Mitt in Wonderland: Shrink the debt AND cut taxes by 20%?
Rick Santorum points to the GOP's 2012 nominee to be president of the United States
Prior to last night’s debate, Mitt Romney released an updated version of his tax plan, which now calls for a 20 percent reduction in marginal tax rates across the board. And while the top tax rate would drop from 35 to 28 percent, Romney pledged yesterday afternoon that he would take steps to ensure that the top 1 percent wouldn’t reap huge benefits.
“And by the way, I want to make sure that you understand, for middle-income families, the deductibility of home mortgage interest and charitable contributions, those things will continue, but for high income folks, we are going to cut back on that so we make sure the top 1 percent keeps paying, paying the current share they’re paying or more. We want middle-income Americans to be the place we focus our help, because its middle-income Americans that have been hurt by this Obama economy.”
However, a few hours later, after Rush Limbaugh went on the air to condemn Romney for buying into the “1 percent vs. 99 percent” meme, and after Rick Santorum attacked him for the same thing, Romney changed his tune, asserting in the debate that “Number one, I said today that we’re going to cut taxes on everyone across the country by 20 percent, including the top 1 percent.”
Now, the vision of Romney publicly flip-flopping on his own plan in a matter of mere hours should not alarm you. The man’s a professional; he has done this kind of thing before. He can shown the ability to twist himself into knots that would break the spine of mere mortals. In fact, once his political career is over, he’s going on the road as a contortionist with Cirque du Soleil.
In the meantime, however, we have this tax plan to consider.
In the past, Romney has said that current debt trends are unsustainable, and they are. He has said it is immoral to continue to pile debt on our children and grandchildren, and it is. He argues that we’re going to have to make cuts in entitlement programs, and we will.
However, I do not know how it is possible to make such statements about the debt and then turn around and promise to “cut taxes on everyone across the country by 20 percent, including the top 1 percent,” as he did last night. Even for Romney, this is a challenging contortion.
The bipartisan Center for a Responsible Federal Budget (see note below) has taken a look at Romney’s new plan and has concluded that if he really does enact the promised 20 percent tax cut, federal debt as a percentage of GDP would rise from 68 percent in 2011 to 96 percent by 2021.
The CRFB has also analyzed the impact of the proposed Obama budget. Using what it believes to be more realistic economic and spending projections than provided by the administration, CFRB says that by 2021, the Obama approach would produce a debt-to-GDP ratio of 84 percent. While high, that is considerably lower than that produced under the Romney approach.
In the debate last night, Romney promised that if elected he would look at every federal program and ask, “Is this program so critical that it’s worth borrowing money from China to pay for it?” It’s an effective rhetorical device, and not a bad way to look at spending proposals either.
However, honest debate requires the admission that a 20 percent cut in taxes would also be financed by borrowing hundreds of billions of dollars from China and elsewhere. Over the long term, the hard truth is that to reclaim control of our fiscal future, we will have to raise taxes, not cut taxes, while we also reduce spending. To suggest that we can make progress on such a goal while slashing taxes yet again is economically, mathematically and morally fraudulent.
– Jay Bookman
NOTE: From 9:30 to 11 a.m., CFRB will present a streamed update of its analysis of the tax and budget plans of the Republican presidential nominees. It can be viewed here.
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307 comments Add your comment
ByteMe
February 23rd, 2012
10:04 am
Our troops wouldn’t burn a Torah!
Way to not answer the question. Clearly there are a few who don’t think religious texts are important to the locals.
Randalph, the Wraith
February 23rd, 2012
10:04 am
oil prices are high because:
Barry didn’t want the pipeline
Barry doesn’t want oil drilled on public land
Barry ran off the offshore oil rigs to Brazil and Africa
Barry put too many regulations in place to build a new refinery
0311/1811
February 23rd, 2012
10:04 am
Jerome Horwitz:
………….. and if someone burns a Koran in this country ?
