How can we afford to keep tax cuts for the rich and corporations?

[Guns Guns Guns]

Here's a list of federal expenditures for 2011, ranked by cost.




Defense (including wars and associated costs) – $964.8 billion
Health Care (Medicare/Medicaid, etc) – $882.0 billion
Pensions (Social Security, etc) – $793.2 billion
Welfare – $495.6 billion
Interest – $206.7 billion
Other Spending – $158.4 billion
Education – $129.8 billion
Protection – $60.7 billion
Transportation – $94.5 billion
General Government – $33.2 billion




The cost of the first three items on the list (Defense, Pensions, and Health Care) comes to $2.64 trillion.




That is already more than the entire revenue of the federal government ($2.2 trillion).






http://www.ohiomm.com/blogs/da_kings_men/2011/07/12/what-happens-if-debt-ceiling-isnt-increased/

 

[The Dude]

but cutting subsidies to gen y slackers like you

 

[Guns Guns Guns]

Let's prioritize the things we'd have to pay without a debt ceiling increase.


1. We'd have to fund General Government in order to accomplish anything else. Cost – $33.2 billion


2. We'd have to pay the interest on the debt ($206.7 billion), or else we'd lose our credit rating. We'd become a deadbeat country, and as Geithner said, that would cause interest rates to soar and the dollar to collapse. It would be disastrous for our economy.


3. We'd have to pay Social Security and other pensions, which are backed by the full faith and credit of the United States. Cost – $793.2 billion.




So, we've spent all the federal revenue, and we have no military, no Defense budget.




Or, we could screw the senior citizens, the sick, and the poor worse to pay for some of those other things.


"Screwed" is the operative word here.


We would be. I'm all for reducing spending, but it has to be done in a thoughtful, gradual manner. We can't go from a $1.6 trillion deficit to a balanced budget overnight...








http://www.ohiomm.com/blogs/da_kings_men/2011/07/12/what-happens-if-debt-ceiling-isnt-increased/

 

[Dixie - In Memoriam]

How can we afford to keep tax cuts for the rich and corporations?

You can't tax corporations, they don't pay tax, their consumers do. The more you raise their taxes, the higher the price they charge for their goods and services. WE pay the corporate tax, as consumers. You can't tax wealth, it is not permitted in the Constitution. You can tax people who earn a high income, and call it a "tax on the rich" but that is a misnomer. Most tax returns reporting a high income, are not "rich people" at all, they are reflective of a small business. Raising tax on the people who create 99.6% of the jobs in America is not a wise idea, when you have virtually no job creation.

Revenues can't be gained by increasing the top marginal rates, we know this for a fact because we've tried it numerous times before. What happens is, high income earners simply stop producing high incomes, and you have nothing to collect tax on. In order to increase revenues, you have to raise the rate of taxation on the middle class, or broaden the base and have people who weren't paying taxes before, begin paying. But rather than raising taxes on the middle class, why not cut some of the spending? Times are tough, and it will only make matters worse to raise taxes. There are a lot of things our government is paying for that we really could live without right now, and just like your family budget, sometimes sacrifice is in order. Let's cut out the subsidies and obsolete programs, let's find the waste and redundancy in the programs we keep, and we can even look at ways to cut the cost of military spending, but the key to solving this problem lies in cutting our spending drastically, without raising tax rates on anyone. If we do anything with tax rates, we should do as Reagan and Tip O'Neil did in the 80s, and broaden the base while LOWERING the tax rates.

 

[Guns Guns Guns]

Most tax returns reporting a high income, are not "rich people" at all, they are reflective of a small business. Raising tax on the people who create 99.6% of the jobs in America is not a wise idea, when you have virtually no job creation.

Please cite the source of your claims.


Otherwise, you are free to keep spouting personal opinions generously sprinkled with generalizations, hyperbole, half-truths, and outright falsehoods.

 

[Dixie - In Memoriam]

Please cite the source of your claims.


Otherwise, you are free to keep spouting personal opinions generously sprinkled with generalizations, hyperbole, half-truths, and outright falsehoods.

I don't need to cite any damn thing, you need to educate yourself from sources other than left-wing propaganda outlets. It is US LAW that EVERY Small Business file an individual or joint income tax return. This is true with ANY business up to 499 people. When you talk about increasing tax on those who report incomes over $250k, that would include most every decent-sized small business out there. Small business creates 99.6% of the new jobs in the private sector, if you wish to dispute that fact, state the accurate number and YOUR source!

 

[Guns Guns Guns]

I don't need to cite any damn thing, you need to educate yourself from sources other than left-wing propaganda outlets. It is US LAW that EVERY Small Business file an individual or joint income tax return. This is true with ANY business up to 499 people. When you talk about increasing tax on those who report incomes over $250k, that would include most every decent-sized small business out there. Small business creates 99.6% of the new jobs in the private sector, if you wish to dispute that fact, state the accurate number and YOUR source!

Translation: Dix-lie has no factual basis for his bullshit, so he'll keep spouting personal opinions generously sprinkled with generalizations, hyperbole, half-truths, and outright falsehoods.

 

[The Dude]

Legion the computer users of America can not afford to keep cleaning coffee from their screens form the continuous laughter your tard rants provide.

I can though, please continue freshman slacker