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the rich guys are leaving the U.S. to nations where they would pay 0 taxes on property and such
Originally posted by Janky Red
Originally posted by Blaine91555
Even so, Obama is the most transparent liar in my memory.
You mean better than IRAQ attacked us on 9/11
You can't make this stuff up
People in the future will think we are INSANE when they read the above
and how naive are people who think what they pay into ss even amounts to what they receive.
Originally posted by neo96
and you are entitled to what i make
Originally posted by Fractured.Facade
Ultimately the president demands only one two things, higher taxes on the wealthy and that any raise of the debt ceiling be longer term than 2013, so as not to come up again while he tries to win re-election.
Treasury estimates the costs of making the tax cuts permanent for everyone is $3.7 trillion over 10 years.
Of that, $3 trillion accounts for the cost of extending them for the vast majority of Americans, as the president has proposed. The remaining $700 billion is the cost of extending them permanently for the high-income earners.
Obama also wants to allow Bush-era tax cuts to expire for individuals making $200,000 or more a year and couples making $250,000 or more. The revenue that would generate is not counted in his $4 trillion in deficit reduction.
4. The Bush tax cuts are the main cause of the budget deficit. Although the cuts were large and drove revenue down sharply, they are not the main cause of the sizable deficit that exists today. In 2007, well after the tax cuts took effect, the budget deficit stood at 1.2 percent of GDP. By 2009, it had increased to 9.9 percent of the economy. The Bush tax cuts didn't change between 2007 and 2009, so clearly something else is to blame.
The main culprit was the recession -- and the responses it inspired. As the economy shrank, tax revenue plummeted. The cost of the bank bailouts and stimulus packages further added to the deficit. In fact, an analysis by the Center on Budget and Policy Priorities indicates that the Bush tax cuts account for only about 25 percent of the deficit this year.