By Michael O'Hanlon – Special to CNN
With President Obama’s expected unveiling of a detailed deficit reduction plan this upcoming week, aimed to influence and cajole the super committee, which must report with its proposal by November 23, the debate about how to reduce our huge fiscal overhang is about to get intense again.
President Obama can be expected to put forth a balanced approach for cutting $1.5 trillion in government spending, with a mix of tax increases and spending cuts in most discretionary parts of the government budget as well as some aspects of Medicaid and Medicare. Most likely, any tax increases the president proposes, relative to the current Bush-era tax rates due to expire at the end of next year, will focus on just higher-income earners.
This will be a reasonable plan. But if the super committee goes a different direction, and its 6 Republicans adamantly oppose any talk of any tax increases whatsoever (or, more accurately, any suggestion that Bush tax cuts not be extended), there is a better approach for Democrats than to simply vote it down and allow sequestration to kick in. They should take whatever package of balanced spending cuts is possible to achieve this year, approve it, and then let the 2012 campaign be a referendum on what to do next.
Read: Libya vindicates Obama's multilateral leadership.
Sequestration would be a bad idea because it would devastate national security as well as key domestic investments funded within the so-called domestic discretionary accounts. Both these areas of spending would be targeted for disproportionate cuts if the super committee is unable to forge a deal or if Congress is unwilling to pass whatever deal it comes up with. Among other things, defense cuts could then approach $1 trillion over ten years with precipitous cuts beginning in 2013. This would require the nation to make unpalatable and indeed unwise choices, like whether to maintain its strong defenses in the Persian Gulf or the Western Pacific Ocean, because it will no longer be possible to do both well, even as Iran intimidates and China rises.
Many Democrats, myself included, would find it unreasonable of Republicans to refuse to include any revenue increases in a budget deal this fall. Given that tax rates are historically quite low today - lower than at most periods of Reagan’s presidency, lower than during Clinton’s time in office - there is a very reasonable case to go back to 1990s rates until we can reform the tax code (ideally reducing exemptions in the process, and possibly adding an energy or a value-added consumption tax too, thereby permitting lower income tax rates to go with increased revenues). Globalization, automation, and other innovation have continued to help the wealthy of this country disproportionately and it is only right that upper-income Americans pay a bit more in taxes.
Read: The West's four military options in Syria.
But if the GOP refuses this argument in the fall, smart political tactics would not be to have Democrats fall on their swords and block a deal. Not only would the resulting sequestration jeopardize crucial federal programs and investments, but the resulting standoff would sour Americans even more on their current government - and jeopardize the economy even more, in both the short term and the long term.
The better strategy would pocket whatever balanced deal is available, including some entitlement reductions and even some social security reforms. Everyone could then acknowledge that more deficit reduction work needed to be done and the two parties could fashion their proposals for next steps and ask the voters to help the nation choose via the 2012 elections. Democrats would presumably suggest that some tax increases would be preferable to further deep cuts in discretionary accounts or big reductions in entitlements. Republicans would likely continue to oppose any tax increases and perhaps bring out a modified version of the Ryan Plan as their vision for the future. Ideally, both parties would also lay out ideas on tax reform, not just on income tax rates.
Read: How an accounting issue could destroy America's budget.
There is no reason such an approach should work strongly for or against either party. It would be a straightforward choice for the American people, easy enough to explain and campaign on, honest and constructive in its character, and in the best traditions of democracy. And any politician truly confident in his or her views on fiscal policy, national investments and taxes should be unafraid to ask the voter for a verdict.
The views expressed in this article are solely those of Michael O'Hanlon.
© 2012 Cable News Network. Turner Broadcasting System, Inc. All Rights Reserved.
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O'Hanlon is basically asking the Democrats to "cave" & let the Teapublicans "ride roughshod" again, while pushing their "put it all on the backs & the working class & poor"agenda! I don't like that solution! I understand calling for cooler minds to prevail in the face of all the hot heads, but don't just throw working Americans to the proverbial wolves (an appropriate depiction)! Try, at least, to get them to understand the concept of Compromise! Also, since we pay for the programs, we should have some say-so about the renovation of SS & MediCare, which so many older & ailing citizens depend on! Actually, our tax$$ keeps this nation going & all politicians would do well to remember that! Perhaps they should do a little of that "shared sacrifice" they like to spout about these days! It's been suggested before & I think it's only right!!
Many rich are prepared to pay more tax. Why can't they and the Democrats campaign together next year and let Bush's ax cuts expire! Money must come from somewhere for certain expenditure. One can't just cut all spendings!
If they would cut the pay of everybody in Washington, quit paying 10 times the market price for stuff they buy from Masonic companies and stop paying Masonic contractors 10 times market price that would help 75%
Simple, Let the rich send the check to government, no need to raise taxes on everyone.
You guys don't get it do you. Taxing the wealthy heavier will stop any job creation. Who do you think invests in the little guy entrepaneurs who need an investor to back their ideas. Heavier taxes on the oil industries and gas industries will be passed on to the consumer through not only the gas pumps but higher food prices. How does a $7 loaf of bread sound to you? Does anyone out there think a reform of the Federal Tax code is needed? Or that the Democrats had majority rule and did nothing but increase government and spend us into oblivian.
Kimki you are wrong. When your hero bush was in office his first term the House, Senate and White House was Republican. What changed was the tax cut, prescription drug plan but nothing to cut spending. Did they reform welfare? No. Sense that time of the great tax cuts for the rich please tell everyone how many jobs were created in America, that is. All the jobs are overseas and will stay there unless people are willing to work for wages paid in China. America is in deep trouble with no relief in site.
No one stopped the rich from paying more. THEY CAN PAY MORE, they are choosing not too. Any rich person that says they want to pay more taxes is lying.
No one stopped the rich from paying more. THEY CAN PAY MORE, they are choosing not too. Any rich person that says they want to pay more taxes is lying.
-------------------–
Like Obama's buddy Warren Buffet?
"sharky
No one stopped the rich from paying more. THEY CAN PAY MORE, they are choosing not too. Any rich person that says they want to pay more taxes is lying."
this is the same kind of juvenile posturing that prevents any serious discussion. Of course they can send in money. The point is, the government needs to be able to forecast its income so that it can responsibly plan. You cannot plan around chance of someone sending in money or not. The Republicans are great about demanding 'predictability' of taxes. Depending on voluntary contributions brings no predictibility.
Please either contribute responsably or don't comment.
@ John:
Beautifully said!
Kimki: I don't buy your argument...Or your sympathy for the rich. They were given drastic tax cuts under W. to the point the GOP begged him to stop (and he didn't) and he crashed the economy but grew the # of billionaires. Jobs were lost, and now the only place they're hiring is overseas. People like McCain fought all regulations of the banking industry and they had to be bailed out. Coddling the rich in fear they might take away our jobs is pointless. Obama is correct in trying to make the tax rates fairer and giving more incentives to create jobs here in America. Arguing against that is ludicrous.
Kimki, you betray the fact that you are neither rich nor connected. The uber-rich lack empathy, generally, and more than that only want quick ROI, so 'job creation' and 'economy' are not even crossing their minds. They don't create anything but profits for themselves. We all know taxes must go up and spending must go down, but nobody has the guts anywhere to just start doing it. And when I say costs I mean all costs, including defense and SS. All expenses.
uh, you DO realize, right, that if the "Bush Tax Cuts" expire, EVERYBODY'S tax rates go up, yours, mine, everybody, because all tax rates were lowered by Bush. That means the lowest rate will increase 50% from 10% to 15%. I guess you are ok with that. It ain't just the 'rich'.
