Posted on 12/09/2012 1:17:09 PM PST by Orange1998
Republican Sen. Tom Coburn (R-Okla.) told me Sunday on ABC News' "This Week" that he is willing to accept tax rate increases as a component of a fiscal cliff deal, as long as Democrats put "significant entitlement reform" on the table.
"What we ought to be working on is the other 93 percent, because even if you do what [Obama] wants to do on tax rates, you only affect 7 percent of the deficit," Coburn said. "What we have done is spend ourselves into a hole, and we're not going to raise taxes and borrow money and get out of it."
"And so will I accept a tax increase as a part of a deal to actually solve our problems? Yes," he said.
But his Republican colleague in the House, Rep. Jeb Hensarling (R-Texas), disagreed.
He said that Republicans shouldn't vote for a tax increase which they believe will harm the economy.
"No Republican wants to vote for a rate tax increase," Hensarling said. "I mean, what that is going to do, according to the National Federation of Independent Business that commissioned a study by Ernst & Young, is cost 700,000 Americans to go from having paychecks to unemployment checks."
Hensarling said that President Obama pulled a "bait and switch" on Congressional Republicans by adding a demand for tax rate increases after the election. In 2011 Obama had suggested that $1.2 trillion could be raised by closing loopholes and pursuing tax reform alone, without raising rates.
"The president, again … if he would do what he said before the election, as opposed to the bait-and-switch, what Republicans feel like is a little bit like Charlie Brown running to kick the football and Lucy pulls it away," Hensarling said.
(Excerpt) Read more at news.yahoo.com ...
If you think the increased revenue from Taxes will go to pay down
the debt, you are truly foolish. It will go where all our money goes...
to support spending programs. And that all.
Interesting post.
So you believe that ss/medicare are welfare programs? Do you also believe that private insurance and annuities (for retirement) are as well? Both ss/med are paid for. They aren’t free.
As I have already said, I’m not rich by any stretch, why should the wealthy pay into a system and not reap the benefit? Should they also pay for private insurance..but be denied coverage because they have the bucks to cover their own health issues? Let them opt out, it’s only fair. And I am sure you want to be fair. If Bill Gates paid the premium, the benefit is his as much as ours.
You sound a little bit like a “share the wealth” kinda FRiend.
“Yep. But they will, one way or another- inflation or whatnot”
I think that we’re all seeing that. And it will get much, much, worse, once we hit the brick wall regarding borrowing.
When that day comes, then our 401K’s, IRAs, and Pensions become nationalized and turned into (hate to say it) means-tested annuities, with the masses determining just how much (if any money) we’ll be allowed to draw from those accounts. The actual cash in those accounts goes straight to the government.
There is already A LOT of talk about this now, and likely by the end of 2016, we’ll be there. So the money will be taken...just as you suspect. It happened in Argentina and Russia (twice there), and MUST happen here.
No, and I am no longer sure an easy comfortable life has done much for the state of my soul.
BUMP
I think so too
It does not surprise anyone that knows the Republican Party, does it?
“So you believe that ss/medicare are welfare programs? Do you also believe that private insurance and annuities (for retirement) are as well? Both ss/med are paid for. They aren’t free.”
I would say that private insurance and annuities are NOT welfare programs if funds actually exist in them TODAY. But if the depositors were somehow able to borrow against them, and clean them out...then yes, any money they paid out would not be depositor money, they would, BY DEFINITION, be someone else’s money.
As far as SS and Medicare, give the account number with the $40T or so that should be there by now. You can’t because it has all been borrowed against. It was a deal with the devil, lower income tax rates in exchange for stealing from SS and Medicare, FOR DECADES. So no, the money is not there, it is long gone.
yes, I am sorry about that. It was not helpful.
“If you think the increased revenue from Taxes will go to pay down the debt, you are truly foolish. It will go where all our money goes...to support spending programs. And that all.”
No, actually the linkage between spending and revenues left the station with Obama. If they want a program, they will push for it, and the size of the deficit will have ZERO IMPACT. So yes, if we increase revenues, the money might get spent, but it would have been spent anyway - so we still come out ahead, with a smaller deficit than we would have otherwise had.
In other words, it’s time to PAY UP for the services that WE DEMAND from the government, with “we” being many, if not most, older FReepers.
Congress has no history reducing spending, only spending more and more.
All this may end up being a mute point, as a collapse will likey happen
before any real cuts are made in the future.
Decades and decades of grand bargains by both sides, past and present
gave brought us to the brink.
“if funds actually exist in them today..”
If a private insurer or retirement administrator absconded with funds they would be required to insure those funds..or go to prison ala Bernie Madoff.
We can’t imprison all of the past politicians that served for the last 70 years or so. (but that is a fun idea)
There have been alternatives placed on the table that are equitable to all.
If you want to rage...call your representatives. Not that it will help...any more than it has in the last 70 years.
So your kids will suffer...so will mine. I don’t see that you answered my question about what government bloated departments could be shut down to save our children.
I think you are just p.o.’d about paying taxes in general. It really doesn’t have anything to do with your kids.
No problem. There are those who do fit the description you gave. It just doesn’t fit everyone on SS and Medicare.
Why can you only expect to make $10/hr? Why should your inability to earn, and your family's inability to save, become my burden, or my children's burden?
Do you believe in liberty, or 'from each according to his ability, to each according to his need'?
Shut up.
In the choice between liberty and living off of others 'you chose the easy way out'.
Are you so bereft of original thought that you have to copy & paste my own posts back to me now? Good grief the quality of morons is dropping these days!
Are you so bereft of honor and dignity that you fob your responsibilities off on others?
I'll ask again, do you believe in liberty (with the rewards and risks that entails), or 'from each according to his ability, to each according to his need'?
I believe you’re a tiresome jackass who can’t read and doesn’t deserve an answer.
Ad-hominem is the argument of the incapable.
Your actions are actually the answer, you simply lack the courage/conviction to admit them. You've been seduced by the Siren song of socialism.
yeah The republican party is the rat party lite.
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