Our financial system is crumbling this week.

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IMADreamer
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Re: Our financial system is crumbling this week.

Post by IMADreamer »

With the new Republican rally cry of ending the payroll tax break Obama gave us last year thus raising taxes on the poor and middle class but them demanding more tax cuts for the rich I can't help but wonder if America will finally wake the [expletive] up. Of course since the right controls the media the answer is no.

Also I heard on Fox News they have a new talking point. They want to disband NOAA, thus the National Hurricane center and the NWS. Citing that NYC was not completely leveled by the hurricane and people died this year in tornadoes. Of course they want to replace it with private firms which if funny since private Mets make almost triple what the govt Mets make. I know this for fact, I worked as one. :)

We officially are the stupidest country on the planet.

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vinsanity
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Re: Our financial system is crumbling this week.

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IMADreamer wrote:With the new Republican rally cry of ending the payroll tax break Obama gave us last year thus raising taxes on the poor and middle class but them demanding more tax cuts for the rich I can't help but wonder if America will finally wake the [expletive] up. Of course since the right controls the media the answer is no.
I'm looking for the numbers but there's two big differences:

1. Bush sent a check
2. People don't understand payroll taxes.

The Obama plan was lots of tax credits and smaller things you had to 'work' for. Buy a house. Install energy efficient windows/doors etc. But the average worker it looks like was getting $400 for a single filer and $800 for a couple. Source

Bush sent a check for $300 so people knew what it was and what happened. You see an extra $20 in your paycheck and it's less noticeable and you may just chalk it up to COL raise. The average voter doesn't understand this and doesn't hear "Raise the taxes on millionaires." They here "Raise taxes."

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Joe Shlabotnik
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Re: Our financial system is crumbling this week.

Post by Joe Shlabotnik »

IMADreamer wrote: We officially are the stupidest country on the planet.
Getting pretty darned close. Unbelievable that people can be [expletive] about how this hurricane was handled.

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Leroy
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Re: Our financial system is crumbling this week.

Post by Leroy »

Let me use my last employer as an example of what I'm trying to get at. They make a boatload of money. And yes, they grumbled with every check they had to write to the IRS. And they are deeply republican. However, it wasn't sending money to the government that bothered them, it was watching the government urinate a lot of that money away.

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Joe Shlabotnik
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Re: Our financial system is crumbling this week.

Post by Joe Shlabotnik »

Leroy wrote: However, it wasn't sending money to the government that bothered them, it was watching the government urinate a lot of that money away.
One man's urine is another man's pale ale.

Or something like that.

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vinsanity
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Re: Our financial system is crumbling this week.

Post by vinsanity »

Leroy wrote:Let me use my last employer as an example of what I'm trying to get at. They make a boatload of money. And yes, they grumbled with every check they had to write to the IRS. And they are deeply republican. However, it wasn't sending money to the government that bothered them, it was watching the government urinate a lot of that money away.
Aren't these the same people, though, who applaud Florida for drug testing all welfare recipients? The one that will save $50k on a $178M program.

Just because the government pisses it away doesn't mean it's fair they are paying a lower percentage. I'm not a huge fan of the whole flat tax thing, but if we went to a 20% flat tax, Buffet would more than he does now and you and I'd likely pay less.

Social Security and Medicare aren't simple handouts, you pay in and receive benefits when eligible. I believe those are 43% of spending but should, in theory, be self funding. Defense is 20%. Things like 'welfare' and NASA and all that 'wasteful' spending these people groan about are a pittance compared to what we spend on the wars. So you see $0.40 of every dollar back, when eligible, of federal taxes. Then another $0.20 is going to defense.

Spending needs to get under control, yes. Social Security/Medicare/Medicaid could use some checks (though, single payer health care would help cap exploding health care costs). We need to work on ending two wars we can't afford. But even doing all of that we aren't balancing the budget and right now cutting spending on social programs like Unemployment, food stamps, student loan interest deduction etc is going to cripple consumer demand and be worse for employment. When demand and hiring picks up then you can scale back spending there, you let the Bush Cuts expire and raise tax revenues and cut spending so we can worry about getting our debts and deficits under control.

I don't think anyone can realistically balance the budget but curbing spending or raising taxes alone.

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Re: Our financial system is crumbling this week.

Post by Leroy »

I can't recall any post in which I said continuing to pay for the wars was a good thing.

Now, back to my example. They are farmers and business owners. They pay roughly 34% whether the income is in the corporation or on their farm side. Obviously they pay as little as possible by taking depreciation and such, but they do pay quite a bit and eventually accelerating depreciation will bite you at some point down the road. In fact, one quarterly estimate one owner made amounted to my yearly salary. Then he looks out the window and sees a crumbling highway, and just can't understand it.

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Re: Our financial system is crumbling this week.

Post by Joe Shlabotnik »

Leroy wrote:Then he looks out the window and sees a crumbling highway, and just can't understand it.
Well, if said farmer is a republican, I don't understand him not understanding that. Republicans HATE to pay for things like improved infrastructure. They love to pay for tax breaks for their friends in NYC, Houston and the Pentagon.

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Leroy
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Re: Our financial system is crumbling this week.

Post by Leroy »

Joe Shlabotnik wrote:
Leroy wrote:Then he looks out the window and sees a crumbling highway, and just can't understand it.
Well, if said farmer is a republican, I don't understand him not understanding that. Republicans HATE to pay for things like improved infrastructure. They love to pay for tax breaks for their friends in NYC, Houston and the Pentagon.
He is republican and would be happy to pay for infrastructure improvements. I guess in a way he is, but that isn't where the money goes.

And don't even get me started about what he says about Wall Street people. I will only say that he describes them as crooked long lost relatives of heyzeus.

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Re: Our financial system is crumbling this week.

Post by Joe Shlabotnik »

Leroy wrote: He is republican and would be happy to pay for infrastructure improvements. I guess in a way he is, but that isn't where the money goes.

And don't even get me started about what he says about Wall Street people. I will only say that he describes them as crooked long lost relatives of heyzeus.
Fantastic, I'd tell you to please tell him to vote the gop out but really, most of the dems aren't any different these days.

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