TaxPayer
February 23rd, 2012
10:06 am
JohnnyReb should do commercials for the GOP. Push that meme about the 1% paying too much taxes while the wealthy poor and middle class get a free ride. I’m sure that strategy will take your candidates far. About as far as Hoekstra’s superbowl ad took him. Go for it.
Steve
February 23rd, 2012
10:06 am
Obama is running up the debt as we speak…also apologizing to Karzai after 2 American soldiers are killed by rioters over the burning of the Koran.
I am gonna vote for Mitt Romney…he will figure out a way to clean up our economic mess and stop apologizing to a bunch of animals.
JohnnyReb
February 23rd, 2012
10:06 am
Mick – a man or man & wife who own a small business where their AGI is 125K won’t stay in business long. If the wife, for example, works at a different job instead of the business, her income in the AGI added to the profits of the business.
The Buffett remarks are directed at a totally different kind of income. The point being, lumping all people who have income in the 1% group as needing a tax rate increase is folly.
Mick
February 23rd, 2012
10:07 am
1811
Did you look at that mob? They could have been lifted straight from the 16th century. Burning a book? Doesn’t amount to a hill of beans but to the uneducated, ignorant, it means something. Why in the hell are we still there?
0311/1811
February 23rd, 2012
10:07 am
Jerome Horwitz:
………… and don’t forget the Irania pastor who has just been sentenced to death for converting to Christianity.
Jefferson
February 23rd, 2012
10:07 am
The GOP will never take care of the deficit with their policies, it was their policies in the early 2000’s that worsened the situations. Can’t change history.
jm
February 23rd, 2012
10:08 am
Everyone should get to pay the carried interest 15% rate. No deductions. Cut spending to match revenue. Problem solved.
Randalph, the Wraith
February 23rd, 2012
10:08 am
Byte Me, I did answer the question. The question was nonsensicle.
Paul
February 23rd, 2012
10:08 am
JohnnyReb
Who are the ’so-called’ rich?
As to your example, doesn’t the purchase of inventory get deducted as a business expense on the following year’s computation, so it’s just a rolling amount?
And given S-Corp distributions aren’t generally subject to SS withholding like other self-employed people have to pay, you’re already receiving about a 15% (employer-employee share) dodge in taxes the rest of us pay.
So that’s another tax loophole for the 1% that ought to be closed.
Not a Neal Boortz Redneck
February 23rd, 2012
10:08 am
Randolph, you idiot, the US has more active drilling rigs than the rest of the world COMBINED.
Butch Cassidy
February 23rd, 2012
10:08 am
Randalph – “oil prices are high because:”
We exist in a global community, and the U.S. is not the only consumer of oil
We don’t own the oil cpmpanies, and believe that the nationalization of the industry would be wrong
Great, another entitlement worm. I suppose you’d just love it if the government came out with an EBT card just for gas. That way you could eat your filet mignon and buy your nikes and flat screens all at the expense of people like me who made the right choices in life. Loser!
Mick
February 23rd, 2012
10:08 am
reb
Sorry, you can count me out as a water carrier for the rich, they can afford to pay more, stop making excuses for them…
RAMZAD
February 23rd, 2012
10:08 am
Have you noticed that Romney can’t even figure out what his gait should be and that what should be his natural bodily animation is something that causes him great confusion- making his whole appearance and demeanor eminently plastic and even silly?
The man is just a fraud, and flip flopping is the least of his problems.
jm
February 23rd, 2012
10:09 am
Didn’t O promise to cut the deficit by 50%. And so far he’s cut it by 5%. O, not credible.
Recon 0311 2533
February 23rd, 2012
10:09 am
“That’s the problem with this country, too many people expect everyone else to take care of them.”
Butch, you’re absolutely correct. Currently that’s about 47% of the population and growing everyday thanks to Obamanomics. The left loves that progression.
