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Debt debate

Posted: Jul 27, 2011

http://www.foxnews.com/politics/2011/07/26/debt-debate-highlights-history-spending-problems/

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I wouldn't mind closing ALL of the tax loopholes - Personal deduction, mortgage interest, etc.

[ In Reply To ..]
Things have to be looked at both with revenue and spending on the table--no sacred cows and no population segment targeted. Cuts should not be made at the expense of the most vulnerable just so the richest can continue to employ offshore and pocket the profits in tax shelters.

They should also cut subsidies for all businesses. - Zville MT

[ In Reply To ..]
It makes no sense to raise taxes on businesses and then turn around and give them money. If a company can't make it on selling what they produce, they shouldn't be in business.

Those "loopholes" you mention - sm

[ In Reply To ..]
personal deduction, dependent deductions, mortgage interest, property taxes are ones which benefit the middle class American taxpayer. They have NOTHING to do with corporate profits and tax shelters.

It is time for Corporate America to step up and pay its fair share in taxes. The tax breaks corporations receive have not translated to jobs for Americans, only profits to line the pockets of parasitic CEOs/boards of directors.

Just another way to look at things - sm

[ In Reply To ..]
For the people who think all of the tax money goes to single, unwed mothers who have multiple children to collect welfare (I personally know this isn't true), how do you reconcile tax exemptions for people having children? In other words, why should single and childless people pay more in taxes so others can have kids they can't afford without a tax break? However, I do believe we all have a responsibility to the future generations. Like I said, just another way to look at it.

Corporations: Would there be a way to eliminate corporate taxes if companies were high employers of US citizens and paid wages high enough that their employees would be productive tax payers? I am tired of employers like McDonalds and Walmart using the US government taxpayers to cover their employee's health insurance costs when their employees qualify for Medicaid or have to go to the emergency room.

You've read my mind - no1joe

[ In Reply To ..]
Your 2nd paragraph... right on. I've been saying that for a while whenever the discussion comes up... that is providing sweet corporate tax breaks for companies that provide American jobs at an American living wage, much higher corporate tax rates for the ones who offshore and/or have full-time employees who still qualify for government assistance... and it never fails that I get a "huh?". It's simple... you pay working (American) people decently so they have a little left over after the necessities are paid for, and they will sink money back into the economy through spending... thus creating even more jobs and more opportunity for small businesses... all while staying off government assistance. Plus, American workers pay American taxes.

It's that thinking that sets aside any issues I once had about the 1st paragraph. Kids are expensive, and allowing families to claim the children and get a little nicer return come April no doubt leads to spending in areas other than necessities.

Exactly. The tax cuts for the rich were instituted by - sm

[ In Reply To ..]
Bush and were intended to be TEMPORARY. Instead of creating jobs as a result, they send work overseas and pocket the rest.

The Republicans are in favor of transforming the middle class into the lower middle class or poor.

I don't know how any middle class or poor person could possibly support Republicans, and I'd bet that the majority of their supporters are rich because they have nothing to offer anyone else in this country and are overtly anti-middle class.

I am Republican and definitely middle class. - You have a twisted and incorrect view.

[ In Reply To ..]
I come from a family of small business owners, independent contractors, factory workers, you name it. We truly see the evidence of "the larger the Govt, the smaller the people". We want to be independent of the Govt, not dependent on them. You misdjudge, just like so many others do. Being able to empower yourself is the only way to be successful long-term. Our country is going bankrupt. Obama has spent trillions, and where has that gotten us? We have more debt than ever and less jobs. None of this is working. No party is perfect, but I do think more like an Republican. Also, what poor person has EVER given you a job? Hating the rich is not helpful to anyone.

Believe it or not, a lot of poor/middle class support them but don't know why! - See Message

[ In Reply To ..]
I really didn't follow politics until about 5 years ago, when the primaries started before the 2008 elections. At that point, I became so possessed that my television was on the political channels 24/7. I didn't even know what the terms "right" and "left" meant!!

I always voted what I grew up being taught to vote and that is what most people still do!! I now consider myself an independent but I do lean more towards the left with a lot of Democratic views. I have learned so much over the last 5 years. I made my decision solely on my own.

It's amazing to me how many poor/middle class people have no idea why they vote Republican. They have no idea why they the housing market busted. They have no idea of the names of the financial institutions that were involved, which caused the housing market to crumble.

Do people realize that in 2008 there was a total collapse of Wall Street?? Do they realize we were the closest to a depression we have ever been in the USA since the 1930s?? Do they realize it took 8 years of deregluation to get us there? Do they realize it was because of Republican policies?

Do Republicans realize that the majority of the debt we are looking at now is the 2 wars Bush never paid for?? His Medicare Part D he never budgeted for?? His tax cuts for the rich he never budgeted for??

Sure, Obama has spent trillions since he has been in office!! He was facing the biggest financial crisis ANY PRESIDENT HAS FACED SINCE THE 1930s. All economists, BOTH REPUBLICAN AND DEMOCRAT, were telling him he HAD TO STIMULATE AND PUT MONEY INTO THE ECONOMY TO KEEP IT FROM COMPLETELY COLLAPSING. Go back and read the history PEOPLE.

You would be surprised. There are a lot - just like you who really

[ In Reply To ..]
have made their decisions on their own and are leaning more conservative. I am middle class, and I am know why I vote the way I do. I have voted for both democrats and republicans but tend to lean more on the conservative side because that is what usually lines up with my views. I am aware of the debt myself. Believe me, we (my family) have had our fair share of financial problems in the last couple of years. I am aware of the problems that started while Bush was president, and I am also aware that there are multiple branches of government that work together to vote on things such as war, tax cuts, etc. The Congress happened to be democratic at the time. Who is at fault? Probably both. The question is how to fix the problems.

I like to think about the debt problem in the sense of what my issues have been. The economy was great, and we spent and spent and spent some more. Then, when we couldn't pay something with our cash, lets throw out that credit card, even for bills. Then, pay another bill on credit. Finally, all of your resources are gone, and you either open more credit or you step back and say something has got to change. For me, it makes more sense to take the road of cutting back. It really sucks cutting coupons and some weeks not knowing if I am going to have enough for gas to get through the week, but it is what it is. At some point you have to make changes.

I think we all know money needed to be stimulated, but we just differ on how the money was stimulated.

Have you ever read Deer Hunting with Jesus? - sm

[ In Reply To ..]
Deer Hunting with Jesus by Joe Bageant. A really good book to explain the conundrum of poor people voting the Republican ticket.

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