Opinion: Obama's Tax Bill Comes Due

Jan 1, 2013 Full story: Wall Street Journal 174

The headlines say the Senate has passed a bill to avoid the tax cliff, hallelujah.

Full Story

“Forever Is Promised To No One”

Since: Nov 12

Location hidden

#65 Jan 2, 2013
tha Professor wrote:
<quoted text>
Idiotic question.
I'll give you more time to figure it out and try to find an answer. Maybe call a friend or help line.
Pamela

Citrus Heights, CA

#66 Jan 2, 2013
If the interest payments are half a trillion a year then we are borrowing $1 trillion per year and using up half of it to pay interest on what we already borrowed. You can only do that for so long. It's like getting a MasterCard and using it to pay your Visa interest payments. Eventually you have to pay MasterCard interest too.

“Forever Is Promised To No One”

Since: Nov 12

Location hidden

#67 Jan 2, 2013
Pamela wrote:
<quoted text>Number one spending item is Medicare, number two is Social Security and number three is military spending. And, those three items use up 80 percent of the federal budget. Which of those three things do you want to make spending cuts to? this is the problem. The "tea party" is old people on SS and on government Medicare who were Dems who got mad that Obama took a lot of money out of their government Medicare, so they voted for the Repubs for the first time hoping that the Repubs would keep SS and Medicare only for them and end it on everyone else and they hoped to end welfare spending in order to fund their social programs, their government pensions and their government health care. The problem was that the Repubs want SS and Medicare ended even more than the Dems do and the big problem is SS and Medicare is where all the debt is. Those two programs have over $122 trillion in unfunded liabilities, and when the 80 million baby boomers go onto SS and Medicare, just SS and Medicare spending will use up 97 percent of the federal budget. Those are liberal programs, social programs, programs that the Democrats created, so for the fake tea party to ONLY be concerned with them getting those things from the government, that makes the tea party socialists and Dems and liberals, and they are the ones who will have to take the spending cuts, obviously. When you get down to facts, to the reality of where the money is being spent, then nobody wants any spending cuts.
It's easy to say "cut spending" until you find out 80 percent of spending is Medicare, SS and military. The tea party wants NO cuts to any of those three things so they are the problem.
Rather than people demand those huge payouts and claim to hate socialism and claim to want spending cuts, why don't people simply deal with the $122 trillion of unfunded liabilities in SS and Medicare and fund the two programs with a national sales tax? If people don't do that, both parties will have to phase out both of those programs in the next five years.
The real reason neither party can stop borrowing money is because neither party wants to be the one that ended SS and Medicare because it would cost them elections so they just keep borrowing money until it goes up to about $20 trillion and then we default. We are paying almost $500 billion per year just on interest on the debt, and the more money we borrow, the higher the interest payment goes. It's one of our biggest spending items now. So the idea that that we won't default and this debt will still exist for our kids to pay off is not realistic.
Until Obama, Social Security was funding itself.
Pamela

Citrus Heights, CA

#69 Jan 2, 2013
When Social Security started it only paid people $200 a month and medical care did not have any of the advanced things that they do today, so it didn't cost much. One problem is the government kept giving raises until some men get double payments, so they get $2,700 a month from SS and imagine that the government figured only one out of ten people would live to be 65 and get SS and they figured the one who lived to be 65 would die at 66 or so. Today every person lives beyond 65 and goes onto SS and Medicare and they all live into the 80s and even the 100s, and here it is still funded with a tiny 1.45 percent tax. And, add in the advanced care, the costs of open heart surgery, rehab from that, hip replacements, knee replacements, they replace organs now, the new expensive tests, and look at the costs of all of this new stuff, and who uses up most health care? Old people. So now you have a situation where the government is on the hook for paying to keep every single person alive until 100 almost for free to people. Women who never work get Medicare and SS because an ex-husband paid into it, and so they pay zero and can be on this stuff for 40 years. Multiply that by 80 million baby boomers and by 60 million World War II folks still on SS and Medicare today. What has ended up happening is the government is now obligated to give about 140 million older people expensive advanced health care for 20-40 years each per person so now Medicare is showing about $80 trillion of unpaid for promises. This is where you need a big VAT or national sales tax to pay for Medicare. And, this is where the tea party is socialist and wants big, expensive government health care practically for nothing and they are not even willing to discuss a national tax to fund Medicare, so it will be ended on them. Either that, or the politicians will come up with a VAT to fund Medicare. The people are the problem. They don't even discuss it - if you want preimum old age health care from the government for 20-40 years retired, then think about how to generate tax money to pay for it. The idea is hide from the debt, just hide from it and refuse to discuss it and don't agree to any further taxes to pay for it and somehow other spending will be cut and everyone will somehow be able to get Medicare. It's like shoving your head in the sand. Just hide and some other grown up people will somehow fix it. Well, this is supposed to be a democracy, people are supposed to be capable of seeing these problems and coming up with solutions. The REAL problem is everyone wants the stuff and no one wants new taxes to pay for it, so we borrow money until we can no longer borrow money. It's idiotic, but this is how people really are. About 99 percent of people are incapable of being honest and not every bright. Hardly makes the case for humans being important. They are using up all of the oil, all of the trees, all of the top soil, all the water, killing off thousands of other species in order for them to overpopulate yet they are not even capable of honesty. Think of the insanity of it.

