[Newsbot]

Title: Obama says ending tax breaks required to cut deficit
Category: Political
Posted By: DerbyX
Date: 2011-07-04 08:56:52

[andyt]

$1:

A deal to extend U.S. tax cuts should be positive for Canada, though the stimulative effect of cuts for the highest earners is "questionable," Finance Minister Jim Flaherty said Friday. "I believe tax reductions create stimulus but the higher one goes up the income ladder, the less stimulative it is," Flaherty told Reuters Insider.

Obama + Flaherty = Communists.

[bootlegga]

I agree with Obama on this one.

According to the article, they've found $1 trillion in spending they can cut, but if they really want to get their finances in order, some tax increases are necessary.

[sandorski]

Yup, it's a no-brainer.

[stokes]

Its a no-brainer for us, but for Americans it is almost seems enough to tear the country apart. Maybe someone should tell them that some of the most successful countries have the highest tax rates....

[xerxes]

A no brainer, except for the GOP who are determined to ruin the US' economy purely for political gain.

[saturn_656]

stokes stokes:

Its a no-brainer for us, but for Americans it is almost seems enough to tear the country apart. Maybe someone should tell them that some of the most successful countries have the highest tax rates....

Pretty easy to be flush with cash when you take 30, 40, or 50% of what your average taxpayer earns.

I'd be more impressed with a economically successful country that didn't rob taxpayers blind.

[Bruce_the_vii]

saturn_656 saturn_656:

stokes stokes:

Its a no-brainer for us, but for Americans it is almost seems enough to tear the country apart. Maybe someone should tell them that some of the most successful countries have the highest tax rates....

Pretty easy to be flush with cash when you take 30, 40, or 50% of what your average taxpayer earns.

I'd be more impressed with a economically successful country that didn't rob taxpayers blind.

I don't think it exists. All the wealthy countries tax high, which is turned into middle class insurance nanny programs. It's insurance. Just balancing the national budget would be impressive - none of them have managed that. It's the deficits that cause political pain.

[saturn_656]

Switzerland sports extremely low tax rates by European standards (low compared to Canada too). Exception rather than the rule no doubt, but it shows that it can be done.

[Bruce_the_vii]

I read the American situation is not only political but a doomed if you do and doomed if you don't conundrum as well. That is if they raise taxes they cut private spending and slow the economy. If you cut government spending you still slow the economy. They have to sustain the spending to grow jobs and increase government revenues. I read that economists aren't sure how to get out of this and so both sides of the politics of it will continue to be played.

[xerxes]

I disagree. The choices aren't as black and white as that. The choice isn't spending cuts or taxes, it's what combination of the two will be most beneficial. And not all taxes will hurt the economy. GE made $14 billion in profits last year and paid not one penny in taxes. If they paid even 10% in tax on those profits they'd still be doing quite well. Same with the big banks and the oil companies.

The problem isn't that the big corporations and small business are being gouged by the taxman, it's that there isn't the consumer confidence to encourage spending and growth. The major corporations (the supposed "job creators") are awash in cash as well have access to historically low interest rates.

[giunda]

yes, i agree with him
i like obama!

[Bruce_the_vii]

xerxes xerxes:

I disagree. The choices aren't as black and white as that. The choice isn't spending cuts or taxes, it's what combination of the two will be most beneficial. And not all taxes will hurt the economy. GE made $14 billion in profits last year and paid not one penny in taxes. If they paid even 10% in tax on those profits they'd still be doing quite well. Same with the big banks and the oil companies.

The problem isn't that the big corporations and small business are being gouged by the taxman, it's that there isn't the consumer confidence to encourage spending and growth. The major corporations (the supposed "job creators") are awash in cash as well have access to historically low interest rates.

Could be, I'm not an economist.

[martin14]

saturn_656 saturn_656:

Switzerland sports extremely low tax rates by European standards (low compared to Canada too). Exception rather than the rule no doubt, but it shows that it can be done.

Their tax haven status brings in a lot of money they otherwise would not get.

Very tight immigration keeps the unemployable welfare riff raff out.
Refugees are told to fuck off.

Conscription brings cheap military costs; dodgers pay extra taxes till 30
for not serving. No outside military activities helps.

They also employ many foreign workers from the neighboring countries,
generating lots of tax revenue without needing to provide social services.
Lower taxes means lower prices for gas and food.

Lots of Italians shop in Switzerland, again bringing money without paying out.

Good deal for them.

[bootlegga]

martin14 martin14:

saturn_656 saturn_656:

Switzerland sports extremely low tax rates by European standards (low compared to Canada too). Exception rather than the rule no doubt, but it shows that it can be done.

Their tax haven status brings in a lot of money they otherwise would not get.

Very tight immigration keeps the unemployable welfare riff raff out.
Refugees are told to fuck off.

Conscription brings cheap military costs; dodgers pay extra taxes till 30
for not serving. No outside military activities helps.

They also employ many foreign workers from the neighboring countries,
generating lots of tax revenue without needing to provide social services.
Lower taxes means lower prices for gas and food.

Lots of Italians shop in Switzerland, again bringing money without paying out.

Good deal for them.

Good to know...