Quote:
Originally Posted by scottw
just heard Gibbs on the news state that Obama was "opposed to the government borrowing 700 billion" to pay for the extension of the Bush tax cuts for upper wage earners....
It's about $700 billion over 10 years. That's for the top 2 percent; of earners I believe...(what's wrong with the percent sign?). Obama can spend that in one trip overseas...
but what about the other 98 percent ?
the total cost of $3.8 trillion over 10 years is how much the government will have to "borrow"...according to Obama's logic, if we renew all of the Bush tax rates....so we can either pay it now or pay it later(or our children) with interest....
I think the 98 percent are greedy...they can live without a muffler...PAY YOUR FAIR SHARE
don't renew the Bush tax rates...I don't want Obama borrowing any more money!!!!
sorry Jimmy
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You (and Obama) are assuming that as tax rates change, nothing else changes.
Hogwash. The fact is, when Bush cut tax rates for everyone, tax revenues (meaning tax dollars collected) went up. Why? Because if done smartly, tax cuts can be stimulative.
If increasing tax rates always meant more tax revenue collected, why are all the European nations on the brink of bankruptcy? Whay are states like CT and Mass (with high tax rates) so broke? Because higher tax rates can cause the economy to retract.
I believe in paying my fair share.
You (incorrcetly in my opinion) think the solution to our problem is to raise taxes. In my opinion, we need to cut spending. As the brilliant Gov Christie from New Jersey says "we don't have a tax revenue problem, we have a spending problem".