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Thread: How the "Buffet Rule" will affect the deficit.

  1. #1
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    How the "Buffet Rule" will affect the deficit.


  2. #2
    Without regard for the merit and/or problems of the Buffet Rule re: tax policy, and dealing just with the information that you have presented in the OP, it seems to me that the dark blue bar is better than the light blue bar.

    Put another way: 1.1XX Trillion is < 1.2 Trillion

    Is that the point of your post?

    (Also, your post doesn't have a source or link so I can't exactly quantify the red bar. Is that 4.7 billion that a year that JTC projects or the 3.1 that billion a year that the JTC projected earlier or the 11.4 billion a year that the UBTPC projects?)

    How many billion is not enough to care about?

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    The graph demonstrates the Buffet Rule does next to nothing to decrease the deficit.

    IMO, implementing the Buffet Rule will, given the propensity of politicians to spend other people's money multiple times, likely result in increased spending.

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    Quote Originally Posted by Huskerwirejay View Post
    How many billion is not enough to care about?
    For Obama, that number is apparently 1200 and rising.

  6. #6
    Quote Originally Posted by Huskerwirejay View Post
    Without regard for the merit and/or problems of the Buffet Rule re: tax policy, and dealing just with the information that you have presented in the OP, it seems to me that the dark blue bar is better than the light blue bar.

    Put another way: 1.1XX Trillion is < 1.2 Trillion

    Is that the point of your post?

    (Also, your post doesn't have a source or link so I can't exactly quantify the red bar. Is that 4.7 billion that a year that JTC projects or the 3.1 that billion a year that the JTC projected earlier or the 11.4 billion a year that the UBTPC projects?)

    How many billion is not enough to care about?
    I think the point is that regardless of the Buffett rule, both comparison lines are WAAAAYYY too long...

  7. #7
    Quote Originally Posted by Big Red Rick View Post
    I think the point is that regardless of the Buffett rule, both comparison lines are WAAAAYYY too long...
    Agreed. Which one, IYHO is better? Would you rather by a car for 11,900 or for 12,000? Would you rather get that nice beach house for 1.19 million or for 1.2 million. Would you rather take a new job where you make 119k a year or one that pays 120k a year?

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    Quote Originally Posted by Huskerwirejay View Post
    Agreed. Which one, IYHO is better? Would you rather by a car for 11,900 or for 12,000? Would you rather get that nice beach house for 1.19 million or for 1.2 million. Would you rather take a new job where you make 119k a year or one that pays 120k a year?
    That's not even a remotely applicable comparison. I would actually say when you are talking about a car at 11,900 versus 12,000, I probably wouldn't care. Same with a new job with 1000 bucks difference. I would take the job I think I would like better and money wouldn't be an issue. I would like to save personally 100K on a nice beach house, but I imagine that if I actually had the money to buy a 1.2 million dollar beach house, I might not care.

    But trying to make this comparison to the national deficit is a huge stretch.

    I would rather a comprehensive debt reduction package be put into place that some over politicized barf that is being talked about here. I don't have a problem paying higher taxes, HOWEVER I am not just going to support more money being funneled to the nitwits in DC without a comprehensive plan to reduce the debt in place. This "Buffett rule" doesn't do anything except rally up the far left who lack a nuanced understanding of the problem anyway. It won't even begin to solve the problem.

    The issue with Washington, in my opinion, is that the country is too big and too diverse to micromanage. They can't find a problem that can't have more money thrown at it, but then there is no accountability to see that the money is well spent or even doing what they thought it would do. The government just keeps adding programs and regulations without appropriate oversight and restraint.

  9. #9
    Quote Originally Posted by Chi-Town Cube View Post
    That's not even a remotely applicable comparison. I would actually say when you are talking about a car at 11,900 versus 12,000, I probably wouldn't care. Same with a new job with 1000 bucks difference. I would take the job I think I would like better and money wouldn't be an issue. I would like to save personally 100K on a nice beach house, but I imagine that if I actually had the money to buy a 1.2 million dollar beach house, I might not care.

    But trying to make this comparison to the national deficit is a huge stretch.

    I would rather a comprehensive debt reduction package be put into place that some over politicized barf that is being talked about here. I don't have a problem paying higher taxes, HOWEVER I am not just going to support more money being funneled to the nitwits in DC without a comprehensive plan to reduce the debt in place. This "Buffett rule" doesn't do anything except rally up the far left who lack a nuanced understanding of the problem anyway. It won't even begin to solve the problem.

    The issue with Washington, in my opinion, is that the country is too big and too diverse to micromanage. They can't find a problem that can't have more money thrown at it, but then there is no accountability to see that the money is well spent or even doing what they thought it would do. The government just keeps adding programs and regulations without appropriate oversight and restraint.
    Great post!
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  10. #10
    I think we need to stop thinking that a few billion isn't enough to worry about and stop the argument that any one idea isn't enough to solve the problem. We need to start moving the ball down the field--start getting positive yardage.