0311/1811
February 23rd, 2012
10:09 am
Mick:
We can’t negotiate with these people any more than the Jews could negotiate with the Nazi’s.
I would put it farther back than the 16th century.
Yes ……….. we should be gone but the drones stay overhead !
Randalph, the Wraith
February 23rd, 2012
10:09 am
0311/1811 he’s a christian now, so no one cares. Like the ones dying in Eygpt and the Sudan.
gm
February 23rd, 2012
10:09 am
Recon 0311 2533
Get your facts straight Obama is beating these nut jobs in every poll””
Please rep continue to run on the dome and gloom America, while things are turning around slowly, I have never seen a bunch of idiots that hate America, Mitt the nut instead of thanking God that the auto bail out saved jobs and homes, trash the unions, who had to take pay cuts to keep their jobs.
This type of rhetoric is more of a threat then bin ladin, I guess when you have tanked and trashed and gutted business to make profit and sent our jobs over seas like Mitt you care less about Americans.
Keep Up--Te gusta losing numb nutz?
February 23rd, 2012
10:10 am
Ftroop Islamic barrage has begun….. but remember, whatever the catholics want is okay! Pretzel twisters to the rear!
jm
February 23rd, 2012
10:10 am
Mick, you can go see your messiah in Miami in a couple hours…..
0311/1811
February 23rd, 2012
10:10 am
Got to run for the day ………….. everyone be nice !!
Brosephus™ - Browning America Since 1973
February 23rd, 2012
10:10 am
hehe Brosephus got the jackass right, just pointed it the wrong way. Barry is that, not the bright Republican canidates.
Nope. I got it right. Romney is the perfect candidate for a third, centrist party. He doesn’t believe most of that crap that comes from the far right. You can tell because he sounds so stiff when delivering those talking points. He won’t fit in with the far left either. If Romney were free to follow his beliefs without having to appeal to the far right fringe, he would likely be a damn good candidate. His choice of running in the GOP primary is his biggest fatal flaw thus far, IMHO. That’s where his trail of jackassery began.
jm
February 23rd, 2012
10:10 am
http://blog.heritage.org/2012/02/19/chart-of-the-week-nearly-half-of-all-americans-dont-pay-income-taxes/
Butch Cassidy
February 23rd, 2012
10:10 am
JohnnyReb – “The Buffett remarks are directed at a totally different kind of income.”
Stop whining and grab your bootstraps. Why should Buffet have to pay higher taxes simply because you weren’t motivated enough to go out and attain his level of wealth? Jeez, another freeloader wanting those who are more successful to carry the load.
Jefferson
February 23rd, 2012
10:10 am
The only reason I figure the GOP middle class suck up to the rich, is they can’t carry their own weight.
Peadawg
February 23rd, 2012
10:10 am
jm,
How is Romney credible after, yet another, flip-flop?
JOE Cool-Republicans Call Him MESSIAH, I Just Call Him Mr. President
February 23rd, 2012
10:11 am
“Yes we do have troops there, and thanks to Barry and Joe, the bad guys know that exact date they will leave.”
SO? Let me guess….they wouldnt notice us just packing up and leaving whenever we decided to? Right? I swear CONs love talking about and engaging in WAR this and WAR that. Tell MITT & Rick to send some of their kids over there.
Talking Head
February 23rd, 2012
10:11 am
All these guys have to do is stay on point. If they repeat the following questions over and over, it will hit home with the voters and they will share their voices in Novemeber.
Is the unemployment number lower today than it was 4 years ago?
Are you being paid more earnings today than you were 4 years ago?
Is your house worth more today than it was 4 years ago?
Are your energy bills lower today than they were 4 years ago?
Are gas prices lower today than they were 4 years ago?
Are your grocery bills lower today than they were 4 years ago?
The sooner these guys prose these questions, the better off they’ll be in November.
Just think of it this way. The other team has pulled their goalie. It’s wide open. All you have to do it tap it in.
