Quantcast

Mortgage Grapevine

Political: Your Congress in action---loopholes for bankers and NASCAR

Yeah, now that the leash is off conservatives will be on to the debt ceiling claiming that the little guy (and their cousins that make up the 47%) cost the country too much money.

"Entitlements" have to be pared to the bone! Where will we get the money!? No more free lunches! Lazy! Food stamp fraud! Grandma needs too many pills! Fraud! Graft! Spending! Out of control! Obama is a black socialist hell bent on destroying the country! Free phones for the lazy!"


Click Here

"The negotiations over the fiscal cliff involve more than the Democrats, Republicans, the middle class and the wealthy. The corporate sector is here in force as well. One of the core shifts in the Reagan era was the convergence of wealthy individuals who wanted to pay less in taxes – many from the growing South – with corporations that wanted tax breaks. Previously, these groups fought over the pie, because the idea of endless deficits did not make sense. Once Reagan figured out how to finance yawning deficits, the GOP was able to wield the corporate sector and the new sun state wealthy into one force, epitomized today by Grover Norquist. What Obama is (sort of) trying to do is split this coalition, and the extenders are the carrot he’s dangling in front of the corporate sector to do it.

Most tax credits drop straight to the bottom line – it’s why companies like Enron considered its tax compliance section a “profit center”."



by That's funny! January 2, 2013 8:50 AM


"Entitlements" have to be pared to the bone! Where will we get the money!?

We'll get it from those that need it most

Payroll taxes are key for financing Social Security, and the break of the past two years has forced the government to replenish the funds with borrowed money. The tax break was always meant to be temporary.
Workers earning the national average salary of $41,000 will receive $32 less on every biweekly paycheck. The higher the salary (up to $113,700), the bigger the bite, but business owners say their lower wage employees will feel it most.

Temporary, yeah kind of like the temporary Bush tax cuts Obama will make permanent for 98% of America
by Sooner Nation January 2, 2013 9:17 AM


Counter has no point.


CountBoy is counter.
by turdly January 2, 2013 9:33 AM


Who cares if the low wage "takers" have to pay more?
We need the cash for the "makers." No private railroad should be expected to utilize their own money to maintain their tracks.

by That's funny! January 2, 2013 9:35 AM


is your point that our 72,000+ page tax code is a joke ?

by MikeM-NJ January 2, 2013 9:45 AM


We could easily make that tax code one page with a flat tax. Everyone pays 17% (or whatever the number needs to be) on net income, doesn't matter if you make $10,000 a year or $10,000,000. No deductions for anything.
by Vinnie The Leg Breaker January 2, 2013 10:11 AM


We can only wish Vinnie.

TF: How much debt is too much? What do we do when we reach that point?
by BuySide January 2, 2013 10:31 AM


Ancho,

You do realize that the flour for all those free donuts you eat, most likely got there by train?

Amtrak has to have rails in order to lose the kind of money they do each year too.


by YATI January 2, 2013 10:35 AM


Amtrak has to have rails in order to lose the kind of money they do each year too.


by YATI January 2, 2013 10:35 AM


Cannot be Yati. The government owns Amtrak. And we all know that the government doesn't lose money in anything it runs. Just ask Sir Counts-a-lot how well the government manages things.
by the cisco kid January 2, 2013 10:52 AM


s your point that our 72,000+ page tax code is a joke ?

by MikeM-NJ January 2, 2013 9:45 AM

My point is that Congrsss is worthless. Although all is not lost.Fortunately for you and your neighbors Republicans had the good sense not to approve any help for Sandy victims and then left town.
by That's funny! January 2, 2013 10:52 AM


TF: How much debt is too much? What do we do when we reach that point?
by BuySide January 2, 2013 10:31 AM


?
by BuySide January 2, 2013 11:10 AM


My point is that Congrsss is worthless. Although all is not lost.Fortunately for you and your neighbors Republicans had the good sense not to approve any help for Sandy victims and then left town.
by That's funny! January 2, 2013 10:52 AM

Ancho,

How much graft was included in the aid bill? Think that could be part of the problem? The crooks in both parties never let anything go through just simply for what it is meant to be. They always have to load it up with junk. But hey, according you and your fellow useful idiots there is no waste in government. How can they get by on only 2.5 trillion?
by ConservativeMe January 2, 2013 11:29 AM


I have never in my life seen an American citizen herald and celebrate our own demise as Ancho and his liberal minions on this site. It just goes to prove "intellectual" liberals lack the foresight and intellect to see the long lasting effects of their childish short term demands.

