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Tax Cut-Would you?


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Absolutely.  We continue to kick the can down the road while not addressing the biggest federal budget items - SS, Medicare and defense which account for almost 3/4 of the federal budget.  I'll gladly stay with same tax system while they continue to adjust brackets for inflation if they would seriously balance the budget, tackle the deficit and stop screwing over future generations.  It sounds like too much of what Trump and his team put forth is banking on job growth to make up for what they're cutting in taxes and I don't think that's going to work.  Deficit spending as a way of life for the last 3 almost 4 decades scares the crap out of me when it's now just an accepted norm. 

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5 minutes ago, Mark68 said:

But they both spend shit-tons on "defense" while we have a larger military budget than the next 10-13 countries combined (depending on source).

Talk about overkill...

Yep, military spending should be cut in half if not more.  Never will happen though.  Ds want to spend it for bullshit "humanitarian" wars and Rs want to spend it on blowing up "threats"

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10 minutes ago, nate said:

The sad thing is, the government could easily cut taxes for everyone and still cut spending more to achieve both, but they never will.  R or D, they all want as much money as they can spend, they just spend it different (wasteful) ways.

They could simplify the tax code and cut spending to balance the budget but it will never happen because any politician that did that would get voted out of office.  Even if they just said we're making 15% cuts across the board to make it "fair" the outcry over what's impacted would require a lot of safe spaces.  The problem is once they start giving something to any group (i.e. taxpayer funded) it's damn near impossible to cut it off.  We'll continue to see the middle class get hammered and further eroded until we get to a point where they have no choice but to make draconian cuts.

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27 minutes ago, nate said:

Sure.  For one specific reason...

The tax cut that they want to pass pass just passes on more costs to the middle class and especially the upper middle class.  The cut only really helps the super rich.  As usual with our government because that is who funds their campaigns.

I'm not talking about this tax cut, I am actually talking about one that would be real and across the board fair.

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Just now, mtangelsfan said:

I'm not talking about this tax cut, I am actually talking about one that would be real and across the board fair.

In that case, yes I would.  In theory paying off our debt passes more money on to us in the long run anyway and definitely is better for the economy.

With that said, both can and should be achieved.

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48 minutes ago, mtangelsfan said:

Would you be willing to forgo a tax cut if it meant cutting the deficit?

Now I know even if they say they will do that they won't but lets pretend they will actually do it.

I would.

In your scenario, I would.

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my first reaction was No, not in favor of it. i want my money now, especially with a kid in college and a car in need of repairs. my money should go to me.

in the long run, i'm really in favor of whatever gives me as a taxpayer the most benefit.

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I think before that burden is put on us, that they need to real in excessive spending.  And i dont mean by cutting more social services.  
We need far more transparency before ill subsidize it further.  
Asking me to do this is like a parent giving a kid the money to pay off his credit cards that he over spent on. 

all things being equal, once all those things are done, i would consider it, but under todays system, no, there is no reason for me to simply give more into a black hole. 

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Our government is bankrupt. Why do you think the Fed has kept interest rates hovering around 0%? If it was ever normalized, let's say around 8% or so, there is no way we could even pay the interest on our debt. During the next economic downturn there is a high possibility that we have a fiscal crisis unless we do something crazy like a negative interest rate. That will just exacerbate the situation anyway. 

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  • 2 weeks later...

It's a disaster for the more expensive blue states that pay far more to the feds than they get back which in turn subsidizes quite a few red states.  Roughly 30% of filers itemize and take advantage of this deduction and I'm one of them.  I'm not in favor of them taking this for the obvious reason that I use it but also because as mentioned any revenue they get out of this isn't going to pay down the deficit.  The current tax plan being put forward is banking on growth and trickle down economics but multiple reviews have shown that it's only going to increase the deficit in the next decade.  I'm all for simplifying the tax code but before they do that they need to show the ability to make do with the tax revenue they currently bring while putting forth and actually following a balanced budget.  I know it's a pipe dream but it's a joke that we're going broke paying ourselves and propping up a lifestyle we can't afford.   Some day it's going to get to a point where they have no choice but to make major cuts which will impact generations who had very little to do with the national debt.

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