ByteMe
February 23rd, 2012
10:12 am
And given S-Corp distributions aren’t generally subject to SS withholding like other self-employed people have to pay, you’re already receiving about a 15% (employer-employee share) dodge in taxes the rest of us pay.
Paul, that’s not quite how it works. What happens is that if you don’t take a salary, it’s ALL considered salary and you pay the payroll taxes on it (including both halves of Social Security and Medicare). So what you do is structure it so that you take part of your income in salaries and the rest as a dividend and the dividend gets to skip payroll taxes while the salary part you pay the taxes.
Randalph, the Wraith
February 23rd, 2012
10:12 am
Not a Neal Boortz Redneck Such personal attacks show your true colors. You are funny!
ken
February 23rd, 2012
10:12 am
How’s the gasoline prices Jay? Does it hurt poor people ? Obama does not care about poor people. Food or gas. And CNN did not mention it last night.. Gota cover his a$$.
jm
February 23rd, 2012
10:12 am
Jay, incorrect english.
“He can shown”
Also of note. Obama keeps cutting many taxes too, so under Obama the deficit would be far worse since Obama won’t cut spending.
(ir)Rational
February 23rd, 2012
10:12 am
Bro – You make a good point, and he is the only candidate running currently that I would feel good about voting for. I’m smart enough to know that I won’t agree with all his positions, but I like him better than anyone else.
Steve
February 23rd, 2012
10:13 am
“”I wish to express my deep regret for the reported incident,” Obama wrote in the letter presented to Karzai by US ambassador Ryan Crocker. “I extend to you and the Afghan people my sincere apologies.”
144 people killed including 2 US Troops…
Brosephus™ - Browning America Since 1973
February 23rd, 2012
10:13 am
Cut spending to match revenue. Problem solved.
Look at how the GOP is whining about defense cuts now. If you cut all welfare out, you would still need to cut deeper to match the revenue you’re talking about. Rush Limbaugh would get elected president before what you’re suggesting would even be attempted. That’s how futile that sounds.
jm
February 23rd, 2012
10:13 am
Peadawg. He didn’t flip flop. Do you normally just accept info Jay spoon feeds you?
ITS ALL BUSHS FAULT
February 23rd, 2012
10:13 am
GOP plan rake in massive profits pay 0 taxes. Real patriots..
JohnnyReb
February 23rd, 2012
10:14 am
Paul – taxes are paid on profit which is sales dollars less the cost of goods sold. Not the cost of inventory. Inventory is an investment on which you also get to pay property taxes. You deduct the cost of an inventory item only when it is sold.
ITS ALL BUSHS FAULT
February 23rd, 2012
10:14 am
If your cons dont want to pay taxes move to another country.
Butch Cassidy
February 23rd, 2012
10:15 am
ken -”How’s the gasoline prices Jay?”
I can’t speak for Jay, but I have no problem with them. If you don’t like the price of gas, why don’t you go start your own oil company, then you can set the rates that will be more to your liking. Stop waiting for the government to save you, take responsibility for your own life.
jm
February 23rd, 2012
10:15 am
“defense cuts ”
Liberal boogeyman. Defense spending is a drop in the federal budget nowadays.
Paul
February 23rd, 2012
10:15 am
Jay
Looks like the Right falls into a predictable pattern.
You post an article about the candidates or Republican policies, then give an analysis and ask the Right to point out where you’re wrong or justify or clarify the facts.
Yet the Right generally doesn’t address that. They go ‘hmmm…. tilt!!!… Solyndra… gas prices…. socialism……” and veer of into Diversion Land.
Randalph, the Wraith
February 23rd, 2012
10:15 am
Joe, a smart warrior wouldn’t tell his enemy when he’s leaving a position. I of course didn’t make the mistake of considering the current regime as anything remotely intelligent. Maybe you did?
