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Thread: Will Taxing the Rich Fix the Deficit?

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    Dolphins9954's Avatar
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    Will Taxing the Rich Fix the Deficit?

    [youtube]FC5Gkox-1QY[/youtube]


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





    "Politics is the Art of Looking for Trouble, Finding it Everywhere, Diagnosing it Incorrectly, and Applying the Wrong Remedies"
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    Tetragrammaton's Avatar
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    The budget can only be balanced by a combination of tax hikes on everyone and a cut in government spending.
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    Dolphins9954's Avatar
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    Quote Originally Posted by Tetragrammaton View Post
    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.
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    Quote Originally Posted by Dolphins9954 View Post
    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.
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    Eshlemon's Avatar
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    Quote Originally Posted by Tetragrammaton View Post
    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.
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    Dolphins9954's Avatar
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    Quote Originally Posted by Tetragrammaton View Post
    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.
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    LANGER72's Avatar
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    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.
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    Tetragrammaton's Avatar
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    Quote Originally Posted by Eshlemon View Post
    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.
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    jared81's Avatar
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    Quote Originally Posted by Tetragrammaton View Post
    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.
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    Dolphins9954's Avatar
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    Quote Originally Posted by Tetragrammaton View Post
    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???
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