Posted on 01/02/2013 8:46:43 AM PST by SeekAndFind
To listen to all the moaning out of the House of Representatives yesterday, you could be forgiven for thinking that the Republicans are losing the fiscal battle in Washington.
Actually, they're winning.
To see this, you just need to step back and look at the tax deal and the country's fiscal trends from a broader perspective.
Yesterday, the American government voted to extend almost all of the Bush Tax Cuts permanently.
Not temporarily, as a stimulus measure.
Permanently.
Ever since the Bush Tax Cuts were first enacted in 2001--temporarily, as a stimulus measure--one goal of the Republican party has been to "make the Bush Tax Cuts permanent."
For most of the last decade, this goal has seemed like an extremist view: Making the Bush Tax Cuts permanent would drastically reduce the federal government's revenue. It would also increase inequality and balloon the national debt and deficit--so how could we possibly justify doing that?
And yet now, suddenly, almost all of the Bush Tax Cuts are permanent.
The Republicans also got a good deal for the investor and owner class, making the Bush dividend tax cut permanent. This saves a lot of money in tax bills for America's wealthier investors.
And the Republicans also socked it to the working class, something that often seems to be an unstated goal of the party. How?
By not extending the payroll tax cut.
This payroll tax cut put up to an extra $2,000 a year in the pockets of everyone who works. The payroll tax hits everyone who earns wages, including the richest Americans, but it's a highly "regressive" tax: It takes a much bigger percentage of the income of those who earn less than $110,000 a year than it does from the richest Americans.
(Excerpt) Read more at businessinsider.com ...
The Alinskyites never rest, and never stop lying.
Oh, so now you want to call them the "ObAMA TAX CUTS".
IIRC, Obama was dead set against these cuts both as a so called senator and the so called president.
They are still the Bush tax cuts.
“The Republicans also got a good deal for the investor and owner class, making the Bush dividend tax cut permanent. This saves a lot of money in tax bills for America’s wealthier investors.
And the Republicans also socked it to the working class, something that often seems to be an unstated goal of the party.” - Henry Blodgett
This guy continues to out himself as a complete moron.
Making the cuts permanent did NOT drastically reduce revenue. It stopped it from beind raised. These people would never have made it through 9th grade algebra. They don’t know the difference between a “negative” and a “positive”.
Taxing the evil rich simply does not work in the long run, but worse, the Republicans have taxed ONLY the rich who are not protected DemoRat rich or protected DemoRat crony capitalist (Fascist) corporations.
Thus the targeted group (those who do not actively support Marxism) will flee, be destroyed, or rearrange to become crony capitalists (Fascists) for government protection and subsidy.
Therein lies the problem, the Socialist system (including it's Fascist and Marxist components), always spends everyone into bankruptcy by getting no value for the money, and when bankrupt, one no longer needs government protection and can't pay to get it anyway. Now the government can't pay ANYBODY either and everybody but the elite inner circle Communist oligarchs are equally completely destitute and income free.
Including Henry Blodget.
What a pantload of misleading crap. What this buffoon neglects to mention these "payroll taxes" are not technically taxes (effectively, yes, but not specifically). "Payroll taxes" are technically insurance payments that are 6.2% of ones paycheck mandated by the Federal Insurance Contributions Act (FICA) for Old Age, Survivor and Disibility Insurance (OASDI). The 1.45% they pay is for Medicare Insurance.
Further, each of these very low wage earners get back far more in EITC, child credits, etc. than they pay in on 6.2% of their meager income. This statement is just another hit at people that actually have made something of their life and don't have to ask "do you want fries with that?" The founders of this country never meant to have a permanent freeloading class of citizens that leech off the rest of us. This heart-tugging stuff about regressive, excessive, larger percentage, etc. is just diversionary tactics that hide the real problem - too many frigging leeches.
While I didn't particularly like it, I thought that it was a good analysis. Basically, he stated that the deficit would only be fixed by *both* tax increases and budget cuts. I don't necessarily like this, but I think that he's probably right.
Additionally, he *showed* where the money for the deficits was going....not defense, or Unemployment, or Food Stamps. Basically, it's going to Medicare, Medicaid, and SS. Defense (an FR sacred cow) and unemployment/Food Stamps (a favored FR scapegoat) are fairly minimal in the grand scheme of things.
So, in a nutshell, I didn't like what he said. I also disagree with him in that spending cuts need to come from everywhere, and no cut is too small. However, I came away from the readings with more knowledge than I started.
Next.....Michael Jordan will tell us how his Charlotte Bobcats are actually winning....despite their 3-22 record
LaTourette, Steven
Ohio's 14th congressional district
I will personally drag him out of the Capitol tomorrow, kick him in the butt and tell him to never darken the door of the people's house with his RINO shadow. Also he retired and decided not to run in 2012 so won't be back.
Surprisingly my flex spined representative actually voted against the bill.
Not to pick on you Brad, but this is a tired line. The vast majority of our debt is not puchased by other other countries. Right now, the Fed is buying $85 billion per month of our deficit spending which is darn near 100% of the deficit. PS - When is the last time China purchased any of our debt?
Sure, and president elect Romney announced today that he is tasking incoming Veep paul Ryan to head a government wide review of finances to rid the nation of years of fraud waste and abuse. The anti corruption measures are widely supported by the public and are expected to dramatically reduce the cost of government and will pave the way to lower taxes and a stronger economy...snip
You need to remove Brian Bilbray CA from your list. He’s already been primaried out. This was his last vote, or close to it.
I think this guy has a good point. I was surprised how good a deal it was for the conservative side in terms of taxes and SS. It’s true we didn’t tackle the spending issue, but that was inevitable given the short time available to fix the looming tax problem. The other good news is that the Rs have good leverage on the spending issue via the debt ceiling, tho that is going to be another brutal battle, with the MSM throwing rocks at the good guys..
I used to work for a small Financial Firm that specialized in Auditing and Fraud.
They specifically would *not* do business with the government. Not because there wasn't enough money there, but due to Zero-Based Budgeting and the internal bureaucracies.
One of the company salesweasels explained it to me.... roughly, when auditing gov't agencies, they would find all the money they could in the 1st half of the fiscal year. No problems. In the second half, however, none of the money that they found would be signed off on as "collectable" by the bureaucrats. Why? If the findings can't be spent fast enough, the money gets whacked from the agencies' budgets.
So, the company would be expected to *audit* 12 months a year, but only make money for about 6 months. Not much of a business model.
In effect, there are a bunch of drunken sailors handling the nation's wallet, and no one will bother to watch them.
RE: It’s true we didn’t tackle the spending issue, but that was inevitable given the short time available to fix the looming tax problem
How many of us wanna bet the spending issue won’t be tackled until the very last minute and the end result will simply be this -— token cuts which does nothing to our huge deficits and debt?
Here we have the next mantra.
Remember, the commitment is just to buy votes in perpetuity.
BTW - the bill that is to be paid by the payroll tax isn't just going to go away. This is just sleight of hand.
Who`s the idiot who wrote this horse shit? And are you swallowing this shit sandwich? Damn, so whats shit taste like?
They have been doing it for four years with no end insight, Ben Bernanke taxes all of us 85 billion every month.
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