On Tue, Aug 12, 2008 at 04:27:43PM -0500, Jeffrey Watts wrote:
Well, considering how huge our deficit and debt are, I think that's probably about right. We gotta start paying for what we're spending at some point. And before someone cries about it, I probably pay more in taxes than most. I will be just as impacted.
America needs to return to fiscal responsibility. That means balanced budgets and paying for wars and other expenditures with increased taxation. Yes, it will hurt. Arguing for "tax breaks" when we have a record deficit and a record debt is silly.
Jeffrey.
On Tue, Aug 12, 2008 at 4:22 PM, Hal Duston [email protected] wrote:
The expiration of the tax cuts in 2010 will have an enormous impact on my financial status. My federal tax due will _increase_ by approximately $17 per day. That's more than my car payment.
That depends on if the goal is to increase tax rates, or tax revenues. Except for a 4 year period from 2000-2004, tax revenues have increased every year since 1968. (Source: Congressional Budget Office; Office of Management and Budget.)
On Tue, Aug 12, 2008 at 04:40:35PM -0500, Jeffrey Watts wrote:
You obviously live in a different country than I do, sir. In my country milk and other basic foods have doubled in price, gasoline is through the roof, my house lost value, my neighbors have been foreclosed on, the deficit and debt are at historical highs, and inflation is the highest in almost thirty years.
I guess in your country everything is peachy, all due to the excellent work of George Bush and co.
J.
Gasoline prices have been falling for approximately the last 3 weeks in Missouri. I ride the city bus, and am therefore able to mitigate much of the volatility in the price of gasoline.
Yes, my house has lost value, but so has everything else I purchased in 1997. However, it is nowhere near being below the value I purchased it for at that time.
The debt has been at a historic high every year since 1968 except for 1998-2002. The defict is _not_ at a historic high, but rather is down from the high it hit in 2004. (Source: Congressional Budget Office; Office of Management and Budget.) Inflation is at the highest point since June 1985, not _quite_ thirty years ago. Of course we are nowhere near the rates of 1974 through 1982. (Source: Bureau of Labor Statistics)
If housing prices are collapsing wouldn't that be deflationary?
Of course if my net income drops by over $500/month due to the tax increased caused by the expiration of the tax cuts in 2010, I could be forced to move into something cheaper.
Thanks, -- Hal