What’s to not like? This questions is usually answered as ‘job killer.’ I have been thinking about this ‘job killer’ on every street. I have been told that if income taxes go up just 1% on millionaires, it will kill jobs. Instead, I am supposed to like having the budget cuts on the backs of the middle class and on seniors with both medicare and social security.
I have to think about this….right now I am worried that in August my husband won’t get his SS check because the Tea-jadists in Congress are holding out on raising the debt ceiling. After August 2, incoming revenue will go towards paying off debt. We aren’t sure what America obligations will be satisfied. Will Veterans be paid? Medicare payments? Federal employees? Govt. Contractors? Social Security recipients? Should social security win the luck of the draw, that shorts my family a mortgage payment plus a few other things. So let’s see…what can I do about that?
I can sell some stock. Yea, that’s the ticket. I will be in a hurry for my money so I will sell low for the cash. Now if lots of people do this, what happens to the stock market? If I spend less money because we have reduced income, it will eventually cause a loss of jobs if enough folks who depend on money for SS have to do what I have done. A few less Peapod drivers, less clerks in Toys R Us, Amazon.com, Best Buy, etc. Multiply me and my buying habits by 80,000 and not paying people does impact the economy–far more than some CEO multi-millionaire some one is trying to bull me into thinking is creating jobs. Set that glass of Kool Aid down. I am not going to drink it.
80 million government checks go out a month for one reason or another. The clowns in Congress, or perhaps I should just call them misguided, need to pass the legislation that raises the debt ceiling. It has nothing to do with the federal budget at this point. Furthermore, these same 60 Tea-jadists who are screwing with our national economy are really using this crisis to take an axe to their pet hate projects like Planned Parenthood, and other far right scourges. It’s getting real hard to be polite.
What started out as neutrality on Obama has turned into cheers and praise because he is one of the few I see protecting us from the Tea-jaddists in Congress. The next election will not go well for them. Start messing around with American money and there will be a price tag. Tea-jaddists, start packing your bags. And don’t start eyeing the Consumer protection laws either.
9.2%
Yes, the failure to get a Social Security check will make me want to run right out and vote Republican!!! The rise in interest rates and fall in stocks will just make me run even faster! I’ve got to find my running shoes. Quickly! Snark.
Why is it the Republicans’ fault?
Its President Obama and the Senate that refuse to make sensible cuts. All they have to do is agree that spending is too high, cut spending by the amount they want raised. Furthermore, its the EXECUTIVE BRANCH that decides the priority of spending if we don’t raise the limit. So if you don’t get a SS check, its President Obama’s fault. Don’t believe the hype.
Is that 1% increase of which you speak actually going to be what they want or are they going to raise taxes higher? The Gang of Six wants people that now don’t pay SS to pay into it. However, they will not get increased payments. They’ll just be a money battery. Ponzi scheme indeed.
Why are you so desperate to raise taxes? Are you that jealous of those that make more than you? Remember, those taxes will not impact only your evil millionaire salary makers. The taxes hit those that make $250K or more. That is small business owners. That’s the plumbing contractor next door. That’s the owner of the garage down the street.
Do you really think that these taxes will do anything at all? Obama is planning to have 1.5 trillion dollar deficits FOREVER. How much taxation do you want? We can’t pay for it even if we confiscate all of the wealth that you want taxed.
WE have a spending problem, not a revenue problem. The Democrats are cowards. They refuse to cut their gravy train that buys votes. They are more worried about party than country. The GOP is ALMOST as bad.
SQUAWK! Millionaires and Billionaires. SQUAWK! Millionaires and Billionaires.
While you were busy parroting that line, they were busy crafting a plan to reduce your home mortgage, child credit, and 401K deductions: http://www.accountingtoday.com/news/Gang-Six-Senators-Present-Budget-Deficit-Plan-59265-1.html. Rest assured that any additional revenues in that plan will be coming out of your middle-class hide.
You didn’t really think they were going to increase tax rates on those that fund their campaigns, did you?
@Cargo, all they have to do is give in to the demands of Congress. All they have to do is allow themselves to be bullied.
The debt ceiling should have contingencies. No one wants to raise it. It is needed. It should have nothing to do with budget at this point.
Cargo, are you deluded? Do you think that everyone who makes above $250 k a year is a job creator? bwaaaahahahahaha
Put the Kool Aid down. Do you think a CEO making millions runs out and creates a company with that money? Oh Hell no.
