Over 80 corporate CEO's call for tax increases & spending cuts

[Dulanic]

Corporations even know it is best for the US. We need both, how long will the republicans keep arguing against it? Even when big corporations agree it is needed. The favorite line I see from the republicans on this board is usually about how it would stunt businesses... yet businesses themselves are saying it is needed.

http://online.wsj.com/article/SB10001424052970203937004578076253372633058.html

Chief executives of more than 80 big-name U.S. corporations, from Aetna Inc. to Weyerhaeuser Co. are banding together to pressure Congress to reduce the federal deficit with tax-revenue increases as well as spending cuts.

The CEOs, in a statement to be released on Thursday, say any fiscal plan "that can succeed both financially and politically" has to limit the growth of health-care spending, make Social Security solvent and "include comprehensive and pro-growth tax reform, which broadens the base, lowers rates, raises revenues and reduces the deficit."

The declaration differs sharply from those of several other business groups, which urge Washington to deal with the deficit and avoid across-the-board spending cuts and tax increases set for year-end—but avoid any stance on the politically charged issue of raising taxes.

The CEOs who signed the manifesto deem tax increases inevitable no matter which party succeeds at the polls in November. "There is no possible way; you can do the arithmetic a million different ways" to avoid raising taxes, said Mark Bertolini, CEO of Aetna. "You can't tax your way to fix this problem, and you can't cut entitlements enough to fix this problem."

The executives called the Simpson-Bowles commission approach—about $3 in spending cuts for every $1 of tax increases—an "effective framework" for addressing what they termed "a serious threat to the economic well-being and security of the U.S."

 

[spidey07]

Sounds like they're endorsing Mitt Romney's plan. We need to broaden the tax base and make the 47% pay their fair share.

"include comprehensive and pro-growth tax reform, which broadens the base, lowers rates, raises revenues and reduces the deficit."

 

[Dulanic]

Sounds like they're endorsing Mitt Romney's plan. We need to broaden the tax base and make the 47% pay their fair share.

Romney's plan is "revenue neutral" so try again. Or so he says.... Of course he won't tell us what the plan is.

 

[Dulanic]

double post

 

[PokerGuy]

Spending cuts never seem to materialize, unless by cuts you mean "smaller increases than were planned". Spending needs to be really cut before there is any discussion of raising taxes.

 

[Dulanic]

Spending cuts never seem to materialize, unless by cuts you mean "smaller increases than were planned". Spending needs to be really cut before there is any discussion of raising taxes.

The discussions need to go hand in hand or we will NEVER get anywhere. Tax hikes never seem to materialize either...of course when you have a whole party saying no new taxes.....

 

[Phokus]

Spending cuts never seem to materialize, unless by cuts you mean "smaller increases than were planned". Spending needs to be really cut before there is any discussion of raising taxes.

Yet you think it's a good idea to cut taxes anyway.

 

[jackstar7]

Sounds like they're endorsing Mitt Romney's plan. We need to broaden the tax base and make the 47% pay their fair share.

Why did Republican's increase the number of those who have no federal tax liability in the first place? Wasn't Reagan responsible for a huge increase?

What's wrong with Reagan today, Spidey?

 

[Hayabusa Rider]

Since increasing income taxes for those in the highest corporate strata will be largely unaffected, why not? Aren't these also the same people who embrace outsourcing? Are they advocating higher business taxes?

It's another case of fixing the wrong problem with the wrong tool.

INVOKE POLICIES TO BRING BACK LONG TERM, STABLE, AND WELL PAYING JOBS AND INDUSTRY TO THE US

If it could have the text dancing and singing I would because the idea that taxing a group is going to fix things isn't going to work. Cutting the budget while people are losing ground financially isn't going to happen.

I've mentioned ways this might be done so it's not like there aren't any ideas other than conventional wisdom which is useless at best.

America, the unimaginative.

 

[EagleKeeper]

If one wants to feel that the CEO of these are more Republican leaning; then there may be a shot if the Liberal side is willing to work along those ideas.

Two of the three major concerns are being addressed;

Now get the jobs back so we can grow out of the problem of lack of revenue.

 

[Dulanic]

Yet you think it's a good idea to cut taxes anyway.

That's their idea right? We lower revenue to cut spending to... never raise revenue so that the right get's their way and we are just where we started.

