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Message
re: House republicans vote to increase debt substantially
Posted on 7/13/14 at 11:56 am to Tiger n Miami AU83
Posted on 7/13/14 at 11:56 am to Tiger n Miami AU83
quote:
And people wonder why Romney lost.
The current GOP is completely fiscally irresponsible, just like Bush. It is 95% of the reason I am against them right now.
Can't link because on phone, but the article is on CNN.com. they voted for a massive business tax cut and said frick paying for it, run up the debt some more instead.
Everyone analyzing says the same, it wouldn't even begin to pay for itself, business would just pocket the hundreds of billions and smile.
Just reinforced my opinion of how bad the current GOP is fiscally.
The GOP supports half of the Tea Party's fiscal platform - the part about lower taxes.
They don't support paying for it. They pretty much never have.
3
Posted on 7/13/14 at 11:57 am to Tiger n Miami AU83
quote:
Bottom line, it's 267 billion added to our debt per year. Brilliant.
Well....we could stop SPENDING so much, right?
Posted on 7/13/14 at 11:59 am to SpidermanTUba
quote:
They don't support paying for it. They pretty much never have.
I agree with this.
Its politically popular to cut taxes, but even dumb Republican voters wont re-elect legislaters that cut whatever entitlements are important to them personally.
They only want you to cut everyone else's.
Posted on 7/13/14 at 11:59 am to Bestbank Tiger
quote:
Accelerated depreciation means they take more of the writeoff immediately, but that same writeoff isn't available a few years from now, so the same businesses will be paying higher taxes then.
Only if they actually realize the sale of the asset.
For instance - buying a like property to replace one you just sold (I forget the terminology) - everything just rolls over to the next property without recapture.
Also - even if the funds are recaptured a) the recapture rate is often lower than the tax rate in the first place and b) even if it is the same rate the business gets what amounts to an interest free loan until recapture.
It was a HUGE write-off for us when we bought our duplex. Essentially were were able to deduct over two years 25% of the value of the home.
This post was edited on 7/13/14 at 12:01 pm
Posted on 7/13/14 at 12:01 pm to SpidermanTUba
I know. Which is exactly why I can't support them. They are extremely fiscally irresponsible. They yap about spending cuts but only about small insignificant partisian ones.
If they were more fiscally responsible than the dems, I would go with them. They aren't though. I know this board is mostly GOP and blindly supports them, taking their word and ignoring their actions, but not me.
If they were more fiscally responsible than the dems, I would go with them. They aren't though. I know this board is mostly GOP and blindly supports them, taking their word and ignoring their actions, but not me.
Posted on 7/13/14 at 12:02 pm to BlackHelicopterPilot
quote:The only reason it adds to the debt is because of the timing coupled to the massive amounts of interest we have to pay on the debt... if we hadn't almost doubled our debt over the last 7 years, the consequences would be exponentially lower.
Well....we could stop SPENDING so much, right?
Posted on 7/13/14 at 12:02 pm to Tiger n Miami AU83
You would think this was an election year for representatives.....
They know Reid won't even allow it to be debated in the senate so they passed something they can brag about on the campaign the next few months: "We passed a tax cut and the Dems won't even debate the bill in the senate!"
They know Reid won't even allow it to be debated in the senate so they passed something they can brag about on the campaign the next few months: "We passed a tax cut and the Dems won't even debate the bill in the senate!"
Posted on 7/13/14 at 12:02 pm to SpidermanTUba
quote:
For instance - buying a like property to replace one you just sold (I forget the terminology) - everything just rolls over to the next property without recapture.
Capital Gain Tax Exclusion, I think in general terms.
Posted on 7/13/14 at 12:04 pm to Tiger n Miami AU83
quote:So you support... the Tea Party?
If they were more fiscally responsible than the dems, I would go with them. They aren't though.
Posted on 7/13/14 at 12:04 pm to SpidermanTUba
quote:
SpidermanTUba
You don't know what you're talking about in this instance..
Posted on 7/13/14 at 12:04 pm to SpidermanTUba
Yep, you nailed it. I have seen corps go from owing 100k in taxes to a 50k loss by simply clicking a single button in the tax software, saying yes to bonus 50% depreciation.
Posted on 7/13/14 at 12:05 pm to Tiger n Miami AU83
quote:
Yep, you nailed it. I have seen corps go from owing 100k in taxes to a 50k loss by simply clicking a single button in the tax software, saying yes to bonus 50% depreciation.
I'm glad you dont' work for me.Posted on 7/13/14 at 12:07 pm to Taxing Authority
Tea party is all hot air. Look at their actions. They always want tax cuts and never put forth plans to attack entitlements. Their actions and words are not the same.
I strongly oppose them for one single reason. They would cut taxes, do nothing to cut the big drivers of debt, and the deficit and debt would grow exponentially, much worse than it is right now.
I strongly oppose them for one single reason. They would cut taxes, do nothing to cut the big drivers of debt, and the deficit and debt would grow exponentially, much worse than it is right now.
This post was edited on 7/13/14 at 12:09 pm
Posted on 7/13/14 at 12:11 pm to Tiger n Miami AU83
So... who do you support?
Posted on 7/13/14 at 12:12 pm to KosmoCramer
quote:
Capital Gain Tax Exclusion, I think in general terms.
I was thinking of a "like-kind exchange".
Posted on 7/13/14 at 12:13 pm to Taxing Authority
fricking no one. I just believe the current GOP is the more fiscally irresponsible of the two. I don't think they have changed at all since GWB who was the most fiscally irresponsible POTUS that comes to mind.
Posted on 7/13/14 at 12:13 pm to TROLA
quote:k
TROLA
Posted on 7/13/14 at 12:18 pm to Tiger n Miami AU83
quote:That seems productive.
fricking no one.
quote:Given the proposed spending by the current administration (much of which was blocked after the 2010 election) I'm not sure how you come to that conclusion. Honestly, do you think we'd have a lower deficit, reduced debt, and lower spending with a majority Democrat congress and BHO as president?
I just believe the current GOP is the more fiscally irresponsible of the two.
quote:So you don't the GOP has grown more conservative? Interesting. Goes completely against hte meme we are always treated with--that the GOP is hard-line conservative.
I don't think they have changed at all
quote:
since GWB who was the most fiscally irresponsible POTUS that comes to mind.
You think GWB's spending expansion via future liabilities was greater than FDR, LBJ, and BHO? Really?This post was edited on 7/13/14 at 12:20 pm
Posted on 7/13/14 at 12:19 pm to TT9
quote:
At least you know what you're getting with democrats, republicans not so much.
Why do you think the Tea Party movement started? You've probably been programmed to think it was all about Obama, but it isn't. It was about getting rid of RINO's more than anything until it fizzled out.
Dems love RINO's, unless it's beneficial to blast them on a message board.
Posted on 7/13/14 at 12:19 pm to Tiger n Miami AU83
Also, FTR, I didn't vote in the last election and you can say what you want about someone who doesn't vote.
However, Obama can't lead for shite, even though the current GOP is unreasonable. Romney just wanted to see how quickly he could get the debt up and how high it can go.
I would have voted Obama just because Romney was such a fiscal disaster. But neither deserved my vote as far as I was concerned.
However, Obama can't lead for shite, even though the current GOP is unreasonable. Romney just wanted to see how quickly he could get the debt up and how high it can go.
I would have voted Obama just because Romney was such a fiscal disaster. But neither deserved my vote as far as I was concerned.
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