This should help pancake the market. It'll be good for my shorts. Thanks, Bob. http://www.bloomberg.com/apps/news?pid=20601087&sid=aa1ix19LnZ2A&refer=home Rubin Urges Democrats to Raise Taxes to Reverse Budget Deficit By Kevin Carmichael Nov. 10 (Bloomberg) -- Robert E. Rubin, the Treasury secretary under President Bill Clinton who helped engineer the end of a generation of budget deficits, urged Democrats to increase taxes to erase the U.S. fiscal shortfall. ``You cannot solve this nation's fiscal problems without increased revenue,'' Rubin told members of the Economic Club of Washington late yesterday. The former Treasury chief said he is telling Democrats seeking his advice to work with President George W. Bush to control the budget deficit and longer-term challenges such as Social Security and Medicare. The deficit can't be eliminated ``solely on expense reductions,'' Rubin, who now chairs New York-based Citigroup Inc.'s executive committee, said in response to an audience member's question after a dinner speech in Washington."
taxes, impeachment hearings, defund iraq. it's all comin. do you suppose cnn will point out that the democrats lied and said they wouldn't do these things?
I still do not get why people get so fired up about taxed. Lowest of income chain barely pay any, so it does not matter to them at all. Middle class gets the largest bill (% wise), but few thousand a year in tax cuts and subsequent tax increases do not change their lives even one bit (you might buy 2 plasma TV instead of 3). 7 figure earners get the largest bill ($ wise), and it is where the cuts matter, but there are so many various legal tax avoidance schemes. So on the grand scheme of things it is a nice political argument, but it is not something that truly changes economic condition, no matter what government says.
Just following the lead of Bush lying a week before the election, saying Rumsey staying 2 more years was a guarantee, while at the same time looking for his replacement...
Ireland was once the poorest of all european countries until taxes were cut severely in the 1990's. Suddenly, people started investing in and starting businesses. Lower taxes resulted in positive behavior and outlook on life. Wealth and job creation is taking place in Ireland by lowering taxes. The average person in the US works 5-6 months of the year paying various taxes. Federal, SS, state, city, local, property, sales, excise, utility......... The higher the taxes are, the less incentive for people to work longer hours, get a part-time job, start a part-time business, increase growth of a business thereby less job creation. There is less incentive to improve your life if the harder you work the higher the tax rate is. Taxes tax the people, burden the people, the economy. Taxes tax the spirit, incentive to be productive. Taxes suppress positive human behavior. The higher taxes are, the harder it is to improve one's standard of living.
Ireland's top income tax rate is 42 percent. The top corporate tax rate is 12.5 percent...In 2004, government expenditures as a percent of GDP decreased 0.1 percentage point to 34.3 percent...According to the Ministry of Finance, the government consumed 14.4 percent of GDP in 2004. http://www.heritage.org/research/features/index/country.cfm?id=Ireland Ireland has free universal healthcare and free higher education and you sir don't know what you're talking about.
Didn't take long for that shoe to drop , did it? I love the casual assumption in the Bloomberg article that Rubin was responsible for eliminating the deficit. The deficit was eliminated when a Republican congress was voted in in '94, which refused to go along with Clinton's plans to socialize medicine and who knows what else. Rubin happened to be in the right place at the rigth time. Of course, we would have eliminated the deficit now if congress had followed the Gingrich congress' lead and reined in spending. The problem is not tax revenues, which have ballooned withthe robust economy.
This is true when taxes are through the roof this will hurt the population, but whatever tax cuts/increases are proposed by US government it does not matter much due to the facts I stated above. I am still shocked about how GOP bloated government, and at the same time cut taxes and waged the most expensive military campaign of the last 60 years.