Kimki
What you are talking about is refered to as trickle down economics. We have been try that for nearly 30 years and it is a total failure.
Who is stopping the rich people who want to pay more from paying? If Warren B. wants to pay more write a check today.
Kimki: You don't get it, do you?.... During Bush 8 years with all the tax cuts giving to corporates and millionaires, did not create any jobs, but instead abused the surplus, I need you to point me to the a verifiable government report that says the contrary.
In the other hand using the bumper sticker "Job creators" tells me that your heart is not with the American people, you are aligned with corporations.
"this is the same kind of juvenile posturing that prevents any serious discussion. Of course they can send in money. The point is, the government needs to be able to forecast its income so that it can responsibly plan."
Hahaha, now that is funny. "Plan Responsibly" and the "Govt" in the same sentence! In case you were unaware, your "govt" hasn't passed a budget since Obama has been president and the Dems have had both houses for 2 of his 3 yrs. No what was that again about needing to tax workers so that the gov't can "plan responsibly"???
"You guys don't get it do you. Taxing the wealthy heavier will stop any job creation."
That is a tired lie which only the Republicans and Fox News reports. If you have higher taxes, you invest it to avoid having to pay taxes. When you have low taxes, you take the money and run. There have been countless studies supporting the fact that lower taxes on the wealthy does not equal job creation.
warren buffet has pledged to 'give away' over 50% of his fortune.
Not sure how that makes him one of the 'bad' rich guys.
fernace:
I agree 100%. There is a reason that the committee's creation gave draconian alternatives - to give incentive to make *something* work. If the GOP plays hardball and the democrats cave in, then we are faced with two parties in 2012:
1) the party that works only for the very rich, and
2) the party that is too weak to do anything.
Neither is worth anything.
Right, we've seen enough to KNOW that the t-publicans are hard-wired to deny any so-called tax increases, like oil company subsidies, corporate jets tax breaks and all the other tax breaks that make it possible for the wealthy and corporations to shirk their responsibilities to pay taxes. And the Democrats seem to enable that shirking by caving in, even pre-emptively. When will we the people stand up and throw those bummers out?
Right, we've seen enough to KNOW that the t-publicans are hard-wired to deny any so-called tax increases, like oil company subsidies, corporate jets tax breaks and all the other tax breaks that make it possible for the wealthy and corporations to shirk their responsibilities to pay taxes. And the Democrats seem to enable that shirking by caving in, even pre-emptively. When will we the people stand up and throw those bummers out? ANd i notice he never mentions cuts to the Defense Dept. as if they are above it all, and sacrosanct. We spend super-exorbitantly on defense, for wars that do us no good and destroy other nations. Our leaders are insane.
Either way, we still have a big probem. Both partys are liars and thieves. It's easy to tell when they are lying " if their mouth is moving, they are lying."
Are you sure we aren't there already?
You do know that Democrats play for the Rich too, don't you. LOL Many MANY rich Democrats as well. Kerry avoided paying taxes on his yacht. Murray sent a letter to the Koch Brothers asking for donations.
2012? That's what we have in 2011. Why wait?
Agreed. Obama needs to grow a spine, but I have little hope of that happening
@Kimki: What job creation? The wealthy aren't creating jobs, they're keeping the money for themselves.
and that is the wise thing to do at the moment. you would do the same. there is too much uncertainty at the moment.
we need stability, certainty and confidence to invest again. and the repubs are determined to not let that happen as long as obama is president
There are no 'cooler heads' to prevail. Our entire collection of leaders have turned into accusers only. The idea is by making the other side look bad you get power. We need another Reagan or Kennedy, and there is not one in sight anywhere.
RON PAUL
Liberal policies have failed for the last 6 years. Time for the democrats to stop ruining America. Time to get back to work.
SAVE AMERICA ... DUMP OBAMA ... AND, HURRY UP, WHILE THERE'S STILL AN AMERICA TO SAVE !!!
AMERICA IS MORE IMPORTANT THAN OBAMA ...
OBAMA IS DESTROYING AMERICA ...
SAVE AMERICA, DUMP OBAMA !!!
Fareed sure has a lot fewer viewers on his blog lately. And now we know why.
No, it has nothing to do with our disinterest. Yes, some blogsites are defect, therefore we can't post anything substantial or anything at all!
If they couldn't pass anything before,why would they do it now?
Michelle: there are two reasons why now might result in more success:
1) there are only 12 people on the committee, not 400+. It is easier for 12 people to talk and work together, even if they bring extreme agendas, and
2) failure to produce a plan forces extreme cuts to come into play - including drastic cuts to nearly EVERY lobbyist's favorite cause.
Forget Congress - the LOBBYISTS have a stake in making sure something is done. So this time it might work.
2 of the demos and one of the pubs on that committee are some of the most polarizing. As soon as I saw Kerry's name, I knew it would be a waste of time.
Same with this article, same pretentiousness that the demos keep trying to use. They want what they want, the pubs want what they want, but it's the demos that keep claiming the pubs won't budge. It works both ways. Just like Obama's last debt attempts, You can't touch this that or the other, but then claims it's the pubs that won't work together.
Quit letting the media dupe you, and quit parroting. Then you'll see what's up!
2Tor – Are you actually implying that the Democrats have been unwilling to bargain? How can they bargain when the Republicans won't talk unless "job killing tax increases" are off the table. The Republicans create a negotiating environment where there is no room for either side to maneuver. It is pure stupidity. I wonder how anyone (that means you) can look at this situation and forgive the Republicans for being completely inflexible. Both parties are at fault for the situation we find ourselves in, but the current stalemate is owned by the Republican party.
Brett – The Republicans have calculated that it is in their best interests to be obstructive. The more damage they do to the economy, they feel, the better their chances are at being elected in 2012. Everyone knows it. So it's the people who will reward them for this behavior with votes who are the problem. But we already know what kind of people they are; cheering for executions. Regular Republican voters who side for these policies are evil. The same spirit of character who were traitors and slave owning religious hypocrites in our historical past. The genetics haven't changed much since the last time they tried to ruin the country.
uh, yes, the democrats REFUSE to bargain at all. They are totally unbending in their warped views. It you don't agree with them totally, they will not even attempt to compromise. pitiful
I got an idea! Since elections are paid for with tax money, cancel all the elections in the repub states and when all their terms expire kick 'em out. Then the democrat states can annex the repub states and we won't have repub states any more. It's a dumb idea, but it makes as much sense as any repub plan.
I can tell you are known for intelligence.
don't you think it's time to go back to school?Maybe you will learn something...
TeaPublicans want zero regulations and cheap labor so let the fools move to China.
If we keep the status quo that is the demo party, THIS WILL BE CHINA!
And gross overstatements are very convincing. Both of you are clearly simpletons.
Off your medication are you.
And Liberals and Democrats are trying to weasel in Socialism which leads to Communism, so maybe they should move to China.
you must have been an "F" student in school. do you even know what socialism and communism are? anyone who touts the whole democrats/liberals want to make our country socialist are truly stupid. research those two concepts and misrepresent them no more!
It will fail.
Etch it in stone.
the democrats don't want the debt panel to succeed ... the democrats hate the military and the liberals hate the military even more ... so if the debt panel fails .... almost $1 trillion will automatically be deducted from the military budget over the next ten years and the federal government charity programs will remain intact.
Horse hockey. I'm a liberal and I work for the DoD, so it's pretty clear I don't hate it.
