Welcome login | signup
Language en es fr
OccupyForum

Forum Post: Which entitlements should be cut to reduce the deficit?

Posted 1 year ago on Nov. 15, 2012, 2:35 p.m. EST by TheRazor (-329)
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?

44 Comments

44 Comments


Read the Rules
[-] 6 points by arturo (3169) from Shanghai, Shanghai 1 year ago

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.

[-] 1 points by TrevorMnemonic (5827) 1 year ago

that's actually a great and more than legitimate idea.

[-] 1 points by arturo (3169) from Shanghai, Shanghai 1 year ago

Its Webster Tarpley's idea. You might want to check out his site:

http://tarpley.net/

[-] 0 points by richardkentgates (3269) from Fort Walton Beach, FL 1 year ago

I agree

[-] 3 points by cJessgo (729) from Port Jervis, PA 1 year ago

Eliminate all Razors to avoid any cuts or burns.

[-] 1 points by TrevorMnemonic (5827) 1 year ago

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.

[-] 1 points by Shule (2054) 1 year ago

Let me add; it was the WARS that got us into this economic trouble in the first place.

[-] 1 points by TrevorMnemonic (5827) 1 year ago

absolutely. They have contributed to the largest areas of government debt. Offense spending has increased drastically every year since the wars started

[-] 1 points by WiccanRevolutionary (63) from South Charleston, OH 1 year ago

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.

[-] 1 points by quantumystic (1710) from Memphis, TN 1 year ago

cut the military, cut subsides to big business, cut foreign aid, means test federal pensions and military retirements. that would be a start.

[-] 1 points by Middleaged (5140) 1 year ago

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/

[-] 1 points by Coyote88 (-24) 1 year ago

Cut the military by 90%

[-] 1 points by TheRazor (-329) 1 year ago

OK. So about 2.7 million people will instantly be jobless. Thats sure to work.

[-] 0 points by Coyote88 (-24) 1 year ago

Who said "instantly"? The majority of enlistees only do standard enlistments. 4years. With in 10years would be enough for the reductions.

[-] 1 points by DKAtoday (25218) from Coon Rapids, MN 1 year ago

Wealthy - wow that was easy. Next question.

[-] 1 points by NVPHIL (664) 1 year ago

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.

[-] 0 points by DanielBarton (1345) 1 year ago

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.

[-] 1 points by NVPHIL (664) 1 year ago

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.

[-] 0 points by DanielBarton (1345) 1 year ago

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.

[-] 1 points by bensdad (8977) 1 year ago

eliminate the entitlement tha lets corporations pay less than 20%
by creating an alternate minimum tax on corporations - at 20%

[-] 0 points by richardkentgates (3269) from Fort Walton Beach, FL 1 year ago

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.

[-] 0 points by factsrfun (6470) from Phoenix, AZ 1 year ago

inheritances

[-] -3 points by TheRazor (-329) 1 year ago

There is zero support for taxation on inheritances

[-] 2 points by mideast (506) 1 year ago

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

[-] 1 points by factsrfun (6470) from Phoenix, AZ 1 year ago

at least you didn't try to claim inheritances aren't entitlements

[-] 0 points by RedDragon (-161) 1 year ago

I'd start with obamacare.

[-] 2 points by DKAtoday (25218) from Coon Rapids, MN 1 year ago

Yep - transform it into true universal health care.

[-] 0 points by RedDragon (-161) 1 year ago

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.

[-] -1 points by ronniepaul2012 (214) 1 year ago

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.

[-] 0 points by RedDragon (-161) 1 year ago

It's a disaster for all but the "128%" of the poverty line. A boom for illegals who now have coverage regardless of income.

[-] 0 points by nobnot (529) from Kapaa, HI 1 year ago

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.

[Removed]

[Removed]

[-] 0 points by Shayneh (-482) 1 year ago

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.

[-] 0 points by jph (2652) 1 year ago

cut the military in half.

[Removed]

[-] -1 points by VQkag2 (16478) 1 year ago

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?

[-] 0 points by TheRazor (-329) 1 year ago

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.

[-] 0 points by TheRazor (-329) 1 year ago

The budget deficit for 2012 will be $1.3 trillion.

[-] -1 points by TheRazor (-329) 1 year ago

How will that create economic growth? THIS I GOTTA HEAR!!!,

[-] 2 points by bensdad (8977) 1 year ago

the same way FDR did -
ever heard of the TVA or the CCC ?
BUILD !
INFRASTRUCTURE !

[-] 1 points by TheRazor (-329) 1 year ago

So they arent going to use the taxes to reduce the deficit? Which is it?

[-] 0 points by bensdad (8977) 1 year ago

why not both?

[-] -2 points by TheRazor (-329) 1 year ago

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.

[Deleted]

[-] 0 points by TheRazor (-329) 1 year ago

I see. You have no idea. I thought so.

[-] -1 points by VQkag2 (16478) 1 year ago

LOL. You don't agree with the "cloud of uncertainty" theory?