Obama and Tax Cuts

[Bronzecop]

Leave us alone, I dont wanna pay for what we did under the Bush years. *Jumps Out of Window*

[nigeltheoutlaw]

Give tax cuts to the poor and tax the rich to make up for it. I think people should only give what they can afford, instead of the rich getting preference since they can buy lobbyists.

[TheStrazy]

We need to let the tax cuts expire so the government can pay to build turtle tunnels in florida or maybe borrow another trillion of so to pay off fannie and freddie. Tax the people till they scream and then maybe they will see that no matter how much they give it will never be enough for the government to spread around to their buddys in industry. You notice not one word about spending 400 billion a year on just the interest of our debt to pay off foriegn loans.

[twylightsky2007]

smoke and mirrors. Tax cuts or raise do not drive an economy into wealth or recession. Seriously they have minor effect as much as the fed changing intrest rates. The trade deficit, the national debt, war spending, needless tax credits for the rich and such is why we are where we are.

[marsCubed]

1% own 43% of financial wealth, 80% have only 7% & have seen incomes plumet, they have been forced to borrow to get by.

2007, the top 400 richest people in USA averaged $344.8 million per person, up 31% from an average of $263.3 million just 1 year earlier, this due to Bush tax cuts on capital gains and dividends.

They got rich by forcing everybody to pay them interest.

conservative free-market nuts are their lobby to give them more.

It trashes economies.

In EU we got sensible.

USA, grow up.

[teddybruscie]

@marsCubed Some of us are trying man. We are trying. We are just too corrupt man. We are just way too corrupt.

[FrsBigeasy]

The best thing that the Federal Government can do right now for the Economy is to make the Tax Cuts for the Middle Class permanent, extend the Tax Cuts on High Earners until January 2012 and pass the Small Business Bill in the Senate that cuts taxes for Small Business and increases their lending opportunity's.

The last thing the Federal Government should do in a weak Economy is to increase taxes on anyone and take more money out of an already weak economy.

[teddybruscie]

@FrsBigeasy Well most of the Rich are actually making Record profits. So if anything they can more than take those tax increases. The problem is, the tax cuts were supposed to create more jobs but they instead put it in their pockets. Obviously not all of them did, but enough of them did create problems.

If the taxes cuts worked, it should have worked under Bush. It didnt, so its senseless to think it will now. On top of that if we extend it, it will increase our deficit.

Its not worth it.

[FrsBigeasy]

@teddybruscie

Are you for real do you think increasing taxes for people barely able to pay their bills would be good for the Economy? This notion that extending the Tax Cuts would be bad for Deficit, guess what if the taxes get increased and that money is spent which it will be that would go on to the Deficit as well . Sounds like to me the argument for letting the Tax Cuts expire is just another idea to find more revenue to spend.

[teddybruscie]

@FrsBigeasy Rich people can make their bills just fine. Its us average everyday people who cant make their bills. Cutting our taxes will do more than cutting the rich taxes. The Rich are not creating jobs. And since they wont create they minus well cut our taxes and raise theirs. Cause they obviously not interest in creating any jobs. Or else they would have already. There were more jobs during the Clinton Admin than bush and their taxes were much higher.

[FrsBigeasy]

@teddybruscie

So your not for letting all of the Bush Tax Cuts expire.

There wasn't more Job Growth during the Clinton Administration then Bush Administration and now because the taxes were higher. It was because the Clinton Administration as well as the Republican Congress's back then believed in Fiscal Responsibility and didn't borrow 100B$ a year to finance the Federal Government. They had PAYGO , Budget Caps, Line Item Veto and actually passed a Federal Budget every year unlike now.

[teddybruscie]

@FrsBigeasy Whoa wait Bush didnt have a Budget. I know Clinton did, but Bush sure didnt. He spent too much money that we didnt have. Thats one reason why we are in this mess. Now maybe if Bush didnt spend so much money on a War that accomplished nothing, then maybe those tax cuts can stay in place. But because he wasted our money away, Tax wise we are messed up.