That actually comes out to only some $100 billion per each year of a ten year period! Gates has already stated that the military could easily take such a hit, and even more if we get out of the Middle East as President Obama proposes totally by the year 2014!
Once again, just a little simple math puts and end to your ignorant post. One $trillion divided by ten years yields $100 billion per year, and this is only about an average cut of some 12 % of a military cost that is already just about as much as ALL other major nations on this planet spend!
If Dems and liberals hate the military so much, tell me: Why do we value their lives enough to want them home when it was Bush and Cheney who sent them off to die? Bin Laden was killed under President Obama's watch, after Bush/Cheney FAILED. I don't hate the military, I respect and applaud their efforts, bravery and selfless dedication. But if you're going to send them into a fight, make it a worthy goal, not just profits for Halliburton/Cheney and senseless death for our finest patriots. I am sick and tired of being accused of "hating the military". If YOU care about our troops, you would want them home safely.
hey, stupid. If it hadn't been for the intelligence gathering for all of those years under Bush, Obama wouldn't have been able to give the green light to kill Bin Laden. Obama deserves very little credit for Bin Laden's death. If anything, they were able to succeed IN SPITE of Obama.
You are an idiot.
Russ,
Wow... revisionist history much? if the Bush intellegence was so good, why was his administration unable to capture/kill Bin Laden in the 7.5 years after 9/11? Why, if his intellegence was so good, did they insist that Sadam had weapons of mass destruction (which has been proven false over the last 8 years).
Hey O'Hanlon, it already failed.
This is the worst advice I ever heard. The whole advantage of having the sequestration option with automatic debt ceiling raise is that the Republicans can no longer hold a gun to the country's economy and get whatever they want. What this author is saying is "Well, sequestration is just as scary as a gun, so lets let the Republican's control us again, even though they only control one house of one branch of congress." Truly idiotic advice. Sequestration is definitely better. Let the Republicans run chicken - we don't need the democrats running chicken **again**. My Gosh. In fact, this advice so bad, I have to ask, why is it being published? I think the author is really a spy for the Republicans.
Someone enlighten me please. If the super committee fails to come up with a proposal or if congress fails to approve any proposal, then what happens? How are mandated cuts across the board determined? More specifically, who determines the percentage each sector, such as medicare/social security, defense, etc will suffer?
The cuts would be split 50/50 between domestic and defense spending.
Yeah, Don't stop sending billions of dollars to foreign governments. That'd be too smart!
b.s. Constant submission to the hijacking of our governments legislative process by Republicans and the Tea Party slugs has to be stopped. "Kicking the can down the road" seems to be a well thought of phrase by Republicans and conservatives. Giving in again to unreasonable, uncompromising demands of the Republicans and conservatives is exactly the same.
Raising taxes in these economic times is not a good idea. Even Obama said that a couple years ago. The fact it WAS spending that got us into this mess the fact you are blaming the Republicans and Tea Party to do something about the spending makes no sense.
Yet another great example of CNN's contribution (void) to our nation: an abysmal excuse for an opinion.
Our nation is imploding, and all CNN contributors continue to base their opinions on ignoring the obvious devastating truth of our financial condition:
Federal Debt is $14.5 trillion. Our debt to GDP ratio is > 100% and going up 10% a year due to deficits > $1 trillion. 58% of our current public debt maturing in < 4yrs. Astronomical money supply growth. Unfunded liabilities are north of $120 trillion present value. And annual revenue from ALL income AND Social Security taxes = just $2.5T!
Compared to these numbers all this guy's thoughts aren't even piddly.
So much so, is anyone else yet questioning his & CNN's motives?
The left doesn't question itself, it only parrots.
What the Teapublicans refuse to acknowledge is that the defecit was already soaring under Bush/Cheney since they refused to list the costs of Iraq and Afghanistan in the Federal Budget. When Obama became President, he insisted that these costs be public knowledge. Bush was already spending the money; Obama just told us how much had already been spent. The GOP is attempting to reward Bush/Cheney for their deceit, while punishing Obama for his honesty.
President Obama has to stand his ground against the Republican and tea party and Not give In this Time. Because the Republican and the tea party are going to try the some stuff they did be for.
I hope so, someone needs to do something to try to save this nation, not let it get run into the ground by self serving, self righteous, dimwits!
Tell me John, what in the last 4 years has Obama and the Democrats done that HAS worked financially? What? Has spending MORE worked financially? nope. So tell me what has worked?
Dude, Comb your hair.
There is one thing I like about the debt comittee. Failure means a buzz cut for the military.
That is the one thing that I like. I want to see those five star generals buying Hyundais to get to work.
If you think taxes on the rich are unpalatable then suck on that for a while.
Oh I forgot to mention failure is inevitable. The republicans are so hidebound they'll never raise taxes.
And you are so stupid no amount of help even a brain transplant will help you
Tom how about some fries (or FACTS) to go with that mindless character attack?
The President should propose a war surtax for Afghanstan-Irag. If the Republicans don't go along, pull out the troops immediately and declare those wars the failures of the Bush administration. Cut the military budget to half.
gosh you are stupid. glad you arent running the country and instead working at Walmart or McDonalds like we all know you are working at.
Tom, you should be moderated. How do you know where someone else works? YOU DON"T! You're just another TeaPunk who says "Where are the jobs" out of one side of your neck while accusing anyone who is unemployed of being lazy out of your other side. FOUL! Let's hear some facts, or at least an intelligent opinion instead of blind hatred and ignorance.
Being a Middle Class Republican – I find it funny that people think I only support the rich? I have no problem with raising taxes on the super wealthy (millionaires) . But I am concerned about raising taxes on those making $250K ( a lot of small business owners). I also don't buy the argument that democrats are for the working people – BS! If they cared so much about the working class why didn't they pass bills to help the working class and even pass a budget in 2009-2010 when they controlled both houses and the White House? They didn't – because they didn't want to and did not have enough support in their own party to do so. Both parties are out to simply keep themselves in power – Democrats want to keep the poor poor for their support and Republicans want the help of corporations – things never change.
>>Raising taxes on the people making over 250K and own small biz's
I agree that is a big problem. I own a small biz and I suffer from a lot of risk every year. If the company makes 300K and I take out 50K in salary that I can actually spend, I am still taxed on all 300K in my personal taxes even though I never actually receive the money which takes a chunk out of the company and prevents growth.
The tax code in this country is a mess. It is only marginally functional. They should really trash what we have and start over. If the tax code can't be described in less than 25 pages, it is a failure. We now have thousands of pages of tax code.
Marshall, the Dems actually vote their beliefs/conscience. You'll have differences of opinion. The GOP vote what their bosses (Cheney/Rove/Boehner) TELL them to vote, whether they actually believe it's good for the country or not.
"...devastate national security as well as key domestic investments..."
An investment is when you purchase an asset and expect to sell it later at a financial profit. What the government does is "spend". An expense. You try to make an expense sound more politically correct by incorrectly using the word "investment".
Your investment is "speculation". Investment is when you buy an asset (a machine, a factory) that will make money by producing something.
Venture Capitalists are investors. Wall Street traders are speculators contributing nothing to any business except to the Wall Street big-wigs.
@ Marshall. Uh..WHy do people think that the Dems had the senate in 2009 when they needed 60 to pass to break a filibuster? Well?...Answer that one. Don't blame the DEMS blame Mitch McConnell
These 12 clowns will never agree to anything Why are they wasting our tax dollars? Has everyone already forgotten how the republicans held the country hostage over the debt ceiling? Well, hold on because there will be more of the same old cr**!