Best thing that could happen would be for all of the Western countries to end all of their welfare programs and government pensions and old age entitlements, and let it be every man for himself, and then the human population would go down to something sustainable and only the few who have brains would survive. It makes a lot more sense than having 7 billion people on the planet when most of them can't even think nor be honest ever. Makes no sense to borrow all of this money to hand out to inferiors and to pay to keep them all alive. For what? It makes no sense.
CreditScore300

Bryn Mawr, PA

#70 Jan 2, 2013
If someone's personal credit score was like the national debt they would never be able to buy anything on credit again.

And do people with poor credit scores have to do. They have to build their credit up from scratch. For the country that means cut spending and pay for what ever you want with cash.

Perhaps it's time to make all these individual agencies/departments that spend the tax payers money be responsible for their own fund raising along with giving the tax payers more detailed item list other than the pie chart that comes with your tax return booklet.

This would help taper down the midnight madness ie pork, add ons, horse trading, hiding stuff etc. If the military wants money do NOT stuff a section on carbon credits or food stamps. Make those departments/agencies get their own bill for budgets. No more riders for other unassociated agencies and/or politicians.

“Stop the Brain Rot”

Since: Jan 12

Take a Looonng Vacation

#71 Jan 2, 2013
au contraire wrote:
<quoted text>Until Obama, Social Security was funding itself.
Psst...it's STILL funding itself, li'l boy:

http://www.cbsnews.com/8301-505146_162-574195...

This is the year 2013, not the year 2033. Check your calendar if you don't believe me...:)

“Forever Is Promised To No One”

Since: Nov 12

Location hidden

#72 Jan 2, 2013
tha Professor wrote:
<quoted text>
Psst...it's STILL funding itself, li'l boy:
http://www.cbsnews.com/8301-505146_162-574195...
This is the year 2013, not the year 2033. Check your calendar if you don't believe me...:)
Sorry, the propaganda network is not a source. Since Obama cut the input, we have gone in the hole every month.

“Forever Is Promised To No One”

Since: Nov 12

Location hidden

#73 Jan 2, 2013
McGruff wrote:
<quoted text>
in what way is he looking? How? He just increased the debt with this bill.
John W. Schoen , NBC News

Taxes are rising, but it could have been more painful.

This is the MSM's way to soften the blow that you were lied to again, when Obama said only the top two percents taxes would go up.

Everyone from 20,000 per year up gets a tax increase. SUPRISSSSSSSSSSSSSSSE!
McGruff

Elizabethtown, KY

#74 Jan 2, 2013
au contraire wrote:
<quoted text>John W. Schoen , NBC News

Taxes are rising, but it could have been more painful.

This is the MSM's way to soften the blow that you were lied to again, when Obama said only the top two percents taxes would go up.

Everyone from 20,000 per year up gets a tax increase. SUPRISSSSSSSSSSSSSSSE!
well those idiots voted for him. Then again most of his supporters don't pay taxes
nobama

Los Angeles, CA

#75 Jan 2, 2013
Fire the GOP wrote:
<quoted text>
That wasn't the question. Do you think Romney will win the 2012 election?
Also, do you think Obamacare will be ruled unconstitutional? Surely you are intelligent to answer a simple yes/no question.
Dont know how to tell you this, those questions have already been aswered.

Since: Nov 12

Location hidden

#76 Jan 2, 2013
tha Professor wrote:
<quoted text>
As with most on the right, you don't know what the country's problems even are, so how can we trust you to solve them?
Hint: we're still in the middle of recovering from a massive recession from 2008. Does that help?:)
We're in the situation we are in BECAUSE of lying government bureaucrats who misuse and misappropriate (steal) our money to pay off the special interest groups who get them elected.

How anyone with a brain can trust and support these thieves is a crime in and of itself.

Since: Nov 12

Location hidden

#77 Jan 2, 2013
tha Professor wrote:
<quoted text>
Soros is not eliciting pledges of fealty from Democrats
You're a liar.

Since: Nov 12

Location hidden

#78 Jan 2, 2013
tha Professor wrote:
<quoted text>
Two fairly serious objections
The increasing deficit is due to our thieving government's inability to curtail spending and has nothing to do with taxes being too "low".

Since: Nov 12

Location hidden

#79 Jan 2, 2013
reeldeel wrote:
<quoted text>
Is the entire republican party suffering from arrested development? "Democraps" is something I'd expect from a first grader on the playground.
And they want their opinion to be taken seriously? Grow up, even if only a little, before you come play with the adults.
Are you blind in one eye?

Have you not read any posts from the left?

Here's just a sampling - rethuglican, repubelican, repukelican...

