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uwApoligist

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Reply with quote  #31 
Quote:
Originally Posted by Fresh
I agree that we have to cut spending, but a 40%, across the board cut would be devastating to the economy. Do you cut pensions 40% to all ex government employees? 40% on the Defense budget? Paying down the debt will take years, requiring a prosperous economic environment in the private sector. Drastically cutting government spending will do the opposite.

Already stated.  No defense cuts.  No growth in defense spending either.  

Non government employees pensions were cut in 2008.  We all took huge cuts in our pensions.  Government did not take a cut at that time.

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keepinitreal

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Reply with quote  #32 
Quote:
Originally Posted by uwApoligist

Already stated.  No defense cuts.  No growth in defense spending either.  

Non government employees pensions were cut in 2008.  We all took huge cuts in our pensions.  Government did not take a cut at that time.


Mine was cut in 2012 or so, luckily I have enough years in that it didn't cripple me like it did some of my younger coworkers. Hire on today at the same company there is no pension. I'm all for cutting ALL government pensions the same way. Grandfather current workers, cut the pensions of new hires 100% and tell them to contribute to their own retirement via 401k contributions

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mikec

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Reply with quote  #33 
Many government employees I know only have had about a 3% raise in 10 yrs.  Private sector salaries are generally much higher.  In effect, they take retirement benefits over income.

I agree with cutting the number of gov't employees, but I don't agree with trimming the benefits of those that are there.  If we can't afford them, get rid of some.
mikec

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Reply with quote  #34 
I don't think we'll see anything anyways.  trump is now playing footsies with he new buddies Pelosi and schumer.
uwApoligist

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Reply with quote  #35 
Quote:
Originally Posted by mikec
Many government employees I know only have had about a 3% raise in 10 yrs.  Private sector salaries are generally much higher.  In effect, they take retirement benefits over income.

I agree with cutting the number of gov't employees, but I don't agree with trimming the benefits of those that are there.  If we can't afford them, get rid of some.

In 2008 most in the private sector took a 30-40% cut in pay.  Government got their 3% raise.  

Those pension numbers and overspending on government employees is a major reason our debt is so high.  That needs to be cut back. Servicing the debt on 20T at 8% interest will kill our budgets for 10 years.  

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Will_I_Wynn

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Reply with quote  #36 
From 1960-1980 Government revenue increased annually by 7.5%.  From 1980-2000, Government revenue increased just under 7% annually.  From 2000-2017, Government revenue increased 2.1% annually thanks to the great recession, 9/11, tax cuts, etc.  If these last 17 years would have seen 6.5% annual growth, we would have gained $22 trillion more, $64 trillion versus $42 trillion, and the debt would me much less.

Fortunately, since 2012 we see annual growth over 7% again.  It is unnecessary to overreact to the debt just because the last 17 years were difficult times.

https://www.thebalance.com/current-u-s-federal-government-tax-revenue-3305762

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uwApoligist

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Reply with quote  #37 
Quote:
Originally Posted by Will_I_Wynn
From 1960-1980 Government revenue increased annually by 7.5%.  From 1980-2000, Government revenue increased just under 7% annually.  From 2000-2017, Government revenue increased 2.1% annually thanks to the great recession, 9/11, tax cuts, etc.  If these last 17 years would have seen 6.5% annual growth, we would have gained $22 trillion more, $64 trillion versus $42 trillion, and the debt would me much less.

Fortunately, since 2012 we see annual growth over 7% again.  It is unnecessary to overreact to the debt just because the last 17 years were difficult times.

https://www.thebalance.com/current-u-s-federal-government-tax-revenue-3305762

No debt vs deficit angle?  

Definitely does not feel like 7% since 2012.  Simple gut check on that says no way. Might have been a good growth clip last year of Obama, and has been good since start of Trump.  But before that was lackluster at best.

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pabar61

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Reply with quote  #38 
Quote:
Originally Posted by uwApoligist

No debt vs deficit angle?  

Definitely does not feel like 7% since 2012.  Simple gut check on that says no way. Might have been a good growth clip last year of Obama, and has been good since start of Trump.  But before that was lackluster at best.


Revenues may have gone up 7% since 2012 but GDP isn't even half of that.

If, if, if . . .

Dewey, errr - Will I Winn - please tell us how much tax revenue we lost because of tax cuts.
uwApoligist

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Reply with quote  #39 
I suspect even the debt vs deficit hair splitter even knows that all of that 7% and more were ate up by the inflation of the dollar.  QE baby.  It prints the cash, and gives everyone a massive pay cut.  Big part of the reason Government employees were getting 4 and 5% Cost of Living raises that entire time.
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mikec

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Reply with quote  #40 
No government employee I know was getting that.  Then again, most of the ones I know are state and local, and I've never asked the Feds that question.
Will_I_Wynn

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Reply with quote  #41 
The Bannon interview made it quite clear how the casino mentality of bankers led to our economic collapse.  Barney Frank not even mentioned.  He was also right to blame both Obama and Bush Administrations for nobody being held accountable.  While an individual politician may be able to stop policy, as Sen McCain recently did, one or two individuals in Congress cannot make policy.  Too many checks and balances for these type representatives to run the show.
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TheNarrator

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Reply with quote  #42 
Dewey working on the weekend - we see you.
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The truth is, you WANT Bill to have raped her, so you believe it.
PDad

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Reply with quote  #43 
Eric Holder's "too big to jail" memo in 1999 discouraged criminal prosecution of corp execs and consequently led to reckless behavior by them. Libs prefer monetary settlements which are channeled to support unrelated causes.
ForeverInBlue

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Reply with quote  #44 
Obama is getting $400,000 to give speeches to bankers.