Steve
February 23rd, 2012
10:15 am
Gas prices are skyrocketing…caused by the potential closing of the Straits of Hormuz…caused by ineffective Obama foreign policy.
All Americans are feeling the effects of this…
Peadawg
February 23rd, 2012
10:15 am
“He didn’t flip flop. Do you normally just accept info Jay spoon feeds you?”
You have a link to disprove what Jay said?
Jerome Horwitz
February 23rd, 2012
10:16 am
1811/0311 – None of it is right. All I can do is answer for myself – that’s who I am responsible for.
ByteMe
February 23rd, 2012
10:16 am
Defense spending is a drop in the federal budget nowadays.
Third largest item behind Medicare and Social Security. No wonder you are good with Romney.
TaxPayer
February 23rd, 2012
10:16 am
Half of US large corporations do not pay fed income taxes in any given year.
ty webb
February 23rd, 2012
10:17 am
in this instance, there is no “flip flop” by Romney.
jconservative
February 23rd, 2012
10:17 am
Starting in 1981 the US entered into a formula to cut government revenue and increase government spending. The result was to be lower debt.
Thirty years and a $16 trillion debt later we should realize that this formula does not work.
But we do not.
The obvious way to reverse the trend of higher spending and lower revenue is to reverse the formula.
Reverse the formula by increasing revenue and decreasing spending.
But both parties have settled on formulas that will fail. The Democrats want to just increase revenue and maintain spending. The Republicans want to just decrease spending and further reduce revenue. Neither plan will stop deficit spending and pay off the $16 trillion debt.
jm
February 23rd, 2012
10:17 am
Peadawg. Mitt said cut tax rates for everyone. He didn’t change his position or his plan. Good grief man, use your brain.
Butch Cassidy
February 23rd, 2012
10:17 am
Steve – “All Americans are feeling the effects of this…”
Speak for yourself. Some of us are doing just fine. As I told ken, if you don’t like the price of gas, go and start your own oil company. That way you can sell the product for whatever price you want. In the meantime, lose the entitlement mentality and quit begging the government to interfere with the free market.
Randalph, the Wraith
February 23rd, 2012
10:17 am
Barry’s Energy Sec stated he thinks we should pay the same for gas as our friends over the pond. What is that now? 9 bucks a gallon? He has done NOTHING to lower gas prices. So another failure of the BO administration…
Paul
February 23rd, 2012
10:18 am
ByteMe
Thanks much for expanding on the particulars.
But the point is, people who set up S-corps (like that idol of the Right, John Edwards did) receive a substantial break on paying the employer-employee share of Social Security tax by manipulating and recategorizing income. That’s the bottom line.
jm
February 23rd, 2012
10:18 am
own it libs
http://blog.heritage.org/2012/02/19/chart-of-the-week-nearly-half-of-all-americans-dont-pay-income-taxes/
Grasshopper
February 23rd, 2012
10:18 am
“The CRFB has also analyzed the impact of the proposed Obama budget. ”
Who cares? Has an Obama budget ever passed?
TaxPayer
February 23rd, 2012
10:18 am
That defense spending is one mighty big drop given that it amounted to 705 billion in 2010 while social security was 707 billion.
ByteMe
February 23rd, 2012
10:18 am
in this instance, there is no “flip flop” by Romney
Yeah, because you have to hold the position long enough for it to be considered a “flip-flip”. :p
Soothsayer
February 23rd, 2012
10:18 am
“I know you believe you understand what you think I said, but I am not sure you realize that what you heard is not what I meant.”
— Richard M. Nixon
Sounds logical to me!
JohnnyReb
February 23rd, 2012
10:18 am
Paul – re, employment taxes. Sole proprioters, and LLC’s must pay self employment taxes which are the equivalent of SS taxes. Owners of S-Corps must pay themselves a salary, draw a paycheck with all the standard deductions just like any employee. The salary amont must be consistent with the total income of the company. Too small a salary versus high profits and the IRS comes knocking. Profits above their salaries are distributions which are not subject to SS.
