Should the President and Congress compromise on tax issues?
How about raising the ceiling on taxing the rich to $1 million? Those people who make $250K or more are many of our small business men. That may be their gross, but their net goes back into the business for employees and business costs. The elected officials can't just throw around numbers without thinking through what it would really mean. The really rich have their money in the US and all over the world. It's not going to "hurt" them, just anger many of them. Sure be nice if elected officials could be adults and quit worrying about their special interests... On both sides!!
Obama doesn't know how to compromise. He showed that to the nation his first 4 years. He talks about having a "mandate" which is laughable. His mandate came from the free loaders in our society. Spending has to be cut back drastically in order to generate revenue. His plan will run the federal government for 8 additional days. He needs to get real. His plan is designed to give him more money to "spend," nothing more and nothing less.
They can cut spending now or cut it later but we can't afford Barack Hussein Obama.
I think there will be a compromise on tax issues but the details will depend on both sides. It is clear that the government needs more revenue to address the deficit but it also needs to reduce spending. In terms of tax issues our tax system needs to be more business friendly than it is now to encourage businesses to expand vs raising taxes when you reach at a certain level. One thing is clear when business costs increase there will be an increase in the price we pay for their products and services. This will ultimately cause us to have less to spend and thereby creates a lower demand for the things we want not need.
What people first need to realize is that the uber wealthy control the politicians, including the president, and manipulate our system to gain electoral outcomes. It's been going on since at least the 1898 presidential race. We are borrowing trillions from the Federal Reserve which is not owned nor controlled by Congress or the Constitution. It is a private central authority owned by huge, global corporate banks and always has been. President Obama, in concert with Treasury's head, wants to make our debt ceiling unlimited. That is incredibly dangerous for now and future generations. We are at around 70% debt/GDP and much higher is the tipping point. I believe President Obama, and the Congressional DSA liberal progressives, want the entire Bush tax cuts to expire. They want middle class Americans to pay 'their fair share' too; as their ultimate goal is wealth redistribution. Anyway, federal income taxes are a smoke screen. Add up the increased federal taxes on cell phone bills, utilities, gasoline, cigarettes, airline tickets, etc. These have all been covertly implemented and rising over the past few years. If the taxes go up on those making $250K, or $1mm per year, the big money will move overseas as they are the venture capitalists. Personally, we have seen food prices in our household rise 25% in the past year; coupled with increased state and federal charges impacting all of our purchases. We simply skip taking extra vacations, or buying certain food items, or holding onto appliances or cars longer, or any other cost-cutting measures we must employ. This leads to reduced consumption in all households, which the tax increases will exacerbate, and we will fall into even higher unemployment and government dependency. One final note: the politicians don't really care because most, if not all, have their money in off shore investment accounts. That I would stake my life on. They enjoy tax shelters, insider trading deals, expense accounts and live like kings and queens on the backs of middle class U.S.A. Our government has a massive spending addiction and no tax increase will impede our final fiscal cliff...the destruction of our dollar. Not enough money to cover the debt.
The answer to the first question is yes, they should be compromising on the tax issue. There will need to be some increase in revenue, primarily on the top percentage of people. At the same time there will need to be some spending concessions. My guess is that there will be a compromise but it will be much smaller than either side anticipated when this process began . There will be much less revenue and fewer spending cuts. The true loser here is the American people and businesses as this only kicks the can down the road on entitlements and true tax reform. We will have a projected 12 trillion dollars in debt coming over the next 10 years and 2 trillion in debt reduction is only a small chunk toward what is really needed to bring out debt into a stable path.
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