Fundamentally transform America..... check.


by Booth January 2, 2013 11:42 AM


TF: How much debt is too much? What do we do when we reach that point?
by BuySide January 2, 2013 10:31 AM


?
by BuySide January 2, 2013 1:18 PM


Republicans had the good sense not to approve any help for Sandy victims and then left town.
by That's funny! January 2, 2013 10:52 AM
Too much pork in the bill...

by dead eye January 2, 2013 1:34 PM


TF: How much debt is too much? What do we do when we reach that point?
by BuySide January 2, 2013 10:31 AM

What's the point?

Nobody wants to cut ANY spending. The biggest waste is defense. Nobody wants to touch it.

Then, rather than pretend to do something on the budget they completely ignore anything to do with job creation.

Create jobs and the budget issues are over.

It ain't rocket science.
by That's funny! January 2, 2013 1:42 PM


Too much pork in the bill...

by dead eye January 2, 2013 1:34 PM

“I’m saying right now, anyone from New York and New Jersey who contributes one penny to congressional Republicans is out of their mind. Because what they did last night was put a knife in the back of New Yorkers and New Jersyans. It was an absolute disgrace.”
Peter King (R)

Click Here
by That's funny! January 2, 2013 1:56 PM


I love this one, don't you?

"We've got people down there who use the citizens of this country as the pawns on a chessboard.

Our people were played last night as a pawn. That's why people hate Washington DC.

Last night, my party was responsible for this."

Chris Christie

So yeah, great question. How much debt is too much?

When you are completely fixated on "spending" (aka eliminating the new deal) to the exclusion of literally everything else you can't say you are interested in governing.


by That's funny! January 2, 2013 3:05 PM


When you are completely fixated on "spending" (aka eliminating the new deal) to the exclusion of literally everything else you can't say you are interested in governing.


by That's funny! January 2, 2013 3:05 PM


THe same can be said when you are fixated on revenues and raising taxes.

And for the record Christie is correct.
by the cisco kid January 2, 2013 3:37 PM


Show me one person that is fixated only on revenues.

One. Just one.
by That's funny! January 2, 2013 4:49 PM


Go to thinkprogress and you will find plenty that don't believe in cutting spending, especially to entitlements.

You truly cannot be this dense.
by the cisco kid January 2, 2013 5:44 PM


Show me one person that is fixated only on revenues.

One. Just one.
by That's funny! January 2, 2013 4:49 PM

Seeing as how all we have heard from Barry for 4 years is raise taxes on the rich I'd say he is fixated on revenue.

The problem useful idiot is that all of them on both sides want more revenue. Some may claim not to. But spending cuts are bad for business(their business). All of them want more money to spend so they can continue to grow their business and reward their supporters.

Time for idiots like you to stop empowering their bad behavior.
by ConservativeMe January 2, 2013 5:55 PM


You guys certainly have a monster on your hands but you need to understand his thinking before "TRYING" to feed him

Last week we examined Milton Friedman’s version of Functional Finance, which we found to be remarkably similar to Abba Lerner’s. If the economy is operating below full employment, government ought to run a budget deficit; if beyond full employment it should run a surplus
(That's Funny!)
Click Here

Governments that control their own (fiat) currency, can by design, run deficits indefinitely because, based on the observations of Modern Money Theorists, they do not actually use taxes collected to spend but instead “mark up bank accounts (issue currency)” when needed. There may be prudential (inflation, currency depreciation) but not affordability constraints on spending of a monetarily sovereign government but the excess of spending relative to collected amount of taxes, i.e. “deficits” is not one of them
Click Here

Since the last time our budget was balanced in 2001, the federal debt has increased
dramatically, rising from 33 percent of GDP to 62 percent of GDP in 2010. The escalation was driven in large part by two wars and a slew of fiscally irresponsible policies, along with a deep economic downturn. We have arrived at the moment of truth, and neither political party is without blame.
Economic recovery will improve the deficit situation in the short run because revenues will rise as people go back to work, and money spent on the social safety net will decline as fewer people are forced to rely on it. But even after the economy recovers, federal spending is projected to increase faster than revenues, so the government will have to continue borrowing money to spend. The Congressional Budget Office (CBO) projects if we continue on our current course, deficits will remain high throughout the rest of this decade and beyond, and debt will spiral ever higher, reaching 90 percent of GDP in 2020.
Click Here
by Sooner Nation January 2, 2013 7:07 PM


Reply

Username:
Password:
(No password? Register here)
Message:
(Don't be a nuisance.  Please avoid offensive language.  Advertisements are not allowed.)


Already a subscriber? Log in here
Please note you must now log in with your email address and password.