Let me get this straight–do you not understand why someone on social security might think it was unfair for their social security to be cut while someone who makes a million dollars a year is in the same tax bracket they are in?
Why do you protect the wealthy? Let’s define ‘wealthy’ as a million a year. Anything under that is just ‘well off.’
Cato just hit the nail on the head….about raising taxes on those who finance campaigns.
I do trust Mark Warner to do the right thing. He is the only one. he has a proven track record.
And I don’t squawk.
Got to get money out of politics, period. I know there will be a lot of people trying to hide behind the 1A on this, and I get the concerns, but when you come to a point where candidates have to raise a billion dollars in order to be competitive in a Presidential race things are way out of hand. The truth of the matter is that we don’t have two parties in this country – we have one party with two factions that pretend to fight with each other for our entertainment. In the meantime nothing ever changes, we just think it does.
@Moon-howler
But they won’t just put a tax on those that make salaries of 1 million. They can’t
And there are not enough of them to matter.
Do you not understand that tax rates should be flat, if we must have direct taxation? Equal protection under the law. Why should anyone have to pay more for the same services? Also, once those taxes are in place, how high should they be? You talk about taxing them only a few percentages more?
Well, the history of the income tax shows that once taxes are imposed, they tend to grow in size, number, and complexity.
The soc sec needs to be cut because it costs the gov’t money, which we do not have. SS is a tax, nothing more. It is not the citizen’s money anymore and the gov’t has lied to the citizenry that the gov’t has any duty to pay it back.
So, if you want to tax millionaires, and I assume, corporations, lets have a flat tax with no deductions. At all. Tax ALL income at a flat rate. The only arbitrary limit would be to set the poverty line at a decent place. Actually, that line might have to be set locally. The poverty line in North Dakota would not be the same as the one in NYC.
Or we can go the route of Hong Kong, in its heyday….15% tax on the top 15%. That’s it. That way, if we spend too much and tax too much, those being taxed can simply leave. Kind of like what’s happening to California and NY.
Back on track…Dodd-Frank.
Here ya go:
http://seekingalpha.com/article/215510-the-dodd-frank-bill-what-people-are-saying-and-why-most-are-wrong
and
http://financialservices.house.gov/News/DocumentSingle.aspx?DocumentID=252291
Key part for me:
The Dodd-Frank Act failed to address the problems at Fannie Mae and Freddie Mac, which helped spark the financial crisis in 2008, and hobbles the private mortgage market through onerous regulations. This will ensure “that housing will remain in limbo for some time to come, as investors, securitizers, and lenders try to navigate its cumbersome and unworkable rules.”
Dodd-Frank is nothing more than Statists trying to CYA and enact MORE control, while making sure that the big banks have reasons to give those in charge MORE money.
Dodd-Frank ended up being the son of Frankenstein because of compromise. Once again, who pitched a fit and howled to protect the fat cats….yup yup yup…the R’s. D-F, like most legislation, ended up the not being what the D’s fully wanted because of this compromise.
Housing isn’t in limbo because of Dodd-Frank. Its repressed because it has a long climb, and foreclosures are still happening. It might not ever come back fully.
Cargo, there is nothing to keep your TP buds from starting up some legislation dedicated to destroying Freddie and Fannie if that is a goal.
Something is better than nothing.
Cato, what would you suggest doing to take the money out of politics? I agree with most of what you’ve said, but how could it be accomplished? It won’t start with politicians. I see the TPers as a bunch of windbags who will need those bucks to get re-elected and will follow the same road the rest of the pols have been down. Nothing will change.
Why did the R’s not fix all the financial problems we face when they had the House/Senate/Presidency for 6 years…… all the while increasing our spending.
D’s – tax and spend, R’s – just spend.
@Censored bybvbl
Pass a law that says you can only campaign for a national office from Sept. 1st to election day, no electioneering outside of that time period. All campaigns must be public funded up to 200M depending on the office. Start enforcing laws we already have on the books. You can advocate for issues, but if you claim 501.3C and even stink of partisanship just a little you’re going to jail and/or getting fined.
The money in politics is what’s destroying our country. Politicians from the Prince William County Board of Supervisors to the President are up for sale. Check out developer financing of most of our BOCS fearless leaders on http://www.vpap.org if you want to be thoroughly disgusted.
