It is amazing how many people that fall into these categories and think Bush is screwing them and Bill Clinton was the greatest President ever. If any democrat is elected, ALL of them say they will repeal the Bush tax cuts and a good portion of the people that fall into the categories above can't wait for it to happen. This is like the movie The Sting with Paul Newman; you scam somebody out of some money and they don't even know what happened.
http://www.taxfoundation.org/publications/show/23003.html
http://www.taxfoundation.org/blog/show/22958.html
Subscribe to:
Post Comments (Atom)
4 comments:
Thomas Jefferson said, "I place economy among the first and most important republican virtues, and public debt as the greatest of the dangers to be feared. To preserve our independence, we must not let our rulers load us with perpetual debt." So, perhaps the American people aren't as naive as you think. Granted most Americans paid more taxes under Clinton than Bush. I don't think anyone disputes that. I certainly faired quite well under the Bush tax cuts and saved a boat load of money in a land transaction because of the reduction of the capital gains tax from 20% to 15%. But to be fair and to put it into context, my tax reward was simply charged off to the national debt, to be paid by me or future generations at a later date. Every single American citizen owns a $30,000 piece of that national debt that will have to be paid someday by someone. George Bush has exploded the national debt to more than 9 Trillion dollars and by the time he leaves office, he will have added close to 4 Trillion of that debt during his presidency alone. Now if I was a selfish person and didn't expect to live much longer and didn't give a rip about the future of my country or future generations, then I would be screaming for more tax cuts. But I'm not selfish and don't want to destroy my country. I do believe there is a place for tax cuts and do believe that under the right circumstances, tax cuts will stimulate the economy. I understand supply side economics and the Laffer Curve but I also understand that the law of diminishing returns applies as well. I'm all for low taxes and controlled spending but at some point some president is going to have to have the guts to make some tough choices on both the spending and revenue sides. If not, we are headed for a complete economic meltdown. It's been one hell of a ride but at some point we are going to have to sober up and pay the tab.
Jim, "I do believe there is a place for tax cuts and do believe that under the right circumstances, tax cuts will stimulate the economy", that's where the rubber meets the road and you and I will probably never agree. The key phrase is "under the right circumstances". I believe that tax cuts always stimulate the economy and I know that the only thing that balances my personal budget is "cuts" in spending. Debt is a noose around anyone's neck. Thomas Jefferson was brilliant. Even he knew that debt isn't good for anyone. If we are to save our country we have to reduce the debt and paying for more "government" funded programs for the "have nots" by the democrats is not going to balance anyone's budget. As an entrepreneur and a business owner, you know yourself that you cannot borrow your way to wealth or a healthy budget. Where you and I part is that I believe that taxes are essential for the nation to protect our freedoms, but taxes are not necessary to take care of people who take no personal responsibility for themselves and expect the "wealthy" to take care of them. I couldn't agree with you more that Republicans at large have been very disappointed in what a spender George W. Bush has been. Other than the war, which I believe you think is unnecessary, would you like to see spending cut? I'm not selfish either, I just want what is mine. The farthest thing from my mind is to see my beloved country destroyed and if you think for one second that a democratic President and a democratic congress that wants to give every American healthcare won't bankrupt what's left of this nation, talk to some health care professionals. Where in the world did people come up with the idea that they are owed health care? We can not afford any more give aways. I certainly can't.
"For society as a whole, nothing comes as a 'right' to which we are 'entitled'. Even bare subsistence has to be produced.... The only way anyone can have a right to something that has to be produced is to force someone else to produce it... The more things are provided as rights, the less the recipients have to work and the more the providers have to carry the load." Thomas Sowell, quoted in Forbes and Reader's Digest.
Since you faried so well on the reduction of the capital gains and you aren't selfish, allow tax cuts to remain permanent and just sned in your $30,000.00 and have it applied directly to the National Debt. Cut out the middle man and let's be done with it.
Your payment may be submitted to the following:
Attn Dept G
Bureau Of the Public Debt
P. O. Box 2188
Parkersburg, WV 26106-2188
Try to keep your sense of humor! LOL
PS
The interest expense paid on the National Debt is the third largest expense in the federal budget. Only Defense and income redistribution (The Departments of Health and Human Services, HUD, and Agriculture (food stamps)) are higher. Do you have "Compassion" for the lower income earners? (You may note that social spending is the largest item in our federal budget. (Anyone complaining about the run-up of the deficit, should note that almost all of it is going to social spending).
Source:
http://www.federalbudget.com
Did you get that? SOCIAL SPENDING IS THE LARGEST ITEM IN OUR FEDERAL BUDGET! Case and point.
Hey now I'm keeping my 30G's for the great depression and I doubt they would send me a paid in full receipt. LOL That'll buy us a lot of bean to eat. LOL
Of course tax cuts stimulate the economy. But, some politicians would have us believe that the stimulated growth in the economy, from the tax cuts, will actually offset and increase tax revenues. This just almost never works out and we end up with huge deficits. Tax cuts are great but they must be offset with spending cuts. You and I could probably agree on that but not on what to cut and how deep to cut.
Have a great weekend. We'll argue some more next week! LOL
Post a Comment