Massive tax increases coming, folks

[04SCTLS]

You won't get any argument that spending needs to be cut. But it isn't so much taxes that need to go up as tax revenue needs to go up. Those are two different things. The question is what is the best way to raise revenue. Tax increases, especially in the long term, do not necessarily mean that tax revenue will go up. Tax cuts can increase revenue, especially in the long term. Static vs. dynamic analysis.

Also, you have to temper that need with the more immediate need for economic stimulus, which we really haven't had yet. the single best economic stimulus is tax cuts. Tax increases will only worsen this recession.

The welfare, medicare/medicaid and social security systems are ulimately unsustainable; textbook Ponzi schemes. In the long term, they will have to be phased out (or at least changed dramatically to be sustainable).

You should look into Paul Ryan's proposals. He is the only representative (in either house as far as I know) who has proposed and pushed a realistic way to balance the budget and reform these systems. He is someone to keep a close eye on, IMO.

In fact, the GOP (at least in the House) have started adopting his "roadmap" (at least in part) for campaign purposes; a very wise move. You can read more about it here.

Yes tax revenue as distinct from the tax rate has to go up and spending down

In my own case I'd rather see a VAT rather than more points on the state and federal income tax

And the difference between SS and a ponzi scheme is that SS recipients eventually die and with them the responsibility of payment (have an unfiltered cigarette old man) but beyond that great distinction SS and ponzi schemes are similar.

 

[shagdrum]

And the difference between SS and a ponzi scheme is that SS recipients eventually die and with them the responsibility of payment (have an unfiltered cigarette old man) but beyond that great distinction SS and ponzi schemes are similar.

That only delays the inevitable collapse of the scheme. In smaller Ponze schemes, they eventually collapse of their own weight. But the shear size of the SS Ponze scheme allows it to continue much longer, to the point where many of the recipients die off. Still, this only delays the inevitable. This is shown by the fact that SS is already in the red (much earlier then projected). The basic structure of the SS system is, in all relevant ways, the same as any Ponze Scheme. It is simply it's shear size and the fact that it is backed by the government that has allowed it to last this long.

 

[fossten]

I guess I disagree with all of you when I say that tax revenue does NOT need to go up, but instead rather down, and drastically down. But spending needs to be the tip of the spear. The voracious maw of the federal government has fed far too long on the incomes of middle class Americans while giving this confiscated wealth to people who refuse to work. It's time that the Fed was de-fanged and shrunk down to a manageable size. I would say 1% of the GDP would be appropriate spending levels.

It's very simple - my money does not belong to the government, nor does my liberty, nor does my life. Get the hell out of my life, my liberty, and my way.

 

[Calabrio]

I think welfare, free healthcare, and illegal immigration needs to be eliminated!

And even if someone thinks that they are important safety nets, aren't those things better managed and funded at the state and local levels than through single, national policy directed by D.C.?

 

[lincolnx2]

And even if someone thinks that they are important safety nets, aren't those things better managed and funded at the state and local levels than through single, national policy directed by D.C.?

"F" a "safety net"! My safety net is a savings account that is damn near empty because I pay taxes!