Gramm-Leach-Bliley, which is the law that repealed Glass-Steagall and allowed commercial and investement banking to merge together after being separated by FDR after the banking crisis that lead to the Great Depression, had bi-partisan support and was signed by President Clinton. It got through because of all the money buying the politicians. It set the stage for our recent financial meltdown.
Dodd-Frank did not go nearly far enough, and “too big to fail” is still with us more than ever.
I’m not so harsh on the Tea Party as some here. I think they are on the mark in terms of our need to cut spending, taxes and the deficit.
They fall short, however, on wanting more deregulation. In theory, an unregulated market works fine if it is competitive and responsive to the needs of consumers. The financial industry is anything but that. It is dominated by a small number of “too big to fail” behemoths who wield far too much power, and can buy the politicians to get whatever else they want.
Even as a Republican, I want to go back to the sort of FDR regulations that were enacted in response to the financial collapse in the 30s. In addition, we need to develop new regulations to deal with the situation today. “Too big to fail” means to me “too big to exist.” We’re nowhere near resolving those problems.
The solution lies in, (1) getting money out of politics, (2) getting Federal spending and debt under control, and (3) sensible regulation of the financial industry that takes away the power from small numbers of people to enrich themselves while destroying the rest of us as they did in the 20s and 30s, and again since the 90s leading to the recent collapse.
Greenspan is totally surprised at how the markets reacted with reduced regulation – in his mind, he thought that greedy people would do what is better in the long run, not cash in during the short run. He thought wrong.
Humans are a greedy bunch – and short term gains will trump long term gains for very many individuals.
“The financial industry is anything but that. It is dominated by a small number of “too big to fail” behemoths who wield far too much power, and can buy the politicians to get whatever else they want. ”
And the current regulations continue to support them and bolster them. More regulation gives more power to the politicians that then decide that more of the economy needs to be controlled.
Joseph Cao (LA), Mike Castle (DE) and Walter Jones (NC) and Susan Collins, Olympia Snowe, and Scott Brown were the Republicans that voted for this POS.
Soooo, no, the GOP really didn’t have too much to do with this.
And just wait, when the 2013 taxes and regulations kick in, the recession is going to get worse. And banks will be stressed. And this bill gives the gov’t the power to…well….just take them over. You know, because its to save us from ourselves.
Oh dear God, another tp conspiracy theory. Did you like what happened in the crash of 2008? Where there steps that might have prevented it from happening?
Good for thos brave Republicans who stepped up to the plate and put country above politics. Let’s see…I am trying to remember what I am supposed to fear next…
What 2013 taxes? Did I blink and miss something?
Cargo, there is nothing to keep your TP buds from starting up some legislation dedicated to destroying Freddie and Fannie if that is a goal
Yeaaaah… we’re seeing how well the Cap, Cut, and Balance act is going. Think how much gnashing of teeth there would be if those entities were attacked. The Dems would freak. Fannie and Freddie are BIG Dem bases and donors.
Now do you think that is the real reason? What entities are you referring to? If you don’t like Fannie and Freddie, do away with them. Talk people into seeing your point (you and the Tea Jaddists). Seriously. I mean I could care less. I would rather have them screwing around them Freddie and Fannie than trying to destroy the slowly rebounding economy. If its that good of a plan, lead the way. Others will follow.
What conspiracy theory?
Dodd and Frank were the biggest support of those entities and while the banks were being hammered, their man, Raines, walked away with MILLIONS, in benefits, while the housing bubble crashed. They were the ones that prevented Bush from reining them in, demonizing the GOP as wanting to keep poor people from owing homes.
The taxes and regulations to HCR kick in 2013. Remember, Obama and company wrote that in to the bill so that the pain would hit AFTER the election. If the GOP were “screwing around with Freddie and Fannie” then the Dems would spin it as the GOP were hatefully trying to destroy the American Dream of owning a home.
Here’s more: http://spectator.org/archives/2011/07/20/2012-the-end-of-the-world-as-w/1
Already scheduled in current law for 2013: the new Obamacare taxes, and the expiration of the Bush tax cuts at a minimum for the nation’s small businesses, job creators and investors. This will involve sharp increases in the top tax rates for virtually every major federal tax, on top of the intractable 40% corporate tax burden. Art Laffer predicted the coming crash of 2011 on the basis of the expiration of the Bush tax cuts alone. What Obama is brewing up for 2013 is far worse.
