Timothy Geithner said what?

[il Padrino Ute]

I wonder if he realizes that he's not helping himself or Obama. Starting at about the 2:30 mark, he basically says that if taxes aren't increased, government will have to be shrunk. Perhaps he really understand.


[YOUTUBE]H4bYNkXu5qs[/YOUTUBE]

[Uncle Ted]

I found it interesting that he uses education spending as something that the federal government would have to cut. Education spending is $122B (even after the 70+% increase) of the $3.69T budget. It would have been a little more interesting if he said if we don't raise taxes then we might have to pull our troops out of places like Iraq and Afghanistan where we have spent over $1.2T bombing the hell out of things.

[Jacob]

He says we'd have to make:
"Exceptionally deep cuts."
"Cuts to things like education to levels that we could not accept as a country."

Yet returning spending to the levels of 3 years ago would eliminate the deficit entirely within only a few years. Was the spending in FY 2008 really a "level that we could not accept as a country?" Obviously not.

[Coach McGuirk]

Taxing things seems to be working out for CA,

http://www.businessinsider.com/amazo...irement-2011-6

http://www.techrockies.com/overstock...s-0036639.html

[BlueHair]

Cut the welfare program we call the military by 70%. This would also serve to keep the Executive powers in check as the POTUS wouldn't have the means to seek conflict like it has over the past 40 or so years.

[UtahDan]

Taxing things seems to be working out for CA,

http://www.businessinsider.com/amazo...irement-2011-6

http://www.techrockies.com/overstock...s-0036639.html

That is pretty brassy of Amazon to pull out of a state rather than collect sales tax.

[Coach McGuirk]

That is pretty brassy of Amazon to pull out of a state rather than collect sales tax.

Not the first time, they have done it in every state that has imposed it.

[Surfah]

Taxing things seems to be working out for CA,

http://www.businessinsider.com/amazo...irement-2011-6

http://www.techrockies.com/overstock...s-0036639.html

This is like Maryland's taxes they pushed on the wealthy who then all moved.

[ERCougar]

Does anyone really think we can pay off our debt through cutting spending alone?

[ERCougar]

He says we'd have to make:
"Exceptionally deep cuts."
"Cuts to things like education to levels that we could not accept as a country."

Yet returning spending to the levels of 3 years ago would eliminate the deficit entirely within only a few years. Was the spending in FY 2008 really a "level that we could not accept as a country?" Obviously not.

So that gets the deficit (while ignoring our future massive increases in SS and Medicare). What about our debt? Just carry it?

[CardiacCoug]

Does anyone really think we can pay off our debt through cutting spending alone?

I doubt it. Seems obvious that we should let the Bush tax cuts expire and ALSO significantly reduce spending across the board (military, entitlement, and other spending).

But nobody can say that because it's political suicide. The system is broken.

[Uncle Ted]

Not the first time, they have done it in every state that has imposed it.

South Carolina changed their minds...

House approves exemption for Amazon

A sales tax collection exemption that will let Amazon bring 2,000 jobs to the Midlands at a new Cayce distribution center cleared the Legislature today.

The House approved the exemption for the online retailer 90-14.

Gov. Nikki Haley has said she will let it go into effect without her signature.

[Uncle Ted]

Does anyone really think we can pay off our debt through cutting spending alone?

Raising the tax rate does not necessarily result in more tax revenue....

[ERCougar]

Raising the tax rate does not necessarily result in more tax revenue....

Ugh. This obscure, controversial, and almost certainly irrelevant to the US' current tax situation, economic idea is all the economics that cougarboarders know, but it's like gospel over there.

Sorry, Ted. I know this doesn't describe you, but it just brings back memories of snipe and company.

For this to be relevant, you have to show that people will work less--a lot less--if you raise taxes above current rates. I don't want my taxes raised any more than anyone else does, but there's now way this is true for me, and if people are being honest, it's not true for them either, with rare exception. The Laffer curve may be relevant in extreme situations, but really, they're extreme (probably around a 70% marginal tax rate).

I'll go into this more later, if youre interested (but i suspect youre just throwing it out there) but I have to get to work.

[Mormon Red Death]

Ugh. This obscure, controversial, and almost certainly irrelevant to the US' current tax situation, economic idea is all the economics that cougarboarders know, but it's like gospel over there.

Sorry, Ted. I know this doesn't describe you, but it just brings back memories of snipe and company.

For this to be relevant, you have to show that people will work less--a lot less--if you raise taxes above current rates. I don't want my taxes raised any more than anyone else does, but there's now way this is true for me, and if people are being honest, it's not true for them either, with rare exception. The Laffer curve may be relevant in extreme situations, but really, they're extreme (probably around a 70% marginal tax rate).

I'll go into this more later, if youre interested (but i suspect youre just throwing it out there) but I have to get to work.

Yes you do. This country needs rich guys like you to pay taxes.