Jefferson
February 23rd, 2012
10:20 am
Poor envey, jm — its there if you want to be.
ITS ALL BUSHS FAULT
February 23rd, 2012
10:21 am
China is main reason gas prices are. up. You ever heard of supply/ demand…moorons..
Brosephus™ - Browning America Since 1973
February 23rd, 2012
10:21 am
(ir)Rational
The time couldn’t be better for a concerted effort by most moderates to join forces to neuter the extremists who clog this country with bullsh*t and stand in the way of our recovery. There’s been moderates on both sides who have just quit because of the current tone of politics. Romney, in my opinion, could have been a candidate that could get all those disjointed groups together under one umbrella. That opportunity was lost as soon as he veered right to get votes from the right fringe.
(ir)Rational
February 23rd, 2012
10:21 am
jm – To be taken seriously, spending cuts have to be across the board. We can’t pick and choose what we want to cut. If we cut from this program or that program, we would end up with a few pissed off people, and no real change in the big picture. If we cut a little from everyone, we can effect some real change in the way things look for our children and their children. If we could figure out some way to get spending to equal income, or better yet, income to be greater than spending by a combination of spending cuts and restructuring the tax system, then we could end up in pretty good shape. As it is now, I see us heading the way of Greece.
Peadawg
February 23rd, 2012
10:21 am
jm, did you even read the quote from Romney?
““And by the way, I want to make sure that you understand, for middle-income families, the deductibility of home mortgage interest and charitable contributions, those things will continue, but for high income folks, we are going to cut back on that so we make sure the top 1 percent keeps paying, paying the current share they’re paying or more.”
Then later he flip-flopped and say cuts for everyone. Good grief man, use your brain.
ByteMe
February 23rd, 2012
10:21 am
receive a substantial break on paying the employer-employee share of Social Security tax by manipulating and recategorizing income. That’s the bottom line.
Not really. here’s why. let’s say, for example, I make $200K after all the business deductions and take $60K as payroll and $140K as “dividends”. I pay payroll taxes on the $60K and not on the other $140K. So if the entire amount was subject to payroll taxes, how much more would I have to recategorize? Only about $47K, because SS taxes stop at $107K (and medicare taxes — not capped — are tiny in comparison). So the bigger issue is to remove the caps on payroll taxes and then it starts to make more sense to worry about it.
Butch Cassidy
February 23rd, 2012
10:22 am
Randalph, the Wraith – “So another failure of the BO administration…”
How is it Obamas fault that you can’t pay for gas? Show me where it states in the Bill of Rights or the Constitution that you are entitled to cheap fuel? Stop blaming others for your poor life choices. If you didn’t want to get pinched by market fluctuations, then you should have gotten a better education and a better job that would pay you enough not worry about such things. CHOICES!
Peadawg
February 23rd, 2012
10:23 am
“Yeah, because you have to hold the position long enough for it to be considered a “flip-flip”.” – Oh yeah…good point.
JohnnyReb
February 23rd, 2012
10:23 am
Mick
February 23rd, 2012
10:08 am
reb
Sorry, you can count me out as a water carrier for the rich, they can afford to pay more, stop making excuses for them…
No one is asking you to be water carrier for what you consider rich people. My point is, there is a lot more to it than what you hear Obama and the Occupy crowd put out. It’s no accident the GOP is against raising taxes. It’s more than gaining votes. There is real substance. There are people such as Buffett within the 1% that should pay more. But the broad-brush approach would be devastating to the economy and business owners.
Randalph, the Wraith
February 23rd, 2012
10:23 am
Butch, I can pay for gas. Barry’s the one with the failed administration.
Brosephus™ - Browning America Since 1973
February 23rd, 2012
10:23 am
Liberal boogeyman. Defense spending is a drop in the federal budget nowadays.