I do agree that Obama should cut down on the spending. And when I say cut down, I mean in the way a Diabetic cuts down on cake. lol.

[FrsBigeasy]

@teddybruscie

Your moving into a different area now with the Wars but the Federal Government hasn't passed a Budget since 2005.

The Bush Administration and the Republican passed a 1.2T$ Tax Cut that they thought the projected Budget Surplus was going to cover. Then 9/11 happened, the Stock Market collapsed, we went into recession and then we went to War with  Afghanistan where haven't paid a single dime of that. All these things plus others have really screwed up our Budget outlook.

[teddybruscie]

@FrsBigeasy Yea I dont want to jump around on the subject. So just clear things up.

We both agree that the top 1-2% dont need the tax breaks, but everyone else does. And Obama should stop spending. Are do agree with that?

[FrsBigeasy]

@teddybruscie

See to me its not about whether High Earners need their Tax Cut or not, I think its clear they don't. But to me its a question of what's best for the Economy. Keeping as much Revenue in it or sending it back to Uncle Sam who'll spend it for us on our behalf and add to our National Debt Card and leave that bill for us.

You mention that Corporations aren't hiring right now, thats why the Administration is trying to pas the Small Business Bill because they want to hire.

[teddybruscie]

@FrsBigeasy Yea pretty much. I want the tax hike for the rich, because they have been getting away with too much and our government has just been taking it and not doing anything. And most of that is because they buy our government for their profit. There are so many examples of that on all sides. So I think a tax hike, where it probably wont do anything significant other than stabilize the deficit some what, I think will be like pay back for some people.

[FrsBigeasy]

@teddybruscie

Your Deficit argument would be good if you called for directing the increased Tax Revenue to Deficit Reduction. Because without that the money would be spent and placed on the National Debt Card.

[teddybruscie]

@FrsBigeasy Even if the Money is spent, (of which we all know it will.) That would be less money we would have to borough. We will get no where if our National Debt isnt under control, But the top 1%, where like I said wont do significant good. It will at least reduce what we will borough.

The real solution as we all know is using our system to work for us and voting out bad government officials. Also reducing the amount of government jobs that do nothing Im sure will help a lot.

[FrsBigeasy]

@teddybruscie

Any Deficit Hawk would tell you that the Economy comes before anything else because without a growing Economy you can't have anything else. Deficit Reduction is not possible without a strong Economy, doesn't matter how much you cut or raise taxes. Increasing taxes in a bad Economy and then just spending the money as soon as you get it does nothing for the Deficit and it could hurt the Economy making the Deficit worse to get Deficit under control, cut spending and then raise taxes

[teddybruscie]

@FrsBigeasy Thats kind of what I just said. The difference is I want the top 1-2% to pay more in taxes, even though I know it does little good to the Economy or Deficit. It takes a lot more which is why we need new Representatives, to stop all of the bad spending. Only then will our Deficit and maybe even the Economy will get back on track. Government isnt the answer obviously, but if they can stop doing some things our Economy can run much better than it does now.

[FrsBigeasy]

@teddybruscie

The Deficit will never get under control until the Economy starts rebounding. 67,000 jobs in August with a 9.6% Unemployment Rate and 1.6% Growth Rate in the last quarter doesn't qualify as rebounding.

Raising taxes on anyone in a bad Economy is not good for anyone because it just takes more money out of the Economy that will just get spent and added to the National Debt.

When the Economy turns around then we can look at raising taxes and spending cuts for Deficit Reduction.

[teddybruscie]

@FrsBigeasy Fair Point. But if our government keeps getting in the way that wont happen any time soon.

[FrsBigeasy]

@teddybruscie

Thats why I want to make the Middle Class Tax Cuts permanent, extend the Tax Cuts for High Earners to January 2012 and pass the Small Business bill thats currently stuck in the Senate. The Small Business bill is paid for according to the CBO.

Then I think the Administration and Congress can look at cutting back spending in the Government on things we no longer need which the Administration is currently doing and we can sorta stop the Deficit bleeding.