 

[quest55720]

It is to bad that real spending cuts will never happen. Even slowing the growth of spending does not happen often. Democrats call slowing the growth of spending draconian cuts lol. The republicans don't believe in spending cuts either as Romney wants to increase military spending which actually needs to be cut. I will not be for any sort of tax increases until washington gets its spending under control. There is atleast 200-400 billion in cuts to be made just be reducing military spending and reduntant services. Even these easy cuts will not be made. I am rooting to off the fiscal cliff. Sure my taxes will go up but atleast military spending will actually be cut.

http://ohmygov.com/blogs/general_ne...in-wasteful-federal-government-spending-.aspx

 

[mect]

Wait, I'm confused. I thought corporations and rich CEOs were all evil lock step republicans hell bent on the destruction of America and the enslavement of her people. How can this be so?

 

[Dulanic]

Wait, I'm confused. I thought corporations and rich CEOs were all evil lock step republicans hell bent on the destruction of America and the enslavement of her people. How can this be so?

Even evil is interested in self preservation

 

[PokerGuy]

The discussions need to go hand in hand or we will NEVER get anywhere. Tax hikes never seem to materialize either...of course when you have a whole party saying no new taxes.....

Tax hikes never seem to materialize???? Are you high on something? Don't forget it's not just one specific tax we're talking about. Think about all taxes (federal, local, state, fees, sales taxes, property taxes). Add them all up and see if they go up over time. Of course they go up because someone has to pay for the increasingly bloated governments at all levels.

Taxes (in whatever form) have to go up because spending continues to go up. Until spending is cut, it's pointless to discuss raising taxes.

 

[zsdersw]

The biggest drivers of federal spending are Medicare, Medicaid, and Social Security. They are also the three things for which reform is 99% impossible because the public will demonize anyone who attempts it.

We, as a nation, want things but don't want to pay for them. Until or unless this is changed America will remain on the brink of financial collapse.

 

[Dulanic]

Tax hikes never seem to materialize???? Are you high on something? Don't forget it's not just one specific tax we're talking about. Think about all taxes (federal, local, state, fees, sales taxes, property taxes). Add them all up and see if they go up over time. Of course they go up because someone has to pay for the increasingly bloated governments at all levels.

Taxes (in whatever form) have to go up because spending continues to go up. Until spending is cut, it's pointless to discuss raising taxes.

This discussion is over the federal deficit. I can't recall anytime in the past 15 years that my effective federal tax rate went up... but it has gone down a few times.

 

[Matt1970]

Congressional Budget Office and White House numbers are similar in that raising taxes to Clinton era levels on the upper income brackets will only bring in an added $100 Billion in revenue. That still leaves you with an over $900 Billion Deficit.

 

[soulcougher73]

I want both to happen, but i want the REAL spending cuts to happen first as a sign of good faith. Then ill be willing to chip in more to get us out of this mess.

 

[Dulanic]

Congressional Budget Office and White House numbers are similar in that raising taxes to Clinton era levels on the upper income brackets will only bring in an added $100 Billion in revenue. That still leaves you with an over $900 Billion Deficit.

Where did Clinton tax levels come into this discussion? I can think of a few ways to raise revenue...

Limit the child deduction to 1 (maybe 2) children. The world population is growing too fast as it is. Limit the charitable deduction to certain amount. Limit welfare to a certain time frame. Eliminate the lower tax rate on capital gains (or raise it). Close other corportate and personal tax loopholes. Raise taxes on companies off shoring.

We also need to lower expenses. Raise the retirement age. TRUE healthcare reform to lower all health care costs. Drugs cost us a ton more than other countries. Lower the defense budget. I am sure there are hundreds of other areas we can cut some costs just as there are as many where we could raise a little revenue.

 

[spidey07]

You raise revenue by lowering tax rates and expanding the tax base, making the 47% pay their fair share as stated in the article.

 

[jackstar7]

You raise revenue by lowering tax rates and expanding the tax base, making the 47% pay their fair share as stated in the article.

Why did Republican's increase the number of those who have no federal tax liability in the first place? Wasn't Reagan responsible for a huge increase?

What's wrong with Reagan today, Spidey?

 

[lotus503]

You raise revenue by lowering tax rates and expanding the tax base, making the 47% pay their fair share as stated in the article.

More supply side bullshit, if you understood actual economics you would know the laffer curve only works within specific margins and we are not within those margins.

 

[Dulanic]

More supply side bullshit, if you understood actual economics you would know the laffer curve only works within specific margins and we are not within those margins.

Not to mention even IF they were paying 20% tax (Higher than Romney) it wouldn't even make a dent in the deficit. He just wants to troll.

 

[HomerJS]

You raise revenue by lowering tax rates and expanding the tax base, making the 47% pay their fair share as stated in the article.

Way to go siphoning money from the soldier fighting on the front line. Why do you hate the military?