You need to tell that to your GOP congressmen who are currently trying to devise a plan to get around that sequester for next year. Hell, they’re even thinking about taxing federal workers again just to keep from cutting defense. It’s a boogeyman alright, but for the Right. They’re scared sh*tless of having to cut defense.
Paul
February 23rd, 2012
10:24 am
JohnnyReb
As you write, eventually those goods do get sold and deducted as an expense. So to give the impression the business owners incur these ongoing expenses to keep the business running and the costs are not deductible is misleading.
BTW, this also illustrates why no one ever answered my question about how, under Cain’s and Gingrich’s and Perry’s super duper tax simplification plans, how would a small business owner calculate taxes owed?
mm
February 23rd, 2012
10:24 am
“oil prices are high because:
Barry didn’t want the pipeline
Barry doesn’t want oil drilled on public land
Barry ran off the offshore oil rigs to Brazil and Africa
Barry put too many regulations in place to build a new refinery”
These lies were thoroughly debunked on this blog just a few days ago. Stats and links and all that. But feel free to make a fool of yourself.
ByteMe
February 23rd, 2012
10:25 am
Barry’s the one with the failed administration.
hehhehehheheheh. Except for Gitmo, he’s gotten pretty much everything he wanted so far. Failed? Only in the mind of those living in Rightwingnutistan.
Randalph, the Wraith
February 23rd, 2012
10:25 am
Butch, do you agree with Barry 0’s Energy SEC? We should pay what the Europeans pay for gas?
(ir)Rational
February 23rd, 2012
10:25 am
Bro – I still think he could have a chance, but only if he destroys the competition on Super Tuesday and is able to start campaigning as himself instead of the person the crazies want him to be. But then again, he will be destroyed if he does that simply because he will be seen as indecisive. I also have to hope that if he were elected, he would govern as himself, and not as the person he is being portrayed at today. But once again, these are all hopes and the thoughts of a person who still wants to believe that things can be better.
JOE Cool-Republicans Call Him MESSIAH, I Just Call Him Mr. President
February 23rd, 2012
10:25 am
“Liberal boogeyman. Defense spending is a drop in the federal budget nowadays.”
Uhhh yeah, drop in the bucket at $663.84 billion for FY2010…………….
Soothsayer
February 23rd, 2012
10:26 am
“Liberal boogeyman. Defense spending is a drop in the federal budget nowadays.”
No matter how many times you post something around here, the Fright-Wing comes back with the same lies over and over again.
Randalph, the Wraith
February 23rd, 2012
10:26 am
Everything Barry has done has been a failure.
JohnnyReb
February 23rd, 2012
10:26 am
Paul – you are correct that inventory investment is eventually written off IF you sell it. If it does not sell you end up not making a penny on it, have paid property taxes on it anytime it was in stock on Jan 1st, and can in the end only write off what it cost. You loose money on it.
Butch Cassidy
February 23rd, 2012
10:27 am
Randalph, the Wraith – “Butch, I can pay for gas. Barry’s the one with the failed administration.”
Great, then quit whining about fuel prices. Stop wanting the government to interfere in the free market. I personally don’t care who the POTUS is.
Randalph, the Wraith
February 23rd, 2012
10:27 am
mm I am sure you proved it. what did Samuel Clements say? “There are 3 kinds of lies, Lies, damn lies and statistics…..”
Jm
February 23rd, 2012
10:27 am
Irrational 10:21 I agree
While I’m fine cutting defense spending, you can’t balance the budget by cutting defense
Paul
February 23rd, 2012
10:28 am
jm
“Liberal boogeyman. Defense spending is a drop in the federal budget nowadays.”
Nearly $700 billion a year is a drop in the budget for all those programs funded by income and corporate tax revenues?!!?
No wonder conservatives always want more. It’s just a drop -
Randalph, the Wraith
February 23rd, 2012
10:28 am
Butch who’s whining?
