g asked:
I mean, if you’re not collecting tax dollars, you’re not bringing in income…
I mean, if you’re not collecting tax dollars, you’re not bringing in income…
and we bring in about $2.6 tril in assorted taxes a year… if you stopped collecting the taxes… where does the income come from?
just put it on the debt?
and since, as many Republicans are fond of constantly repeating, the wealthy pay like 70 percent of taxes… wouldn’t this be geared majorly toward the wealthy, which wouldn’t address some of the actual problems?
and that $2.6 tril (or 1.3 trill for a half year) wouldn’t count the projected 1 tril deficit will will also probably have… so that’s like 2.5 to 4 trillion more in debt…
#1 by ASK-ANSWER-DISCOVER - January 5th, 2010 at 13:39
Why not just not tax anyone making under $100.000 a year?
#2 by Frank - January 6th, 2010 at 14:34
Cut taxes = less revenue = more debt
#3 by mary z - January 6th, 2010 at 14:35
Since apparently most of Obamas cabinet picks have taken a “tax holiday” the last few years it is now the rest of the country’s turn to have one.
#4 by celebrate - January 8th, 2010 at 10:41
they want everything handed to them for free & yet always talk about people as if people who are on welfare don’t need it. This is because they are jealous of people on welfare cause they don’t want to pay or work for anything.
#5 by Buck Ofama - January 11th, 2010 at 08:52
No, no more debt than collecting it then handing it back out. This way you save the administration costs. For every dollar Gov’t takes in only about 25 cents actually gets to the target.
This way those who made the money can invest the money with a positive multiplier affect.
The best “bailout” is H.R. 25 the FairTax act, replace income and payroll taxes with a national sales tax.
That way WE get to use OUR money BEFORE gov’t gets it.
WE get to choose how to boost the economy instead of congress picking winners and losers based on their campaign donations.
#6 by brown9500v4 - January 11th, 2010 at 14:17
Yeah…lets add all of the government workers to the unemployment lines…that’ll help.
Our state is already in a hiring freeze and THAT already hurts.
#7 by MJR - January 14th, 2010 at 09:31
Understand that the new 812 Billion dollar stimulus package is all borrowed money. Not one red penny is coming from collected taxes.
Of course, I’d like to see massive cuts in governmental spending and a pathway towards returning the United States to fiscal responsibility. Even if you are a democrat, surely you can realize that Clinton was, by most accounts, a pretty decent president, and his rate of spending was vastly smaller than either Bush II’s presidency or Obama’s projected spending habits.
However, if we are going to print money, I’d rather see it make its way back into the hands of the people rather than simply be blown on a huge barrel of pork. When one estimates sales taxes, income taxes, state taxes, local taxes, capital gains taxes, etc, the average American looses 52% of their income in taxes. That includes poor and middle class Americans which, despite popular Republican rhetoric, do pay a significant amount of taxes.
52%; a tax holiday would essentially double wages and profits in the United States. The growth would be staggering. Mortgages could be paid, debt levels could be drawn down (thus rejuvenating the credit system, which is a major source of the downturn), and purchases in the service sector (and by extension, manufacturing) would skyrocket by people with such a significant increase in revenues.
With 812 billion dollars, that would give Americans a roughly 4 to 5 month tax holiday. The benefits would be immediate, as opposed to the current stimulus package which isn’t slated to start taking effect for almost a year.
It is a huge amount of debt, and the risk of hyperinflation is probably the darkest cloud on the horizon of American (and by extension, the World) economics. Paying down the national debt should be a top priority of Barack Obama, as the amount of circulating currency has essentially hockey-sticked starting from around the 1990s and exploding in 2008 when the Bush administration started pumping massive amounts of cash into the economy. I unfortunately haven’t seen much evidence that Barack Obama is even aware that the national debt is so severe, but I would imagine with a recovering economy, he could focus his attention on this most pressing issue.
#8 by The Savage Nation Party - January 17th, 2010 at 11:10
The theory is that a tax holiday would stimulate the economy and in the end more taxes would be generated through economic revenue rather than through direct collection of taxes.
Ultimately Republicans want the tax payers to stimulate the economy, not the tax hungry Democrats.
#9 by frackusworm - January 19th, 2010 at 08:02
No, the tax holiday serves 3 purposes:
- people will have that money to buy that car, replace those shoes, pay a mortgage payment, and STIMULATE the economy in a good way. Then taxes are collected on the car sale, taxes are collected on the income made by the shoe manufacturer, taxes are collected on people making income in housing. And the ball keeps rolling. Those filthy rich beasts will actually be able to keep a store open and save those jobs so others can have a job and buy those shoes.