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Originally Posted by aceventura3
My core belief is that individuals do a better job of allocating capital in the economy than government, with few exceptions. So, low individual income taxes as a percent of GDP is a good thing in my view. Is your core belief the opposite of mine or are we really discussing degrees of difference? Once I better understand your core belief I will know better how to respond.
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ace, I simply pointed out that your assertion about the Bush tax cuts was wrong. But of course, you ignore that and do the ace "question dodge" to avoid the facts put before you. If you want an honest discussion, why do you always do that?
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Are you assuming that Ryan's plan is going anywhere other than the vote in the House? i doubt the Senate is going to do anything with it. Obama would veto it. The only plan that will pass will be a compromise plan between Obama, the Senate and a few Republicans willing to compromise. I seriously believe the 2012 election is going to be based on Obama's track record. If Obama is serious and makes progress, he won't have to worry about the Tea Party.
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What I am assuming is that the Republican plan including gutting Medicare while refusing to seriously cut defense spending, along with the bullshit with issues like eliminating Planned Parenthood funding for abortions will be significant campaign issues.
Alienating Independents, seniors and women who dont support an ideological slash and burn strategy rather than a shares sacrifice (including the top taxpayers) is a loser for the Republicans.
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There has been news coverage indicating that eliminating the Bush tax cuts on the top bracket will not make much of a difference in the deficit. I have not crunched the numbers myself - but on the surface it does seem clear that serious spending cuts have to bee put on the table. I am willing to see cuts in Medicare and in defense spending including bringing our troops home and lowering our international military foot print.
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CBO crunched the numbers on making the Bush top bracket tax cuts permanent, and concluded, even under the best scenario, a $3-4 trillion contribution to the debt over the next 10 years.
In sum, and as CBO has reported before: Permanently or temporarily extending all or part of the expiring income tax cuts would boost income and employment in the next few years relative to what would occur under current law. However, even a temporary extension would add to federal debt and reduce future income if it was not accompanied by other changes in policy. A permanent extension of all of those tax cuts without future increases in taxes or reductions in federal spending would roughly double the projected budget deficit in 2020; a permanent extension of those cuts except for certain provisions that would apply only to high-income taxpayers would increase the budget deficit by roughly three-quarters to four-fifths as much.
Director's Blog Blog Archive The Economic Outlook and Fiscal Policy Choices
Stockman, Reagan's former budget guru had it right - RED - revenue (tax increases), entitlements (reform, not gutting), defense, also acknowledging that supply side/trickle down fuzzy math economics is a failed policy.