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Thread: The Fiscal Cliff - Part 2

  1. #51
    Senior Member luvmylabs23139's Avatar
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    Quote Originally Posted by Buzz View Post
    So taxes go up on everybody! Ah ha ha ha ha!
    Blame the fool in the White house!!!
    Hihope Hiland Heathen of Perth CD, RE, CGC, TDI

  2. #52
    Senior Member Golddogs's Avatar
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    Quote Originally Posted by Marvin S View Post
    The part bolded is what I look at - everything the government is running is a Ponzi Scheme - Ryan at the least put a proposal on the table -

    I'm reading a book now called "Do Not Ask What We Do" about selected tax cutters & their foes. Boring to start with but turns into an interesting read.

    What it really boils down to is - No one wants to be the 1st to propose something as they will pay the price - & everyone wants to be reelected .

    At the same time I am reading a CATO book about the problems in SS circa 1983 data. Those who are opposed to private accounts in SS should read it.

    There are lots of good sensible proposals out there, no one wants to be the front man.
    Another good OP ED piece:
    Sen. Warren Rudman

    Lessons from a champion of responsible budgeting


    By Sara Imhof and Tim Penny


    “Let me be blunt,” Sen. Warren Rudman said 20 years ago in one of his many appeals for more responsible budget policies in Washington. And as promised, he did not mince words.

    The two main political parties, according to the outspoken New Hampshire Republican, were afraid to “speak the truth” to the American people about the enormous fiscal and economic challenges facing the country.

    The public, he complained, had been led to believe that these challenges could be easily met with a few simple steps such as slashing congressional perks and eliminating foreign aid.

    Rudman said it was time for Congress to shift its focus away from special interests and concentrate on promoting “economic growth and a future for the kids of this country.”

    Last month, with Rudman’s passing at age 82, the nation lost a true champion of responsible federal budget policies. Had our national leaders heeded his warnings, perhaps our fiscal future would not look so bleak now.

    Yet here we are today, having recently recorded another annual deficit in excess of $1 trillion, comprising nearly 40 percent of the federal budget. The national debt has climbed well above $16 trillion, roughly the size of the country’s Gross Domestic Product.

    As we approach the so-called fiscal cliff and another fight over the debt ceiling, and consider how to fund the baby boomers’ retirement years, courageous political leadership on the budget has never been more needed.

    But all too often that leadership, from the White House to Capitol Hill, has been lacking.

    The year-end fiscal cliff — a combination of expiring tax cuts and poorly designed spending cuts — threatens to put the country back into a recession. Washington needs to quickly find a better alternative to the cliff, while laying the groundwork for more comprehensive, longterm fiscal reforms.

    Facing this task, our elected officials would do well to keep Warren Rudman’s example in mind.

    His commitment to the cause of fiscal responsibility stretched back to his days in the Senate, where in the 1980s he sounded the alarm about our long-term challenges and sponsored the Gramm-Rudman deficit- reduction legislation.

    In 1992, Rudman joined former Sen. Paul Tsongas, a Massachusetts Democrat, and Peter G. Peterson, a former U.S. secretary of commerce, in founding The Concord Coalition. His comments above were made at that time.

    The goal was to establish a nonpartisan watchdog organization that would both alert the public to the dangers of large deficits and hold elected officials accountable for votes that added to the red ink. Rudman served as a Concord co-chair until his death.

    Rudman understood that the antitax impulse of his own party — and the big-government impulse of the Democratic Party — often meant that neither party could be trusted to watch the bottom line.

    He sought to pull and cajole his colleagues away from the fiscal extremes and toward the responsible middle — always with an eye on protecting the country’s standard of living and shielding future generations from inheriting excessive government debt. Some elected officials have followed in his footsteps. Earlier this year, for example, 38 House members voted for legislation based on the bipartisan recommendations of the widely respected Bowles-Simpson commission.

    However, that was only 38 out of 435 House members. Likewise, in the Senate, a bipartisan “Gang of Eight” has been working on sound fiscal policy alternatives. But again, more lawmakers are needed.

    Now the nation watches as the finger- pointing in Washington continues over the fiscal cliff and longerterm reforms. With time running short, offers have been made and rejected and both parties frequently retreat to their partisan corners.

    After the November elections, neither party has the power or credibility to simply push through its own agenda. Bipartisan compromise is the only option — and the only way to reflect the wishes of a closely divided electorate.

    We need Warren Rudman’s brand of leadership again. Can Obama and Congress provide it — before it’s too late?

    Sara Imhof is Midwest regional director of the Concord Coalition. Tim Penny, a former U. S. congressman, is president and CEO of the Southern Minnesota Initiative Foundation.


    He sought to pull and cajole his colleagues away from the fiscal extremes and toward the responsible middle — always with an eye on protecting the country’s standard of living and shielding future generations from inheriting excessive government debt.

    Never trust a dog to watch your food!

  3. #53
    Senior Member cotts135's Avatar
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    Quote Originally Posted by Marvin S View Post
    Obviously no one wanted to answer the questions asked in the OP of Part 1 so will try a new tack. This is for those who are obviously smitten with class envy .






    Which means that the middle 40% paid 27.04% of all the federal income taxes, which I would venture to guess would include most who post here.

    If my AGI was only $369,691 & I was being demonized by the POTUS as rich I would be quite upset.

    There is not enough money among the wealthy to cure congresses spending habit & pay off the debt. Those among the very wealthy that say they should pay more can without asking others to, their support means they expect to get a break unavailable to the other wealthy . What sucks is that many of you are falling for that line.

    So I'll try to present it in a manner you understand. The attack on the wealthy is an attempt to gain the viriginity of the taxpayer, nothing less. After the deflowering everything will be much easier. & you can see from the stats that you will be on the list.

    Should the R's cave I will be very disappointed, fortunately Boehner has as his two sidekicks in the negotiations, Ryan & Kantor. Hopefully they will be successful in cutting tax breaks of which the ability of the hedge funders to take ordinary income & have it taxed at CG rates would be one + the second home deduction of interest should be eliminated. There are others, including in the farm bill. Because of capital demands there will be 70,000 less farmers at the end of this decade, should we continue to subsidize those very wealthy farmers?
    This site shows a more comprehensive and complete picture of Income and Taxes. Lots of charts and easy to understand graphs.
    http://www.businessinsider.com/who-p...es-2012-8?op=1

  4. #54
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    Quote Originally Posted by cotts135 View Post
    This site shows a more comprehensive and complete picture of Income and Taxes. Lots of charts and easy to understand graphs.
    http://www.businessinsider.com/who-p...es-2012-8?op=1
    Informative - Yes but which of those multitude of charts do you consider significant, by name . It would have been more interesting to get the number of households falling into each of those categories.

    You do know who Henry Blodgett is, don't you??????????????
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    Someday your life will flash before your eyes. It's your responsibility to make sure it's worth watching!

  5. #55
    Senior Member road kill's Avatar
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    Obama is clearly seriously concerned!!!

    http://www.staradvertiser.com/news/b...l?id=184496891

    Unbelievable!
    Stan b & Elvis

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