Hear, hear!
Taking AGAIN whatever the republican tea party says will be viewed as caving again, painting the Democrats as weak again. The whole supercommittee is set up in favor of the gop so that if they don't their way they STILL get the draconian cuts they want.
This is just a bad situation all around. And letting the Americna people to decide in 2012 isn't all that reliable either because emotion will override rational thought and people will think a change to everything will be a good idea which would more than likely give more power to the GOP. This of course would be disasterous given their policies that have already stalled out the recovery.
I'd say the best chance is for the Democrats AND Obama to hire a few communications bulldogs who will aggressively and virolently attack ALL lies and misinformation strategies grom the Right. They cannot let those lies become "truth" in the eyes of the American public.
We all know that there will be no compromise by the Tea publicans on any revenue increase by the super committee. Let the cuts in defense and the budget cuts get through if no compromise is reached. Let the American people understand before the election and frame the debate that GOP vultures are not allowing any increase revenues from the millionaires and want to slash the budgets with elimination of department of education and cutting social security and medicare and if they get in to white house will extend the Bush tax cuts and may even give further tax cuts to the millionaires. Can the nation afford to let the hired politicians by the rich take control of the white house? Let the American people see the real contrast and difference. That is what will decide the future. The real compromise should be a reduction of 4 trillion by cuts and taxes on the millionaires.
Giving in to Republican demands to keep the Bush tax cuts and prevent any other tax increases is not a solution, it's a surrender. Let the Super Committee fail. Let the automatic cuts kick in. Let the Republicans get blamed for their constant failure to work with Democrats to solve our problems.
The Debit Committee was doomed from the start. With the six Repugnican't members fully committed to the Tea Party and his Royal Highness King Bohner's dictatorial edict to not raise taxes nor allow the tax breaks for the rich to expire, the only solution the committee can put forth is no solution at all.
Simply a sham. The end will come when the American electorate comes to its senses and simply cleans House and Senate (literally). These ego-ridden fools are all slopping at the federal trough to the tune of $174,000 per year (or more) and instead of doing the work of the people, they are busy spending 80% of their time (and our money) in getting reelected for another go-around at the free lunch.
It is sad indeed that the party of the man who saved this democracy almost 150 years ago should now be the party that will destroy it.
Much talk is made that the percentage of taxes the so-called rich pay are not as high as the middle class pays. Here's a solution – make everyone pay the same percentage of their income in income tax. Of course , that means everyone – from those that make a million dollars a year to those who make 10,000 a year. Why should those who don't make enough (and often get help from the government) be allowed to avoid income taxes?
OK Walter, let's do that. Now imagine you make $20,000 a year and I make $2 million, and we both pay 15% to Uncle Sam. After taxes, you're left with $17,000 to live on, and I'm left with $1.7 million. Sound fair to you?
Why wouldn't it be? Fair that is... I make more, so I should pay an unfair amount? Everyone should pay the same, bar none.
If you do some reading about a "flat tax" you'll find that rich folks will actually wind up paying less in taxes and poor and middle class folks pay a whole lot more. Be careful what you ask for.
If I did my job in the private sector, the way the Congress and Senate do theirs, I would of been fired long ago.. What gives with that and why do we allow it.
I really hate it when some of our more conservative posters here say that everybody should be paying the same tax rate!
To a head of household person with a family of four total that makes less then the mean taxable income of some $50,000 per year any kind of an increase in their federal taxes is translated directly to the taking of food from the mouths of their children!
If this is done, eventually these people will directly sponsor a French Revolution in this country and then their really will be class warfare and the wealthy will end up suffering far more than if a true progressive tax system is actually implemented. I do see where there are indeed some very wealthy people that can see this kind of thing happening (such as Warren Buffet), and this at least gives me some hope at least that this situation can eventually be avoided. NO, I am not for this kind of revolution at all, but I can see the possibility of it coming!!
A compromise by the Committee could very well be to allow the Bush era tax cuts to the wealthy to expire, but then to raise the definition of wealthy to a modestly higher level to get it out of the realm of the small business owner. Say, to $500,000 from the $250,000 for a family that seems to be the current definition, even raising that definition to $1 million would still generate at least $1 trillion over the coming decade!
But would such a reasonable compromise be acceptable to the Republicans and the Tea Party types especially? Even though the latest pols show that some 75% of general American voters would find such an agreement in revenue increases perfectly acceptable?
If not, then perhaps those same 75% should seriously consider voting the Tea Party types and even the Republicans out of office in 2012!!!
Warren Buffett talks a good line but has no intention of paying more taxes. He says it's unfair, then procedes to take every possible deduction, shelter every possible cent of his income, take minimal salary subject to higher income tax rate and instead rely on interest and capital gains income which is taxed at a lower rate. It's all PR, and many people buy into it. I suspect Obama's "Buffett Rule" tax proposal won't affect Buffetts tax bill a bit.
I would argue he does that so he can indeed make the arguement that the tax code is unfair and should be reformed.
I'm an independent but I don't think that the advice in this opinion is a real option. Somehow they have to make this situation a win-win situation. No party is going to turn everything over to the other party and hope they can regain in the next election. The voting population in the US has a memory about two weeks long. Sad but true.
I predict a stalemate and the draconian automatic cuts go into action.
Everytime Repubs and Tea'ers say the wealthy are paying enough already in taxes, they are leaving out a very important point. That is the upper 1 -5 % of all taxpayers own or control 90% of all the wealth. Wealth as in land, corporations, stock, businesses large and small. So the adage that 'the Rich get richer and the poor get poorer' is very true. The middle class is going to have to fight tooth and nail to keep from being taken to the cleaners time and again regardless of party.
I love how you folks climbed on the the leftist lies about the TP and the pubs being the one's "holding America hostage", that's so immature, and shallow. The demos are no more workable than the pubs and the TP. So it's hypocrisy to blame others for the very same thing.
When the left realizes this, then we can have some mature conversations. Not kiddie blame games.
It's a known fact that President Obama was elected to pass healthcare reform. The GOP managed to spread lies and confusion, and obstruct the political process that our country was based on to the point that the bill that was finally passed is unpalatable to even the people who voted for Obama. What company would YOU do business with if they took your money to DENY YOU SERVICE? Yet the GOP seems happy with the Crime Syndicate known as health care insurance, to the point that you care more about an industry that has FAILED ALL AMERICANS than you care about Americans themselves. What does that say about YOU? Single-payer is the only way. If anyone in today's economy deserves to be unemployed, it's the medical insurance racket. Thanks, GOP, for more of the same corruption, and for thwarting the will of the voters. Thanks for nothing.
By the way, remember when the Natalie from the Dixie Chicks said that she was ashamed that Bush was from Texas? Well, I'm ashamed that Boehner is from Ohio, and that Ohioans would actually vote for such a heartless poser!
Empty plans , empty promises while we make the government bigger, spend billions on endless , stupid wars, cut the benefits for the poor and the elderly.How about cutting pay and benefits of the President and the useless Congress ?
What I fear is that the action may come from the streets like Mayor Bloomberg warns or what we just saw in front of Wall Street turning BLOODY. Our leadership is too stupid to see it .
There is no way that they can fail. I am 60 years old and have never heard a single politiction say they have failed. Ask any of them they have a perfect record.
** CNN ignores Wall Street protests taking place right now with thousands of people on Wall Street and City Hall **
They are ignoring it. I noticed this yesterday too. Speaks volumes. A great example of filtering.
