Tax Cut Extension

[Chubminnow]

Kind of curious how you all feel about the tax cut extension that just got passed. We're going to continue having less money taken out of our paychecks by Uncle Sam the next two years, BUT....The tax compromise will result in lost revenue to the government of between $450 and $600 billion in 2011. This is in addition TO the nation's $13.8 trilllion deficit that already exists.

I guess I'm glad I ain't going to have to take a hit in my bring home pay come 2011, but at the same time I sort of feel like it's time for ALL of us to buckle down, bite the bullet, or whatever and get get to working on cutting down the trillion dollar deficit. It's like they took an all or none stance...I sort of feel like instead of extending unemployment for another year they should have extended it for 6 more months or so....same goes for the tax cuts...break us all in gently by only giving us 50% of the cut.

I don't know....I know everytime I turn around some politician wants to put a tax on something...I guess I just wonder where we're headed with this trillion dollar (and growing) deficit.

[walkeraviator]

The answer to the deficit is not in charging more taxes... it is controling THEIR spending... That deficit exists because they feel the need to spend money like MC Hammer....

I am 100% in favor of these tax cuts.... i say lets go a step further and institute flat tax... 15% no matter how much you make... nothing is tax deductible and there are no tax loop holes.

[zx150]

The answer to the deficit is not in charging more taxes... it is controling THEIR spending... That deficit exists because they feel the need to spend money like MC Hammer....

I am 100% in favor of these tax cuts.... i say lets go a step further and institute flat tax... 15% no matter how much you make... nothing is tax deductible and there are no tax loop holes.

Yep. Why should I keep cuttin' back so they can spend my money on stupid stuff?

[kygorski]

We on SS, and a lot of state workers in america are going to take a hit.The ones in favor claim it will stimulate job growth. This is true, this tax cut has been in effect for over 8 years, and there a lot more chiese, indian, and mexicans working.

[Trophyhunter8]

we give enough it's time for them to eat some hot dogs. cut them to 100,000$ a year instead of the 225 or more

[Chubminnow]

I agree...the politicians are way over compensated and givin to much free reign with OUR money.

But at the same time I also feel like the United States is in some deep financial doo-doo.

The deficite is the largest it has ever been...ain't it? Cutting politicians salaries alone ain't enough....I'm kind of thinkin' every man, woman and child across the board needs to take a hit is what I'm thinkin'. I know it ain't gonna happen but I sure do wish the attitude of the people in this country would change back to the days of Pearl Harbor...or hell for that matter I wish we had the same spirit we had on the day after 911...ban together strongly and whip this thing back into shape...when we come together like that we are a force to be reckoned with.

What's the answer?

[DJD]

I say they cut spending which starts with pork projects, foreign aid, pay on politicians, their retirement and a flat tax. I also toy with the idea of giving amnesty to whoever wants it for a year and that way we get their tax revenue instead of the free rides they get. After that date your outta here. Ok some of that is just to get their attention. Cutting their pay and messing with their retirement is more of a punishment.

Are these really tax cuts? Could it be that they are just not taking so much and we are where (getting closer) we should be anyway? I know it's the same but I get tired of the gubment acting like...WE THE POWERFUL ALMIGHTY SHALL GRANT YOU STUPID COMMON FOLK MORE OF YOUR MONEY....what? They are not any smarter than us. These dimwits don't even read thoudand page bills before they sign them! They are not accountable so they have no real understanding of what the country needs. We didn't cause the problem so why turn the tables on us? You fix what you broke with the budget you have or less and get back to me.

I say we sell California to Mexico and toss in Pelosi as a bonus....errr well that ain't gonna work they already have to many Donkeys.

[Chubminnow]

As part of the tax cut extension they also granted 13 more months of unemployment benefits for the unemployed...what I heard is for those who are eligible for the extended unemployment benefits the checks have been cut by 50%. If you were getting a 200 dollar check now you're only getting a 100 dollar check.