He has former Goldman people managing his money and investments.

Still wondering why he didn't prosecute them?
uwApoligist

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Reply with quote  #45 
Quote:
Originally Posted by Will_I_Wynn
The Bannon interview made it quite clear how the casino mentality of bankers led to our economic collapse.  Barney Frank not even mentioned.  He was also right to blame both Obama and Bush Administrations for nobody being held accountable.  While an individual politician may be able to stop policy, as Sen McCain recently did, one or two individuals in Congress cannot make policy.  Too many checks and balances for these type representatives to run the show.

I must have missed this interview, which one was it?

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EarlyGrayce

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Reply with quote  #46 
Check out this Animated Gettysburg battle map. Around the 2:20 mark the 3-D bullets start flying.




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Will_I_Wynn

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Reply with quote  #47 
This post has been and will be constantly edited to include subsequent comments.  Democrat posts are suppressed in this forum and, therefore, should anybody be interested in hearing from the left, many of my posts can be found here.



10/21/17 - Clearly the President was first to politicize the soldiers death and then the Congresswoman couldn't hesitate to return the favor.  As a black female Democrat Obama supporter, my guess is she's heard far too much negative stuff from this President, let alone the comment that Obama doesn't call Gold Star families, and doesn't like this President one bit.  Not too much of a surprise these days.  That said, I wish they both would have kept their self-serving comments to themselves and just honored our fallen hero.


10/22/17 - CBO currently projects our debt to rise $11 trillion over the next ten years.  The Trump Senate just passed a budget that allows the upcoming tax reform bill to increase this debt number another $1.5 trillion to a total of $12.5 trillion.  I can remember when Trump supporters called Republicans who voted for increased debt "RINO's".  To be fair, Republicans think tax reform will generate enough income to offset this extra $1.5T but I'm guessing Republicans always thought their votes that allowed for an increased debt were for the good of the American economy.

http://www.taxpayersbudgetoffice.org/post/cbo-projections-likely-underestimate-future-debt-load

http://www.latimes.com/politics/la-na-pol-senate-budget-taxcuts-20171019-story.html


10/22/17 - Actually, Mr. James comes off as an educated and civil individual who wants to continue serving his Country.  Clearly he is a person deserving of respect from both the left and right.  What's to fear?  Again, based on the short video, it's unknown whether this gentleman differs one iota, when it relates to policy, when compared to Sen McCain or Gov Kasich.  Mr. James political success may ultimately depend more on the Right than anything else.  Solid guys with an "R" by their name are knocked aside all the time these days.

10/22/17 - To date, 15 women have accused Donald Trump of sexual harassment and/or sexual assault.  This is not a left/right issue, this is about powerful men abusing their power.  It's about powerful and often wealthy men believing their importance entitles them.  As Donald Trump said, "they let you do it". It's a disgrace this Country must deal with and there's nothing entertaining about it whatsoever.

10/22/17 - Should Trump and/or Republicans hold the Presidency for the next seven plus years, the 2024 campaign will see them defending a debt at around $30-31 trillion according to CBO projections.  When you consider many on the Right expect our debt to be lower ten years from now, any new higher debt number will probably hurt their chances.

10/24/17 - Once the Trump Party eliminates all the bad Republicans, do the supporters of these bad Republicans then get behind the Trump Party?  I have my doubts.  I'm thinking this could turn out bad for the Trump Party down the road.  Not everyone likes seeing their representative bad mouthed.


10/24/17 - Everywhere you turn people are longing for the days under Barack Obama and/or George Bush.  These nine months have been challenging to say the least.  Americans are worried their grown children may soon end up in a Korea conflict.  They realize now the debt their children will inherit will only be larger as President Trump shows little concern for this important issue.  They are sad to see white supremacists "emboldened in today's America", as President Bush put it, and once again returning to the landscape.  Immigration reform and healthcare fixes still seem a distant reach.  Mistreatment of women is center stage but the conversation is stifled as our President is one of those being accused.  Even Republicans have reached a point of exhaustion.  Governor Dean once said we are basically without a President but we'll get through this.  I agreed with him then but, admittedly, my confidence in such is waning.


10/24/17 - Stock market - The bull market is 103 months long and 11 belong to Trump.

ISIS - The Right wanted to carpet bomb, send many more troops, and institute no fly zones in the war against ISIS.  Trump mostly stuck with the Obama plan and ISIS is being defeated.


