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A budget proposal: towards a balanced budget and for the people - the Progressives

C

Craig234

Lifer
The Progressive Caucus has released a budget.

You don't hear much about it in the corporate media. I hadn't heard about it and ran across it. Despite 30 House members fasting for a day to try to get publicity for it.

Well, here's a little publicity.

I'll just post it. Whaddya know, we can have good policies for people AND fiscal responsibility.

http://cpc.grijalva.house.gov/index.cfm?sectionid=70&sectiontree=5,70

The budget eliminates the deficit 20 years faster than the Ryan budget, they say.

If you prefer to watch a video on the topic, Rachel Maddow:

http://www.youtube.com/watch?v=mTCYYeQF0SY&feature=related

Remember, progressives are not for a huge deficit - despite recognizing a need for short-term deficits for economy recovery. Big deficits transfer wealth to the wealthy, paying massive interest to banks, and lead to the 'starve the beast' approach trying to kill spending good for the people.
 
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So basically the're proposing to raise the taxes to cover the deficit. What's so original about that?
 
Craig234 said:
The topic is the budget's being good for the people or not.

Not whether it's 'original'.
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Great. How about every US citizen chips in $45,000. And if you don't have the money take out the loan. The deficit is gone. Problem solved. Next.
 
Argo said:
Great. How about every US citizen chips in $45,000. And if you don't have the money take out the loan. The deficit is gone. Problem solved. Next.
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That's idiocy that has nothing to do with the budget.

If you can't discuss the budget, make your own thread.
 
Infohawk said:
What is with your ego and acting like your a news source capable of giving anything publicity?
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He's a legend in his own mind. I'm sure he conveniently ignores the fact that even some of the liberal members here think he's a joke.
 
Craig234 said:
The topic is the budget's being good for the people or not.

Not whether it's 'original'.
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The "topic" is, once again, who here agrees that progressives love the working class and the poor, while conservatives only care about hoarding wealth for the corporate elites?


Maybe "The People's Budget" isn't getting much news coverage because it was initially proposed and put out for public consumption back in April. Just like how the Ryan budget gets no news coverage today either.



Obama, Reid, and everyone else, have had plenty of opportunities to toot their own horns about how great they are, and how evil Republicans are, perhaps there is an alternate reason why it's not getting sufficient Craig-approved news coverage, a reason other than corporations control everything for their own evil selfish goals.
 
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"Creates new tax brackets that range from 45% starting at $1 million to 49% for $1 billion or more"

What a fucking joke...

Ok, so a millionaire pays 45% of his income to the Feds and another 8-9% to the state as well.

So you think it is okay for the government to now take over half of someone's income? Millionaires will no longer be working for themselves instead they will be working for the government.
 
Oh missed this part:
Eliminates the individual Social Security payroll cap to make sure upper income earners pay their fair share

So 45% of income to the Feds in income taxes and another 6% in SS taxes. So now we are at 51% of your income going to the Federal government.

Add that 8-10% for local and state and if you are a millionaire 60% of your income goes to government.

What a fucking joke! Hey I made a million dollars last year... after taxes I still have $400,000....
 
PJ: not much of an argument there.

But yes, after you make your million dollars - excuse me a sec, HAHAHAHAHAHA - you get to keep $400,000.

And we have a balanced budget sooner, and we have all kinds of spending that strengthens the economy and the middle class, with MORE people making that million.

Sounds pretty good to me. How many people here would be ok making net $400K?

Edit: oh by the way, that's in contrast to today, with a '35% tax rate and 8-10% state tax' - let's ignore social security - so, say, a 45% tax rate. So they keep $550,000.

Yes, it's sure worth not balancing the budget, and gutting spending over!
 
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Craig234 said:
PJ: not much of an argument there.

But yes, after you make your million dollars - excuse me a sec, HAHAHAHAHAHA - you get to keep $400,000.

And we have a balanced budget sooner, and we have all kinds of spending that strengthens the economy and the middle class, with MORE people making that million.

Sounds pretty good to me. How many people here would be ok making net $400K?
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I don't think that is the right question. Rather it should be: How many people here would be ok making $1,000,000 and only keeping 40% of what you earned?

Seems to steep to me.
 
Craig234 said:
PJ: not much of an argument there.

But yes, after you make your million dollars - excuse me a sec, HAHAHAHAHAHA - you get to keep $400,000.

And we have a balanced budget sooner, and we have all kinds of spending that strengthens the economy and the middle class, with MORE people making that million.

Sounds pretty good to me. How many people here would be ok making net $400K?

Edit: oh by the way, that's in contrast to today, with a '35% tax rate and 8-10% state tax' - let's ignore social security - so, say, a 45% tax rate. So they keep $550,000.

Yes, it's sure worth not balancing the budget, and gutting spending over!
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It's worse than that actually, because the truly wealthy tend to get their income as capital gains, meaning they pay much less.

Still, this plan does go overboard in taxing the wealthy. I think taxes should be raised on the wealthy, among other measures, to reduce the deficit, and even I think this is too much.
 
davmat787 said:
I don't think that is the right question. Rather it should be: How many people here would be ok making $1,000,000 and only keeping 40% of what you earned?

Seems to steep to me.
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That's not the whole question, actually. There are a lot of people a lot better off under the plan to consider as well as just the one taxpayer.