Besides those tax increases, Obama’s regulatory burdens will be building to a crescendo in 2013. That includes the EPA’s implementation of the cap and trade tax, ultimately imposing trillions in additional costs on the economy. It includes the regulatory burdens of Obamacare, with the employer mandate requiring employers to buy the most expensive health insurance for their workers. It includes the regulatory restrictions on American energy production. It includes the Dodd-Frank regulatory burdens threatening essential credit for American businesses and consumers.
What the markets are also telling us today is that the Fed, unannounced, has begun QE3, as the economy turned down after the end of the monetary crack of QE2 in June. The Fed will now continue to run the printing presses through November 2012. With the deficit already at $1.6 trillion today, where will it be after another recession?
Cargo, don’t you tire of spouting far right extremist stuff?
As for Art Laffer, the Bush tax cuts didn’t expire. That means something else brought the economy down. Wonder what it was….hmmmmm
More conspiracies [chuckle chuckle cackle]
Cargo said, “Dodd and Frank were the biggest support of those entities and while the banks were being hammered, their man, Raines, walked away with MILLIONS, in benefits, while the housing bubble crashed. They were the ones that prevented Bush from reining them in, demonizing the GOP as wanting to keep poor people from owing homes”
M-H said: oh bull snort! Dodd and Frank just sat on George and wouldn’t let him reign in whoever. Sounds like a weak president to me. If he couldn’t rein in Raines, how could he deal with world leaders. That is so absurd. Don’t you get tired of spouting this stuff? You are soooooo Republican.
Sounds like a weak president to me.
He has no authority over Fannie and Freddie, nor the legislative branches.
It was Dodd and Frank that stymied legislation to rein it in. Instead of stating that I’m spouting, perhaps you should remember it or research it.
http://blog.survivalstation.org/blame-barney-frank-for-the-recession-not-george-bush-56998.html
http://www.youtube.com/watch?v=cMnSp4qEXNM
But, just so you don’t think I’m not blaming Bush…he was one of the first supporters of subprime loans. However, that came in reaction to the browbeating of banks to lend to “poor” people, ie, poor blacks, or face attacks by assorted race based groups.
And the GOP over-reacted and kowtowed.
But when it was obvious that there were problems….God forbid that we change it.
Cargo sure does like that Tea Party Kool Aid. Still believes that cuts are the only way to save the economy. I wonder what he is going to be willing to give up when it’s time to gore his ox?
@George S. Harris
You apparently haven’t read anything that I’ve written here, have you?
So, George, how will you react when spending outpaces GDP, inflation starts, no one will lend us money, and THEN, the gov’t defaults? Why are you so enamored of more and more spending? Why do you support the idea of our country going into ever increasing debt at an EXPONENTIAL rate.
The projected national debt for 2012 is in excess of $16 trillion dollars – over 100% of the GDP.
In the eight years of the Bush (43) administration, our government managed to not quite double the national debt, adding nearly $5 trillion.
In less than three years of the Obama administration, our government has added over four trillion dollars more.
So…you tell me, George. With all of YOUR experience, what should we do? I haven’t heard anything coming from you except criticism of the only people that seem worried about the debt, and talk about how it’s all Bush’s fault for having this debt. But apparently debt really doesn’t matter to you.
Cargo said:
Just stop saying that. You know why the extra money was needed. You couldnt have missed the crash of 2008.
Why was the extra money needed? The stimulus did nothing.
And that is just the first year. Why do I have to stop saying something that is factual. Politics aside, the statement is true. Regardless of reason.
Keynesian spending does not stop recessions. That’s been proven. FDR tried it. It failed. Europe tried it. It failed. Insanity is trying the same thing over and over and expecting different results.
Please tell me what the extra money was for? Health care reform? Stimulus? What? What are we getting now for our trillions? Even Obama admitted that the money did not help. There were no “shovel ready” projects.
Obviously you aren’t aware of a lot of things the stimulus package did. Do say it did nothing is to be oblivious and partisan.
Just start with schools all over the United States. It kept a lot of teachers in the classroom who might have been laid off and it kept a lot of kids in classrooms of average sizes. It did other things. Start there. That is important unless we are also going to shelve public ed.
http://washingtonexaminer.com/politics/2011/07/dodd-franks-winners-revolving-door-regulators
Are you comfortable with the regulators that WROTE the rules in the bill moving to work in the industry? This bill was planned this way. Help the politically connected, screw the rest.