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Recommendations: 3
"We are just asking the rich to pay a little more."
- Barack Obama
Just a little bit more, huh?
Below I calculated the deficit as a percentage of individual income tax revenue. This is the percentage increase in total individual income tax revenue that we would have needed to balance the budget.
Fiscal Year Deficit Income Tax Percentage
2002 -158 858 18%
2003 -378 794 48%
2004 -413 809 51%
2005 -318 927 34%
2006 -248 1,044 24%
2007 -161 1,163 14%
2008 -459 1,146 40%
2009 -1,413 915 154%
2010 -1,293 899 144%
2011 -1,297 1,091 119%
2012 -1,089 1,132 96%
Data Sources:
Table 1.1—Summary of Receipts, Outlays, and Surpluses or Deficits (-): 1789–2017
Table 2.1—Receipts by Source: 1934–2017
http://www.whitehouse.gov/omb/budget/Historicals
Monthly Budget Review - Fiscal Year 2012
http://cbo.gov/sites/default/files/cbofiles/attachments/4369...
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Recommendations: 3
"We are just asking the rich to pay a little more."
- Barack Obama
Just a little bit more, huh?
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Not to blunt your very valid point.
However, I understand I will be paying more. I am not happy about it, but I understand.
What I do not understand and am more than merely unhappy about -- is that I am going to be paying more and we will still be accumulating more debt
We have a nation of idiots being led by two groups of con men, one of who at least pays some attention to reality while lying to me, so I tend to support them.
Why collect any taxes at all? If we are just going to wantonly spend, and continue to amass deficits too large to every pay back, why bother? Is there any reason we are collecting taxes other than to dish out some punishment?
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Numbers are such troublesome little things.
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Numbers are such troublesome little things.
Not for Democrats. Enough people are willing to ignore the numbers to vote Democrats into office and get Obama re-elected.
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Recommendations: 5
Why collect any taxes at all? If we are just going to wantonly spend, and continue to amass deficits too large to every pay back, why bother? Is there any reason we are collecting taxes other than to dish out some punishment?
This is why I am so adamant that if there is going to be a tax increase, we should wait until *after* we balance the budget. If they won't balance the budget now, why should we believe that they will balance the budget later with more tax revenue? More money doesn't cure fiscal irresponsibility. Europe demonstrates this quite well. They have much higher tax revenue, and they are still running large deficits.
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It's hopeless.
THe folks in DC are arguing about a few tens of billions a year while they are running a 1.4 TRILLION dollar deficiet.
They won't address the entitlement programs which will go over half of all government spending in 10 years.
They aren't even talking about cutting spending....but they are talkiing about cutting the rate of INCREASE of the part ABOVE the BASELINE increases that will happen no matter what.
In other words, spending is going up 8% a year, and now they are talking about the spending OVER that 8% a year that they will 'cut back' somewhat...say from only 2% over that 8% to 1.7% above the 8% already automatic baseline spending increase.
They have NO intention of cutting anything today.
They are arguing about the increase, over the already planned increase, and nothing else..
Plus of course, raising 80 to 160 billion a year in 'new revenues'.....which will be 800 billion to 1.6 trillion after 10 years...if they don't spend it all along the way, which they will, since once they have money, they spend it..and they don't even have the money because it won't even be enough to pay for the baseline increase, no less the 1.4 trillion we borrow each year.
It's pathetic...it's all a joke on the American people...and they argue about idiotic things...and have no intention of stopping the drive to financial meltdown in less than 10 years.
t.
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Recommendations: 2
This is why I am so adamant that if there is going to be a tax increase, we should wait until *after* we balance the budget. If they won't balance the budget now, why should we believe that they will balance the budget later with more tax revenue? More money doesn't cure fiscal irresponsibility. Europe demonstrates this quite well. They have much higher tax revenue, and they are still running large deficits.
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What I find funny in all of this, is that all of this is a sign that Obama actually does believe in the free market.
It is also a sign that most of the lib who support Obama believe in the free market.
They have no idea what it is. They think a free market can exist in the face of all they are doing and that it will cover them no matter what they do. It is not an unusual thing at all really. They believe something that is powerful and has worked before will work again, no matter how little attention they give it or how heavy a load that they want it to endure.
Every child has made this classic mistake and finally rendered untenable something they enjoyed.
This is why they can ignore someone as centrist as a Romney and believe they are a kook demanding so much more than is needed for recovery -- the free market will overcome whether it actually exists or not when they are done, no worries America always had a relatively free market and will always overcome, nothing different this time.
When you believe in things that you don't understand, then you suffer
superstition ain't the way.
I wonder is Stevie told that to Obama at his coronation in 08.
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Why collect any taxes at all? If we are just going to wantonly spend, and continue to amass deficits too large to every pay back, why bother? Is there any reason we are collecting taxes other than to dish out some punishment?
Squabbling over taxes allows Obama and his media acolytes to argue that he is competent, and Republicans are evil, all without addressing (or even acknowledging) the real problem of a huge debt coupled with unsustainable spending.
This strategy is working. I'd like to see Jay Leno (or any late-night comedian) ask people on the street what their share of the national debt was, and what they think it was 4 years ago. The chance of anyone realizing that the debt per taxpayer has increased from roughly $97K to $142K is approximately zero.
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TPFH wrote: I'd like to see Jay Leno (or any late-night comedian) ask people on the street what their share of the national debt was, and what they think it was 4 years ago.
I wonder what Leno thinks about giving half his income to the government?
High-income Californians may pay nation's highest tax rate
Read more here: http://blogs.sacbee.com/capitolalertlatest/2012/12/high-inco...
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