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You are linking to a news story thats over 2 years old to discuss CURRENT deficits?
Btw, your link doesnt even support you statements because it says DEFICITS will rise.. Wars were counted on the national DEBT.. Thats NOT the deficits.. Clearly you are displaying you dont know the difference with EVERY SINGLE POSTING...
When the Country runs a deficit, it is added to the debt. The debt keeps rising. It was 2009 when Obama stopped GW's gimmicks. Obama stopped the practice of hiding deficits. Accounting for the deficits, added to the debt numbers.
He said he was going to cut the deficit when he first entered office. After four years has he done it? No. So this is nothing but political talk in the hopes of getting a second term. I don't understand why Presidents do this. They make so many promises and once they are in office, they do nothing productive. But still after one term they want another, for what? To be forever remembered as the do-nothing-President? Its not a reputation I would want to have.
Then I have to look at people. And I know the answer.
All of the sacrifices in fixing the deficit so far have fallen on the middle class and the poor. The deficit can't be fixed with spending cuts only. There has to be increased revenue, and it can't all come off the back of the poor and middle class. Obama rightly backs letting the Bush tax cuts for the rich expire. I'm also pleased to see that the defense budget will be reduced under his plan.
Really? Please prove that. Go ahead: link or list these sacrifices which have fallen entirely on the middle class and poor. While you are at it, define the upper and lower limits of middle class income and accumulated wealth please. Explain how one can sacrifice something which is not his/hers to give to begin with too.
The "wealthy" already pay 90% of all taxes and that is not enough for some people.
They pay 35% tax on income over $373,650 if filing individually, which is lower than it has been in many, many years. If they are paying "90% of all taxes", then they must be making 90% of all income. Increasing their tax rate even 5% would significantly increase revenue and help balance the budget.
They pay 35% tax on income over $373,650 if filing individually, which is lower than it has been in many, many years. If they are paying "90% of all taxes", then they must be making 90% of all income. Increasing their tax rate even 5% would significantly increase revenue and help balance the budget.
When this Country was functioning the best for everybody, the wealthy were paying taxes at a 90% rate. The last time the rates were as low as now, was just before the Great Depression.
When this Country was functioning the best for everybody, the wealthy were paying taxes at a 90% rate. The last time the rates were as low as now, was just before the Great Depression.
The difference between now and then is that the federal government had not become the behemoth it is today. Socialist entitlement policies had not yet been instituted requiring the punishment of the sucessful for the enrichment of the non-producers.
It is obvious the the government does not function "for the best of everybody" when one portion of society is heavily taxed to the exclusion of other portions. The best for parasites perhaps, but not for everybody, as you so claim.
When the Country runs a deficit, it is added to the debt. The debt keeps rising. It was 2009 when Obama stopped GW's gimmicks. Obama stopped the practice of hiding deficits. Accounting for the deficits, added to the debt numbers.
Why dont we review your posting, shall we?
Quote:
Originally Posted by florida.bob
Yeah, funny how actually accounting for wars, etc. That 2.7 trillion that was missing from GW's debt figures, kind of has an impact.
The wars were NOT missing from the DEBT figures, they were just in different budgets.. Obama did NOT stop the practice of hiding deficits because THEY WERE NOT HIDDEN. You were wrong.
Quote:
Originally Posted by florida.bob
When this Country was functioning the best for everybody, the wealthy were paying taxes at a 90% rate. The last time the rates were as low as now, was just before the Great Depression.
ooh please tell me when this country was so fabulous that we taxed people at 90%, and then explain to me why it was so wonderful at the time..
Clearly not only do you not know the difference between the debt and deficits, but now you dont understand that the wealthy are WEALTHY, and WEALTH isnt income.. You can tax Warren Buffet, Bill Gates etc at 100% and it wont affect them.. I know, you need this explained to you as well..
The wars were NOT missing from the DEBT figures, they were just in different budgets.. Obama did NOT stop the practice of hiding deficits because THEY WERE NOT HIDDEN. You were wrong.
ooh please tell me when this country was so fabulous that we taxed people at 90%, and then explain to me why it was so wonderful at the time..
Clearly not only do you not know the difference between the debt and deficits, but now you dont understand that the wealthy are WEALTHY, and WEALTH isnt income.. You can tax Warren Buffet, Bill Gates etc at 100% and it wont affect them.. I know, you need this explained to you as well..
So you are saying GWs accounting for the wars, were added to the deficit calculation? As for 90% tax rates ...
Fail again.. The 1920 tax cuts resulted in massive economic prosperity in the country, (ever hear of the roaring 20's), and when the tax rates were again increased in the 1930's, we ended up with the great depression of 1937.. Was this the period of time you proclaimed was so wonderful?
But yet again, you are now displaying that you dont comprehend the difference between a deficit, and a debt, and taxes on income, vs taxes on wealth, but now you are adding into the things you dont know, the idfference between a marginal tax rate, and an effective tax rate..
You shouldnt have stopped at your first error so I wouldnt have to keep embarassing you..
Do you realize governments own reports say that the nation should be taxed at 17% of GDP in order to maximize federal tax dollars? Anything over that reduces federal tax income
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