Just stating an opinion.
I thinks doing what is right for Americans is what’s best for Americans.
JOE Cool-Republicans Call Him MESSIAH, I Just Call Him Mr. President
February 23rd, 2012
10:29 am
Gotta love the mystery meat……. $5 gas, TELEPROMPTER, 57 STATES………..The sky is falling……
ty webb
February 23rd, 2012
10:29 am
a truther touting “fright wing” lies…that’s rich.
Butch Cassidy
February 23rd, 2012
10:29 am
Randalph the Wraith – “Butch, do you agree with Barry 0’s Energy SEC? We should pay what the Europeans pay for gas?”
If that’s what the market demands. I don’t understand why you continue to blame Obama for not seizing the oil companies and dictating the price of fuel. Have you always been a socialist, or is this something new for you?
(ir)Rational
February 23rd, 2012
10:30 am
Jm – I haven’t seen anyone advocate just cutting one program. Everyone has their programs they don’t want to see cut, and I think the only way we’ll know if it was done well is if everyone leaves the table pissed. Which is why I also think we have to restructure taxes. But I’m not going to pretend to have the answers for that one.
Normal
February 23rd, 2012
10:30 am
jm,
But you can balance the budget by cutting defense, removing all the oil and ag subsidies, fixing the tax loopholes for business and raising taxes. Problem solved.
Butch Cassidy
February 23rd, 2012
10:31 am
Randalph the Wraith – “Butch who’s whining?
Just stating an opinion.
I thinks doing what is right for Americans is what’s best for Americans.”
My apologies. I guess you have no problem with free healthcare for everyone then.
Recon 0311 2533
February 23rd, 2012
10:31 am
http://www.gallup.com/poll/152918/Romney-Santorum-Closely-Matched-Against-Obama-Nationally.aspx
For those who think that the leading Republican candidates are getting beat by Obama in the head to head match ups. As I’ve posted before the head to head match up polls won’t mean a lot until a the Republican nominee emerges and this presidential campaign gets into full swing. This does show Obama’s vulnerability and believing that the price of gasoline should not or does not have any effect is foolish.
Paul
February 23rd, 2012
10:33 am
JohnnyReb
Point is, owners of S-corps have mechanisms available to recategorize income and avoid taxes the majority of Americans pay.
So pointing out other things like “but we have to buy inventory out of current income” doesn’t, frankly, win converts to the idea the top 1% are overtaxed.
Redneck Convert (R--and proud of it)
February 23rd, 2012
10:34 am
Well, I can see right now Bookman don’t know nothing about Redneck Economics.
If you cut taxes by 20%, that means guvmint revenues will increase by 20%.
If anybody had the guts to come right out and propose cutting taxes by 100%, the guvmint’s revenue would double and we’d be out of debt and have a surplus. Up at Billy Bob’s we call it the Redneck Convert Curve.
But you can’t tell a Bonehead nothing.
Have a good Thursday everybody.
(ir)Rational
February 23rd, 2012
10:34 am
Butch – is that really what you think is right for Americans? Do you really believe that it is free? Or do you understand that it is going to raise taxes or the debt if we try to “give” everyone “free” healthcare? Also, at risk of sounding cliche and like a parrot for so many people who have said this in the past, if you think its expensive now, wait til its free.
Butch Cassidy
February 23rd, 2012
10:34 am
Recon 0311 2533 – “This does show Obama’s vulnerability and believing that the price of gasoline should not or does not have any effect is foolish”
Actually, since the price of gasoline cannot be controlled by the POTUS it merely shows that those believe it can are the foolish ones. Then again, no one who votes strictly upon party lines has ever been accused of being smart.
ITS ALL BUSHS FAULT
February 23rd, 2012
10:35 am
You reps are real stoopid , you like public services , military ,police, fire etc. but dont want to pay for any of it with taxes . Meanwhile evading and stealing from your own country. Nice.