Lets talk campaign issues. Trump wants to lower taxes. Biden wants to raise taxes.

[Inthecircle]

The largest amount of spending is on SSI,DI, Medicare, Medicaid benefits (not OASDI). No one in government has wanted to address this for 20 years and it’s why the deficit is out of control.
The cause? I want to get re-elected.

 

[Sooner-Be-Dead]

I can see lots of places where costs can be slashed. Combine this with lower taxes and we are off to the races; standard of living, innovation, life expectancy, increased diversity and on and frigging on!

I keep mentioning the deep state, but there are entire agencies that are working against our lifestyle and our personal growth. The EPA, the IRS, those hundreds of duplicative social services things, the federal education department.

We are getting a first hand look during this administration at the waste in federal government.

How about that ambassador to Ukraine who did not know that the president sets our foreign policy with Ukraine? Or the fake "Whistle Blower" who contrived to rearrange a few facts, to change the wording and the choice of words a bit and attempt to incriminate the President in a political scandal ... or the people at State who engaged in the unmasking nonsense? Or Kevin Clinesmith who rewrote an email in order to help along the removal of the president. These people are all over the federal government. Being a staffer somewhere in the bureaucracy does not make you qualified to override elected officials ... and yet, so many of these types figure they know best!

Again, this stuff has been ongoing and is extremely disruptive to the efficient to the carrying on of our nation's business. Just the examples I just cited cost the nation hundreds of millions of dollars ... and for what? It was all wasted

...............

Slash budgets and slash taxes.

It should be ever so easy!

Congrats on packing so much derp in one post.

 

[Rifler]

The cause? I want to get re-elected.

And I can do it with the voter's own money....

 

[Titus Andronicus]

Congrats on packing so much derp in one post.

Thanks for at least reading my semi-rant. There really was only one point however ... We as a government are wasting a massive amount of money working against each other. This is money that comes from individuals who could individually spend those dollars far more intelligently.

 

[INXS83]

I’m going to get hit by Biden’s proposal. Don’t care. Small price to pay to restore some dignity and normalcy to the White House.

Returning to 'the swamp' represents 'dignity'?? Biden represents 'dignity'? LOL

 

[DFSNOLE]

Returning to 'the swamp' represents 'dignity'?? Biden represents 'dignity'? LOL

Given his appointments, please explain in detail how exactly Trump drained any swamp.

 

[Finance85]

Unfortunately not true,.. Reality will require both cost cutting and increased taxes...

It actually is true. Do you realize how much is spent on the military?

 

[alaskanseminole]

It actually is true. Do you realize how much is spent on the military?

A LOT, but it never seems to trickle into my bank account.

 

[Flie]

Which of these will be more likely to breathe life into the economy post covid?

Raise taxes on the upper brackets and expand social services to help the lower class.

 

[Inthecircle]

Raise taxes on the upper brackets and expand social services to help the lower class.

Seriously? This has been going on since Clinton. Why can’t anyone on the left see that those in upper brackets create jobs? 90% of taxes are paid by 10% of the tax payers. 50% of Americans don’t even file taxes. This is equality?
Raising taxes isn’t a good move.
Increasing GDP is how you grow your way out of debt. We were well on our way until Covid hit.

 

[BioHawk]

LOL, Trump wants to "lower taxes".

He is getting rid of Social Security. Have fun with that, people.

 

[sober_teacher]

I vote we elect Kevin Kline so he can fix the budget in an afternoon.

 

[hawkeyetraveler]

Seriously? This has been going on since Clinton. Why can’t anyone on the left see that those in upper brackets create jobs? 90% of taxes are paid by 10% of the tax payers. 50% of Americans don’t even file taxes. This is equality?
Raising taxes isn’t a good move.
Increasing GDP is how you grow your way out of debt. We were well on our way until Covid hit.

At our current spending levels there is no way to ”grow” our way out of debt...such growth rates are unachievable pre Covid or post Covid. The only solutions are raising taxes or cutting spending, and neither party is willing to cut spending.

 

[luvmyhawks]

Well it would be nice if we could someday be in the neighborhood of a balanced budget again.

I know I’m in the minority but I don’t mind paying taxes. Taxes are the price of a civil society.

This is true. However, I hate paying taxes for complete waste. Reduce spending, increase taxes a bit to get the debt under control and I am on board. For whatever reason, that is of zero interest to either party.

 

[Sooner-Be-Dead]

Increasing GDP is how you grow your way out of debt. We were well on our way until Covid hit.

Then why did the deficit blow up in 2018 and 2019?

 

[Inthecircle]

It actually is true. Do you realize how much is spent on the military?

16% of the budget which includes international security. Which branch of the defense should should we eliminate.

 

[Rifler]

It actually is true. Do you realize how much is spent on the military?

Absolutely, but you can't eliminate enough of the military budget to pay for everything else...

 

[Inthecircle]

Then why did the deficit blow up in 2018 and 2019?