10/24/17 - Labor participation rate in May of this year was lower than July of last year.

10/24/17 - Another quality Republican willing to give up a congressional seat in order to distance himself from this President and to free himself to voice displeasure over the direction the WH is taking this Country.  My hat's off to those who are putting our Country first and challenging the missteps and inaccuracies put forth by this Administration.  Maybe we will get through this after all.

http://www.cnn.com/2017/10/24/politics/jeff-flake-retirement-arizona/index.html


10/24/17 - For years, Republicans and Trump supporters misleadingly blamed the Obama Administration for releasing illegal immigrants caught at the border.  Unfortunately, Americans weren't told laws had to be followed and a President wasn't free to indiscriminately toss those he/she feels deserving.  Now the Trump Administration continues the catch and release program because they are subject to the same laws.  No doubt they're not happy about their hands being tied because of a law but, last I looked, there has been no movement put forward by this Republican run Government to change the law.  Was this charge against Obama deliberate campaign rhetoric in order to enrage the voters or was the immigration issue just too complicated?  Who knows.

http://www.washingtonexaminer.com/jeff-sessions-admits-catch-and-release-is-still-happening-at-the-border-its-still-unacceptable/article/2637896


10/24/17 - I watched a speech by Mr. Bannon and it's clear he hates some Republicans, Flake and McConnell to name two, as much as he hates Democrats.  I'm curious as to why Trump followers carry so much anger towards Republican Senators like these.

Is it DACA?  No, as it appears Trump is pushing for letting these kids stay.  Is it our debt?  No, we're about to embark on budgets which will only grow our debt more over the next ten years and trumpies appear to be on board.  Where they once cried for a Government shutdown rather than vote for a budget, now they support signing one carrying a significant deficit.  Is it tax cuts?  No, as Senator McConnell is in their corner when it comes to tax cuts.  Is it immigration reform?  Nope, as once again Senator McConnell supports deportation efforts.  Is it young men and women dying in far off lands fighting wars Trumpies are against?  No, as it appears President Trump is not a bit cautious about engaging both North Korea and Iran as war seems almost inevitable in the eyes of some.  He's certainly far more hawkish than anyone expected.  Is it Obamacare?  No, McConnell voted to repeal.  Is it SCOTUS?  No, McConnell did excellent work here in the eyes of most Trump followers.  Is it compromise?  No, not with McConnell.  He stopped Obama at almost every turn possible.  Obviously there's something pushing this anger but I can't figure out what it is.


10/24/17 - It's safe to say in 2020 the next outraged group of voters will be the Rand Paul supporters.  They'll be on a vigorous campaign to remove all Trump Party politicians because they went on to allow the debt to climb significantly, got us into another conflict or two, and failed to slow the growth of Medicare and Social Security.  Followers of Paul will be angry, claim they've been lied to, and the division on the Right will widen.

10/25/17 - The "Paul for President" signs used to be everywhere. Rallies were taking place across the Country.  Did these folks all die?  No longer important?  See I thought people were disgusted at Sen McConnell and President Bush because of debt and getting us into conflicts across the globe.  Now it appears we're ready for more conflicts and debt is no longer so important.  It's for that reason I no longer understand the animosity against Bush and McConnell.  Something must have changed.  The too much spending and too much war theme championed by the Ron/Rand Paul followers has been replaced by, by, by something.


Btw, as it relates to Bill Clinton, one Conservative once asked if innocent until proven guilty still mattered.  I think for many right leaning individuals, it does if the person accused is also on the Right.  Similarly, many on the Right will believe accusations of assault against Bill Clinton but not accusations against Trump.  Many on the Right would be OK if a Right leaning person mocked a woman's looks or made fun of a handicapped person but would criticize a left person who did similar.  Many on the Right call out what they believe as lies by the Left but mostly ignore lies made by the Right.  This is where we are today.  Red team, blue team.

10/25/17 - Trump campaign analytics company contacted WikiLeaks about Clinton emails
http://www.cnn.com/2017/10/25/politics/cambridge-analytica-julian-assange-wikileaks-clinton-emails/index.html



10/25/17 - Assange says he rejected company's request.

10/25/17 - I've concluded most Republican politicians are the same when it comes to debt and conflicts.  It's why I say trumpies being mad at McConnell makes little sense.  Leaders like Trump, McConnell, Ryan, Bush, and Pence all show little concern for raising the revenue necessary to pay for the excellent health, safety, and security provided to all of us in this great Country, while at the same time sitting on their hands as bluster from the WH edges us towards another conflict. 

It costs a great deal of money to protect our neighborhoods, protect our nation, care for our needy, and provide safe infrastructure for transportation, but Republicans seem he\\ bent on refusing to collect what it takes to do the job properly.  While they certainly must feel pain passing these never-ending deficits to the generations of tomorrow, it's probably easier than being called RINO's today.  At least a new debt that buys a new bridge or airport is something the future generations will use.  But tax cuts?  If tax cuts don't generate more revenue than would have been generated without them this time around, which I don't think they will, this may be the last time Americans stand for such action.

