Forum Post: Which entitlements should be cut to reduce the deficit?
Posted 12 years ago on Nov. 15, 2012, 2:35 p.m. EST by TheRazor
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This content is user submitted and not an official statement
The top 2% had about $900 billion in total income in 2010. If Obama raised the rate on them to 100%, he will be a trillion dollars short of closing the deficit.
So what gets cut?
Why not just put a sales tax on Wall Street transactions. There's sales tax on everything else that gets sold. Even if it was just a tiny amount, considering the number of transactions that are conducted electronically in one second, it would rapidly add up.
that's actually a great and more than legitimate idea.
Its Webster Tarpley's idea. You might want to check out his site:
http://tarpley.net/
I agree
Eliminate all Razors to avoid any cuts or burns.
Cut the trade deficit. http://occupywallst.org/forum/global-growth-woes-here-is-where-the-blame-lies/
Cut the WARS. Cut the foreign aid given out for war and war capabilities.
Cut trillions by ending the fake debt to the Federal Reserve. They created money from nothing to buy up government debt and our tax dollars pay interest on it too.
Maybe have GE pay taxes and end the 14 billion dollar annual subsidy to JP Morgan while you're at it too.
Those are real cuts. Suggesting to fuck over the hungry, the old and the sick instead is ridiculous.
Let me add; it was the WARS that got us into this economic trouble in the first place.
absolutely. They have contributed to the largest areas of government debt. Offense spending has increased drastically every year since the wars started
Let's start with ending tax breaks for the rich, end subsidies for oil and coal and war profiteers, and end any further Wall street bailouts.
cut the military, cut subsides to big business, cut foreign aid, means test federal pensions and military retirements. that would be a start.
Catalog of Federal Subsidies/ Domestic Assistance (A lot of Corporate Welfare)
http://www.cfda.gov/
http://www.cato.org/pubs/tbb/tbb_0611-41.pdf (Old Article out of Date, there are now more than 2000 Subsidies)
http://www.cato-at-liberty.org/federal-subsidy-programs-top-2000/
Cut the military by 90%
OK. So about 2.7 million people will instantly be jobless. Thats sure to work.
Who said "instantly"? The majority of enlistees only do standard enlistments. 4years. With in 10years would be enough for the reductions.
Wealthy - wow that was easy. Next question.
Eliminate all corporate loopholes and raise their rate to 60 percent. Eliminate all of our current free trade agreements so products created in the US are competative with foreign goods. Tax all forms of income the same. Stop constant bailouts os WS. Lower the defense budget to the combined amount of the next two biggest defense spenders. If we are still running a defecit then we can talk about entitlement cuts.
OK lets look at what you just said raise taxes to 60%. Now would you really want to start a business when more than half of your money is taken away before you even start.
If I was making millions and even billions of dollars then yes. If you are worried about small businesses then we can set the rate to apply after the first million. And if the company moves overseas to avoid the taxes then restrict them from buying and selling within the US.
the company i worked for over the summer had revenue over a million and was considered a small business. Look into the tax codes before you make a comment like that again.
eliminate the entitlement tha lets corporations pay less than 20%
by creating an alternate minimum tax on corporations - at 20%
All subsidies, all industries.
Talking Points: The argument against is that this would carry over to higher prices.
Retort: Prices are at the ceiling already. Higher prices are not sustainable for any company right now or in the foreseeable future.
inheritances
There is zero support for taxation on inheritances
How silly can a post be?
Everything has support by someone!
I support inheritance tax -
so do most progressives & liberals
If you are going to tell a stupid lie, learn how to from willard or rove or david or charlie or grover
at least you didn't try to claim inheritances aren't entitlements
I'd start with obamacare.
Yep - transform it into true universal health care.
We're going to have to disown this thing, yea. But traditionally getting a politician to admit he's made a mistake is virtually impossible; there will be no corrective legislation under this presidency.
Exactly. I believe we ought to have some sort of catastrophic coverage, since no one should go bankrupt because they've had an accident or gotten sick, but paying for viagra and birth control is ridiculous.
It's a disaster for all but the "128%" of the poverty line. A boom for illegals who now have coverage regardless of income.
We could start by turning all private energy companies into public nonprofits.Cut military spending by 90 percent.Tax capital gains in excess of 100k/yr at 99%. Institute an inheritance tax that insures there will never again be a financial Aristocracy.All offshore accounts/assets must be reported for taxes or face imprisonment.Laws that insure that people consume based on human need not greed.A family of five does not need six houses with ten bedrooms in each.The list can go on and on unless you are a greedy little piggy.
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Its going to be hard to solve this problem when Americans owe approximately 11.5 trillion in debt.
So I guess we can take the 900 billion from the 2% and apply it towards their debt - that should solve the problem won't it.
cut the military in half.
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The deficit for next year is estimated at about $900B. So that works out nicely.
I guess we can't take all their money though.
So let's take $300M from them, $150m from big corps, $150m from bloated def budget, and the last $300m we should expect in increased revenue from the economic growth that will come from these
Hows that?
Seriously, how the frick will paying down debt create economic growth? Lets role play: I owe $15000 on my crecit card. I pay down $10000 of it. I have LESS money to spend. My personal economy will slow. That cant be argued.
Now once I get all my debt eliminated, then my econ prospects get better, but not till then. I am stunned you cant see this. Wow, shaking head.
The budget deficit for 2012 will be $1.3 trillion.
How will that create economic growth? THIS I GOTTA HEAR!!!,
the same way FDR did -
ever heard of the TVA or the CCC ?
BUILD !
INFRASTRUCTURE !
So they arent going to use the taxes to reduce the deficit? Which is it?
why not both?
First off they arent going to tax 100%. Secondly, ALL accounting departments say that by increasing taxes to the extent Obama is requesting, the increase in revenue might be as much as $82 billion. Using VQ's $900 billion deficit number, we might get to a $808 billion deficit.
You liberals are so lame in your arguments. If you are honest, then the math screams thst entitlements must be cut. But you arent honest.
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I see. You have no idea. I thought so.
LOL. You don't agree with the "cloud of uncertainty" theory?