But as my post above says, with crude numbers, it's $400,000 vs. $550,000 - in order to get all kinds of benefits for the people and economy, including balancing the budget.

And as I said, there will be a lot more people making that net $400,000. This helps reverse the centralization of wealth, creating opportunity for more people to get rich.

There's a lot more in the budget than one number to discuss.

That's not discussing the budget much.

And your question forgets, that these people don't get to make that $1,000,000.

I think quite a few of them would be happy to do so, and pay that share of taxes, for the benefits of the budget. Other budgets screw them.
 
$4Tn of new taxes and $1.7Tn of cuts. We're in the hole by 1.5Tn this year alone... brilliant. Sounds like california budgetting : we'll overspend by X and then cut by X/10 yaay!

I'm kind of curious what revenue comes from this:
• Creates new tax brackets that range from 45% starting at $1 million to 49% for $1 billion or more

Love the "fair-share" wording of this nonsense. The position for progressive rate insurance policy is untenable.
• Eliminates the individual Social Security payroll cap to make sure upper income earners pay their fair share

Also I'm sure none of the numbers were run by the CBO.
 
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Craig, you are a fucking idiot...

Seriously. Do you know what would really happen? Our economy would crash so hard it would make the last two years look like a walk in the park.

Tell a guy running a small business that makes $1 million a year he now has to fork over and additional $160,000 a year to the government. Do you have any idea what they will do to those type of businesses?

Do you know what will happen to NYC and its financial center? Kiss it good bye. The rich will leave the country so fast you progressive won't even know what happened. Do you really think you can raise someone's tax rate from 15% to 51% without it having a negative effect on the economy?

The stock market will crash. Investors will flee. The super rich will go looking to make money in other places.

But wait!! There is more idiocy!
"Tax U.S. corporate foreign income as it is earned"
You know what that will do to tax income? Kill it! You think GE is going to pay American income tax on money it makes in Germany or Japan?? Hell no. Instead they will spin off that company in a new company GE World Wide and we will never see another penny of their income period.

The people who wrote this must have been high. The only thing progressive about them is the disease that kills their brains.
 
And this is why Republicans refuse to agree to tax increases.

• Deficit reduction of $5.6 trillion
• Spending cuts of $1.7 trillion
• Revenue increase of $3.9 trillion
• Public investment $1.7 trillion

Public investment means more spending.
So they are cutting some spending and replacing it with other spending.
They plan to balance the budget by jacking up tax rates so high that it will completely kill the economy.
 
Craig234 said:
blah blah blah blah...
I think quite a few of them would be happy to do so, and pay that share of taxes, for the benefits of the budget. Other budgets screw them.
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Let me think...

Imagine I was a millionaire...

I have a guy who wants to increase my tax rate from 35% to 51% AND cuts no spending from the budget at all.

And I am support to be thankful because of him?? Really??
 
halik said:
I'm kind of curious what revenue comes from this:
• Creates new tax brackets that range from 45% starting at $1 million to 49% for $1 billion or more

Love the "fair-share" wording of this nonsense. The position for progressive rate insurance policy is untenable.
• Eliminates the individual Social Security payroll cap to make sure upper income earners pay their fair share

Also I'm sure none of the numbers were run by the CBO
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Right in the summary of the budget, it totals the revenue:

Our Budget’s Bottom Line
• Deficit reduction of $5.6 trillion
• Primary spending cuts of $869 billion
• Net interest savings of $856 billion
• Total spending cuts of $1.7 trillion
• Revenue increase of $3.9 trillion
• Public investment of $1.7 trillion
• Budget surplus of $30.7 billion in 2021, debt at 64.1% of GDP.
Click to expand...
 
Just to be clear for those who don't want to read this garbage.

1. Capital gains will now be taxes as regular income.
So if you earn $1 million per year in capital gains you tax rate will go from 15% to 45%

2. As noted income tax rates on millionaires goes from 35% to 45% under Clinton it was 39.5%

3. The elimination of the SS cap will result in an immediate 6.2% tax increase on anyone making over $100,000 a year

So a millionaire will be looking at a tax increase of between 16% to 36% per year depending on whether their income is salary or capital gains.
 
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ProfJohn said:
Craig, you are a fucking idiot...

Seriously. Do you know what would really happen? Our economy would crash so hard it would make the last two years look like a walk in the park.

Tell a guy running a small business that makes $1 million a year he now has to fork over and additional $160,000 a year to the government. Do you have any idea what they will do to those type of businesses?

Do you know what will happen to NYC and its financial center? Kiss it good bye. The rich will leave the country so fast you progressive won't even know what happened. Do you really think you can raise someone's tax rate from 15% to 51% without it having a negative effect on the economy?

The stock market will crash. Investors will flee. The super rich will go looking to make money in other places.

But wait!! There is more idiocy!
"Tax U.S. corporate foreign income as it is earned"
You know what that will do to tax income? Kill it! You think GE is going to pay American income tax on money it makes in Germany or Japan?? Hell no. Instead they will spin off that company in a new company GE World Wide and we will never see another penny of their income period.

The people who wrote this must have been high. The only thing progressive about them is the disease that kills their brains.
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You are wrong here, that's not how marginal progressive rate works. You'd be paying 49% on anything in the excess of 1M. Essentially extra 6% on anything over 500K
 
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