to grow into today's level of spending. And we won't get there.

Instead of Taxing the Rich the Federal Government should create a "saved the deficit" Monument built on Federal land. Then everyone can volunteer to do their part and donate money to reduce the deficit. Then there can be different plaques or statues dedicated for each tier of person donating depending on how much they donate. If someone donates $1 million or so, they get their own statue. It's a much better way to feed the egos of the super rich rather than tax their money away which makes them angry. I'd also bet a lot of regular middle income people would gladly donate $20 or so and feel good about themselves to help the cause.

All politicians argue about taxes which just gets people upset or angry, no one ever talks about donating which invokes feel good emotions. I think they under estimate the power of people wanting to do good.

Of course taxes are never really about the deficit anyways. It's just two sides arguing for themselves. The deficit is just an argument tactic for each side to further their cause.

Most of that like sales goes to the individual  states... and therefore has no relation to the federal budget.

Nah.  Those rich people would probably just promote their time to help the poor.

Like Bono or Jay-Z.

They could be spending most of their wealth to help people... yet are farily light when it comes to their own pocket books.

The ones who actually tend to care about this stuff are the people who don't want a big deal made about it.

Politics related but honestly a good example is someone like Mit Romney really.  I think I read he gave something like 30% of his income to chairty?  Doesn't even bring it up when people call him a heartless rich dude.

Bill Gates has a huge ass foundation where he does alot of good, but he doesn't actually talk about it much.  They just do stuff.

Closing loopholes sound great on paper, but those huge companies that exploit those loopholes likely have bought out the Congress and have lobbyists up the ying yang on both parties.

I couldn't have said it better myself, this is the exactly the problem and the only way for it to be solved.  The fed has boxed us into a corner with no way out.  Nobody has the guts to face the problem that has been in the making for the last 30-40 years.  they just keep pushing it further into the future and making recovery more and more impossible than it already was.  Nothing can be solved without first defaulting on the debt or at least a very large part it, followed by massive restructuring.  

I'm actually surprise Ben Stien said this - and I have to give him credit for actually speaking realistically. But then he has seen how most people in this country are worse off as the result of Reaganomics an other things - where the Rich benefit from other people working and want to keep it all for themselves.

Often he is a big ol' conservative windbag - spouting swarmy things. I am most pleasantly surprised.

In other news - does anyone know if Fox News let him out alive?