Obama makes it sound so simple, that all he has to do is have the rich pay a little more. However the math doesn't support his claim. He cannot balance the budget, much less pay down the debt, just by taxing the rich.
Obama makes it sound so simple, that all he has to do is have the rich pay a little more. However the math doesn't support his claim. He cannot balance the budget, much less pay down the debt, just by taxing the rich.
no, it wouldn't balance the budget, but it is a step in the needed direction, we barely tax the rich in this country compared to other developed countries
no, it wouldn't balance the budget, but it is a step in the needed direction, we barely tax the rich in this country compared to other developed countries
But how would it help? The Buffet Rule will supposedly bring in $47 billion over a decade while we paid $30.5 billion in interest on the debt last month.
Obama makes it sound so simple, that all he has to do is have the rich pay a little more. However the math doesn't support his claim. He cannot balance the budget, much less pay down the debt, just by taxing the rich.
He can't balance the budget thanks to Bush. If you taxed the rich enough, and it is doable...... you could hack out a good sized chunk I'll bet.
He can't balance the budget thanks to Bush. If you taxed the rich enough, and it is doable...... you could hack out a good sized chunk I'll bet.
Ihave no reason to protect the rich but the math doesn't support taxing the rich as the solution. Bush was bad enough but Obama has trumped Bush in raising the debt, and Obama knows it will never be paid.
Ihave no reason to protect the rich but the math doesn't support taxing the rich as the solution. Bush was bad enough but Obama has trumped Bush in raising the debt, and Obama knows it will never be paid.
Taxes are paid on net, not gross earnings. Additional taxes on the rich don't directly increase revenue. What they do is give businessmen the choice between sending a larger portion of their earnings to Uncle Sam, or increasing their expenses, typically by paying it out to their employees. Either is good for the economy and the federal budget.
The problem now is that the rich are paying a lower effective tax rate then the middleclass. If they hire a middle-class employee, they ultimately pay a higher price than if they do not. Tax policy currently creates an incentive to decrease payroll. This should be reversed.
__________________
We work together every damn day. --Jon Stewart
Taxes are paid on net, not gross earnings. Additional taxes on the rich don't directly increase revenue. What they do is give businessmen the choice between sending a larger portion of their earnings to Uncle Sam, or increasing their expenses, typically by paying it out to their employees. Either is good for the economy and the federal budget.
The problem now is that the rich are paying a lower effective tax rate then the middleclass. If they hire a middle-class employee, they ultimately pay a higher price than if they do not. Tax policy currently creates an incentive to decrease payroll. This should be reversed.
Some economists argue the opposite, but either way there will not be enough revenue to solve the deficit/debt problem.
But how would it help? The Buffet Rule will supposedly bring in $47 billion over a decade while we paid $30.5 billion in interest on the debt last month.
again you pick a position different than I stated and use that to attack, the buffet rule is only a small part of what needs done, rolling back the tax cuts for the wealthy is step 1, closing loop holes used by the wealthy is another
and btw when you count just Obamas budget (not the first year deficit left by bush) Obama has done a lot in reducing growth in federal spending, during a time when he shouldn't be economically (recession) while bush and the republican cronies exploded the the amoutn of debt....
The pressing issue is not the debt. nor the deficit. The pressing issue is the economy: Jobs, consumer spending, access to credit, etc. When Republicans let us fix the economy, debt and deficit issues go away.
__________________
We work together every damn day. --Jon Stewart
The pressing issue is not the debt. nor the deficit. The pressing issue is the economy: Jobs, consumer spending, access to credit, etc. When Republicans let us fix the economy, debt and deficit issues go away.
but if we focus on the debt we can destroy any chance of this economy recovering and get obama out of office
Linear Mode
