Wall Street bill appears to have vote...

Wall Street bill appears to have votes to pass

There are 44 comments on the 98.9 KKZX story from Jul 13, 2010, titled Wall Street bill appears to have votes to pass. In it, 98.9 KKZX reports that:

Senate Democrats on Tuesday appeared to nail down the votes needed to approve a historic overhaul of U.S. financial regulations and moved to set up a final vote on it by the end of the week.

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Conservaturds

Lihue, HI

#44 Jul 14, 2010
A Nnoyed wrote:
<quoted text>
I said spending did have to come down. At the earliest possible time after the tax cuts are made.
Finding a spending cut at the same time as passing something as righteous and important to the American people as a tax cut shouldn't be hindered by political squabbling over what gets removed from the rest of our bloated, inefficient and corrupt government.
The Bush tax cuts didn't cause a single penny of debt or deficit. Wasteful and unnecessary government spending did.
Kyl and McConnell then, do not share your concern for reducing spending after tax cuts are made.

Both the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA, Public Law 107-16) and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA, 108-94)-- the Bush tax cuts --were examined by the Congressional Budget Office. The CBO along with the Joint Committee on Taxation found that that both those acts would decrease the surplus or increase the deficit by amounts that totaled $1.6 trillion through 2010.

1.6 trillion > 1 penny!

“Liberal Teachers ruin Kids”

Since: Mar 09

Paradise Valley Arizona

#45 Jul 15, 2010
The un constitutional stimulus did NOTHING!!!
Mothra

Lusk, WY

#46 Jul 15, 2010
A Nnoyed wrote:
<quoted text>
I said spending did have to come down. At the earliest possible time after the tax cuts are made.
Finding a spending cut at the same time as passing something as righteous and important to the American people as a tax cut shouldn't be hindered by political squabbling over what gets removed from the rest of our bloated, inefficient and corrupt government.
The Bush tax cuts didn't cause a single penny of debt or deficit. Wasteful and unnecessary government spending did.
Are you familiar with Hauser's law?

Well, not a law per se, but a study that has shown that tax revenues have been about 19.5% of GDP regardless of marginal tax rates since WWII.

http://www.hoover.org/publications/hoover-dig...

So if the goal is to increase tax revenues, and it will be 19.5% of GDP, should not the practice be to increase GDP?

Contrarily, it can be argued that government spending should not exceed 19.5% of GDP otherwise an increased national debt will occur.

As such, should not government spending be pared back to 19.5% of GDP?

It would seem to me that for government to 'live within it's means', applying the Hauser Law would be the benchmark, and tax policies should be created to maximize GDP.
hal

Maringouin, LA

#47 Aug 4, 2010
Marine Corp Pat wrote:
Great news for the country and President Obama; a great first step to reverse republican policies that resulted in the collapse of our economy during the Bush years.
you are still a marine imposter.wake up to this post by him.he is an imposter.

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