Spending cuts vs. Tax increase | TigerDroppings.com

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504Voodoo
Southeastern LA Fan
New Orleans
Member since Aug 2012
2327 posts

Spending cuts vs. Tax increase



I understand that people are saying a tax increase for folks/households making over the $250K amount would not ultimately solve the debt crisis, but it would be one method, along with others that may get us out of this mess. What areas would you like to see the government cut spending from? Also, if the Dems are willing to make spending cuts, do you think the Republicans would be willing to cave in on the tax increase for the "rich"? I think there is a happy median b/w the two. I am in favor of cutting spending but I am also not completely sold on the success of Bush tax cuts anymore.






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doubleb
LSU Fan
Baton Rouge
Member since Aug 2006
6714 posts

re: Spending cuts vs. Tax increase


I think we need to go all the way back to the greatest time in history. Let's go back to the tax brackets which worked so well under Bill Clinton.

I think we should also cap spending at the Clinton levels too.







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Politiceaux
LSU Fan
Member since Feb 2009
15583 posts

re: Spending cuts vs. Tax increase


quote:

Let's go back to the tax brackets which worked so well under Bill Clinton.
Is it your contention that the 90's boomed because of a fantastic tax structure?






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Ace Midnight
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Member since Dec 2006
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re: Spending cuts vs. Tax increase


quote:

I think we should also cap spending at the Clinton levels too.


If we did that we wouldn't need any adjustments to the tax rates as we would have a (real, this time) surplus that could pay down the debt.






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Scruffy
USA Fan
Member since Jul 2011
31798 posts

re: Spending cuts vs. Tax increase


No tax increases until I see spending cuts.





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504Voodoo
Southeastern LA Fan
New Orleans
Member since Aug 2012
2327 posts

re: Spending cuts vs. Tax increase


quote:

I think we need to go all the way back to the greatest time in history. Let's go back to the tax brackets which worked so well under Bill Clinton.

I think we should also cap spending at the Clinton levels too.


Don't quote me on this but isn't this the idea behind the Obama tax plan? To take the tax rates back to what it was during the Clinton years.






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junkfunky
LSU Fan
Member since Jan 2011
14206 posts

re: Spending cuts vs. Tax increase


The taxes ultimately don't matter a whole lot. Tax all you want, but without spending cuts we still run a deficit and our debt continues to grow. Classic example of putting the cart before the horse.





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mmcgrath
LSU Fan
New Jersey
Member since Feb 2010
5627 posts

re: Spending cuts vs. Tax increase


quote:

Is it your contention that the 90's boomed because of a fantastic tax structure?



I don't believe that any boom or bust in industry has any ties to federal taxes.






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Scruffy
USA Fan
Member since Jul 2011
31798 posts

re: Spending cuts vs. Tax increase


quote:

The taxes ultimately don't matter a whole lot. Tax all you want, but without spending cuts we still run a deficit and our debt continues to grow. Classic example of putting the cart before the horse.
This.


/thread






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Ace Midnight
LSU Fan
Currently asymptomatic
Member since Dec 2006
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re: Spending cuts vs. Tax increase


quote:

Don't quote me on this but isn't this the idea behind the Obama tax plan? To take the tax rates back to what it was during the Clinton years.


Us Federal tax receipts peaked in 2007 - $2.568 trillion and some projections have 2013 at $2.9 trillion - however, spending has skyrocketed, mainly the last 4 years. Spending was quite high in 2007 and 2008 (thus continued deficits) but those were levels that were still somewhat under $3 trillion.

We're looking at ~$4 trillion as far as the eye can see. Adjusting tax rates will not make 1 iota of difference to the deficit or debt.






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Zach
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Member since May 2005
64576 posts

re: Spending cuts vs. Tax increase


quote:

Also, if the Dems are willing to make spending cuts, do you think the Republicans would be willing to cave in on the tax increase for the "rich"?


This was the deal between the parties under Bush, Sr. GOP agreed to tax increases. Dems refused to cut any spending. They were lying. They're lying now. It's what they do. Fool me once, shame on you. Fool me twice....






