Quote:
Originally Posted by Riot
Here's my bottom line: We have a huge deficit.
The vast majority of it is due to three things that President Bush II oversaw (he entered his Presidency with a fast-decreasing deficit in progress, he chose not to maintain that course)
1) unfunded - two wars
2) unfunded - two tax cuts 2001 and 2003, with the largest percentage cuts for the wealthiest
3) unfunded - the single largest Medicare entitlement ever given (prescription drug change)
To get out of the hole created by the hugely expensive, unfunded mandates above, we need to cut our spending, and increase our income.
The best way to immediately increase our income is to let ALL the Bush tax cuts expire on schedule, as they were designed to.
But we are in a deep recession, thus probably best to not make those of lower income - lets say $250,000 per year and less - have a tax increase right now. Heck, I'd even go with Schumer's one million a year.
The wealthiest 2% can revert to their previous levels with no harm to the economy. They can have their tax cut back in 5 years if we are doing well (we should go to a flat income tax one day). Meanwhile, we get a huge cash infusion into our budget deficit - $700 trillion over 10 years. That's a very good start.
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Here's my plan that makes sense and is bi-partisan. We revert back to GWB's 'over inflated' budget (of course w/inflation considerations) as the starting point. Then based on the tax basis before GW raise taxes every tax reversion/continuation of a dollar taxed will be met with a dollar cut from WHATEVER can be cut! Simple.......700 Billion taxed = 700 Billion cut that equals 1.4 Trillion for American ctizens That's how stimulus money works. Win-win again.