Mandatory spending for Social Security, healthcare and interest on debt. 63% of the budget runs on auto pilot because congress chooses not to address making new laws addressing.
Growing GDP is an indication of more jobs and increased tax revenue. Where do you think the debt would be if our economy hadn’t been as strong as it was? Covid just doubled our budget for 2020

 

[BioHawk]

The largest amount of spending is on SSI,DI, Medicare, Medicaid benefits (not OASDI). No one in government has wanted to address this for 20 years and it’s why the deficit is out of control.
The cause? I want to get re-elected.

The primary reason the deficit is out of control is because Republicans keep passing massive tax cuts and we are never able to get that money back. And then they blame spending.

If Bush Jr. and now Trump never get into office it is likely that while we may not have paid back the national debt, it would be less than $5 trillion.

 

[RileyHawk]

Seriously? This has been going on since Clinton. Why can’t anyone on the left see that those in upper brackets create jobs? 90% of taxes are paid by 10% of the tax payers. 50% of Americans don’t even file taxes. This is equality?
Raising taxes isn’t a good move.
Increasing GDP is how you grow your way out of debt. We were well on our way until Covid hit.

No - the US GDP (which is an antiquated measure) was growing very modestly and at a rate well below what Trump promised.

 

[RileyHawk]

Mandatory spending for Social Security, healthcare and interest on debt. 63% of the budget runs on auto pilot because congress chooses not to address making new laws addressing.
Growing GDP is an indication of more jobs and increased tax revenue. Where do you think the debt would be if our economy hadn’t been as strong as it was? Covid just doubled our budget for 2020

No - it blew up because of tax cuts and not nearly enough compensating growth.

 

[Urohawk]

I am in favor of tax cuts, but only in combination with spending reductions such that the cumulative effect LOWERS the deficit. Doing anthing else is just borrowing from our children. Trump and Biden will BOTH increase the size of the deficit...so this issue is essentially a wash for me.

It would be refreshing to see actual fiscal conservatism become a plank of one of the two main parties again.

I think this is probably where most people say they would like to be. I'm not sure they really believe it. Many are willing to kick in more if it helps society in general. My thought is that if I am going to pay a lot of taxes I hope it goes to build infrastructure, kids education, and universal healthcare. I don't like the idea of millionare tax cuts and cuts for corporations.

 

[tumorboy]

I can see lots of places where costs can be slashed. Combine this with lower taxes and we are off to the races; standard of living, innovation, life expectancy, increased diversity and on and frigging on!

I keep mentioning the deep state, but there are entire agencies that are working against our lifestyle and our personal growth. The EPA, the IRS, those hundreds of duplicative social services things, the federal education department.

We are getting a first hand look during this administration at the waste in federal government.

How about that ambassador to Ukraine who did not know that the president sets our foreign policy with Ukraine? Or the fake "Whistle Blower" who contrived to rearrange a few facts, to change the wording and the choice of words a bit and attempt to incriminate the President in a political scandal ... or the people at State who engaged in the unmasking nonsense? Or Kevin Clinesmith who rewrote an email in order to help along the removal of the president. These people are all over the federal government. Being a staffer somewhere in the bureaucracy does not make you qualified to override elected officials ... and yet, so many of these types figure they know best!

Again, this stuff has been ongoing and is extremely disruptive to the efficient to the carrying on of our nation's business. Just the examples I just cited cost the nation hundreds of millions of dollars ... and for what? It was all wasted

...............

Slash budgets and slash taxes.

It should be ever so easy!

Sorry both sides love their goodies. It keeps them in office.

 

[Formerly Rockymtnole]

Returning to 'the swamp' represents 'dignity'?? Biden represents 'dignity'? LOL

“Returning” to the swamp? Talk about a LOL

 

[Flie]

Seriously? This has been going on since Clinton. Why can’t anyone on the left see that those in upper brackets create jobs? 90% of taxes are paid by 10% of the tax payers. 50% of Americans don’t even file taxes. This is equality?
Raising taxes isn’t a good move.
Increasing GDP is how you grow your way out of debt. We were well on our way until Covid hit.

Why can't anyone on the right see that trickle down doesn't work? When has it worked in the past? Look at the track record of the last several republican presidents. They all tried the vaunted republican approach with no success. The economy boomed under both Clinton and Obama. Apparently, when you help out the lower and middle class the economy tends to do well. Who does most of the consuming in our economy?

Look at the effective tax rate of the top 1%. Most of them pay a lower effective tax rate than any of us. I can explain how that works if you'd like. Look at the scale of their wealth compare to anybody resembling being normal. Compare the top 1% wealth to even low end millionaires. It's like comparing the size of your house to the size of the earth.

 

[RunRonnieRun]

No ones ever stopped the guy who wants to send in more money. Knock yourself out!

No, they do. If you send too much money to the IRS they send it back to you.