If our ever omnipotent political leaders (both parties) wanted a super committee to really work, they would have appointed at least two judges who specialize in chapter 11 bankruptcy to tell the committee where and what to modify in order to reduce debt. What do politicians know about debt reduction? All they know is how to spend money, as if it were pouring from a bottomless pitcher. The well has run dry and now they decide its time to scramble? What a revelation...
1 trillion dollars sounds like a lot. But over 10 years it is $100 billion a year. We are spending more than that each year lingering in Iraq and Afghanistan and messing around in the 'Arab Spring'.
Has anyone heard the GOP pushing for anyone to pay more taxes. The desire is smaller government period.
I'm afraid you are wrong. It is not shrinking Government that is the goad, but merely the method of securing a greater goal. Republicans do not want rich people to depart with THEIR money. A larger government is fine, as long as it does not cost the wealthy anything. Republicans do not support continuing the current payroll tax cut. That is because the middle class and poor benefit from it, and if you sit home collecting dividend checks and have never actually worked before do not pay it. And remember, Republicans were more than willing to let the middle class tax cuts expire last December if the rich didn't get their beaks wet too. Obama was even willing to exempt those who make less than $1million a year to extend the middle class tax cuts. Reps said no.
Being an individual of modest means and educated – there are 2 primary things I will do to protect myself from the terrorists.
1. Never – ever vote Democrat or Republican again.
2. Stock up on canned food – and survival gear.
If you are smart – you will do likewise!
How difficult is it to trim the debt? Start by not spending more than you take in. Foreign aid would be the first thing to cut. If you can't help yourself, you shouldn't be trying to help others.
Next would be the military spending overseas. Who exactly are we saving the Iraquis and Afghani from?
Next stop allowing 'pork belly' attachments to bills being voted upon. If the measure can't pass on its own merits than it should not be passed at all. Just say No to these darn roads and bridges to nowhere.
All over America teabaggers are wandering around their trailer parks like brainless little zombies. They're waiting, of course, for Sarah Palin to weigh in on this and give them direction.
I predict the super committee will deadlock on straight party line votes and force the automatic budget cuts. Then each side will blame the other for political reasons.
NO plan he has purposed to date has been with the bucket to carry it to the dung pile, this one will be no different! And no, I don't make $1,000,000 in annual salary and yes, I do pay my taxes. I still want this blemish GONE!
The super committee will deadlock and then the automatic budget cuts will kick in. I can't wait. Yes, both parties will blame each other but we, the people, get what we need – a decreasing deficit.
It's time to stop calling these the "Bush tax cuts". The Bush Tax Cuts have expired already. Their extension should be known as the "Obama Tax Cuts".
Bottom line is that we have had the tax cuts for ten years ! Where are the jobs ? Also, have the rich and companies creating jobs for Americans. The companies prepared themselves for Globization, they failed to do the same for Ameican workers. Tax cuts, cheaper labor overseas, large corp tax breaks and catering to oil conpanies have not help America. So, please drop that arguement. You have witnessed what ten years of the cuts have resulted in. Please...that is a clown agruement for the GOP. And I am a GOP supporter. But, at sometime we have to think and act toward a more perfect union....the USA ! Country first... thank you. Save America !!
Eric, No comment but this. "Back to the books and your cave !!"" What are you talking about ?? This is why we as a nation are in trouble...We need to stop the bull, educate ourself and have clear no bull decisions.
Thank you
We dont want health care for American who can't afford it. However, at a time when we are attempting to balance a budget. The military is still providing dental and medical to other countries who can't afford heatlh care ! I am not saying we should not help others. But, before we not provide to Americans ! The others countries should be second. So, we cut medicare, dont want heatlh care, stolen all of the money from Sec Security. Save America....
If there are Republicans or Tea Partyers on the committee, it will fail because those political theologues refuse to give President Obama anything that remotely resembles a political victory. An improved economy would be the biggest victory of his presidency. NEVER going to happen.
You're right about one thing. Our economy isn't going to change with Obama at the helm. Business people genuinely fear him and his socialist agenda. He has taken away my incentive to hire, when I can darn sure use the help, but I know I'll be penalized greatly for doing just that. Why would I hire now when every time I turn around I'm being attacked, demonized, and forced to pay more in employee benefits. I'll just wait his presidency out before I make a move. And I'm sure I speak for millions of other small business owners.
The first thing we should do to help the debt situation is get out of Afghanistan IMMEDIATELY. If you need to be enlightened on the situation there go to pbs dot org, click on PBS PROGRAMS then scroll down and click on FRONTLINE (Not Frontline/World). In the left pane scroll down and click on KILL/CAPTURE. This is a 54 minute video that aired on May 10, 2011.
Although the whole video is well worth watching the section delaing with reintergration begins at about 39:55 and runs for a few minutes. Especially notice the conversation that beins at 43:19 between a Taliban member who has been reintergrated and a local tribal villager. The reintergrated Taliban member doesn't remember that his mic is on. Here is part of that conversation.
"I asked an old man if there were any Taliban there. He mistook me for Taliban and said, "Yes, they are here." I asked him where. He said, in his house. What should I do?
Later Aziz (sp.?) trys to persuade the village elders to hand the Taliban over without a confrontation. He forgets he is wearing a microphone.
"Right, the Taliban who are hiding here...I was a member of the Taliban myself. About 30 fighters worked for me. I joined the Government side about a month ago. But the Taliban are still my brothers. Look, we don't like the Americans. We've had bad experiences with them. They're infidels. They're the enemies of our religion, our nation, and our honor. If God makes the Taliban successful, then we will be Taliban again. Do you understand? On that day, we will be Taliban."
In the last 10 years we have spent approximatly $442 billion dollars in Afghanistan and had approximately 1,800 American casualties (not including wounded). Anyone who believes we are going to make a change in that Country is delusional. As soon as we leave the Taliban will be right back in power. We are in a quagmire in Afghanistan just like we were in Vietnam. It's time for the American public to stand up and say "enough is enough" we need to get out NOW.
I am posting here because CNN will not allow comments (except for one clearly "planted" comment) on the "Good versus Evil" story on the front page. That article series has no place in a serious news channel like CNN. It is clearly put there to incite sympathy for fundamentalist Christians, and now no one can comment on it to challenge or criticize it. The way things are headed in this country makes me want to throw up every minute of the day and night.
I say let's have an HONEST discussion about taxes. Let's talk about EVERYONE paying their fair share. Quit picking on those who pay taxes and start talking about those who don't ... like 48% of all Americans. They are the ones who are not paying their fair share. They, and Obama, are fine with attacking those of us who do, but watch them recoil when anyone suggests THEY pay THEIR fair share. This is all about class warfare. It's always been there just under the surface, but Obama, in his desperate attempts to get re-elected has brought it to the surface. So let's deal with it right now. Everybody pays something and quit allowing half of America a free ride on the coattails of the hard working wealthy, and yes, I said HARD WORKING wealthy,
Then perhaps you should start by making the honest assertion that the majority of taxes paid for people who work for a living (as opposed to those who collect their dividend checks) are payroll taxes, not income taxes. When you factor those taxes, not to mention sales taxes, the working class and poor pay higher tax burdens than even the working rich. When you factor in the idle-rich, with a far-lower capital gains tax, they pay MUCH higher taxes than the rich.
Let's start with the fact that the huge majority of the 48% or so who pay no taxes are in low income brackets (that is, they're poor), so their tax burden is low to start with and exemptions or deductions (earned income credit, deductions for dependents) prevent them from paying (much or any) more than they already lose to witholding.