10/26/17 - It's interesting to hear those on the Right, those who state former President Clinton raped and assaulted women, ask Democrats to refrain from saying the Trump campaign colluded with the Russians until the investigation concludes and indictments are delivered.  Red team, blue team.

10/26/17 - One thing Americans can know for certain, and one of the positive aspects of this unusual time where Republicans control everything, including the DOJ and investigations into criminal activity, is that if any Democrat has done something illegal, now, in the past, or in the future, they will be indicted by this Republican Administration.  No doubt about it.  If there are no indictments, it should be clear to everyone the never-ending accusations against individuals on the Left were nothing other than partisan hot air from the Right.  No excuses this time around for those who run around calling other people criminals.  If Democrats have committed crimes, they will and should be taken down by this Administration's DOJ.  Time will tell whether Republican false accusations ruled the day or not.

10/26/17 - The red team was caught off guard winning complete control of Government.  The public said here you go, expose the corruption, indict, and convict.  No excuses.  Unfortunately for the Right, there was no developed evidence behind their false accusations.  They weren't expecting this opportunity to prove their case.  They never figured they'd have to back up their claims.  It was all done to shout down the opposition and win an election.  Now they have to put up or shut up.  Prove to the American people Hillary is a criminal by convicting her.  Indict Lois Lerner.  How about AG Holder?  Were all these shallow accusations just talk?  America is watching. 

10/27/17 - The GOP is not restrained from indicting Hillary Clinton, Lois Lerner, Barack Obama, and/or Eric Holder.  They run the whole show now and can put those they think broke the law on trial and behind bars.  I doubt they even make an effort.  If any of these people are indicted and later found not guilty, the Right forever loses the ability to call the individual a crook.  Their power lies in calling the opposition crooked and knowing their followers will eat it up.  Jailing these individuals is not their ultimate goal, mostly because they understand it's impossible, and keeping the minds of their followers filled with the belief Democrats are crooks continues to be the tool of choice.

Regarding Obamacare, we could say much the same.  The GOP controls everything and could repeal Obamacare today.  Why don't they?  Because they understand millions of Americans would be severely hurt and they would be blamed.  Instead, they choose to damage Obamacare and hope they can mislead the American people into believing the previous Administration is to blame for any troubles.  Again, the GOP has all the power to do what they believe should be done.  Instead they choose a partisan rhetoric blame game rather than taking legislative action.

10/27/17 - A Democrat filibuster cannot stop an Administration, one completely controlled by the GOP, from prosecuting Democrats who commit, or have committed, crimes.  No "there there" is the reason prosecutions aren't taking place.  To continue accusing their opposition as being criminal is just a cheap GOP tradition.

As for Obamacare, leave it alone and then maybe one can blame the Democrats for any negative consequences.  Interfere and damage the components of the law, as the GOP has done to date, and they own the problems, and price increases, that result.  They failed to promote the sign-up period, are refusing to commit to cost-sharing reduction payments, and have waived penalty for not purchasing insurance.  They're attacking the law, causing significant premium increases, and then trying to pass the blame.  Insurance companies are forced to raise prices while the Right determines how much damage it will ultimately inflict on this healthcare law.  I think the American people see this quite clearly.


10/28/17 - By the book.  Investigate if suspicious of wrongdoing, find evidence if it exists, indict with a grand jury, and then charge the individual.  These are the proper steps to take.  To call political opponents, or any of their supporters, crooks and/or criminals, without taking these necessary steps beforehand, disrespects an important American value of presumption of innocence.  It disrespects the American process.  It's largely a cheap political shot.



10/30/17 - A Trump campaign adviser pleads guilty to lying about contacts with the Russians and two more members inside the Trump circle are charged with crimes.  The Right will now circle to defend all three individuals and counter the bad news by calling some Democrats criminals, despite the fact there have been no charges indicating such.  Spin and deflection.  Hopefully Trumpies can see the swamp still carries more than its fair share of bad characters.


The alternative to unsubstantiated charges against Democrats is to repeat the other GOP mantra that the Clinton's are "above the law".  If the Clinton's have done something illegal, the GOP runs the show now.  Appoint a special counsel.  File charges.  Do whatever they think is necessary but stop calling folks criminals who haven't been convicted.  I know when some on the Left go that far, Conservatives step forward and ask "whatever happened to a presumption of innocence".  Such a double standard on the Right.

Edited to add:  Why won't DOJ file charges if Clinton's broke the law?

10/30/17 - Some on the Right use the offensive term "faggot" while many others on the Right either look the other way or join in.  Then down the road the Right asks why the Left plays the gay card as if the Right has something against gay people.  Do the math.

10/30/17 - Right wing sources are saying Gowdy slammed Mueller.  Not the case as the Congressman is not certain who leaked.  It could have been Mueller's people, member of grand jury, court personnel, or member of those being notified they were indicted.

Make no mistake, disclosing grand jury material is a violation of the law. Somebody violated their oath of secrecy,” Gowdy, a South Carolina lawmaker and former federal prosecutor, also told Fox News on Sunday.


