White House Gives In On Bush-Era Tax Cuts

double down.... you mean double up the deficit like obama did?

Hush, and let me know what you mean by your question so I can answer it.

Right now the smart people are contemplating my question.

tax cuts = not a mistake

overspending = mistake

you do realize the government gets maybe 50% + of global tax revenue from the middle class and the "Tax the rich people more?!" thing is just HELP I AM TRAPPED IN 2006 PLEASE SEND A TIME MACHINE... sorry try again.




When given the choice "Spend less" or "tax more?!"

Of course people would lean to spend less but the MAIN thing sucking up Gvt $$$$ is Military/ Social services and boy GL cutting either

/rolls eyes

/barrel rolls

its politics

cant take stuff seriously O.O

lol true that.

Since you here what do you think of devaluing the U.S. Dollar?

That's incorrect its more like the top 5% on income earners pay 53% of the income tax. the bottom half pays <3%

Overspending because of the tax cuts implemented without spending cuts = ???

What is your (Or the Republicans') plan to make these cuts sustainable? All I hear lately is let's extend these from the Republicans and no solutions on what to cut to compensate.

If you care about the deficit, let the cuts expire.
If you don't care about the deficit, extend the tax cuts.
If you care about lowering taxes and lowering the deficit, then something needs cut and nobody wants to be the one to say what it will be.

I am of the opinion that until a solution to pay for the cuts is proposed, they shouldn't be extended. They're not going to be worth it in the long run. As was stated twice, our military spending is bloated and unnecessary, if it were cut to offset the cost of the tax cuts we could have some immediate beneficial effects from the cuts and not raise the deficit by trillions.

The federal government began the new budget year with a deficit that fell 20 percent from a year ago but still the third highest October imbalance on record.

I think it's important at this time to outline something. There is a difference between the U.S. debt, and the U.S. deficit. The debt is the amount of money we owe other countries in total. The deficit is how much we are in the red each year.

We had a budget surplus under the later years of Clinton. Which means that the budget was in the black, we were taking in more taxes than we were paying out in services. We were on the road to paying off the debt.

Enter Bush. One of the first things he did was the Bush tax cuts. He said we were being taxed too much and the balanced budget was the proof of it.

This is what the difference between clinton tax cuts and bush tax cuts looks like on the Deficit:

Basically like the strategy of China. If I remember correctly?

a devaluated $ will in return encourage other country's to invest in the US market but on the flip side this will increase cost to anything the country has to import.


The US exports will boom

It is somewhat of a exchange of role... I would need some coffee to think about this one

Let me be more specific.

What would happen if we devalued the U.S. Dollar to the Yuan?

LOL Nice. Was thinking the Yuan to begin with.

Yeah, meant to say debt there. Thanks D:

I can't believe I missed this thread. Clearly extending tax cuts for all was the smartest decision. You wallstreet haters think that big business are just going to say, "oh damn I guess we gotta lose money". No, they are going to lay people off and pull out of investments and stop taking risks. Regardless of whether you agree with tax cuts for the rich you are an idiot to think that raising taxes during a recession is ever smart. Also, richer americans pay about 95% of taxes while middle and lower class consume almost ALL of government wellfare/spending programs.

This is a typical conversation with somebody who is anti-big business:

Person1 "Man I *** hate wallstreet, a bunch of rich greedy *** who want to give nothing back to the middle class. I'm sick of working for them."

Person2 "Why dont you start your own business?"

Person1 "*** that (insert excuse), I just can't do that too much risk."

Person2 "Why don't you fight to move up the corporate ladder or get a better education?"

Person1 "I don't have the money or the ambition"

Person2 "Oh, well it sounds like you should just shut the *** up and acknowledge you're either too dumb, too lazy, or too pussy to take control of your life. That's why you work for a company instead of owning one."

Person1 "Man I hate wallstreet"

Im just trying to determine this. This would be beneficial for people buying from the US.

But in the US perspective having a devaluated dollar... will this impact salary's (or you will just be sitting on way more bills then usual?)

The only affected area of the market (directly) would be any type of company's that would import diverse materials from other country's

An example: A upholstery that imports Canadian lumber will see his cost of doing business go up drastically?


Im just trying to determine in detail how the US purchase (buying) power would be altered

Right lol, it's definitely a thinker. I'm trying to get Jaerik's theory, lol.

Wut? If a dollar goes down it hurts America all over. It won't increase our exports capital it will reduce it. Furthermore the countries who actually buy our bonds and invest within the american currency system will lose a lot of money as well. A falling dollar hurts every economy. The reason the chinese currency is deflated is because they want to encourage businesses to invest in them while keep the quality of life for their citizens extremely low. The momment anyone in america says we should be more like china I'm extremely disturbed. Personally, I would like for chinese currency to increase so it will nationalize more of our economy.

Find me an example where government sticks to a budget? California just announced they are gonna be in a 1.8billion dollar shortfall to their budget. im just saying.

You must be under the assumption that big businesses don't hire tax attorneys to find tax loopholes for them.

Here is an example: General Electric and Bank of America ended up paying $0 in federal taxes despite making billions in profits.

I'm not going to weigh in, although mentioned by name. International currency valuations are the domain of insanely well-education economists, and I am not.

Scanning through the thread, I see so many obviously fabricated statistics, loosely clumped around predictable partisan ideologies, that I'm loathe to weigh in either way.

I should have gotten my 2nd degree in economy instead of math, lol, probably would have gotten better pay.

Well then we obviously need some better educated people writing our laws. You're bitching about somebody doing something legal >.>
Also you can't compare deficits because it has more to do with the economy than with the federal budget. The two are incredibly intwined and you can do your best to estimate and guess your budget but any change in the economy can screw you over. The housing boom and bust is a prime example. Having said that, once we've been *** we need to take action to do damage control. We're in good shape atm economically except for jobs. Obama managed to kill a ton of jobs in the oil industry because he was too busy making a political point with BP. I think the number of jobs he destroyed was about 10,000. Hopefully he will have some better ideas in 2011.

Budgets are like living organisms. Always changing.

The Trickle Down effect! a job was created! another Lexus was bought by the presumed lawyer, somebody made that car! :P

So by that logic, why have budgets in the first place?

Honestly this is the perfect time for Americans to be pursuing higher education particular in nursing, engineering, and computer security. Most of the people who can't get a job should just take out student loans and start investing in some education. We'll be better off if we have people who are educated to take positions as we develop them.

You have no proof of this.
I'm not saying to be more like the Chinese, I'm saying devalue the dollar to the Yuan.
Not a hard question to understand.
A hard one to answer, yes, but not understand.

Oh yeah cause they can afford it.

As a template and to forecast future policies.