If you're going to bandy statistics around, you should make sure they prove what you think they do. some people evade taxes, but that's not what this 48% statistics is about...
come on, did anyone really believe the republicans were going to let the panel succeed? don't be silly, thiws was just a way for the repubs to let the funding occur. i hope obama knew this and just went along to get funding. this panel was not supposed to succeed.
When Obama and the Democrats occupied the White House, Senate, and House of Representatives and the Democrats had a majoriity in both houses during Bush's second term, did they reform welfare? No.
I believe bush veto twice on that.
There should be no more discussion of this subject. The 2012 elections will resolve the issue. Mr. Obama and his regime members are not into much truth speak so the only way to resolve any of this is with regime change.
to bad all the jokers that have never been in a real job are the ones looking at cutting the deficit, haha all of you jerks are comunity organizers who should prepare to lose your jobs in 2012. Let The Revolution start, lock and load and pick the targets and lets tell them who they are so they can get ready for unempl;oyment, We The People are coming and those who do as we told you will be targeted and in our cross hairs.
>Let The Revolution start, lock and load and pick the targets
This is why people who talk like this terrify a lot of other people; you blithely say things like this and then when somebody who's half crzy to start with acts it out, you pretend to be insulated from responsiblity for your actions and words.
Please don't use violent rhetoric: people get hurt that way.
I'm betting that if you'd ever seen real violence, or been badly hurt somehow, you'd be a lot less enamored of violence.
If you tax the rich (small or large businesses) they are just going to pass it to the consumer. Think about it, If you owned a bakery and sold bread at $1/loaf that only cost you $.50 to make. That is a $.50 profit. Now lets say that you have to pay a higher tax, and you are now paying a $.25 tax on every loaf of bread you sell, Now that is only a $.25 profit. What are you going to do to get $.50 profit a loaf back??? Any smart person would say, "raise the price of bread $.25" So now you the consumer pays $1.25/loaf. Do you see how this works and why it is bad liberals???
I would spend $.25 on new oven or other tax deductable items......that way I don't pay any more tax than I was before and the new ovens would use less energy than the old ones increasing my total profit
The basic fundamental understanding of economics holds that those with more, spend less; so taxing the wealthy has less of a negative affect than taxing the merely average. Trying to confuse the issue by suggesting that the prices of bread will go up ignores the reality that if you do not tax the rich, you must then tax everyone else. If consumers have less money, then they buy less bread. Assuming that somehow a shopkeeper can make $200/250K a year on a business that, at best, has a 2 percent margin (laughing at the assertion), with demand plunging, his revenues plunge. He makes less money than he would have than if he paid the darn tax to begin with!
(Incidentally, demand is more sensitive to price increases than you assume. Just ask Proctor and Gamble–you can raise prices usually no more than half the increase in the costs of production. That is why cost cutting yields such high profits.)
...anyone who signs a pledge that will always do X or they will never do Y is unfit to hold public office and should be impeached immediately.
CUT government as deep we can survive without it! More these overpaid: panels experts advisors administrators committees, we have deeper we are in debt! Reduce Government to the bone NOW!
So you're ready to drop social security, medicare, and medicaid? That's 50% of government spending right there.
First, stop the pensions for all government workers (phase them out like corporate america has done). Second, remove all loopholes and deductions and set a single tax rate for all individuals (why should some pay a lower or higher percentage than others?). The percentage to set this tax rate should be calculated based on the expected annual budget (plus some payment towards the debt).
Then start looking at how to reduce the cost of medicare/medicaid and the amount of defense spending. Those three (defense, gov't pensions/salaries and medicare/medicaid are the biggest three components of where the taxpayers money goes).
There are problems with your suggestion. First, are you suggesting that people who paid into pensions for the past 30 years should have them seized by the Government for the "public good?" Second, since the 1980s, Federal Pensions have been largely eliminated in favor of what is basically just a 401K plan. The "pension" is basically less than one would get from Social Security. As for a flat tax–countries which have implemented them, such as Estonia, find that they tend to decimate demand for goods and services, as it leads to a few very wealthy persons (who tend to live on private islands in the Caribbean) who spend little to no money, and a largely poor population, who have no money to spend. It works only for an export-only economy. IN the US , consumer demand drives the economy.
I keep saying it, hoping people will see the truth; Democrat or Republican, both are no good. Both parties only care about themselves and about getting reelected. We need a grassroots party that puts its citizens first. Stop sending money to foreign governments, protect the border, penalize corporations that send jobs overseas just to name a few.
Banks and Wall Street need to be regulated not just for the sake of regulation, but because they obviously do not have the discipline necessary to regulate themselves.
Congress and Senate should both be subjected to a vote of no confidence if they do not perform well no matter what party they are affiliated with.
These are just a few ideas to start with. Abolishing the Fed? I'd have to looking into that one a lot further.
12 people in the position of a life time. A chance to make a real difference.
With a thousand special interests at the castle door all with battering RAMS trying to knock the door down to look after their special interests. Narrow and self serving.
My question is, "What is the problem we are trying to solve ?"
What is the window in which we want to influence most critically?
Is it OK to go beyond the mandate and do something truly extraordinary ? If yes, what could that be ?
What is the vision of a prosperous America in 2050 ? And what can I do to set the nation inexorably on the path to be the nation that we have imagined romantically in our minds ?
Are we prosperous ?
Are we militaristic ? or is peace our mantra ?
How do we fit in on a globe with 12 billion people ?
Are we responsible about the mother earth that must sustain us and our children ?
This is a pivotal thing and it is about more than the budget and debt. And it is about more than whether or not the rich need to pull their weight or not.
To lay the corner stone of a master plan to right the ship and go full steam ahead, there has to be the vision and some criteria to decide. We cannot solve our problems today, but we can embrace a more positive manifest destiny. If the 12 have the insight and will to decide most expeditiously.
I just read about the factors that led to the fall of Rome, is that what we really want ?
Carpe Carpe Carpe Diem folks, make your lives extraordinary.
The thing is, we are currently going 1.4 trillion into debt every year. So in 10 years at this rate, we'll add 14 trillion onto our national debt, or essentially doubling it. This current plan will cut 1.4 trillion over ten years, or 140 billion per year.
Now lets look at Obama's new tax plan and lets assume they tax the rich according to Buffet's analysis. This would be a 50% tax rate on incomes over 1 million. This will generate about 110 billion per year. So 1.4 trillion – 110 billion – 140 billion = 1.15 trillion left over that we add to our debt every year.
This plan, while a step in the right direction, will still be a failure to address the issues. Heavy heavy spending cuts need to be made across the board, including military spending, if we want to even begin to break even in the years to come.
There is a problem with your extrapolation: no domestic demand-based economy in history has EVER been able to drastically cut spending and have the economy improve. The main reason for the budget deficit is a lack of tax receipts as a consequence of what was an economic meltdown. This meltdown was so bad that even significant Government "spending" (actually, most of it was just inefficient tax breaks rather than real spent dollars) failed to lower unemployment. BUT, it did prevent a bad recession from a significant increase in unemployment, which would have made the budget deficit worse. Slashing Government spending now will assure a major economic slowdown, increasing the budget deficit, NOT balancing the budget. This is economics 101 stuff.