10/30/17 - The Right's criticizm of Obamacare will continue, Trump's inaccurate statement that Obamacare is dead drags on, and, meanwhile, millions will start signing up for Obamacare this week.

10/31/17 - When a foreign adversary calls with negative information on your political opponent, call the FBI.  Don't say, "Yeah, let's get together." 

10/31/17 - The Right has too large a component of individuals willing to denounce Jewish citizens, willing to speak homophobic slurs at the gay community, willing to mock the looks of a woman, willing to work with foreign adversaries if necessary to win elections in our Country, willing to put our free press down openly in front of the world, willing to call political opponents criminals if it can help them win an election, and willing to insult and disrespect anyone necessary at any turn.  I'm not certain how long it might take but their approach is a definite loser at some point in time.

While it's easy to find examples of wrongdoing on all sides, I think we're reaching new levels of discord which are turning off young people and will ultimately lead to bad election results for the Right.

10/31/17 - Speaking of wrongdoing, it's recently been said by several on the Right that one might want to think twice before wagging that finger at someone's wife, or speaking such insulting words, as they say, "right to my face".  It doesn't take a rocket scientist to understand this is a statement pointing out violence will meet words if they are deemed insulting.  Not a surprise, happens every day, but when the Right feigns surprise and cries foul when the denigration of Jews, gays, or black individuals by despicable protesters somehow leads to violence, it's hard to find credible.


10/31/17 - Many take this analogy far too deep.  Forget about antifa or KKK or whatever.  Stick to human nature.  Wag a finger at a man's wife, or say insulting words to a man's face, and "expect violence" is the answer you hear from many on the Right.  Call a black person the "n" word, a gay person the "f" word, or call for the ouster of Jews, and you see similar calls to violence from some on the Left.  Why does the Right so easily dismiss violent reactions from the Right but continuously call out similar reactions from the Left?  It's odd, to say the least, and hypocritical to boot.

The question remains.  Why does the Right find violence against another using a face to face insult as being acceptable but find violence against someone calling gay people the "f" word a complete shock?  The distinction is lost on me.


10/31/17 - Russians and other adversaries are winning.  They've pushed us to the point where even a terrorist attack on our own citizens turns Americans against each other.  Sad.

It's safe to assume our enemies, including the Russians, are developing numerous internet sites each and every day inspiring and encouraging individuals to commit terrorist attacks against the West.  It's time we recognize such.

The tools used to convince individuals the West is evil, President Obama is a foreigner, and the Clinton's murdered people, are identical.  Propaganda has been around as long as time and now it is delivered to your hand held device each and every day whether you want it or not.  It will take a strong society, a strong intelligence community, and a free and independent press to sustain a defense against these new attacks.

10/31/17 - Stopping individuals from entering the US will do nothing to stop ideology and propaganda from entering. Right now more damage is being done pitting Americans versus Americans using the internet. Do we ban that next?

Seeing how terrorist attacks in this Country now divide Americans, as the blame game goes full throttle, it's likely they'll become more common. Outside adversaries will see the potential in inspiring, manipulating, and likely rewarding individuals they can reach via internet. This threat is real and needs a united defense. I hope we can get there.

If we unite after these attacks, we'll prevail. If we divide and pass blame amongst us, the harm will be significant.

11/1/17 - See Internet War thread.


11/2/17 - From 2009-2017, federal revenue went from $2.100T to $3.315T, $2.16, $2.30, $2.45, $2.775, $3.021, $3.25, and $3.268 in-between.  This was an average revenue increase of 6.6% annually.  We'll see if tax cuts grow revenue at a greater rate than 6.6%.  If they grow at 5% annually going forward, there will be those who say, "See, tax cuts increase revenue".  I would see it as lost revenue.

In the past, GOP tax cuts have been much like a pyramid scheme.  Americans today end up with more money and Americans who come in later, not so much.  Those late to the game generally see greater Government debt, along with greater interest obligations, wiping out any tax savings.  Several years ago we gave ourselves tax cuts and today our kids owe $20T.  Now are kids will receive their own current day tax cut and their kids will soon see a debt of $30+ Trillion.  I only hope somewhere along the way we find a way to pay for the modernization this Country so dearly needs.


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pabar61

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Reply with quote  #48 
Tax reform is needed now.
pabar61

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Reply with quote  #49 
pabar61

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Reply with quote  #50 
Bring back cash from overseas through tax reform.
pabar61

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Reply with quote  #51 

Here are the major parts of the tax-reform framework released on Wednesday by the White House and Republican leaders of the congressional tax-writing committees. The full document is available here

TAX RELIEF AND SIMPLIFICATION FOR AMERICAN FAMILIES

Over the last decade too many hard-working Americans have struggled to find good-paying jobs, make ends meet, provide for their families and plan for their retirement. They are the focus of this framework. Strengthening and growing the middle class, and keeping more money in their pockets, is how we build a stronger America. By lowering the tax burden on the middle class, and creating a healthier economy, we can give American families greater confidence and help them get ahead. At the same time, taxpayers deserve a system that is simpler and fairer. America’s tax code should be working for, not against, middle class families. 