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504Voodoo
Southeastern LA Fan
New Orleans
Member since Aug 2012
2327 posts

re: Spending cuts vs. Tax increase


quote:

The taxes ultimately don't matter a whole lot. Tax all you want, but without spending cuts we still run a deficit and our debt continues to grow. Classic example of putting the cart before the horse.


This I tend to agree with but I want to know where should we cut spending from? It is easy to say cut, cut, cut, but there are consequences for every action. Where are the more reasonable areas in the government to cut spending?



This post was edited on 11/15 at 11:49 am


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Scruffy
USA Fan
Member since Jul 2011
31798 posts

re: Spending cuts vs. Tax increase


quote:

This I tend to agree with but I want to know where should we cut spending from?
Everywhere.
quote:

It is easy to say cut, cut, cut, but there are consequences for every action.
And this mentality is why nothing ever gets cut. No one wants to take responsibility and accept the consequences.






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rsande2
LSU Fan
Member since Jan 2006
3423 posts

re: Spending cuts vs. Tax increase


quote:

No tax increases until I see spending cuts.


This







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504Voodoo
Southeastern LA Fan
New Orleans
Member since Aug 2012
2327 posts

re: Spending cuts vs. Tax increase


quote:

No tax increases until I see spending cuts.


quote:

This


Yeah but this mentality ultimately will get us nowhere other than jumping off this cliff. Both sides have to find the issues in which they are willing to cave on. Both sides can not have their cake and eat it too.






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Ace Midnight
LSU Fan
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re: Spending cuts vs. Tax increase


quote:

And this mentality is why nothing ever gets cut. No one wants to take responsibility and accept the consequences.


That is ending because of circumstances. Regardless of what tax rates are, the historical average of receipts is about 18 1/2 % of GDP - that is an undeniable fact. So, with fluctuations to that notwithstanding, a trillion dollar deficit CANNOT...WILL NOT be overcome by adjusting marginal tax rates (however good that makes liberals feel about making the rich pay "a little more" in order to get to "their fair share").

So, when the trillion dollars (per year, not over 10 years, liberals) doesn't magically appear, what to do next? They will cut the DOD to the bone. That will yield another trillion (maybe 2 trillion, but over 10 years again, not in a single year) - so how to get the $700 to $800 billion (per year) they need to maintain current levels of domestic spending? Continue to borrow and blame the rich for not paying enough and the DOD for spending too much money (money they think is wasted, despite being one of the few constitutionally mandated functions of the federal government).




This post was edited on 11/15 at 11:58 am


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Jax-Tiger
LSU Fan
Portland, OR
Member since Jan 2005
7573 posts

re: Spending cuts vs. Tax increase


quote:

No tax increases until I see spending cuts.


This. I don't mind tax increases if the money is spent efficiently. But, our politicians will take the easy way out. They will raise taxes and then chicken out before they cut spending.

Same with our immigration policy. No amnesty until we can control who is crossing our southern borders. If we want 12 million migrant workers, then let's document them and let them in. Same type of scenario. Let's do the tough part first, or it will never get done right.

The Democrats want to raise taxes while knowing full well that once we do that, we'll never reach a consensus on what to cut.






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wickowick
LSU Fan
Head of Island
Member since Dec 2006
23853 posts

re: Spending cuts vs. Tax increase


First thing that needs to be done is to remove the automatic budget increases. Every year the budget gets a percent added from the previous years budget unless removed by Congress. This is called baseline budgeting and adds ~6-7% per year and is compounding. Cut that first





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rsande2
LSU Fan
Member since Jan 2006
3423 posts

re: Spending cuts vs. Tax increase


quote:

Both sides have to find the issues in which they are willing to cave on. Both sides can not have their cake and eat it too.


I totally agree but I don't trust dems so they must flinch first, I have posted it in numerous threads that I am ok with raising taxes on the wealthy a little bit as I believe that they are at 80 year lows....






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504Voodoo
Southeastern LA Fan
New Orleans
Member since Aug 2012
2327 posts

re: Spending cuts vs. Tax increase


quote:

First thing that needs to be done is to remove the automatic budget increases. Every year the budget gets a percent added from the previous years budget unless removed by Congress. This is called baseline budgeting and adds ~6-7% per year and is compounding. Cut that first


Ok, now we are getting somewhere. Finally... our first suggested cut.






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