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The U.S. isn't digging deep. What are you talking about?
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I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891 -
Of course, economically speaking. But that economy exists for a reason, and that reason is to have an education system, and healthcare. Otherwise, the impact is similar. Less cash to go around, smaller government debt.Originally posted by DanS
che:
Az: The best thing the U.S. government could do right now is cut spending, not raise taxes.Comment
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$500 billion defict isn't gonna come from the military. If you're gonna cut spending to match the taxes you cut, you're gonna cut a lot of pograms that help of lot of people.Christianity: The belief that a cosmic Jewish Zombie who was his own father can make you live forever if you symbolically eat his flesh and telepathically tell him you accept him as your master, so he can remove an evil force from your soul that is present in humanity because a rib-woman was convinced by a talking snake to eat from a magical tree...Comment
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Yep. We really don't spend much on the military, even when we've got an occupation and a proxy war going on. It would need to come from somewhere else. Or a lot of somewhere elses, if you were to do an across-the-board spending freeze, for instance.I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891Comment
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A freeze isn't a cut. You said a cut. At any rate, hurting people is evil, cuts will hurt many, many people, thus, those who advocate those cuts are evil.
Christianity: The belief that a cosmic Jewish Zombie who was his own father can make you live forever if you symbolically eat his flesh and telepathically tell him you accept him as your master, so he can remove an evil force from your soul that is present in humanity because a rib-woman was convinced by a talking snake to eat from a magical tree...Comment
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I am not sure Dan if this was @ me or not..but here is what i stated:Originally posted by DanS
The U.S. isn't digging deep. What are you talking about?
"We better keep digging deep to pay for some Pride"
In other words..KEEP doing what we have been..just deeper and deeper...
Peace
Grandpa TrollAttached FilesHi, I'm RAH and I'm a Benaholic.-rahComment
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A little bit, but not enough to ever come close to paying the deficit. Either we raise taxes (which is what we will have to do eventually) or we cut spending (which has never been cut enough to get rid of the deficit).Originally posted by Azazel
Seriously, shouldn't the growth increase the amount of tax collected?
The Repugs aren't going to do either, since they are even more addicted to pork the Dems are. The average Repug Congressional district gets $612 million more in Fed spending than the average Dem distrcit. Plus, they're trying to "starve the beast," i.e., drive the Feds into "bankruptcy" so they can kill Social Security.Christianity: The belief that a cosmic Jewish Zombie who was his own father can make you live forever if you symbolically eat his flesh and telepathically tell him you accept him as your master, so he can remove an evil force from your soul that is present in humanity because a rib-woman was convinced by a talking snake to eat from a magical tree...Comment
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Leaving aside corporate taxes that are modest in any event, the U.S. has a graduated income tax system. As people's incomes rise, they start to pay a higher percentage to Uncle Sam. So yes, the amount of tax collected should increase. But that's a longer-term impact, not short-term enough to affect inflation.Seriously, shouldn't the growth increase the amount of tax collected?
Yes, you are correct, sir. However, I was conceding the leftist mantra that spending must increase as fast as the rate of inflation, otherwise it is effectively a cut.A freeze isn't a cut. You said a cut.
In any event, as long as spending increases somewhere in-between the rate of inflation and the rate of nominal economic growth (about 6.6% this year), we are heading the right direction. I would just rather it be on the lower end of that range, so the economy would be less stimulated and the Fed wouldn't have to raise rates as fast.
But in order to do this effectively right now, you would have to have the congress start rescinding spending already authorized. The chances of them doing that are null. On the other hand, the congress will probably pass a continuing resolution for most of the spending bills and they'll take care of spending after the election. This will naturally put the breaks on spending increases for a couple of months.Last edited by DanS; May 11, 2004, 15:52.I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891Comment
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I don't know, but around here, we have had 3.5% annualized growth in the last couple of quarters, and state tax revenues went up by a couple of billions monthly ( and for us, it's a lot of money.
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I don't know anything about your tax system, but I'll take your word for it.I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891Comment
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Che, that's a common misconception. When the economy grows, taxes grow without raising the tax rate. As stated above, the deficit will go down this/next year if we spend less than about 6.6% more ($200 billion) than we did last/this year.Either we raise taxes (which is what we will have to do eventually) or we cut spending (which has never been cut enough to get rid of the deficit).I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891Comment
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How many centuries are you planning to hold budget growth study while waiting for economic growth to bring taxes up to a balanced budget. The Laugher Curve is BS.Christianity: The belief that a cosmic Jewish Zombie who was his own father can make you live forever if you symbolically eat his flesh and telepathically tell him you accept him as your master, so he can remove an evil force from your soul that is present in humanity because a rib-woman was convinced by a talking snake to eat from a magical tree...Comment
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Get out your calculator. It doesn't take long (3 or 4 years).
This has nothing to do with the Laugher's curve.Last edited by DanS; May 11, 2004, 16:11.I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891Comment
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I can't imagine it being radically different from yours ( Except the state/federal tax divide, which is beyond me)
36% corporate tax.
IIRC 45% upper bracket income tax.
IIRC, 20% personal capital earnings tax.
17% VAT.
that's about it.Comment
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