Seems both sides are simply angry that capitalism has failed America, and with good reason. Capital doesn't recognize national boundaries. Capital has no aliegence to nations. Capital exists to create profits, and if it is profitable to leave the American middle class behind, that is exactly what's going to happen. Democrats know it and try to regulate it–and fail. Republicans are afraid to admit it–although it is a perfectly logical extension of their economic thinking–because it completely destroys their American exceptionalism fairy tale.
I completely and totally disagree with this!! The Democrats need to stand firm for a change. Let the Repubs do a little compromising and respect what the vast majority of Americans want, which is to let the rich do their fair share in fixing the economy. Stop making the poor and middle class get us out of this recession.
I hope Obama's policies fail!!!
Notice how all the repulicans are old white men? I'm an old white man raising my family. The difference between them and me is they are rich, I am not. They do not represent America, only old rich white men
Trickle down economics DOES work. I WISH we had been practicing it the last 30 years (as someone said). It was what got us out of the nasty economic mess known as the "70's".
We have three choices:
1. Raise taxes and do not cut spending- will not get us very far.
2. Cut spending and do not raise taxes. again will not help.
3. Raise taxes and cut spending. Look at your own personal finances that is what you would have to do (increase revenue and cut expenditure) if you were in our counties position. I just cannot understand why people are so mad when someone tells them the truth. Oh it is because not everyone is getting taxed only the rich in the case. Well guess what the poor cannot pay anymore and no matter how much you want to whine and complain that fact will not change. The middle class could pay more and I am sure we will get to that, but it needs to start somewhere and at least Obama has the courage to tell us what we need to hear.
how can you love a person who only wants one thing, total control of your life. obama is a racist who wants only one thing, to tax the white man to pay for those who do nothing but sell drigs and sit on the corner threatining the livelyhood of all workers. It is time for all true patriots to take a stand and kick this bum under the bus and Take Back America from this marxist socialist pig. Rally around America and defeat obama.
You mean "sell drugs" and yes, he is a socialist racist.
We can raise taxes on the rich until there aren't any more rich to tax. It's not going to solve the fundamental problem–spending. Increasing revenues just gives our illustrious legislators the ability to fund tiny airports no one uses that are within 90 miles of a larger airport, bridges to nowhere...the list goes on and on. The only way to control our government is to control spending.
The panel idea was a failure the day it was formed. Proves Obama has NO Idea what he is doing and has no plan other than to put it in your eye and tax tax tax. Every cut he will mention will be "Over 10 years"... guarenteed hype, smoke and mirrors. A man withotu a plan.
politicians will continue to play politics, pander for votes and allow the USA to die
Thank you.
Sadly true.
Problem is this committee isn't bi-partisan. Since Boehner said no tax hikes, the committee is tainted. Again our 'leaders' show through their actions they are not serious about solving this problem.
It is very shameful that we worry about the debt of other nations, while we forget the same facts which will destroy our country in near future. Instead of advising others, we cant even reach on consensus to reduce our own debt. This nation had surplus money over a decade ago and now we have trillions of deficit. 2 unpaid wars, loss of income on taxes etc have ruined this nation. Party politics and personal interest group are working against this country future. Wake up you sick politicians and work together if you want to US to come out of this mess which has been created.
As I watch the debacle in Washington and look around me at the implications of all or nothing approach to governing I realize we are not only ruining our country but ruining the next generation as they are growing up in a world where we try to boil everything down to yes/no or black/white when noting is that simple. We need to have complicated conversation with an understanding that a solution will require giving on both sides.
I have recently been debating welfare with two groups of folks who believe we either should take care of people for life or we should not provide any support for anyone. Here are my in the middle solutions for welfare, healthcare, and taxes.
Welfare
*No section 8 vouchers can go to individuals without young children in the household. It is crazy that a household with 4 grown adults can have free rent forever when everyone is capable for working while a senior citizen at 62 can't get any support. Section 8 should be for families with kids and senior citizens. I know individuals who do the math and decide it is better not to work than work for $8 an hour. To avoid this give folks a time limit on section 8 and let them keep whatever money they make in that time. Don't reduce aid based upon salary because we want folks to get use to making more money so that when their voucher is gone they can afford to pay their own rent.
*Limit time on section 8. Today many folks who need help can't get it because folks keep section 8 for a lifetime
* Require attendance in school(community college) or getting up and working daily without pay (e.g. many classrooms for student PreK-3rd grade could use an extra adult monitor, what about lunch room monitors, why can't folks have jobs cleaning the school and or parks).
Taxes
*No one should get more in a tax refund than what they paid. I am tired of seeing folks with section 8, and food stamps get 3K tax return check just because they have kids when many do not all do not use the check on the kids. Create a relationship with department stores such that if we are going to give tax refunds to individuals who are receiving aid and have children they can only spend the money on items for their child which is the reason they got the return in the first place.
* Create a flat tax rate that everyone pays. No deductions. This is fair and makes everyone equal. Money should be taxed equally regardless of how one gets it- hard work, inheritance, or investment. At the end of the day it is money so tax it the same.
Healthcare
* Require everyone to have insurance because there is no isolate everyone else from a person's decision to not have healthcare unless we as a nation want to say that we won't provide treatment for someone without care. Given we won't say this then someone's personal decision to not have healthcare impacts everyone. My mother-in-law doesn't have health care but had a stroke and the citizens re now paying for her to receive 20 hrs a week of in-home care, all of her medicine, etc. This isn't collectively fair.
Education
*Create national standards, develop value-added assessment, reduce tenure to recurring 5 year cycles that require review of tenure status based upon body of evidence. The review of prior five year value add will also determine your salary band, hence pay for performance. Stipends can be added for working in more challenging areas. Teachers not meeting set standards are placed on probation for 1 year and must attend classes weekly to help improve practice based upon areas of weakness. These classes are taught at local schools of education with a combination of educational faculty and practicing master teachers who are given release time every 5 years to teach fellow teachers. If teachers after attending classes do not improve the following year they are released.
Politicians
*Need to reduce the cost of running in an election. Create consecutive term limits such that if someone wants to be a career politician they need to run for different offices.
*Require politicians to have the same healthcare and pension as other government employees.
*Create standards social media tools that make clear and simple the votes of politicians. I want a tweet and a facebook message every time my elective officials vote and I want the votes to be visualized next to the campaign promises.
*Don't allow politicians to become lobbyist for 3 years after leaving office
What a board of Robinhood wannabe s. You can blame Bush all you want....you can blame the rich....blame oil companies....blame airplanes....blame people who have risked it all and made it. Bame republicans.....blame the tea party....blame india....blame china. Blame insurance companies....macdonalds, microsoft, atms.......
When there are no new jobs created and there is nowhere else to take from – just look in the Mirror.......
Blame doesnt fix anything. True leadership does.
There is not such thing as "job creators"; if there is demand, a business will increased production fulfill such demands, but you will not have demand if workers do not have jobs and therefore unable to make purchases.
What a terrible opinion piece! Are you seriously suggesting that we just kick the can down the road AGAIN until 2012? And that the Democrats just cave and let the Republicans win AGAIN despite the fact that they don't hold the White House or Senate? Please. Enough of this nonsense. It's time the democrats showed some cojones!
Vote Ron Paul
obama is a terrible president
The problem with the Democrats caving now and waiting for the elections is that the minority group in the Senate can block anything they feel like. The Republicans have shown that they are perfectly willing to bring government to a standstill. So even if the Democrats controlled all branches of the legislature, unless they had a filibuster-proof majority in the Senate the Republicans would still be able to block any and all tax increases.
O'Hanlon is thinking outside the box.