  11. #11
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    Quote Originally Posted by Huskerwirejay View Post
    I think we need to stop thinking that a few billion isn't enough to worry about and stop the argument that any one idea isn't enough to solve the problem. We need to start moving the ball down the field--start getting positive yardage.
    Since both Dems and Pubs agree on cutting spending, why do we have to have that token tax increase before we start that?
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    This assumes it would actually raise tax revenues at all. They recently tried a similar tax in the UK and it failed miserably.

  13. #13
    Quote Originally Posted by Red_in_Blue_Land View Post
    Quote Originally Posted by Huskerwirejay View Post
    I think we need to stop thinking that a few billion isn't enough to worry about and stop the argument that any one idea isn't enough to solve the problem. We need to start moving the ball down the field--start getting positive yardage.
    Since both Dems and Pubs agree on cutting spending, why do we have to have that token tax increase before we start that?
    what spending cuts did they agree on?

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    Quote Originally Posted by Huskerwirejay View Post
    what spending cuts did they agree on?
    We could start with this discussion:

    http://www.huskermax.com/vbbs/showth...hlight=boehner
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  15. #15
    Ok


    What did the Super Committee agree to re: spending cuts?

    Why hasn't the house proposed the spending cuts that WaPo said they all agreed on? They could draw a line in the sand and say "we are the party that can cut spending."

  16. #16
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    Quote Originally Posted by Huskerwirejay View Post
    Ok

    What did the Super Committee agree to re: spending cuts?

    Why hasn't the house proposed the spending cuts that WaPo said they all agreed on? They could draw a line in the sand and say "we are the party that can cut spending."
    Oh the House has, but contrary to the lip service played, they get rejected. Tell when have the White House or congressional Democrats initiated any net reductions in spending, not future spending that hasn't happened yet, but current spending? Their strategy is give lip service to spending cuts and then defer to Republicans and denounce whatever cuts Republicans come up with as doing some irrepairable harm to someone or some group somewhere.

    Democrats and Obama really want to cut spending, just read some of the quotes from his speeches:
    “We’ve got to comb through the budget and find every dime of savings that we can,” Reno Town Hall

    Here is his debt speech in April of last year:
    http://money.cnn.com/news/economy/st...speech/?iid=EL

    And more:
    http://www.usatoday.com/news/washing...lan/50470916/1

    So back to my original question, since they agree to cut spending lets do it, why do we need to raise taxes?
    "The smallest minority on earth is the individual. Those who deny individual rights cannot claim to be defenders of minorities." Ayn Rand

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  17. #17
    Quote Originally Posted by Red_in_Blue_Land View Post
    So back to my original question, since they agree to cut spending lets do it, why do we need to raise taxes?
    Because they don't agree on any spending cuts. As an example, I point to the Super Committee. If you can produce a single document that lists specific spending cuts that both sides agree on, please share it. I would point out that if they both agree on it and the House proposed those spending cuts, they cuts would have passed. If the proposal got shot down in the house like you claim, I would suggest that they didn't agree on it.

  18. #18
    Quote Originally Posted by Huskerwirejay View Post
    Agreed. Which one, IYHO is better? Would you rather by a car for 11,900 or for 12,000? Would you rather get that nice beach house for 1.19 million or for 1.2 million. Would you rather take a new job where you make 119k a year or one that pays 120k a year?
    Bad comparison. It is easier to make up $100 or $1000. Even $100,000 is easier than $5,000,000,000.00

  19. #19
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    Quote Originally Posted by Big Red Rick View Post
    Bad comparison. It is easier to make up $100 or $1000. Even $100,000 is easier than $5,000,000,000.00
    I don't know about that... we should be dealing in %'s rather than absolute numbers. So really, the question is whether, given a certain income, would you pay the extra $100,000 in exchange for the ramifications.

    Same with the gov... is it worth our government raising taxes for a fractional gain on the deficit in exchange for the consequences of doing that; same on the flip side... is it worth NOT raising that tax and forgoing the fractional revenue bump and risking further alienation of the masses.

    Personally, I think the argument "this makes no impact" is spacious. One of the favorite drum beats that was played during the primary race was the defunding of the Dept of Ed. On that chart, such a move would have only a slightly deeper impact than raising the Bufftet tax rule. Yet those raising this defense against raising the tax are the same ones claiming that cutting education will have a meaningful impact on the deficit.
    "We need education in the obvious more than investigation of the obscure."

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  20. #20
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    Quote Originally Posted by Huskerwirejay View Post
    Because they don't agree on any spending cuts. As an example, I point to the Super Committee. If you can produce a single document that lists specific spending cuts that both sides agree on, please share it. I would point out that if they both agree on it and the House proposed those spending cuts, they cuts would have passed. If the proposal got shot down in the house like you claim, I would suggest that they didn't agree on it.
    Not according to the lip service that is paid
    "The smallest minority on earth is the individual. Those who deny individual rights cannot claim to be defenders of minorities." Ayn Rand

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