“ZERO TAX BRACKET”

Under the framework, typical middle-class families will see less of their income subject to federal income tax. 

 

 

The framework simplifies the tax code and provides tax relief by roughly doubling the standard deduction to:

 

$24,000 for married taxpayers filing jointly, and

$12,000 for single filers.

To simplify the tax rules, the additional standard deduction and personal exemptions for the taxpayer and spouse are consolidated into this larger standard deduction. This change is fundamental to a simpler, fairer system.

In combination, these changes simplify tax filing and effectively create a larger “zero tax bracket” by eliminating taxes on the first $24,000 of income earned by a married couple and $12,000 earned by a single individual.

INDIVIDUAL TAX RATE STRUCTURE

Under current law, taxable income is subject to seven tax brackets. The framework aims to consolidate the current seven tax brackets into three brackets of 12%, 25% and 35%.

Typical families in the existing 10% bracket are expected to be better off under the framework due to the larger standard deduction, larger child tax credit and additional tax relief that will be included during the committee process.

An additional top rate may apply to the highest-income taxpayers to ensure that the reformed tax code is at least as progressive as the existing tax code and does not shift the tax burden from high-income to lower- and middle-income taxpayers.

The framework also envisions the use of a more accurate measure of inflation for purposes of indexing the tax brackets and other tax parameters. 

ENHANCED CHILD TAX CREDIT AND MIDDLE CLASS TAX RELIEF

To further simplify tax filing and provide tax relief for middle-income families, the framework repeals the personal exemptions for dependents and significantly increases the Child Tax Credit. The first $1,000 of the credit will be refundable as under current law.

In addition, the framework will increase the income levels at which the Child Tax Credit begins to phase out. The modified income limits will make the credit available to more middle-income families and eliminate the marriage penalty in the existing credit.

The framework also provides a non-refundable credit of $500 for non-child dependents to help defray the cost of caring for other dependents.

Finally, the committees will work on additional measures to meaningfully reduce the tax burden on the middle-class.

INDIVIDUAL ALTERNATIVE MINIMUM TAX (AMT)

The nonpartisan Joint Committee on Taxation (JCT) and the Internal Revenue Service (IRS) Taxpayer Advocate have both recommended repealing the AMT because it no longer serves its intended purpose and creates significant complexity. This framework substantially simplifies the tax code by repealing the existing individual AMT, which requires taxpayers to do their taxes twice.

ITEMIZED DEDUCTIONS

In order to simplify the tax code, the framework eliminates most itemized deductions, but retains tax incentives for home mortgage interest and charitable contributions. These tax benefits help accomplish important goals that strengthen civil society, as opposed to dependence on government: homeownership and charitable giving.

WORK, EDUCATION AND RETIREMENT

The framework retains tax benefits that encourage work, higher education and retirement security. The committees are encouraged to simplify these benefits to improve their efficiency and effectiveness. Tax reform will aim to maintain or raise retirement plan participation of workers and the resources available for retirement. 

OTHER PROVISIONS AFFECTING INDIVIDUALS

Numerous other exemptions, deductions and credits for individuals riddle the tax code. The framework envisions the repeal of many of these provisions to make the system simpler and fairer for all families and individuals, and allow for lower tax rates.

DEATH AND GENERATION-SKIPPING TRANSFER TAXES

The framework repeals the death tax and the generation-skipping transfer tax. 

COMPETITIVENESS AND GROWTH FOR ALL JOB CREATORS

Small businesses drive our economy and our communities, and they deserve a significant tax cut. This framework creates a new tax structure for small businesses so they can better compete. Furthermore, America’s outdated tax code has fallen behind the rest of the world – costing U.S. workers both jobs and higher wages. In response, the framework puts America’s corporate tax rate below the average of other industrialized countries and promotes greater investment in American manufacturing.

TAX RATE STRUCTURE FOR SMALL BUSINESSES

The framework limits the maximum tax rate applied to the business income of small and family owned businesses conducted as sole proprietorships, partnerships and S corporations to 25%. The framework contemplates that the committees will adopt measures to prevent the recharacterization of personal income into business income to prevent wealthy individuals from avoiding the top personal tax rate.

TAX RATE STRUCTURE FOR CORPORATIONS

The framework reduces the corporate tax rate to 20% – which is below the 22.5% average of the industrialized world. In addition, it aims to eliminate the corporate AMT, as recommended by the non-partisan JCT. The committees also may consider methods to reduce the double taxation of corporate earnings.

“EXPENSING” OF CAPITAL INVESTMENTS

The framework allows businesses to immediately write off (or “expense”) the cost of new investments in depreciable assets other than structures made after September 27, 2017, for at least five years. This policy represents an unprecedented level of expensing with respect to the duration and scope of eligible assets. The committees may continue to work to enhance unprecedented expensing for business investments, especially to provide relief for small businesses.