And the liberals want your opinions to be taken seriously? Grow up, even if only a little, before YOU come play with the adults.
lolol

Albuquerque, NM

#80 Jan 2, 2013
time to ditch the income tax system and go to consumer based federal sales tax or VAT. With the 47% paying no taxes, it would be able to pay the moochers on the dole, get the VAT percentage back from the moochers as they buy their booze and cigarettes then funnel those dollars back to them. It's a lot better than just handing them income tax money being paid by the college kids working at mcdonalds to spend.
FocusOnCorporate Whores

Bryn Mawr, PA

#81 Jan 2, 2013
lolol wrote:
time to ditch the income tax system and go to consumer based federal sales tax or VAT. With the 47% paying no taxes, it would be able to pay the moochers on the dole, get the VAT percentage back from the moochers as they buy their booze and cigarettes then funnel those dollars back to them. It's a lot better than just handing them income tax money being paid by the college kids working at mcdonalds to spend.
Great Thought. Taxing high earners wasn't about paying down the debt. It was wealth/income redistribution, class warfare with a some class envy mixed in. The revenue from high earners would barely make a dent.

The national sales tax/value added tax is about the only way. I was thinking along the lines of a penny sales tax. Not one percent just one penny on every single transaction made in the US daily. ONE PENNY. That and plug up the corporate loop holes in the 15 THOUSAND page tax code. Individuals should not be paying more than corporations neting billions a year.

Since: Nov 12

Location hidden

#82 Jan 2, 2013
FocusOnCorporateWhores wrote:
<quoted text>
Taxing high earners wasn't about paying down the debt. It was wealth/income redistribution, class warfare with a some class envy mixed in.
You are exactly right. Obama and the progressives must keep their "low-information" base thinking free healthcare, jobs for everyone, and an Obamaphone are right around the corner.

Those of us who can see know the new, actual norms are 10% unemployment,$3.50 gas, and ever-increasing food stamp enrollment.
FocusOnCorporate Whores

Bryn Mawr, PA

#83 Jan 2, 2013
That 'low information' base also tends to confuse total net worth with yearly income. If a guy is WORTH 100 million dollars that does not mean they make 100 million a year.

Granted Obama inherited a big mess. But by the end of 4 years it's his mess to clean up. He didn't cause it but it's his mess to clean up.

But even the Republican politicians realize it won't be business as usual if they truely change things including actually controlling spending.
Democraps

Miami, FL

#84 Jan 3, 2013
reeldeel wrote:
<quoted text>
Is the entire republican party suffering from arrested development? "Democraps" is something I'd expect from a first grader on the playground.
And they want their opinion to be taken seriously? Grow up, even if only a little, before you come play with the adults.
I was the kid who used to beat you up on the playground. Now, grow up and add a post with something meaninmgful, if you can.
Democraps

Miami, FL

#85 Jan 3, 2013
Pamela wrote:
<quoted text>Number one spending item is Medicare, number two is Social Security and number three is military spending. And, those three items use up 80 percent of the federal budget. Which of those three things do you want to make spending cuts to? this is the problem. The "tea party" is old people on SS and on government Medicare who were Dems who got mad that Obama took a lot of money out of their government Medicare, so they voted for the Repubs for the first time hoping that the Repubs would keep SS and Medicare only for them and end it on everyone else and they hoped to end welfare spending in order to fund their social programs, their government pensions and their government health care. The problem was that the Repubs want SS and Medicare ended even more than the Dems do and the big problem is SS and Medicare is where all the debt is. Those two programs have over $122 trillion in unfunded liabilities, and when the 80 million baby boomers go onto SS and Medicare, just SS and Medicare spending will use up 97 percent of the federal budget. Those are liberal programs, social programs, programs that the Democrats created, so for the fake tea party to ONLY be concerned with them getting those things from the government, that makes the tea party socialists and Dems and liberals, and they are the ones who will have to take the spending cuts, obviously. When you get down to facts, to the reality of where the money is being spent, then nobody wants any spending cuts.
It's easy to say "cut spending" until you find out 80 percent of spending is Medicare, SS and military. The tea party wants NO cuts to any of those three things so they are the problem.
Rather than people demand those huge payouts and claim to hate socialism and claim to want spending cuts, why don't people simply deal with the $122 trillion of unfunded liabilities in SS and Medicare and fund the two programs with a national sales tax? If people don't do that, both parties will have to phase out both of those programs in the next five years.
The real reason neither party can stop borrowing money is because neither party wants to be the one that ended SS and Medicare because it would cost them elections so they just keep borrowing money until it goes up to about $20 trillion and then we default. We are paying almost $500 billion per year just on interest on the debt, and the more money we borrow, the higher the interest payment goes. It's one of our biggest spending items now. So the idea that that we won't default and this debt will still exist for our kids to pay off is not realistic.
I agree they won't touch the real causes of deficit spending. The most probable solution will be to inflate the way out of debt. That's why I have a gold ETF.

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