Sometimes, the fastest way to get somebody to change their mind is to give them exactly what they want.
Most of what our politicians do with "debt reduction" is smoke and mirrors. They need to balance the budget now. If our income is 10 percent less than our budget, then every department gets a 10 percent cut, including military, and even Social Security Payments. Everyone pays and suffers a bit now for the betterment of all in the long term. This is hard for a group of people concerned with getting re-elected, as we the people want more STUFF. We don't want less stuff, we don't want to feel pain, we want it all.
Let me get this straight; everybody favors higher taxes on the wealthy.
Which means higher cost and lower return on investment and lower stock dividends and lower stock values, lower 401K and IRA payouts ok keep the drugs coming along with unemployment and bank credit dries up.
In the real world with the tax increase; higher costs result in higher sales price
lower return on investment and lower stock dividends and lower stock values ,lower 401K and IRA payouts ok keep the drugs coming along with unemployment and bank credit dries up because there is less to spend by consumer.
The common time honored constant in higher cost of goods sold which always result sin the consumer paying more for goods and services.
NEVER FAILS
The super committee was destined to fail the moment Mitch McConnell nominated John "Not intended to be a factual statement" Kyl as a member. He's a joke and so is this committee.
remove the cap on the first 110K cap on social security contribution.
Problem solved..
Explanation: If you make 110K you pay the full 7.5% with your employer matching
If you are bill gates, and you make 10MM per year, you still only pay the 7.5% on the first 110K
Since the surplus is used for the general fund and replaced with treasuries (read IOU's), when I retire, they'll tell me there's no more $$$ in SSI.. if you're rich, hey.. you've gotten away without paying all that cash.. if you're poor, life is a handout.. if you're middle class.. you are screwed.
Hey Mitch.. how about the rich just paying as much as I do a a percentage of income...
History shows us (under the Clinton Administration) That the wealthiest Americans generate MORE jobs and MORE income when they are taxed MORE heavily. I believe this is because they see the taxes as a challenge to their income, so they work HARDER. At the lower tax rates, they look for ways to sock away the additional unearned revenue, which reduces their incentive to create jobs and work harder.
No, it works because if they don't reinvest their money it will be taxed. If they reinvest their money in their companies it is not taxed. So, because they are reinvesting they create jobs leading to more wages for their employees who will then pay additional taxes on their additional income. The workers are better off this way despite the fact that the wealthy may pay less in tax and the workers may pay more. I would rather pay more in income tax because of an increase in wages than pay less in taxes due to a decrease in wages.
The panel will not come to any agreement for any tax increases. If fact the GOP will push for more tax breaks for the job creators (GOP speak for the rich).The panel will fail and become political fodder for the 2112 election.
Meanwhile the middle class will continue to spiral downward.
Best solution I can see is for Washington to just go home until after the 2112 elections and for the sake of our country I hope we send the majority of the GOP packing for home so this country can begin to move forward again.
Instead of calling the Obama plan to tax the rich "class warfare" call it Christianity. Christ said "Give to the poor", "take
care of the widows" etc. Hey FAMILY VALUE GUYS(Republicans) listen up, this is your chance to show that you are the real thing.
This is a real nice article good facts, good predictions on what will happen. But when Obama was on the campaign trail when he wa runing for President he said that he would cut the "Defict" in half in his first 4 years as President. If I'm not mistaken that was not mentioned in this article. As of right now Obama has not kept his campaign promise and the "defict" has balloned. So now with the 2012 November Elections luming in the back ground Obama is coming with a plan I think it's a little late in the game. 3 trillion over 10 years this isn't going to happen. 10 years is too long, it should be done in 5 years. Don't forget Obama said he would cut the "Defict" in half in his first 4 years as President. He's gong to tax the rich people more and tax big business more. This is a huge mistake he making by taxing big business more. Big Business will not take all their company over seas to countries like China, Viet Nam, South Korea, Ireland where their tax sturcture and regulation fits what big business wants. So when more and more jobs are lost don't blame big business blame Obama because he's the one who want to tax, tax, tax. If this happens Obama wil be a "One and Done" President.
Ernie, I am also concerned about how "business friendly" this president has become. This tax mentality could become the bust that you predict. As a business owner myself, I don't know why I should hire in this environment. If I overload with employees and I can't make up the difference in sales, I put the existence of the entire company at risk. That is not good business. I started this business to make profits and margins are so low that I can't afford those risks. And if I will be taxed more, that lowers my margins even more. It certainly makes me think that companies that move jobs to markets where they can maximize profits are doing what is "their job" to maximize profits for their stockholders. As small as my company is, my only choice is to sell or close the doors. After 31 years, this is where my choices have led me.
Taxing the rich would create jobs because it would force them to reinvest in their companies instead of sitting on the cash as they are doing now. The progressive tax is basically a way of saying to the rich "reinvest your profits or else they will be taxed at a higher rate." The rich do not want to give the money to the government so they will reinvest and therefore jobs will be created.
The only reason we have this ridiculous "debt panel" is because the lazy, gutless politicians in the White House and congress lack the courage to make the hard, necessary decisions. Every time a hard choice rears its ugly head all the politicians run all over each other looking for a scapegoat. This once great Republic is weak and sick.
I agree with you on the lazy politicians. But a part of the problem is that the problem is so big. The flaws go so deep in past policies that it is hard to fix the problem. For example: we all know the tax code is broken and laddened with loopholes and garbage taxes/exemptions that were put on piecemeal over the years of ear marks. But it is tied so tightly to many other policies (i.e. funding SS and Medicare, highways, defense) that it is almost impossible to tear it down and fix the problems. We need leaders who have the courage to fix these problems and not hide behind a group that they are expecting votes from in whatever election is coming up next.
I think this super congress idea was the most stupid ever. It just shows how silly this republican congress is. the only reason they wanted this so called super congress is so they could cut more deeply into the funding for any thing middle class and make sure the rich got more and more tax cuts. DO THEY THINK WE ARE AS STUPID AS HADES. No way out they go in 2012.
Where I don't agree with everything that Michael O'Hanlon states, I like the overall idea behind it. If the committee stalls, we will all watch the market and the economy be pulled out from beneath all of the American people. The few places I would make changes that would require both parties to give a little. Those ideas are (think balanced approach): 1) Require that the bush tax cuts expire; 2) Require that tax reform must start by the beginning of 2012 (I don't think anyone, rich or not, believes that the current system if fair); and 3) Require spending be cut back to 2008 levels (spending has increased by over 24% in the last 2 years – we must reduce what the government spends). This should not be cast as "TAX THE WEALTHY", nor should it be cast as "NEW TAX CUTS". The Republicans must give on the Bush Tax cuts and the Democrates must give on our spending levels. The key is the tax reform. The current system is soooooo unfair on all fronts. I believe this could initially be done as a revenue neutral change with future revenue increase coming from new gians through future growth and collections from reduced loopholes. This would add stability for those who want to move on and start achieving their goal of increasing their wealth and standard of living.
$1 trillion in defense spending cuts sounds fine to me; get out of Iraq, Afghanistan and the middle east in general and let the chips fall where they may, there's no surer path to the defeat of Al-qaeda and similar organizations than no longer having the USA to blame.
People who say they will always support Obama, not matter what, are traitors to America.
America is MORE important than Obama.
A President should only receive continued support, based on his performance ... and,
Obama's performance has run America's economy into the ground.
SAVE AMERICA ... DUMP OBAMA ... AND, HURRY UP, WHILE THERE'S STILL AN AMERICA TO SAVE !!!