DiscussWorldIssues - Socio-Economic Religion and Political Uncensored Debate - View Single Post - U.S. Debt Tops $14.3 Trillion for First Time

**hujdrftgkas** · 04-21-2011, 03:59 PM

Truth is, both parties know something has to be done, yet neither seem to be willing to compromise. And that is the biggest problem, IMO.

The Pubs insist on cutting spendiing while giving more tax breaks, while the dems seem to want the opposite.

The compromise lies in cutting spending, while increasing tax revenues. The revenue issue requires overhauling the tax codes, eliiminating loopholes put in there by special interests, and in the process lowering tax rates on income taxes, while increasing capital gains taxes. The corporate taxes need this overhaul as well, taking out exemptions given to some of those guys, the special loopholes, while lowering corporate rates, while increasing tax revenues.

That is what must be done, yet the political climate is not condusive to real reform. The Pubs are dead set on shrinking the size of gov't, perhaps in a draconian fashioin, and if the nation goes down the tubes and folks starve, that is a small price to pay. I actually think the solution lies with the dems, but they have to compromise as well.

The problem is there are no "trillionaire's" out there to tax. Now under Obama's plan he wants to tax those making over 250K per year. In the 250K bracket you're going to have lots of small business people who are the driving engine of this economy.

If the pubs would agree to tax the over 500-600K crowd this would be out of the realm of small business aka sub-chapter S corporations.

Right now the federal government could take everyone's wealth--including your paycheck and estimates show that would amount to only 2.7 trillion dollars--which doesn't even put a dent into this 14.3 trillion dollar deficit much less 53 trillion in unfunded liabilities.

Therefore, the only way to get this budget under control is to cut everything--with no sacred cows--that both parties cherish on the chopping block. And that-is-for certain--going to be the biggest problem.

No matter how much money the federal government confiscates from others--they will always find a way to spend that and borrow much more.

"When government is big enough to give you everything you want--it will also be big enough to take everything you have."--Thomas Jefferson

04-21-2011, 03:59 PM	#22
hujdrftgkas Join Date Oct 2005 Posts 525 Senior Member	Truth is, both parties know something has to be done, yet neither seem to be willing to compromise. And that is the biggest problem, IMO. The Pubs insist on cutting spendiing while giving more tax breaks, while the dems seem to want the opposite. The compromise lies in cutting spending, while increasing tax revenues. The revenue issue requires overhauling the tax codes, eliiminating loopholes put in there by special interests, and in the process lowering tax rates on income taxes, while increasing capital gains taxes. The corporate taxes need this overhaul as well, taking out exemptions given to some of those guys, the special loopholes, while lowering corporate rates, while increasing tax revenues. That is what must be done, yet the political climate is not condusive to real reform. The Pubs are dead set on shrinking the size of gov't, perhaps in a draconian fashioin, and if the nation goes down the tubes and folks starve, that is a small price to pay. I actually think the solution lies with the dems, but they have to compromise as well. The problem is there are no "trillionaire's" out there to tax. Now under Obama's plan he wants to tax those making over 250K per year. In the 250K bracket you're going to have lots of small business people who are the driving engine of this economy. If the pubs would agree to tax the over 500-600K crowd this would be out of the realm of small business aka sub-chapter S corporations. Right now the federal government could take everyone's wealth--including your paycheck and estimates show that would amount to only 2.7 trillion dollars--which doesn't even put a dent into this 14.3 trillion dollar deficit much less 53 trillion in unfunded liabilities. Therefore, the only way to get this budget under control is to cut everything--with no sacred cows--that both parties cherish on the chopping block. And that-is-for certain--going to be the biggest problem. No matter how much money the federal government confiscates from others--they will always find a way to spend that and borrow much more. "When government is big enough to give you everything you want--it will also be big enough to take everything you have."--Thomas Jefferson
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