Cut taxes for 95% of Americans

[outlaw2001it]

Not trying to cause a war here between Dems, and Reps...but according to Biden in his speech at the Democratic Convention Obama is planning on cutting taxes for 95% of Americans. My question is where is the money coming from to finance a war, Social Security, and whatever else? We already don't have the money coming into support these projects (we are in debt, and it's getting worse), so my question is where do we get the money from if it's not coming from taxpayers? Other countries are only going to support our debt, until they take their money, and invest into something more reliable. I may not see it, but there are people on this forum younger than me who may have nothing in Social Security when it comes time for them to retire.
The way that I look at it is, somebody is going to have to raise taxes sooner, or later. We can't rely on other countries taking our debt, while we continue to flush money down the toliet.

[osprey4]

Originally Posted by outlaw2001it

The way that I look at it is, somebody is going to have to raise taxes sooner, or later.

That's certainly the way Democrats look at it, and that strategy worked brilliantly for President Mondale.

In all seriousness, the Laffer curve would say that among federal, state and local taxes, we're already at the breaking point. Raising taxes beyond the tremendous burden the American people already carry would not raise more revenue. New Jersey has raised taxes in every conceivable way over the past two administrations but has not increased revenue a single cent.

The only solution is to reduce spending.

[butch81385]

Oh I wish the government would reduce spending... Unfortunately no matter which president gets elected I can guarantee that they will be spending more than they should...

I also sort of agree with osprey about the breaking point. However, it isn't so much of a breaking point as it is a transition point. If we raise taxes higher than they are now, we will be going into the realm of extreme taxes like those in the UK and many parts of Europe. Unfortunately, we may be entering into the same taxing as they have without the added benefits of their public transportation system (much better than ours), their college tuition (in England you have to pay about 3000 pounds for the most expensive schools... the cheaper ones are actually free), etc.


Oh, and osprey, about that being the Democrats way of looking at it: that is every president's way of looking at it... the president will either raise taxes for the middle class, raise taxes for the upper class, remove tax breaks from companies, or to ignore it and leave the next president with the job of raising taxes twice as much...

[outlaw2001it]

So basically lower taxes to get elected now, then when the next President comes around in 2012 (maybe Hillary) make them look like the a**hole for raising taxes...brilliant!!!

[Chuckiechan]

They plan to shift taxes back on to businesses. The business pass the taxes on as higher prices, and you "pay" the tax that way. Ever wonder why a bottle of whisky is so expensive?

For example, if a rate of return for an industry is 8.5%, and additional taxes push it down to 8.0%, you raise your pricing to get back on target. Even if your sales fall, you can still lay off workers to compensate.

Come hell or high water, if you don't keep your return on capital within "the band" you are going to fail. This "band" is determined by the price you have to pay to attract capital investment. People looking to invest in your company are weighing the risk of investing versus the return on investment. Most manufacturing (including oil) runs around 8.0 - 9.0 %.

Mc Cain has a reputation for going Jihaad on "earmarks" and other Federal spending. Maybe he can make a difference. I'd like to see our illegal alien "underclass" deported, and our native "underclass" sent off to work in those jobs.

[Pexster]

The mega-rich will pay a lot more in taxes. That's the long and short of it. Conservatives ideologues will argue vehemently how unfair this is.

The Laffer curve was written on the back of a napkin and that's about all the respect it deserves.

[MTAtech]

Originally Posted by outlaw2001it

...but according to Biden in his speech at the Democratic Convention Obama is planning on cutting taxes for 95% of Americans.

Actually, Biden said, "He [Obama] will cut taxes for 95 percent of the American people who draw a paycheck." That doesn't mean that 95% of Americans will get a tax-cut. If your income is from investments and intererst, you may see a tax increase -- which is fair. These are the people that got a tax-cut under Bush and all it did was make the rich richer.

[outlaw2001it]

So is this going to help the average American, and what about our taxes for the future (besides put it on the next President)? So more tax breaks are going to accomplish what? While our elected politicians keep spending our money, it's increasing our debt...we need money from somewhere to pay for this don't we? Taxing the rich/businesses isn't going to cover out debt (especially with this war), so shouldn't we be raising taxes sometime in the future? If not, there's going to be all kind of hell to pay somewhere down the line.

[The Real Bingo]

Originally Posted by MTAtech

If your income is from investments and intererst, you may see a tax increase -- which is fair. These are the people that got a tax-cut under Bush and all it did was make the rich richer.

So only the rich have investments and earn interest? Oooooohhhhh-kaaaaaaayyyyyy...............

[outlaw2001it]

I was just listening to a guy (on CNBC) that was with the Fed while Clinton was in office, and he stated that raising taxes on investors, and interest is a bad thing...because it will lead to 0% growth. Will get more information, and name once it comes back on again, or if I can find it from their website.