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The Congress is responsible for levying and collecting taxes. This money is used to pay our country's debts and to provide for the defense and well-being of our nation. Congress controls borrowing money and coining and printing currency. They also establish standards for weights and measures and punish counterfeiters.
2) Trade Regulation
The Congress holds the power to regulate foreign and interstate trade. However, they cannot make a law, which would give an advantage in trade between two or more states.
3) Military Power
The Congress is responsible for defending our country by establishing a military force. The organization, arming, establishment of military laws - and seeing that military laws are enforced, belongs to Congress. Military power is shared with the president who is considered the Commander in Chief. However, the power to declare war is granted to the Congress.
4) Other Powers
Congress is also responsible for establishing rules for citizenship in the United States. They are required to maintain a post office, make laws for copyrights and patents, and govern the District of Columbia. The Constitution also granted the power to establish our federal court system to the Congress.
It has to be emphasized, once again, these are the only powers enumerated to Congress, via the U.S. Constitution.
You got it right there in number 1)
The Congress is responsible for levying and collecting taxes. This money is used to pay our country's debts and to provide for the defense and well-being of our nation.
The Congress is responsible for levying and collecting taxes. This money is used to pay our country's debts and to provide for the defense and well-being of our nation. Congress controls borrowing money and coining and printing currency. They also establish standards for weights and measures and punish counterfeiters.
Why the GOP's Tax Gimmick for Homebuyers Won't Help One Bit | PEEK | AlterNet (http://www.alternet.org/blogs/peek/125339/why_the_gop%27s_tax_gimmick_for_homebuyers_won%27t _help_one_bit/ - broken link)
As shown in the first two categories in the table, direct purchases of goods and services by governments, including investment in infrastructure, tend to have relatively large effects on GDP. Because infrastructure spending takes time to occur, increased funding for that purpose would not boost outlays or GDP much this year, but it would probably provide significant stimulus from 2010 through 2012.
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Most of the budgetary effects of the Senate legislation occur over the next few years. Even if the fiscal stimulus persisted, however, the short-run effects on output that operate by increasing demand for goods and services would eventually fade away. In the long run, the economy produces close to its potential output on average, and that potential level is determined by the stock of productive capital, the supply of labor, and productivity. Short-run stimulative policies can affect long-run output by influencing those three factors, although such effects would generally be smaller than the short-run impact of those policies on demand.
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In contrast to its positive near-term macroeconomic effects, the Senate legislation would reduce output slightly in the long run, CBO estimates, as would other similar proposals. The principal channel for this effect is that the legislation would result in an increase in government debt. To the extent that people hold their wealth as government bonds rather than in a form that can be used to finance private investment, the increased debt would tend to reduce the stock of productive capital. In economic parlance, the debt would “crowd out” private investment. (Crowding out is unlikely to occur in the short run under current conditions, because most firms are lowering investment in response to reduced demand, which stimulus can offset in part.) CBO’s basic assumption is that, in the long run, each dollar of additional debt crowds out about a third of a dollar’s worth of private domestic capital (with the remainder of the rise in debt offset by increases in private saving and inflows of foreign capital). Because of uncertainty about the degree of crowding out, however, CBO has incorporated both more and less crowding out into its range of estimates of the long-run effects of the Senate legislation.
Quote:
Including the effects of both crowding out of private investment (which would reduce output in the long run) and possibly productive government investment (which could increase output), CBO estimates that by 2019 the Senate legislation would reduce GDP by 0.1 percent to 0.3 percent on net. H.R. 1, as passed by the Honorable Judd Gregg
House, would have similar long-run effects. CBO has not estimated the
macroeconomic effects of the stimulus proposals year by year beyond 2011.
Boy, there's a lot in that letter that you left out! Like how many millions of jobs created and how quickly the economic impact would take place, that spending has a stronger economic impact than tax cuts, etc, etc.
Boy, there's a lot in that letter that you left out! Like how many millions of jobs created and how quickly the economic impact would take place, that spending has a stronger economic impact than tax cuts, etc, etc.
Reagan found that out. The biggest criticism from economist about the great depression is that it was too little to late. If Hoover would have acted sooner or if FDR would have begun bigger it would have saved much suffering and lots of money. That's why I agree that this bill needs to pass asap. Every day we wait adds to the cost in the end. Those who think the bill is to big have no idea how big the cost is going to be in the end. I hate to say it but this is just the begining. No tax cut or decreased spending is going to change that.
It is almost to be expected that the stimulus won't be large enough to have a significant effect. Every penny will be scrutinzed by Washington's pundit class, while in contrast most of the econonic suffering during a major downturn occurs out of the public eye. The ideologues point to the "pork" while the masses suffer in silence and with little voice. Happens every time.
It is almost to be expected that the stimulus won't be large enough to have a significant effect. Every penny will be scrutinzed by Washington's pundit class, while in contrast most of the econonic suffering during a major downturn occurs out of the public eye. The ideologues point to the "pork" while the masses suffer in silence and with little voice. Happens every time.
Obama economist know it, thats why I think they already have follow up legislation written on its own or added to other bills.
Yeah, this is an interesting subject to contemplate.
As if "1913" weren't a satisfying victory enough for businesses/corporations.
Personally, i'm against the income tax on the middle/low bracket and believe the corporations should be taxed more. They, the businesses, tend to make the rules for the rest of us. Let those be taxed more for enjoying the political privileges of legislation.
Also, i wish government in general wouldn't be as connected to the hip to business. Bad move on government's part to a lack of foresight in seperating the two; business-private sector from the government-public sector. It seems to be so intertwined nowadays.
I DO NOT want corporate C.E.O.'s running this country.
Great idea! Tax corporations becase we'll never end up paying those taxes through higher prices and more lost jobs. If it isn't profitable to do business in the US, corporations will simpy go elsewhere. I guess you haven't seen enough of that over the past 30 years.
Great idea! Tax corporations becase we'll never end up paying those taxes through higher prices and more lost jobs. If it isn't profitable to do business in the US, corporations will simpy go elsewhere. I guess you haven't seen enough of that over the past 30 years.
Obviously no clue about economics.
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