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Tax cut deal adds 900 billion to deficit over the next 2 years


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#1 soulflower

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Posted 07 December 2010 - 08:12 AM

The package will cost about $900 billion over the next two years. The deal comes only days after the deficit commission report, which urged serious action to combat America's long-term debt problem (or crisis).

Ironies abound. Democrats spent years railing against George W. Bush for not paying for his tax cuts. Democrats are now emulating the very actions they criticized. Republicans have spent two years preaching about the primacy of deficits. The GOP victory however means a tax deal that will likely prove more costly to the deficit than the stimulus package. This bi-partisan compromise is, oddly, politics as usual.

http://www.realclear...uts_108166.html


Indeed ....
"...reality has a well-known liberal bias"

#2 kandace

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Posted 07 December 2010 - 08:15 AM

This is what a Republican dominated House gets you. Until Americans reject the fiction that tax cuts are a magic elixir that defies the laws of deficit reality, this type of disaster will continue. Unfortunately, Americans have been drinking the magic tax cut kool aid for 30 years, even as massive debt has continually piled up. Will Americans recover their senses? That remains to be seen.

#3 Number Six

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Posted 07 December 2010 - 08:17 AM

This is what a Republican dominated House gets you. Until Americans reject the fiction that tax cuts are a magic elixir that defies the laws of deficit reality, this type of disaster will continue. Unfortunately, Americans have been drinking the magic tax cut kool aid for 30 years, even as massive debt has continually piled up. Will Americans recover their senses? That remains to be seen.


Really?

Um, the democrats dominate the House right now.

Extending unemployment for 13 more months has nothing to do with this, nor does the reduction in payroll tax, either.
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#4 Mom49of4

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Posted 07 December 2010 - 08:17 AM

If you feel that you are not paying enough in taxes just send the government donations on a regular basis.
My children are my legacy.

Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.

#5 overtaxed

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Posted 07 December 2010 - 08:22 AM

The main point is that it is not the governments money! When I am short on cash flow. I try a novel concept. I actually spend less! The government really needs to give that a try. Hell, nothing else they have tried has worked.

#6 soulflower

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Posted 07 December 2010 - 08:22 AM

If you feel that you are not paying enough in taxes just send the government donations on a regular basis.


If you like this deal, don't complain about the 2009 stimulus(1/3 of the stimulus was tax cuts)
"...reality has a well-known liberal bias"

#7 Mom49of4

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Posted 07 December 2010 - 08:28 AM

I will complain about anything I care to without looking for your permission.
My children are my legacy.

Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.

#8 soulflower

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Posted 07 December 2010 - 08:57 AM

The main point is that it is not the governments money! When I am short on cash flow. I try a novel concept. I actually spend less! The government really needs to give that a try. Hell, nothing else they have tried has worked.


It's not your money. The money will be borrowed from China
"...reality has a well-known liberal bias"

#9 RuxtonRifle

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Posted 07 December 2010 - 09:03 AM

Indeed ....


Taxes must go up in order to reduce the deficit and everyone needs to feel the pain, right? Where's the spending cuts? Where's the reduction of government bloat? Does that not play a more fundamental role? SPEND LESS!
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#10 Number Six

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Posted 07 December 2010 - 09:09 AM

Taxes must go up in order to reduce the deficit and everyone needs to feel the pain, right? Where's the spending cuts? Where's the reduction of government bloat? Does that not play a more fundamental role? SPEND LESS!


How many billions are still going for federal step increases this year? So much for a pay freeze.
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I've seen the future.

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#11 soulflower

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Posted 07 December 2010 - 09:11 AM

Taxes must go up in order to reduce the deficit and everyone needs to feel the pain, right? Where's the spending cuts? Where's the reduction of government bloat? Does that not play a more fundamental role? SPEND LESS!


Where are we going to find 900 billion in spending to cut over the next 2 years?
"...reality has a well-known liberal bias"

#12 rentedmule

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Posted 07 December 2010 - 09:14 AM

This is what a Republican dominated House gets you. Until Americans reject the fiction that tax cuts are a magic elixir that defies the laws of deficit reality, this type of disaster will continue. Unfortunately, Americans have been drinking the magic tax cut kool aid for 30 years, even as massive debt has continually piled up. Will Americans recover their senses? That remains to be seen.


OK, please tell us what the correct and proper tax rate is. Over 100 years of income tax history shows we have had rates from 7% to 92%. Please pick one and explain why your rate is intellectually superior to all the various approaches we have used in the past.

#13 woody

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Posted 07 December 2010 - 09:17 AM

Where are we going to find 900 billion in spending to cut over the next 2 years?

For starters, the o and republican agreement on reducing SS taxes for employees will amount to $120 billion in just the one year. They should leave the SS fund alone and instead raise income taxes on the very wealthy but a little, cut some spending and make some minor adjustments in program costs and the deficit will shrink and over time, perhaps even get to a healthy level where the economy can handle it, maybe even perhaps in some years, eliminate the deficit as all adjusts. The clowns in office have no concept of strengthening financial management all they know how to do is spend, then talk and then enact further damaging authority to the inept.


#14 John Henneman

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Posted 07 December 2010 - 09:27 AM

With the Deep Depression we are in we need to make people "feel good".This legislation makes people" feel good".

#15 overtaxed

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Posted 07 December 2010 - 09:32 AM

It's not your money. The money will be borrowed from China


Actually, the money I earn is mine.

#16 woody

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Posted 07 December 2010 - 09:34 AM

With the Deep Depression we are in we need to make people "feel good".This legislation makes people" feel good".

Really? Feel good? Sounds like the young unmarried girl that has sex because it "feels good" and then when saddled with babies creates long term liabilities and perhaps not so feel goods the rest of her life with society getting to pay for her mistakes. So this legislation makes people feel good about getting minimal immediate gratification while placing a huge financial burden on themselves and the country now and in the future. ha ha ha That is a good one. I feel good at reading your humor on this. You were joking, right?


#17 Mom49of4

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Posted 07 December 2010 - 09:37 AM

Actually, the money I earn is mine.


Some posters have a problem with that concept.
My children are my legacy.

Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.

#18 redleg

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Posted 07 December 2010 - 09:41 AM

This is what a Republican dominated House gets you. Until Americans reject the fiction that tax cuts are a magic elixir that defies the laws of deficit reality, this type of disaster will continue. Unfortunately, Americans have been drinking the magic tax cut kool aid for 30 years, even as massive debt has continually piled up. Will Americans recover their senses? That remains to be seen.

Until Congress rejects the fiction that they can keep increasing spending to buy votes, and then raise taxes at will to pay for their fiscal insanity, we will never get the deficit under control. And, since when is UE compensation a Federal issue?
War is an ugly thing, but not the ugliest of things. The decayed and degraded state of moral and patriotic feeling which thinks that nothing is worth war is much worse. The person who has nothing for which he is willing to fight, nothing which is more important than his own personal safety, is a miserable creature and has no chance of being free unless made and kept so by the exertions of better men than himself.
John Stuart Mill (1806 - 1873)

#19 woody

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Posted 07 December 2010 - 09:43 AM

Some posters have a problem with that concept.

:D Yep, they sure do. Too many think they have a right to the fruits of the workers. The government saps all significant individual discretion. Just look at the long list of local, state and federal taxes we pay. The % is enormous when all taxes including hidden taxes are added up and your income is redistributed to causes that waste.


#20 soulflower

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Posted 07 December 2010 - 09:47 AM

Actually, the money I earn is mine.


Sure is but the deficit spending is borrowed from China...
"...reality has a well-known liberal bias"