Comments on: This Thing Called “The Budget”

By: Brian Duffy

Brian Duffy — Fri, 08 Feb 2008 22:10:50 +0000

“One thing Congress should do is eliminate federal funding of Medicaid. Put that responsibility on the individual stats and let them take care of their own poor”

That’s a great idea! Let’s help bankrupt the states even further!

By: David Triche

David Triche — Fri, 08 Feb 2008 16:39:13 +0000

Some like to say that it has been taxed twice, but I don’t think that is actually the case. It is true that there is a small corporate tax in, but that is taxing the corporation, and not the person who realizes the income. The effect though is that the person who get their income from stocks pays 16% less that the average working person. Plus they do not pay any payroll taxes. Bottom line is that the rich pay far less that the middle class as a percentage of their income. The average couple who has a combined income of $100,000 from wages really gets screwed. Between, income tax and payroll taxes they are taxed nearly at 50%. While someone living completely on investments is taxed at 20%. So to be fair let’s tax all income for SS Medicare and income tax and we should be able to lower the rate for the hardworking middle class and really tax everyone equally.

By: Jeff Barnett

Jeff Barnett — Fri, 08 Feb 2008 03:32:11 +0000

Hasn’t investment income already been taxed once…as earned income…when you originally earned it? I don’t know a lot about the specifics of tax code, so I may be wrong.

By: David Triche

David Triche — Thu, 07 Feb 2008 20:13:46 +0000

Well then Midnight, The fact of the matter is that if we did not have a progressive income tax the rich would pay a smaller percentage of their income. Remember, there are caps on Social Security and Medicare insurance. What is it for SS $70,000 and $97,000 for medicare. I pay the full amount because I earn less. Why not have the percentage apply to all income. Would not that be fair? And how come investment income is taxed lower than earned income? If we were to tax all income equally I would agree with you, but now the system is skewed in favor of the rich.

By: Josh Heck (DEP)

Josh Heck (DEP) — Thu, 07 Feb 2008 06:17:36 +0000

wow, I had my theories about this and the way the national debt was affecting everyone and inflation but I wasn’t sure what the numbers are up to. Why do people call my cell phone if I’m only few grand in debt and our country owes trillions.

By: Lyn

Lyn — Wed, 06 Feb 2008 22:28:01 +0000

It’s not so hopeless. There is room in every part of the budget for cuts. One thing Congress should do is eliminate federal funding of Medicaid. Put that responsibility on the individual stats and let them take care of their own poor. Also, the financial markets may help take care of this. What I mean is that the tightening of credit and the deteriorating value of investing in the US will make foreigners look elsewhere for opportunities. They will buy less Treasury securities - that is the debt that helps the US float these huge deficits - and then there will have to be spending cuts.

By: Jeff Barnett

Jeff Barnett — Wed, 06 Feb 2008 00:09:27 +0000

David, that is exactly what I am saying. Nothing entitles the public to Bill Gates’s money. He worked hard for it. He earned it. He should get to keep the same percentage everyone else gets to keep.

If someone has more than me does that entitle me to take their possessions to make us more equal? What could justify taking a greater % from one man than another? The fact someone has earned a great deal of money should not make him subject to the desires of the masses that have not. He never accepted moral responsibility for others, and he should not have to if he does not desire to.

By: David Triche

David Triche — Tue, 05 Feb 2008 22:21:34 +0000

“There is no way to morally justify taxing two equal people at different rates.”

I am a high school teacher. Last year I barely made $50,000. Bill Gates is the richest man in the world. Last year he made hundreds of millions. Are you saying we cannot morraly justify taxing people in his income bracket at, say, 40% for every dollar over ten million?

By: David Triche

David Triche — Tue, 05 Feb 2008 22:08:41 +0000

There is nothing wrong with the debt. The problems is what we are spending the money on. Just as most of us got into debt with the purchase of our home, we also need to go into debt with public investmet. The real problem is what we are going into debt for. Namely, things that are blown up. For example, if we spend a couple of millionon a tank, if it is blown up we get little or no economic benefit. Same is true with trainging people. Soldiers are expensive to train and equip. It they hurt or killed there is no economic benefit. This is especially true if the can no longer work and need lots of medical care. It is like burning up money. Contrast that to building a road or training a teacher, doctor, welder. The all contribute to the economy for years.

By: Some Dope

Some Dope — Tue, 05 Feb 2008 03:48:59 +0000

The problem with a flat tax is the most poor people MAKE money off of the current tax system. Sorta like the Romans handing out bread in the circus.

Scumbag tax preparers like H&R Block get rich with temporary offices all over the nation, skimming $200-500 from the earned income credits of people too ignorant to fill out a 1040EZ.

The US supports a social security system that is burdened with an againg population and people transitioning from Welfare to SSI, a medical system that a joke — building too many hospitals and making insurance companies and doctors rich and a military machine beyond our ability to support.

We’re paying for it by exporting industry, and the smart money knows it. That’s why there’s more money in the Caymans than Wall St.