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View Poll Results: Should the Bush Tax Cuts be allowed to expire.
Yes 97 75.78%
No 31 24.22%
Voters: 128. You may not vote on this poll

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Old 11-11-2012, 02:25 PM
 
Location: Jewel Lake (Sagle) Idaho
27,610 posts, read 17,670,207 times
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Simple question...should the "Bush Tax Cuts" that the left has been attacking and blaming for the deficit for the last 10 years be allowed to expire? Not parts, not extended for everyone under $100k, just allowed to expire? IMO, yes. It's time to have an experiment and see who was right, Dems or Republicans. Let them all expire and see what happens.
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Old 11-11-2012, 02:44 PM
 
3,040 posts, read 2,188,285 times
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Yes..
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Old 11-11-2012, 02:48 PM
 
Location: North Beach, MD on the Chesapeake
33,921 posts, read 42,175,279 times
Reputation: 43329
The Bush Tax Cuts expired a couple years ago. They are now the Obama Tax Cuts. One must be precise if one wishes to actually be honest and not a hypocrite.
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Old 11-11-2012, 03:32 PM
 
32,496 posts, read 26,373,528 times
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yes they should be allowed to expire. if the economy is a set size, then the democrats are right and tax revenues will increase. if the republicans are right, then the economy will contract, and revenues will decrease.
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Old 11-11-2012, 03:33 PM
 
Location: Sango, TN
24,889 posts, read 21,075,755 times
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Yes, every damned one of them. They were instituted to pay back the budget surplus of the late 90's, and once they paid back that money, they should have expired.
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Old 11-11-2012, 03:34 PM
 
Location: Long Island, NY
19,717 posts, read 11,573,795 times
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They should be allowed to expire now on the top 1% and expire entirely when the economy returns to full employment.

The tax-rates that existed under Clinton not only did not hamper economic activity but they created surpluses.
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Old 11-11-2012, 03:36 PM
 
12,870 posts, read 13,147,322 times
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i think we should stay out of it, and let the liberals do what they do best.

manage the economy, and accept responsibility for their decisions.
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Old 11-11-2012, 03:38 PM
 
32,496 posts, read 26,373,528 times
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Quote:
Originally Posted by MTAtech View Post
They should be allowed to expire now on the top 1% and expire entirely when the economy returns to full employment.

The tax-rates that existed under Clinton not only did not hamper economic activity but they created surpluses.
different time, different economy. remember that in the 90s the economy was strong, and after the capital gains tax was cut, the tech bubble formed, and THAT was what pushed tax revenues up, along with some welfare reform. once the tech bubble popped, the economy slowed back down and deficits started going back up. in this economy, anything that slows the economy will be a bad thing, the CBO has even said so.
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Old 11-11-2012, 03:55 PM
 
Location: Southeast
4,296 posts, read 6,275,229 times
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Quote:
Originally Posted by MTAtech View Post
They should be allowed to expire now on the top 1% and expire entirely when the economy returns to full employment.
That makes no sense. The economy always enters recession immediately after periods of full employment, so why potentially make the contraction that much worse by raising taxes at the peak of a cycle? With the exception of a 0% rate, tax revenue will always rise and the deficit will always shrink as the economy grows regardless of tax rates. This is why we never had a surplus under the 70% max rates of the 1970s yet manage to reach surplus with less than half that rate in the late 1990s.

The "ideal" time to raise taxes would be when the economy is growing abnormally fast as a way to contain inflation and bring the economy to sustainable growth levels. During periods of full employment we experience sustained consistant growth, so why risk upsetting that difficult-to-achieve balance by raising taxes?

To answer the original question of whether or not the cuts should expire.. Based on the current lackluster level of GDP growth and the below average job growth, I would say no.
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Old 11-11-2012, 04:01 PM
 
Location: Maryland about 20 miles NW of DC
6,111 posts, read 5,080,940 times
Reputation: 2428
Getting the US Government out of the business of relying on borrowed money is the bigest single thing we can do to right our economy. The US government is competing with the private sector for capital and this would be eliminated if the market for US Treasuries (bonds or I owe You's) dried up. The US economy is awash in crdit and debt. Our national debt is not 15 trillion dollars but more like 60 trillion dollars, 15 Trillion in public debt and 45 Trillion in private debt. Our private debt is split 3 ways 1/3 is the funny money created by our financial industry, 1/3 is corporate debt and the final third is in the hands of us the American people our consummer debt (credit cards, major purchase loans (cars and trucks mostly), mortages (most people don't really own a home), and debt for education.Since the Bush Finacial Panic of 2008 we have begun to pay off some of that 45 Trillion dollars. One reason we have had a slow recovery is that money that in normal times would have been used for consumption or building things is being enihilated in the deleveraging but this is a good thing. Unfortunately a lot of our earnings that ends up in the hands of our 1% is being tied up in US Treasuries (why take the risk or spend your wealth on thinkgs that are not easy to liquidate and more risky). For example most new businesses our failures and do not make a profit or as a friend of mine said are a good way to make a fortune small!
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