US Revenue and Expenses

[777 fixer]

In yet another example that those in D.C. are really not interested in reducing the debt subsidies for the oil industry were kept in place.

 

[SparrowHawk]

In yet another example that those in D.C. are really not interested in reducing the debt subsidies for the oil industry were kept in place.

If you take a look at the dollars involved it's frankly a nit.

We have the highest tax rate for corporations in the WORLD. I've not seen a study but I'm curious what would happen to our economy of the Corporate Tax rate was ZERO as in nada, zip, zilch or Zed for the canucks who read here.

Given my basic knowledge of economics I would think it would open a flood gate of investment. Investment usually turns into what? JOBS! What do we know from history? Nothing like good jobs to fuel a recovery and fill the public coffers as well.

Another thing robust economic growth would accomplish is upward pressure on wages as the country would move closer to full employment. This also increases tax revenue. Better still by having more wealth at the bottom and middle of the economic food chain you have less concentration of wealth at the top. We have the top 1% of our population controlling 5-6% of the wealth right now. Why is that bad? Don't know that it is. However what I do know it's the highest its been since the years leading up to the Great Depression.

We need to look at every single way we can to promote economic growth and if elimination of the Corporate Tax gets us there then I'm for it. If Not then let's look at something else.

 

[777 fixer]

If you take a look at the dollars involved it's frankly a nit.

That seems to be the attitude that is resulting in nothing really happening when it comes to the debt. Each senator or congressman says of their favorite program "It's not that much money anyway". We all know wha the end result is.

 

[SparrowHawk]

That seems to be the attitude that is resulting in nothing really happening when it comes to the debt. Each senator or congressman says of their favorite program "It's not that much money anyway". We all know what the end result is.

The "Big Three" are Social Security, Medicare & Medicaid anything after that is what my Dad used to call found money. Left to grow in its current versions the above three programs will consume 100% of Federal Revenue in under 40 years. So in some ways all of the other programs are a nit.

We either address this right here, right now or it will be addressed for us just as it has in Greece, Ireland, Iceland, Spain and Portugal and if you follow international news folks are none to happy in those countries. So what's the answer. Well here is my stab at it in general terms.

Social Security - Hate or love it, it's not going anyplace. When the program was started the average life expectancy was 55 and you had to be 65 to collect. Now the average life expectancy is around 77 and the retirement age is 66 now? You don't have to be an actuary to figure out that this ain't gonna fly for long. The answer lies in tweaking the system, not a full overhaul. The retirement age has to rise. How far? Likely to 70. Probably "grandfather" in those who are in their 50's. Also I think you have to remove the cap on earnings which I think is around $65K in income. You're also going to have to means test the COLA as well.

Medicare - May have to be means tested as well. I do like the block grants proposal that was floated but I don't think either party has the belly for that battle even though it would likely work. Co-Pays will have to increase as well, maybe you means test them also. Fraud needs to be addressed aggressively.

Medicaid - I think we have to look seriously at how we take care of those who can't take care of themselves due to poverty. I'm real big on free markets and companies making a profit. However in the case of those who are the least of our brethren we need to take a page from history and find ways to invigorate and create Charity Hospitals to help relieve the burden on government. We are despite our challenges a wealthy nation and we should be able to take care of our own which we are but the way we do it is to damned expensive and more Government won't make it cheaper.

Lastly is the fact that it costs us ONE TRILLION DOLLARS per year to maintain our global empire. We can't afford it any longer. The days of being Barney Phyfe to the world must end. Why do we have something like 700 bases in 135 countries??? The military and State Department can't get by on half that figure? The time is long overdue to end our foreign entanglements. Strengthen our diplomatic corp and maybe we won't need so damn many weapons. Bulk up our clandestine services and work behind the scenes to thwart our enemies on their soil. The military is going to have to be revamped to address the changes in the world. Smaller, more mobile units designed to be mobilized in minutes to protect our vital interests.


The Better Way

Scrap Davis-Bacon and all prevailing wage laws
Get rid of Fannie Mae, Freddie Mac, HUD, and the FHA
Stop the bailouts of banks at the expense of taxpayers
Implement Paul Ryan's Voucher Proposal for Medicare
Reduce military spending substantially
Stop attempting to be the world's policeman
Kill the student loan "debt-slave" program
Pass a Balanced Budget Amendment
Audit the Fed then end the Fed

That is the better way. It will be difficult to pass those measure because each proposal has a mob of naysayers and constituents all clamoring "gimme gimme gimme".

 

[Ms Tree]

A nit here a nit there pretty soon it's a whole bunch of nit.

I wonder what would happen if a corporation actually paid the percentage of the tax rate that they owe? GE seemed to manage a way not to pay a dime. The tax rate for Buffet is substantially higher than what he actually pays. Corporations are not paying taxes on all their money. That's why they have a high paid team of accountants. You could probably cut the corporate tax rate in half and not affect anything. Until the loop holes disappear, the corporate tax rate is about as relevant as asking for a bigger bucket on the Titanic.

If you are going to go with the voucher for MC then make sure you include a cyanide pill with the voucher. It's not like you will find a insurance company to take on an elderly person with medical history for what ever the voucher amount is. And you people were complaining about death panels? That's rich.

 

[SparrowHawk]

A nit here a nit there pretty soon it's a whole bunch of nit.

I wonder what would happen if a corporation actually paid the percentage of the tax rate that they owe? GE seemed to manage a way not to pay a dime. The tax rate for Buffet is substantially higher than what he actually pays. Corporations are not paying taxes on all their money. That's why they have a high paid team of accountants. You could probably cut the corporate tax rate in half and not affect anything. Until the loop holes disappear, the corporate tax rate is about as relevant as asking for a bigger bucket on the Titanic.

If you are going to go with the voucher for MC then make sure you include a cyanide pill with the voucher. It's not like you will find a insurance company to take on an elderly person with medical history for what ever the voucher amount is. And you people were complaining about death panels? That's rich.

Please cite a source for your assessment of Medicare? Let's deal in facts, not Progressive innuendo and scare tactics.

Nice dodge on the corporate tax question.

When you have no actual FACTS to support an argument you go right to the Progressive playbook of deflect dodge and pander to either peoples fears in the Medicare commentary or Class envy on the Corporate Tax question.

As usual Progressives defy logic and common sense. We have the highest corporate tax rate in the world, so let's close the loopholes thereby increasing the tax even more and expecting job growth and ceasing of outsourcing job overseas. Interesting concept. Not grounded in any actual facts or study indicating the validity. But what the hell it makes a hellava sound bite against the other side. It's the living breathing example of Einstein's definition of insanity. Repeating the same flawed policies over and over while expecting a different outcome.

 

[xUT]

In yet another example that those in D.C. are really not interested in reducing the debt subsidies for the oil industry were kept in place.

We don't need to reduce the debt.
Didn't you get the Memo

Former Treasury Secretary Paul O'Neill was told "deficits don't matter" when he warned of a looming fiscal crisis.

O'Neill, fired in a shakeup of Bush's economic team in December 2002, raised objections to a new round of tax cuts and said the president balked at his more aggressive plan to combat corporate crime after a string of accounting scandals because of opposition from "the corporate crowd," a key constituency.

O'Neill said he tried to warn Vice President Dick Cheney that growing budget deficits-expected to top $500 billion this fiscal year alone-posed a threat to the economy. Cheney cut him off. "You know, Paul, Reagan proved deficits don't matter," he said, according to excerpts. Cheney continued: "We won the midterms (congressional elections). This is our due." A month later, Cheney told the Treasury secretary he was fired.

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