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Bush-Era Tax Cuts Will Cost U.S. Nearly $1 Trillion ...

flounder

Well-known member
Bush-Era Tax Cuts Will Cost U.S. Nearly $1 Trillion Over Next Decade



The Huffington Post | By Harry Bradford Posted: 08/25/2012 9:59 am Updated: 08/25/2012 10:02 am


Keeping tax cuts for the wealthy could cost the U.S. big time.

Letting the Bush-era tax cuts of 2001 and 2003 expire on schedule at the end of 2012 would bring the government nearly $1 trillion in revenue over the next 10 years, according to a new report from the Congressional Budget Office. That’s $823 billion in added revenue and $127 billion in interest to be exact, for a total $950 billion in ten-year deficit reduction.

The House voted in favor of extending the cuts earlier this month, but Obama has vowed to veto the measure, and lawmakers are likely to address the dispute after the elections. For his part, President Obama has said he supports extending the cuts for the middle class, or those making less than $250,000, while returning to the rates seen under President Clinton for anyone making more.



http://www.huffingtonpost.com/2012/08/24/bush-era-tax-cuts-revenue-expire_n_1828657.html





tax the rich. hit them hard. make the rich finally start paying their fare share, and please include their pensions, stock options, annual incentive, etc., because taxes on one million salary is one thing, but taxes on annual incentive, stock options, and other perks, well, that's another story. tax it all the same. this is the top paid exec. out of 100 examples in Houston area alone recently ;



base salary $1,400,000.

Annual incentive $21,821,400.

total equity $6,414,055.

all other comp $276,207.

change in pension $1,617,757.

Total direct compensation $31,529,419.

see top 100 Houston, Texas area


http://fuelfix.com/blog/2012/07/30/pay-swells-for-top-bosses/



SHOW US YOUR TAX RECORDS MITT, ALL OF THEM !
 

Larrry

Well-known member
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ranch hand

Well-known member
The U.S. could be hurtling toward a recession next year if Congress fails to prevent a series of government programs and tax cuts from expiring in January, according to a new report from the Congressional Budget Office, or CBO, which set an ominous forecast
 

hopalong

Well-known member
TexasBred said:
Founder........DEFINE "FAIR SHARE".

Any thing that he does not have to pay :D :D

Any you know h.s. drop out wanna be dr's do not make much except waht he gets from the welfare line :roll:
 

Mike

Well-known member
I could have sworn I saw the CBO Director talking on C-SPAN just last week about the "Fiscal Cliff" we will fall from if the "Bush Tax Cuts" don't get extended.

The Congressional Budget Office (CBO) predicts that if tax rates rise in 2013 as scheduled, the economy will fall back into recession, shrinking by 0.5 percent in 2013.

CBO made the prediction in its annual summer budget update Wednesday.

“But the sharp increases in federal taxes and reductions in federal spending that are scheduled under current law to begin in calendar year 2013 are likely to interrupt the recent economic progress,” CBO said.

“By CBO’s estimate, that fiscal tightening will probably lead to a recession in 2013 and to an unemployment rate that remains above 8 percent through 2014.”

While CBO included mandatory spending cuts from the federal budget sequester (the “fiscal cliff”) in its analysis, the vast majority of the impact to the economy will come from the tax increases – the expiration of the Bush tax cuts -- due to their sheer size.

CBO estimated that the combination of spending cuts and tax increases would reduce the federal deficit by $487 billion in fiscal 2013, with the vast majority of that figure coming from tax increases.

CBO projects that if current tax policies are kept in place and do not expire in 2013 as scheduled, revenues would be $5 trillion less between 2012 and 2022.

Congress is not expected to address either the mandatory spending cuts or the expiration of the Bush tax rates until after the election.
 

Sandhusker

Well-known member
I stopped reading at these words, "Keeping tax cuts for the wealthy". The tax cuts cut taxes for EVERYBODY. When somebody only mentions the wealthy, that tells you right there that they are either ignorant of the breadth of the tax cuts, or they're ignoring fact to spread propaganda - either way their post will not be worth reading.
 
A

Anonymous

Guest
This one is making the FB rounds this morning and getting quite a chuckle...Thought you would want me to share.

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hopalong

Well-known member
Oldtimer said:
This one is making the FB rounds this morning and getting quite a chuckle...Thought you would want me to share.

375774_463033257051413_1476950716_n.jpg

Thought you did not do the face book thing oldtimer??
And just so we all know!!!! just what is the fair share??? Your fishy phoney buddy wont tell us, and we know just how much you are in the know..sop enlighten yus with your definition of fair share :roll: :roll:
Nice to see you supplying us with the late njmight jokes again,,,,too bad you won't supply us with all the ones about your LYING buddy obama :wink: :roll:
 
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