INTEREST EXPENSE

The deduction for net interest expense incurred by C corporations will be partially limited. The committees will consider the appropriate treatment of interest paid by non-corporate taxpayers.

OTHER BUSINESS DEDUCTIONS AND CREDITS

Because of the framework’s substantial rate reduction for all businesses, the current-law domestic production (“section 199”) deduction will no longer be necessary. Domestic manufacturers will see the lowest marginal rates in almost 80 years. In addition, numerous other special exclusions and deductions will be repealed or restricted.

The framework explicitly preserves business credits in two areas where tax incentives have proven to be effective in promoting policy goals important in the American economy: research and development (R&D) and low-income housing. While the framework envisions repeal of other business credits, the committees may decide to retain some other business credits to the extent budgetary limitations allow.

TAX RULES AFFECTING SPECIFIC INDUSTRIES

Special tax regimes exist to govern the tax treatment of certain industries and sectors. The framework will modernize these rules to ensure that the tax code better reflects economic reality and that such rules provide little opportunity for tax avoidance. 

THE AMERICAN MODEL FOR GLOBAL COMPETITIVENESS

The framework puts America on a level international playing field and puts an end to the incentives for shipping jobs overseas.

TERRITORIAL TAXATION OF GLOBAL AMERICAN COMPANIES

The framework transforms our existing “offshoring” model to an American model. It ends the perverse incentive to keep foreign profits offshore by exempting them when they are repatriatedto the United States. It will replace the existing, outdated worldwide tax system with a 100% exemption for dividends from foreign subsidiaries (in which the U.S. parent owns at least a 10% stake).

To transition to this new system, the framework treats foreign earnings that have accumulated overseas under the old system as repatriated. Accumulated foreign earnings held in illiquid assets will be subject to a lower tax rate than foreign earnings held in cash or cash equivalents. Payment of the tax liability will be spread out over several years.

STOPPING CORPORATIONS FROM SHIPPING JOBS AND CAPITAL OVERSEAS

To prevent companies from shifting profits to tax havens, the framework includes rules to protect the U.S. tax base by taxing at a reduced rate and on a global basis the foreign profits of U.S. multinational corporations. The committees will incorporate rules to level the playing field between U.S.-headquartered parent companies and foreign-headquartered parent companies.

EarlyGrayce

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Reply with quote  #52 
Quote:
Originally Posted by pabar61
Tax reform is needed now.


Roger that. Thank goodness we got trump in there instead of clinton. Her and the 'foundation' don't want tax reform. They don't give a F about middle Americans.

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pabar61

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I hear the real-life stories everywhere I go, including my recent visit to a family-owned and operated pipe manufacturer in Pennsylvania. So many people are worried about saving for their kids' college, or saving for retirement, or buying a house. Bottom line: It's time to give the middle class a break.  READ MORE

The Plan for Tax Reform

October 23, 2017[image]

It has been more than 30 years since we last overhauled our tax code, and in that time, it has swelled to seven tax brackets and more than 70,000 pages.  Washington has piled up all these carveouts and loopholes—making things far too complicated and far too expensive for you and your family. This needs to end, and we have a plan to do it. First, we are going to throw out these loopholes.  READ MORE

“This is a middle class tax cut”: Speaker Ryan on ‘CBS This Morning’

October 20, 2017[image]

Earlier today, Speaker Ryan appeared on CBS This Morning, to discuss how tax reform well help bring relief to middle class families. READ MORE

Statement on Senate Budget Passage

October 19, 2017

"This action keeps us on track to enacting historic tax reform that will mean more jobs, fairer taxes, and bigger paychecks for American families." READ MORE

A Level Playing Field

October 19, 2017[image]

We need to get tax rates down so American businesses can compete with the rest of the world.  Here's what I mean. The average tax rate on businesses around the world is 22.5 percent. But here in America, job creators pay between 35-45 percent. That's crazy, and it makes it really hard for small businesses to grow and hire new workers. READ MORE

Another U.S. Business Leaves Thanks to Our Tax Code

October 18, 2017

Bermuda. Great beaches. Great weather. And, as it turns out, a great place to move your business to avoid the U.S. corporate tax code. READ MORE

Ryan in Wisconsin: “This is about giving a break to middle class families”

October 17, 2017[image]

Speaker Ryan continues to make the case for tax reform, most recently yesterday in Wisconsin. READ MORE

Another Study Confirms Massive Wage Growth from Corporate Tax Reform

October 17, 2017[image]

"The new Republican tax plan raises GDP by 3 and 5 percent and real wages by between 4 and 7 percent. This translates into roughly $3,500 annually, on average, per working American household."

pabar61

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Reply with quote  #54 

Does the U.S. have the highest corporate tax rate in the free world?

 

[Bolling_and_Beckel]
Bob Beckel (left) and Eric Bolling, two panelists on Fox News' "The Five," sparred over taxes recently.

Pundits don’t just disagree about what tax rates should be; they also disagree about how high they actually are.

