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Originally posted by neo96
reply to post by MrXYZ
no they arent
cutting spending is the only way to cut the deficit
anyone who is serious about cutting the deficit knows this the only function raising taxes has is what?
to continue the same bad habits that have led us off a cliff.
Originally posted by neo96
dont see the system benefiting the rich at all
Broad tax breaks granted to millions of families at all income levels dwarf the corporate giveaways. Over the past two years, largely because of these popular benefits in the federal income tax code, the government has reached a rare milestone in tax collection — it has given away as much as it takes in.
The number of tax breaks has nearly doubled since the last major tax overhaul 25 years ago, with lawmakers adding new benefits for children, college tuition, retirement savings and investment. At the same time, some long-standing breaks have exploded in value, such as the deduction for mortgage interest and the tax-free treatment of health-insurance premiums paid by employers.
All told, federal taxpayers last year received $1.08 trillion in credits, deductions and other perks while paying $1.09 trillion in income taxes, according to government estimates.
The Joint Tax committee estimated the President's budget proposal to make permanent all the current rates except the top rates would cost $2.3 trillion. Add 'patching' the AMT (at $683 billion) and you are at a cost of $3 trillion. So if the President wants to extend the other tax provisions- the ten percent tax rate, the child tax credit, protecting couples from the marriage penalty – it will 'cost' much more money than he will 'save' by raising the top income tax rate. Get it? He can't have it both ways – if ending the 'tax cuts for the wealthy' saves money, then extending the other provisions costs money (and a lot more).
If Exactly: The only freedom you have form this cycle is to vote with your dollar. Research what places ensure that you're getting gouged the least for what you are buying to support stupidity. I'm not talking about overall price, but see which companies are willingly eating their own overhead to give you a better deal. but yeah, not buying things that are unreasonably taxed by the government is hard to do.
Originally posted by daskakik
reply to post by TreadUpon
This is true and just further proves that the system serves the rich.
No matter what happens the cost is transferred to the consumer.
At this point, yes I see no way out of it. Oh, wait, let the Government sell it's own assets that it's holding to pay off it's own debts...Orly Moment The Governemtn does exactly what you are complaining that the rich do. They get in debt, pass it off to their people and don't use their own assets to pay it.
Originally posted by MrXYZ
Anyone with a functioning brain and the ability look at the figures will realize that tax increases are NECESSARY to cut the deficit. No amount of spending cuts would solve the budget deficit issue on its own.
I just gave 1 other option. there's always other options out there...we just don't like to look at them.
The only possible way for tax increases not being necessary would be an incredible boom in the economy, like during Clinton's years. Wanna bet our chances of that happening anytime soon?
Originally posted by neo96
no amount of taxation is going to do anything
did you even bother to look at any link in this thread? how many millions of americans are getting a government check? the numbers are there
heres another link not to look at or bother reading
A favorite talking point used by conservatives to justify giving more tax breaks to the wealthy is that 50% of Americans pay no taxes. The truth is that 86% of Americans pay taxes.
The truth is that the talking point that half of all Americans pay no taxes is a misrepresentation. Here is the full quote from the Tax Policy Center,
The fraction of tax units paying no income tax varies widely by filing status and type of unit.About 47 percent of single filers will owe no tax, compared with 38 percent of joint filers and 72 percent of heads of household. More than half of elderly tax units and tax units with children will pay no income tax this year.
The 47% statistic is not all Americans pay no taxes, but single filers who will pay no federal income taxes. According to the Center On Budget and Policy Priorities the real reason why 47%-51% of Americans paid no federal income taxes in 2009 is,
The 51 percent figure is an anomaly that reflects the unique circumstances of 2009, when the recession greatly swelled the number of Americans with low incomes and when temporary tax cuts created by the 2009 Recovery Act — including the "Making Work Pay" tax credit and an exclusion from tax of the first $2,400 in unemployment benefits — were in effect. Together, these developments removed millions of Americans from the federal income tax rolls. Both of these temporary tax measures have since expired.
The combination of the recession and the Obama stimulus cut taxes to low and middle income Americans led to fewer Americans owing federal income tax in 2009.
The Tax Policy Center has tried to correct Fox News and the right wing media's misuse of their research. In April 2010, Howard Glickman of the TPC wrote,
Let me explain—repeat actually—what this means: About half of taxpayers paid no federal income tax last year. It does not mean they paid no tax at all. Many shelled out Social Security and Medicare payroll taxes. In fact, only 14 percent of Americans didn't pay either income or payroll taxes. Some paid property taxes and, it is fair to say, just about all of them paid sales taxes of one kind or another. So to say they pay no taxes is flat wrong. However, this class warfare-like rhetoric plays to a perception that the income tax is a chump tax: Only hard-working folks like us pay it. The welfare queens don't. The super-rich don't. It is a powerful emotional argument. It is also flat wrong.
The actual number of Americans who don't pay any taxes isn't half, but 14%. This group of non-taxpayers of any kind is largely composed of the elderly and disabled. The people who don't pay taxes do so because they can't work.
Table 5: Percent of net worth held by various groups defined in terms of percentiles of the distribution of net worth; 1989, 1992, 1995, 1998, and 2001
Year Percentile group 0-49.9 50-89.9 90-94.9 95-98.9 99-100
1989 2.7 9.9 13.0 24.1 30.3
0.4 1.8 1.6 2.3 2.3
1992 3.3 29.7 12.6 24.4 30.2
0.2 1.1 0.7 1.3 1.4
1995 3.6 28.6 11.9 21.3 34.6
0.2 0.7 0.6 0.9 1.3
1998 3.0 28.4 11.4 23.3 33.9
0.2 0.9 0.6 1.2 1.5
2001 2.8 27.4 12.1 25.0 32.7