 

[goldmom]

No, they do. If you send too much money to the IRS they send it back to you.

You may gift the US Treasury if you so desire. I thought that was clear.

 

[BeepBeepInMyJeep]

Our national debt has gone from $4 trillion to $28 trillion in the last 20 years.
In that 20 years, Dems have controlled the Senate, House and Presidency for 2 years. Republicans have had this trifecta for 8 years, with 10 having a divided government.
So who would be at fault the most for seeing the debt multiply 700% in that 20 years?

 

[goldmom]

16% of the budget which includes international security. Which branch of the defense should should we eliminate.

Fair question. I don't see us eliminating branches, but some consolidation makes sense. There was no Air Force until WWII, just the Army Air Corps, right? So the Pentagon can be full of old turds walking halls with stuff on their shoulders and lapels, protecting their turf?
And we can look at how much we spend (I'm a broken record on this) to protect Europe through NATO. 75 years later why are WE in essence Europe's Army? We spend our money on their defense so they can give their folks health care and our vets get treated like an afterthought at VA facilities. And why in the holy heck are we still giving foreign freaking aid to countries that are trying to slit our throats? So they buy our stuff? Ha!
I'm in favor of raising the retirement age, and - gasp - raising the ceiling on SSI wage ceilings all the way up to $200K. We need more businessmen looking at how the government can be streamlined on models that reflect efficiency and realistic allocation of our tax dollars.

 

[Hawk_4shur]

The scale of the issue is unfathomable.

You want to cut costs? Well, so do I. Let's say the next POTUS figures out how to cut $1 billion in spending every single day of his presidency. Well it would take almost 3 years just to balance the budget (based on 2019 actual results - $984 billion deficit). Or, we could eliminate the budget for the military entirely and cut 2/3 of the deficit - anyone want to do that?

In the meantime, social security and medicare are in trouble, schools are falling apart, our infrastructure sucks.

More revenue is needed. There is no way around it IMO.

 

[desihawk]

Holding China accountable for covid, so this disaster doesn’t result in the equivalent of a sneaky economic and military upending

 

[FSUTribe76]

How about a tax increase on $250,000+_ and a tax cut for those making $70,000 or less?

That’s not needed. How about a tax increase on those making $20 million or more and a tax cut for those making less than $500k? It still would pay for itself.

The ultrarich 0.001% are literally laughing their way to the bank at the stupid Magats who vote their way.

 

[Obviously Oblivious]

Biden's tax proposal is actually pretty good. Raise the highest marginal rate which doesn't affect many people at all. Tax capital gains as ordinary income. Eliminate step-up basis of inherited assets and levying a tax on certain assets when transferred through estate. Capping deductions for high marginal earners. Removing the wage earnings cap on SS taxes to ensure SS stability. There's a lot to like there that won't materially affect 99% of Americans.

I'm not a huge fan of increasing taxes on corporate earnings, instead they should look into tax incentives to move corporate production activity back into our country and quit incentive's businesses to move production out of the country. In the long term I think that would really get our economy back into good shape.

Trump's preferential cuts to the most wealthy is perhaps the most ill-advised tax cut ever in our nation's history.

 

[goldmom]

That’s not needed. How about a tax increase on those making $20 million or more and a tax cut for those making less than $500k? It still would pay for itself.

The ultrarich 0.001% are literally laughing their way to the bank at the stupid Magats who vote their way.

Too many Democrats in that group. Seriously. It would not get off the ground.

 

[Jerome Silberman]

How about a tax increase on $250,000+_ and a tax cut for those making $70,000 or less?

 

[alaskanseminole]

Absolutely, but you can't eliminate enough of the military budget to pay for everything else...

True. We can't have a world police, + "free" healthcare, "free" college, "free" __________[fill in the blank]...the money has to come from somewhere which means some serious book balancing and higher taxes. But then again, the govt did just magically pull trillions out of a hat for COVID-19. Who knows maybe we do just need to print more $$ 🤪

 

[alaskanseminole]

You'll have folks figuring out work arounds. What's wrong with a flat tax? Current tax code is around 75K pages. A pure flat tax would eliminate deductions and credits and the average joe could file in minutes. Promote a flat tax around 15-19% and exempt those making under 50K (I'm spit balling on that number). Regardless our current tax system is busted.

 

[ironside1]

FIFY.

Why hasn’t that occurred again with any other GOP controlled Congress?

 

[hawkguy77]

The populace has discovered that they can vote for largesse for themselves. No one has mentioned the interest on the national debt. If interest rates increase, which they eventually will, our deficit will explode. We need to cut spending first and then work on increasing revenue.

 

[jamesvanderwulf]

No - it blew up because of tax cuts and not nearly enough compensating growth.

2019 saw the government bring in the most tax revenue in history. Tax revenue under Trump shows 3 years of higher tax revenue than any one OB 1's budgets. 2019's revenue is almost double Obama's first term average revenue...
Congress spends too much, always have, always will...