On Fox News’s The Five, hosts Bob Beckel and Eric Bolling came down on either side while discussing how the economy has fared under President Barack Obama.

America has "the most number of deductions available to corporations," Beckel said. "They pay lower taxes than a lot of European countries do, and under Obama, I have not seen corporate taxes go up all that much."

"Just to fact-check you a little bit," responded Bolling, "we have the highest corporate tax rate in the free world."

Beckel repeated his point, then Bolling pointed towards Pfizer and Burger King going overseas for what he called "tax inversion."

"They’re going there specifically to capture a lower corporate income tax," said Bolling.

We separately checked Beckel’s claim about deductions, but in this check, we’ll see whether Bolling is correct that the United States’ corporate tax rate ranks as the highest in "the free world."

The rate in theory

We decided to focus on the countries that belong to the Organization for Economic Co-operation and Development, a group that includes most advanced, industrialized nations. That fits our bill for a proxy for "the free world."

Out of the 34 countries in the OECD, America ranks first with a 39.1 percent corporate tax rate, compared to an OECD average of 24.1 percent. The OECD figure is what’s called the statutory rate, meaning the base rate applied to corporate profits.

According to the Tax Foundation, two non-OECD countries -- the United Arab Emirates (55 percent) and Chad (40 percent) -- have a greater statutory rate than the United States. But the UAE is governed by a monarchy and Chad is a developing country, so we don’t think they would fit into the "free world" category Bolling used.

The rate in practice

PolitiFact, our sister site, has looked at several variations on Bolling’s claim and ruled them Mostly True almost every time. The reason for the "mostly" qualifier is that companies aren’t actually taxed at the statutory rate.

Tax deductions -- on health insurance, pensions, and investment returns, for example -- allow corporations to reduce the pool of taxable profits. So economists often look at what they call the effective tax rate, which experts have told us is just as valid a measurement of corporate tax rates as the statutory rate.

But whereas the statutory rate is relatively straightforward and uncontroversial, different, reputable organizations have published very different estimates of the effective tax rate that corporations pay.

The most recent estimate comes from the World Bank and International Finance Commission, which put the United States’ effective rate for 2014 at 27.9 percent. That’s second-highest behind New Zealand among OECD countries and 15th-highest among the 189 countries measured.

In 2011, the Tax Foundation published a survey of 13 prior estimates of the United States’ effective tax rate from 2005 to 2011. All 13 studies pegged the U.S.’s rate as above average, but none had the U.S. rate first overall.

Another 2011 study by the Congressional Research Service put the U.S. effective rate at 27.1 percent, slightly lower than the OECD average of 27.7 percent.

Taxes are convoluted

Different studies disagree on effective corporate tax rates because corporate tax rates tend to vary widely depending on the industry, said Alan Viola, resident scholar at the American Enterprise Institute.

"The biggest deduction that varies across countries is how generous the depreciation schedule is," said Alan Viard, resident scholar at the American Enterprise Institute. "When a business does an investment, equipment, a building, they don’t normally get to deduct the whole cost that year. They have to do it over time."

Faster is better, said Viard, but depreciation rates vary depending on what types of equipment a company is buying.

Many studies also don’t account for what the United States classifies as S-corporations, meaning businesses that pay tax through the individual income-tax system rather than the corporate income-tax system, Viard said. This represents about 30 percent of American companies, he said.

So while effective tax rates are a good estimate of the corporate tax burden in the United States, particular businesses’ burden may vary.

Our ruling

Bolling said the United States has "the highest corporate tax rate in the free world." He was referring to the statutory rate, meaning the rate before deductions. On that score, he’s right: The United States does have the highest statutory rate among developed countries. However, the United States’ corporate tax rate doesn’t appear to be the highest once deductions and other exclusions are taken into account. So Bolling is correct by one valid definition. Because his statement is accurate but needs clarification or additional information, we rate his claim Mostly True.

spazsdad

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Reply with quote  #55 
Bringing back corporate profits from overseas would jump start the economy unlike the failed "stimulus" plans that were nothing but union and donor paybacks, atificially supporting growth of public sector jobs on the backs of taxpayers
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Will_I_Wynn

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Reply with quote  #56 
I've concluded most Republican politicians are the same when it comes to debt and conflicts.  It's why I say trumpies being mad at McConnell makes little sense.  Leaders like Trump, McConnell, Ryan, Bush, and Pence all show little concern for raising the revenue necessary to pay for the excellent health, safety, and security provided to all of us in this great Country, while at the same time sitting on their hands as bluster from the WH edges us towards another conflict. 

It costs a great deal of money to protect our neighborhoods, protect our nation, care for our needy, and provide safe infrastructure for transportation, but Republicans seem he\\ bent on refusing to collect what it takes to do the job properly.  While they certainly must feel pain passing these never-ending deficits to the generations of tomorrow, it's probably easier than being called RINO's today.  At least a new debt that buys a new bridge or airport is something the future generations will use.  But tax cuts?  If tax cuts don't generate more revenue than would have been generated without them this time around, which I don't think they will, this may be the last time Americans stand for such action.

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