AP: Obama has the delegates. Higher taxes on the way.

[RhinoGG]

Quote from gnome:

Obama and YoMama are right... we DO need change. But not the kind of change they're talking about.

You mean like gas @4.99./gal. Hey, that penny is "change".

 

[Shapeshifter]

There is no such thing as change.. politicians do not run the country

 

[xDojix]

Quote from Jayford:

Most of the tax raises are targeted at the wealthy. Top rates going up for those making over 250k, + cap gains increasing by 70%. That is if congress passes the numbers Obama tossed out during his campaign.

Middle class won't feel it much except how it affects the general economy (could be significant imo).

Yep...

We will all be working for Walmart soon enough.

Hooray for the corporate fascist state!

 

[Trader5287]

Quote from wilburbear:

12:28pm CST, market sold off the minute this was announced.

U.S. is much closer to having higher taxes in a time of economic weakness.

Ayuh yuh Higher Taxes



Tax and Spend

Still better than Cut Taxes and Spend More



Of course you'd have to actually pay taxes to know this.

 

[gnome]

Quote from Trader5287:

Ayuh yuh Higher Taxes



Tax and Spend

Still better than Cut Taxes and Spend More

Interesting to notice the difference. The reason they'd rather increase the deficit rather than increase taxes... is that if taxes are raised, it's more obvious and some people will bitch, attract attention. If they deficit spend, it's covert. (Truth told, they'd actually rather do BOTH!)

Another reason to prefer deficits over increasing taxes... If taxes are raised, Americans foot that bill. If deficits are raised, eventually the currency gets debased and foreigners who hold our debt obligations share part of the hosing.

In the long run, it all gets paid for one way or another... default on obligations, inflation, currency debasement, etc.

 

[Jayford]

If taxes are raised, we don't necessarily get larger revenues. its called the laffer curve, and has been shown relevant time and time again. The US generally brings in 19% regardless of the tax rate.

The US is at record revenues now, and these revenues have been growing twice the speed of GDP over the past 5 years.

the problem is spending. taxes are fine right where they are.

 

[gnome]

Quote from Jayford:

"... the problem is spending...."

That has been the problem for DECADES. At a minimum, Congress, the Administration and the Fed should be (1) emasculated, and (2) hung by their thumbs.

 

[Epiphany]

Quote from gnome:

Why always higher taxes? Why can it never be LESS F*CKING GOVERNMENT!!

It can

It's called Ron Paul

 

[gnome]

Quote from Epiphany:

It can

It's called Ron Paul

Totally agree. However, not enough Americans recognize the problem such that the necessary changes might be made. Until then it's the same old, same old.

 

[Jayford]

Quote from gnome:

That has been the problem for DECADES. At a minimum, Congress, the Administration and the Fed should be (1) emasculated, and (2) hung by their thumbs.

hell, castrate the fuckers (men anyway).

that'll send a message.

I'd like to see a balanced budget amendment, and if we go over, congress doesn't get paid.

that would stop pork and ridiculous military outlays at the minimum.

As for entitlements, no more med lawsuits (prices drop dramatically). if a doctor fucks up, he goes to prison. Has to really fuck up though (operate drunk, cutoff the wrong limb, etc).

Social security? stop dipping into the fund!