Custom Search

Wednesday, August 15, 2012

A budget that can't be balanced

posted by Bob at Wednesday, August 15, 2012

5 Comments:

Anonymous Anonymous said...

1.Stop borrowing for the conflicts in the middle east, get out of there. 2.Suspend ALL foriegn aid.
3.Cut entitlement spending to the bare bone.
4.Eliminate as many government progams as can be tolerated and reduce government wages.
5.Stop giving money to Isreal !
6.close military instillations all over the world.
7. Suspend funding the space program and NASA.
8. Micro management of all government contracts for goods and services and eliminate waste.




Jeff Matiatos

6:39 AM  
Anonymous Anonymous said...

I couldn't help but notice,already rich presidential candidates are raising millions and millions of dollars. Why should the tax payors fund their campaigns with matching tax dollars ?

I say this, at the end of the presidential race, candidates return all monies matched when a Government oversight agency determines that campaign expenditures were less than the amount of money actually raised .


Jeff Matiatos

6:56 AM  
Anonymous Anonymous said...

First off Jeff if you watched the video if you cut everything that the government does (including the 8 things you mentioned) you still would be losing money. Trilions.

Second, neither one of the candidates are going to be taking matching funds. I am pretty sure they both decided against it and are just raising unlimited money.

Finally, lets talk about the real issue on why our Federal Government budget doesn't balance and why our ecconomy is a mess.

If you look at that chart of when the government started borrowing massive amounts of money that keep getting larger and larger and larger... it started in the 1980's after Reagan cut to the upper tax bracket almost in half. Durring the boom years of the 1950's and 1960's the Federal Government had an upper tax bracket of 90% on all income over a set level. For most of that time it was $4 million. That means if you made $5mil on that last Mil $900,000 went to the Fed's in taxes. You can look it up guys but under Truman and Eisenhauwer and Kennedy if you made more than $4mil 90% of every other dollar you made went to taxes.

So, did that mean that there were all sorts of millionaires that paid millions in taxes??? Nope. What that meant was that the tax structure discuraged CEO's from paying large salaries. So, the CEO of 3M didn't pay himself 50Mil a year and pay $42 Mil in taxes instead he paid himself that $4 mill and took that rest in stock options.... because we are taxed on income not wealth and until the option is cashed there are no earnings to tax.

So, what did that do??? Well, because 3M didn't pay the CEO $50mil the company had that money to invest in more plants and in those new plants they had new employees and we had full employment and all of those workers that the Federal Government could get taxes out of and a enough money to run the government and build the Federal Highway system and pay for great schools etc...

So, instead of whinning about if we should return that millionaire tax bracket to 38% (Obama) or lower it to 25% (Romney/Ryan) we ought be demanding that it at least go back to 1980 levels 70% and have a goal to return it and our ecconomy to the boom years of the 1950's and 60's and get it up to 90% on all income over $25 mil a year.

If you believe that lowering tax rates will get the wealthy to hire more people, then why hasn't it worked for the last 10 years when upper level tax rates have been the lowest they have been since 1929? It doesn't work.

It is the job of the government to use taxes, fees, and penalties to force business to do what is best for the nations interest. Since the founding of the country when we have been successful we have done that. Even in the 1790's the Federal government put tarriffs on English and French goods... why? To get tax money??? NO.. to force southern plantation owners to buy products made in Philly or New York or Boston because they didn't have the tarrif.

JMONTOMEPPOF

Chuck Repke

10:17 AM  
Anonymous Anonymous said...

Well Chuck, that was a nice sermon you gave and pretty accurate, however, we simply cannot continue to blame Reagan for what we have today, your friends the Clintons did pretty well with the American economy when he was in office so what happened was that the Bush administrations following Clinton, got us into numerous expensive conflicts costing trillions of dollars in debt, the housing crisis, bailout's and unemployment continued under both clinton and Obama. Obama's failures to totally get us out of the middle east is dragging and stressing the budget severely. This Government sold out the American people with it's policies and imperialists visions of democratizing the middle east in hopes of cashing in on natural resources in that part of the world that do not belong to us.

Now we see guy's like Rommney and Ryan who refuse to be honest or upfront about their incomes and the taxe's they don't pay their fair share of hiding income overseas . And we are supposed to believe they can lead this country out of crisis ??? Obama isn't doing much better.


Jeff Matiatos

2:40 PM  
Anonymous Anonymous said...

Democrats and Republicans mismanaged our money, i9t is time for a 3rd party.

William

10:16 PM  

Post a Comment

<< Home