[DJD]

As part of the tax cut extension they also granted 13 more months of unemployment benefits for the unemployed...what I heard is for those who are eligible for the extended unemployment benefits the checks have been cut by 50%. If you were getting a 200 dollar check now you're only getting a 100 dollar check.

If the gubment would have invested in the American people and not the bogus bailouts we wouldn't be in this shape. Remember? Unemployment will not get to certain figures if we do this? Major fail on their part which most everyone knew would happen except the corrupt gubment.
So now instead of fixing what was broke they just toss money at it...typical action from them. What did they do instead? They reformed Healthcare and other junk. Something that was working and not hit hard from the recession was to be overhauled so the Libs could say they did it and done so in defiance of the american people.

While doing so the economy is spinning outta control. So because of that the country is still beyond broke and now states are having to make even more cuts to try and stay afloat. Soame states are broke and have asked for bailouts like Califronia. What??? Where does it end?

Sad part is if your outta work you want the bennies but if you look at the big picture you see another social program funded by us tax payers. So now you have millions of people who are on the gubment teat and to pay for it we have to spend money we don't have.

Another post talked about what we are gonna spend on foreign aid. I said it before and I'll say it again. Get our country working better and then worry about others.

It's basic human nature that if you are given money you don't appreciate where it comes from. (I'm not talking about a gift i'm talking about gubment money.) The gubment caused another major fail and at least I'm not hearing it's Bush's fault because it's not. It's the entire legislative branch (crooks) who make these policies and for the most part we have had 4 years of Lib controlled Congress.

[RoadToad]

I'm of two minds on this. Part of what was passed actually includes a reduction in payroll taxes, so most of us should get a little bump in our take-home pay. That I'm looking forward to, of course. But it's only going to make the deficit worse. I'm not saying increasing taxes is the way to balance the budget, but I also think that the belief that we can get rid of it simply by reducing excess spending is pie-in-the-sky thinking. It's going to take both some tax increases AND spending cuts to get rid of this deficit, and neither one is going to be painless.

[Chubminnow]

It's going to take both some tax increases AND spending cuts to get rid of this deficit, and neither one is going to be painless.

Toad, you and I are on the same page here I think. I agree with you (see my earlier post above that I posted on 12-18 about each and every person in this country needing to take a hit)....if the government is serious about getting things on the right track, if the American people are truly interested in getting our country back on the right track, it's not going to be painless for anyone. I'm NOT for having my taxes raised cause I know we have some idiots/criminals on capitol hill that need to take a hit of their own, which as of right now I ain't heard squat about any plans on Capital Hill's discussion board to deal with this problem. For me it's like; "Hey Mr Government Man, if my taxes are raised then what are you (you personally) going to forfeit on your end?"

I know there are folks out there who really do need the unemployment extensions, so in one way I support it because jobs are scarce....but on the flip side it gets back to common sense that tells us the Government can't (should not) keep spending money we ain't got!

Then of course there's all the "ridiculous" money spending going on. This latest round of tax cuts and extension of benefits ain't nothin' more than a band aid on a wound that needs stitches. It ain't helping anything, it ain't moving things progressively forward, all it's doing is causing more pain for this country as we know it. Kind of seems to me like governements answer is put a band aid on it and let the next generation(s) of citizens worry about the mess made by our politicians.

[DJD]

Yep gonna be painful but.....I am 100% against raising taxes. Since when is raising taxes the answer? I mean the solution! It's always the answer but it's always wrong. They will waste it and prolly half of what they didn't waste will be raped by these bozo's. They need to reduce spending plain and simple. Wanna really attack the problem? Cut these ridiculous pension packages that they fund, stop most if not all pork projects, greatly reduce foreign aid, drill baby drill and get things going here for oil and fuel, reduce our dependency on others for oil, cut the gonads off of expense accounts for the gubment and on and on.

Let everyone feel the pain not just the private sector. The private sector has felt the pain. Look at our retirement plans and standard of living costs. Didn't the gubment grow during this recession? Why is that? Should it not have shrunk if we are trying to control spending?

Make a politician who makes over 250K a year work without pay until they get it right.