We often hear the cry to tax the rich to face the "fiscal cliff", however, we are not being told the whole story.
http://online.wsj.com/article/SB10001424127887323353204578127374039087636.html
For years the government has gotten away without having to produce the kind of financial statements that are required of other significant for-profit and nonprofit enterprises. Instead it is allowed to leave out a great many financial obligations. What the government intentionally leaves out are the unfunded liabilities for Medicare, Social Security, and other outsized and very real obligations. In fact, I recall hearing that "W" pulled the same trick with funds owed toward the Iraqi war. In reality, the actual liabilities of the federal government already exceed $86.8 trillion, or 550% of the GDP.
As the article states, "Some public officials and pundits claim we can dig our way out through tax increases on upper income earners, or even all taxpayers. In reality, that would amount to bailing out the Pacific Ocean with a teaspoon."
Don't you just love demagoguery?
Originally posted by whodeyI think you mean, don't you love the smell of cooking books?
We often hear the cry to tax the rich to face the "fiscal cliff", however, we are not being told the whole story.
http://online.wsj.com/article/SB10001424127887323353204578127374039087636.html
For years the government has gotten away without having to produce the kind of financial statements that are required of other significant for-profit and nonprofi ...[text shortened]... nt to bailing out the Pacific Ocean with a teaspoon."
Don't you just love demagoguery?
Originally posted by dryhumpI thought the only Chefs who did that were on Wall Street.
I think you mean, don't you love the smell of cooking books?
LOL.
I personally think that this is treasonous and those involved should be treated as such, but hey, that's just me I guess. 🙄
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This notion of taxing the extreme wealthy to alleviate our financial problems ascribes entirely too much power to the wealthy. Even if we confiscated every penny they had it would amount to a flash in the pan and not yield any long term sustainable solution.
While you can increase taxes on everyone and more so on the wealthy this is only one part of a solution. Any real sustainable solution has to include careful examination of the overhead that it takes to run the government and elimination of unnecessary expenditures and overhead.
Even that may not be enough with how far in the hole we are now and more painful cuts may need to be made, but they should be made in intelligent ways. For example, I do think some of our military could be scaled back, but it has to be done in careful ways that don't cripple our ability to respond to homeland threats, etc. More often than not careless cuts are being proposed that aren't well thought out and I would attribute that to both parties.
Originally posted by TheSurgeonNo, you can't say that in here, because that doesn't satisfy the vindictive attitudes of the liberals who never let facts stand in the way of a good ideology.
This notion of taxing the extreme wealthy to alleviate our financial problems ascribes entirely too much power to the wealthy. Even if we confiscated every penny they had it would amount to a flash in the pan and not yield any long term sustainable solution.
While you can increase taxes on everyone and more so on the wealthy this is only one part of ...[text shortened]... ts are being proposed that aren't well thought out and I would attribute that to both parties.
Start again, admit the whole world is your fault, bend over and submit to the government's assault on your success. It's the only acceptable answer to them.
Originally posted by vivify"Taxing the rich probably won't work miracles, but it's at least a legitimate start."
What other options are there, apart from taxing the rich, that will help with the U.S. debt? Taxing the rich probably won't work miracles, but it's at least a legitimate start.
That is like saying 1. a4 isn't a good move, but at least it's a start.
How about the radical notion that we stop doing what we are doing wrong, that is spending more than we have?
Originally posted by TheSurgeonI'm pleased to read someone with some rational ideas. The two parties are more interested in beating up the opposition's ideas than in finding workable solutions.
This notion of taxing the extreme wealthy to alleviate our financial problems ascribes entirely too much power to the wealthy. Even if we confiscated every penny they had it would amount to a flash in the pan and not yield any long term sustainable solution.
While you can increase taxes on everyone and more so on the wealthy this is only one part of ...[text shortened]... ts are being proposed that aren't well thought out and I would attribute that to both parties.
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Originally posted by normbenignThanks, I agree that the two parties need to stop this nonsense of trying to one up the other and look for wisdom in each other's critiques and settle on the best solutions. In my experience the most effective solutions in business are the ones that were the most highly scrutinized and concessions were made by everyone to settle upon a solution that best met the overall problem.
I'm pleased to read someone with some rational ideas. The two parties are more interested in beating up the opposition's ideas than in finding workable solutions.
The fact is that there are often nuggets of truth that have merit in all sides of a discussion and if you have the wisdom and maturity to listen to them and adapt your strategies to accommodate those points you will end up with a much simpler and more effective resolution.
Originally posted by normbenignI didn't say taxing the rich was a "bad" move, I said it won't work miracles.
"Taxing the rich probably won't work miracles, but it's at least a legitimate start."
That is like saying 1. a4 isn't a good move, but at least it's a start.
How about the radical notion that we stop doing what we are doing wrong, that is spending more than we have?
And yes, spending more than the government has needs to stop, but won't help us out of our problem; all that will do is stop our problem from growing even more. We need a solution that will reverse the mess the government has gotten itself into. Taxing the rich isn't a great idea, but so far, it's a start. I'm still waiting for a better idea than taxing the rich.
Originally posted by vivifyLet's ask Paul Krugman:
What other options are there, apart from taxing the rich, that will help with the U.S. debt? Taxing the rich probably won't work miracles, but it's at least a legitimate start.
"You raise the tax rates and turn around and spend the money on stimulus! Come on! Spend, spend, spend! You can't save -- saving is DEATH! SPEND!!!!"