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Post by New Mama on Nov 30, 2012 10:07:14 GMT -6
Well it's around the corner. The fiscal cliff. The GOP is between a rock and a hard place. Obama is in the driver's seat. He's sticking to his guns and refuses to give an inch. His latest plan has nothing but tax rate increases and a promise for entitlement reforms in a year or so with details to be determined sometime in the future. Here is Obama's latest plan...
So tax rates will increase for any couple or business earning more than $250,000, $200,000 for singles.
Republican's will cut their own throat if they don't take the deal because Obama can blame them for not 'compromising' if we do fall off that fiscal cliff.
Either way we are all screwed. I think Obama should get what he wants although it makes no long term sense. It is the only way to prove it will not work.
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Post by Ardbeg... innit on Nov 30, 2012 10:49:21 GMT -6
Well it's around the corner. The fiscal cliff. The GOP is between a rock and a hard place. Obama is in the driver's seat. He's sticking to his guns and refuses to give an inch. His latest plan has nothing but tax rate increases and a promise for entitlement reforms in a year or so with details to be determined sometime in the future. Here is Obama's latest plan... So tax rates will increase for any couple or business earning more than $250,000, $200,000 for singles.Republican's will cut their own throat if they don't take the deal because Obama can blame them for not 'compromising' if we do fall off that fiscal cliff. Either way we are all screwed. I think Obama should get what he wants although it makes no long term sense. It is the only way to prove it will not work. Lets be specific here, the tax will increase ONLY on the amount made over $250,000. So if you make $260,000 per year, your actual tax increase will be $4/week.
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Post by New Mama on Nov 30, 2012 12:47:36 GMT -6
According to the information I have read this increase will raise enough tax dollars to run our government for about two weeks. BFD! Without cuts in spending nothing will be done to reduce our climbing debt. Our debt will continue to grow without an end in sight considering Obama’s additional condition for raising the debt ceiling as needed without future Congressional approval. If you think this is a good plan you are naïve.
Moreover, the TOP earners; meaning multi millionaires and billionaires will leave our system. History says so. These are most often big business owners aka employers. Look at the UK. When they raised the tax on millionaires to 50% in 2010 they lost 2/3rds of their millionaires.
Raising taxes alone is not going to do the job. Without reining in our government spending we will spiral into bankruptcy. Look for recession, higher unemployment and another lowering of our credit in the world market if Obama gets his way. His plan stupid but ‘feels good’ to many voters.
BTW, I have not been and am not against higher taxes if its tax increases for all such as a VAT tax. His plan is class warfare, discourages entrepreneurship and is plain unfair but worse our spending must be reduced; something he has NOT compromised on at all.
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Post by Chicago Jake on Nov 30, 2012 18:58:57 GMT -6
I'll go out on a limb here and predict that taxes will NOT be significantly increased, and spending will NOT be significantly cut. The dept crisis will continue until the government crashes of its own bloated weight.
At least, that's my best-case scenario.
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Post by Ardbeg... innit on Dec 3, 2012 6:27:47 GMT -6
Anita, the irony of your quote by Cicero (I will assume that it is factual), is that Rome had another 400 years to go of expansion and foreign "assistance" (by which I think Cicero meant "conquest") before it collapsed.
Im good for another 400 years.
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Post by New Mama on Dec 3, 2012 15:55:51 GMT -6
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Post by Tex on Dec 3, 2012 16:11:13 GMT -6
Anita, the irony of your quote by Cicero (I will assume that it is factual), is that Rome had another 400 years to go of expansion and foreign "assistance" (by which I think Cicero meant "conquest") before it collapsed. Im good for another 400 years. I would remind you that you also opined that GM had plenty of cash a few years back.
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Post by New Mama on Dec 3, 2012 16:17:01 GMT -6
Anita, the irony of your quote by Cicero (I will assume that it is factual), is that Rome had another 400 years to go of expansion and foreign "assistance" (by which I think Cicero meant "conquest") before it collapsed. I'm good for another 400 years. I did some research and learned that Cicero did not likely say this. Taylor Caldwell who wrote this in her fictional book, A Pillor of Iron from 1965. The book has Cicero saying this. In any event I like it, but will ch-ch-change the credit to be accurate.
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Post by New Mama on Dec 5, 2012 8:00:54 GMT -6
So Obama met with MSNMC yesterday in the West Wing with the likes of Al Sharpton, Maddow and O'Donnell. No doubt a love fest and executive instructions on the proper way to present the news about the fiscal cliff.
How come no one is talking about a flat tax? Now that would be 'fair'.
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Post by Merlot Joe on Dec 5, 2012 19:35:33 GMT -6
I'm surprised that is was a exclusive MSNBC. I am sure that CNN and Wolf Bullshitter will be next.
Anita I don't think you will ever see a flat tax, or a ch-ch-change to our tax code in our life time. They only thing will we see is tax increases.
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Post by New Mama on Dec 21, 2012 10:39:54 GMT -6
Ever wonder why the multimillionaires and corporate American is the most vocal about the need to raise taxes? That’s because they are getting a break and transferring the increased tax burden to the smaller business owners often referred to as the ma and pa business. This is worth reading… online.wsj.com/article/SB10001424127887324461604578189960633266322.htmlhighlights..
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Post by Ardbeg... innit on Dec 23, 2012 6:41:45 GMT -6
Boehner top Pelosi in unpopularity...
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