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I agree with Simpsons Bowles because it cuts spending and raises more tax revenue.
But you take every opportunity to tell people their wrong when they say we need to lower the tax rates, even though the Simpsons Bowles says we should lower the tax rates?
The annual deficit has fallen 32% over the first seven months of this fiscal year compared with same period last year, according to Congressional Budget Office figures released Tuesday.
A major reason: A big jump in tax revenue.
Tax collections rose by $220 billion -- or 16% -- between the start of the fiscal year on Oct. 1 through April 30. Individual and payroll taxes accounted for $184 billion of that increase.
The tax haul rose sharply primarily because wages and salaries were higher, the payroll tax cut of the past two years expired on Jan. 1 and the fiscal cliff deal brokered over New Year's raised tax rates on high earners.
Spending, meanwhile, fell 1.9% year over year, the CBO estimated.
The biggest percentage drop occurred in the payment of unemployment benefits, which were down nearly 25%, or $15 billion. Defense spending fell 5.3%, or $20 billion, and "other activities" -- primarily spending on nondefense programs -- fell 8.6%, or $58 billion.
In other words, even though revenues went up $220B, we're still running a $450B deficit in just 7 months?
What about interest on the accrued debt? Obama said that Alqueda has been vanquished! Why are we still in Aghanastan and Iraq? Gitmo? Real unemployment of 16%?
Higher taxes have reduced deficits by 1/3rd, but have done nothing for deficit spending!
But you take every opportunity to tell people their wrong when they say we need to lower the tax rates, even though the Simpsons Bowles says we should lower the tax rates?
Why is that?
You just said we should raise tax rates on those not paying federal tax. That's raising rates. I support Simpson Bowles because it isn't revenue neutral. It does lower rates, but more tax is collected to pay down the debt.
You just said we should raise tax rates on those not paying federal tax. That's raising rates. I support Simpson Bowles because it isn't revenue neutral. It does lower rates, but more tax is collected to pay down the debt.
I didn't support the Catfood Commission because it was charged with reducing the deficit and their first proposal was to cut tax-rates on upper-income Americans and cut spending on the most vulnerable.
You just said we should raise tax rates on those not paying federal tax. That's raising rates. I support Simpson Bowles because it isn't revenue neutral. It does lower rates, but more tax is collected to pay down the debt.
Once again, lets recap where this conversation started, because you're now trying to spin your way out of pretending you didnt say something you clearly did.
Quote:
Originally Posted by Winter_Sucks
You've been saying that lower rates lead to more revenue, which in this case your position has been proven wrong.
And the debt commission said what again?
Quote:
Originally Posted by pghquest
2. $995 billion in additional revenue with $785 billion in new revenues from tax reform by lowering income and corporate tax rates and broadening the base by eliminating tax expenditures. An additional $210 billion in revenue is also raised in other revenue by switching to the Chained-CPI and an increase in the federal gasoline tax
Yep, thats right, they said we should LOWER the tax rates in order to ADD ADDITIONAL REVENUE.
Which once again YOU JUST SAID YOU AGREED WITH,
Quote:
Originally Posted by Winter_Sucks
I agree with Simpsons Bowles because it cuts spending and raises more tax revenue.
So why again are you arguing with me? I'm starting to wonder if you even had a clue what the debt commission said..
Hell, I've been saying this for YEARS, when will you catch up? This is from 2011
Quote:
Originally Posted by pghquest
Thats not what what the Republicans believe but even the Obama debt commission said we need to lower the taxes and broaden the tax base supporting the imaginary claim you just ridiculed..
It gets even comical because YOU said 2 years ago the exact same thing you are now saying I'm wrong about
Quote:
Originally Posted by Winter_Sucks
We need everyone to have some skin in the game when it comes to paying taxes. We need to broaden the base of taxes, lower the rates, get rid of the loopholes and tax shelters.
So did you change your opinion because of Obama talking points?
I didn't support the Catfood Commission because it was charged with reducing the deficit and their first proposal was to cut tax-rates on upper-income Americans and cut spending on the most vulnerable.
They would be paying more in taxes even with lower rates. The rich and corporations look like they are taxed at higher levels, but they pay a lot lower rate because the tax code favors them. We could get rid of their preferences in the tax code and lower rates and they will end up paying more taxes.
You just said we should raise tax rates on those not paying federal tax. That's raising rates. I support Simpson Bowles because it isn't revenue neutral. It does lower rates, but more tax is collected to pay down the debt.
You actually believe Obama will pay down the debt?
Not!!
He will spend as much as he can get away with and tax as much as he can to get more revenue to spend.
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