PDA

View Full Version : Will Taxing the Rich Fix the Deficit?



Dolphins9954
07-02-2012, 04:37 PM
FC5Gkox-1QY


The deficit is so large that there isn't enough rich people to tax to balance the budget.

Tetragrammaton
07-02-2012, 04:45 PM
The budget can only be balanced by a combination of tax hikes on everyone and a cut in government spending.

Dolphins9954
07-02-2012, 04:55 PM
The budget can only be balanced by a combination of tax hikes on everyone and a cut in government spending.


If we cut the government to the size and scope it was during the Clinton years we could balance the budget. While using any new taxes to pay off the debt. That would be the responsible thing to do.

Tetragrammaton
07-02-2012, 05:14 PM
If we cut the government to the size and scope it was during the Clinton years we could balance the budget. While using any new taxes to pay off the debt. That would be the responsible thing to do.

The numbers don't support your theory. You would have to cut virtually all discretionary spending to balance the budget without touching Medicare and Social Security.

Eshlemon
07-02-2012, 05:21 PM
The budget can only be balanced by a combination of tax hikes on everyone and a cut in government spending.

Agree mostly but have been shifting to be against any government revenue increase in the short-term and not just because of possible detrimental effects to an anemic and weak economy. Come to me about raising any tax's after spending cuts have been enacted and stuck to as the beltway always finds an excuse to spend new money as fast as it come's in as the millionaire's tax showed.

Dolphins9954
07-02-2012, 05:36 PM
The numbers don't support your theory. You would have to cut virtually all discretionary spending to balance the budget without touching Medicare and Social Security.

You would have to cut quite a bit. Basically all the government expansions and spending of the last 12 years. Bring back government to the level it was during the Clinton years. Raising taxes to pay for more spending while totally ignoring the deficits and budget. Is just as irresponsible as cutting taxes and increasing spending like Bush did. We have to cut government and spending to the point that we can have a balanced budget or pretty close to one. Then use any new taxes to start paying off the debt. It's the only way out of this mess without having a default or collapse.

LANGER72
07-02-2012, 05:41 PM
How will the wealthy Hollywood liberals and over paid public sector employes like the idea of tax increases and pay cuts. They will get waivers from Obama.

Tetragrammaton
07-02-2012, 05:52 PM
Agree mostly but have been shifting to be against any government revenue increase in the short-term and not just because of possible detrimental effects to an anemic and weak economy. Come to me about raising any tax's after spending cuts have been enacted and stuck to as the beltway always finds an excuse to spend new money as fast as it come's in as the millionaire's tax showed.

There will never be tax increases as long as the hard liners are in office. We are set on deficits until they are cast out.

jared81
07-03-2012, 08:36 AM
The budget can only be balanced by a combination of tax hikes on everyone and a cut in government spending.

Agreed. Everyone will have to pay more, not just the rich. 49% pay no federal income tax right now. We also need to make drastic cuts in defense spending and entitlements. We will also have to means test for entitlement like social security.

Dolphins9954
07-03-2012, 09:36 AM
There will never be tax increases as long as the hard liners are in office. We are set on deficits until they are cast out.

We just got a big tax increase with Obamacare. Now I wonder if that money will go towards balancing the budget???

Tetragrammaton
07-03-2012, 09:57 AM
We just got a big tax increase with Obamacare. Now I wonder if that money will go towards balancing the budget???

Et tu, Carlos?

It is only a tax on people not buying health insurance. It isn't a traditional tax on income meant to increase revenue. It is very much separate from the main budget issues.

Dolphins9954
07-03-2012, 10:00 AM
Et tu, Carlos?

It is only a tax on people not buying health insurance. It isn't a traditional tax on income meant to increase revenue.

It's still a tax. Which probably won't cover the costs of the expansion of medicaid. Let's say the government increases taxes the traditional way. Do you really think they will use it to balance the budget???

MadDog 88
07-03-2012, 11:12 AM
The days of Clinton type figures on spending are long gone. Over the last decade we have spent billions of dollars on homeland security, something Clinton and previous administrations didn't have to fund. Simply taxing the rich won't suffice. Everyone will have to make "contributions" while spending is reduced to try and get the economy back on the right track.

Tetragrammaton
07-03-2012, 02:11 PM
It's still a tax. Which probably won't cover the costs of the expansion of medicaid. Let's say the government increases taxes the traditional way. Do you really think they will use it to balance the budget???

If the deficit and debt is as dangerous as people like to claim, of course they would.

Dolphins9954
07-03-2012, 07:30 PM
If the deficit and debt is as dangerous as people like to claim, of course they would.

We'll see in the near future how dangerous it will be.

Valandui
07-04-2012, 10:34 PM
If we were actually taxing the rich, maybe. Since "rich" means the middle class, no.