Geithner says pay more for "Privilege of being an American"

[MattCary]

There will never be any cuts to the spending in DC (at least until we are bankrupt.) When will this country wake up?

In a related story, we're likely to hit the Debt Ceiling of over 16 Trillion Dollars before November. Which could make the election *much* more interesting.

http://www.weeklystandard.com/blogs/geithner-privilege-being-american-why-rich-need-higher-taxes_631859.html

"That’s the kind of balance you need," said Geithner. "Why is that the case? Because if you don't try to generate more revenues through tax reform, if you don't ask, you know, the most fortunate Americans to bear a slightly larger burden of the privilege of being an American, then you have to -- the only way to achieve fiscal sustainability is through unacceptably deep cuts in benefits for middle class seniors, or unacceptably deep cuts in national security."

[Guest 6.8 AR]

This from a guy of wealth and won't pay his own taxes.

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[LagerHead]

This from a guy of wealth and won't pay his own taxes.

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How dare you criticize the hypocrites in Washington? Don't you know your place, Subject?

[greenego]

I never listen to liars or cheats. Geithner is both.

[sbroomheadsr]

Maybe politicians should pay a surcharge tax for the privilege of being in power. Maybe 150% of their wages?

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[mikegideon]

I never listen to liars or cheats. Geithner is both.

They're ALL liars and cheats. The most popular promise a politician can make is a tax cut. The bulk of the federal budget is in SS/Medicare and defense. The harsh reality is what he said. Cutting Social Security is really theft. Cutting the defense budget carries all the risks that the opponents say. So... if you don't cut in the areas that are big enough that will do some good, and you don't increase the revenue, the checkbook balance is gonna stay negative.

I'm not suggesting that raising taxes is the solution. I'm just saying that they can't and won't make any meaningful cuts. If all the liberals died tomorrow, we would STILL be in the same boat. Not saying the Repubs wouldn't do better either. Just saying they can't do enough.

[Guest 6.8 AR]

You hit on the answer, Mike, without saying it.

I wish I could do that.

And it needs to be done.

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[mikegideon]

You have all the politicians spouting what they're gonna do do make things better. Nobody is asking the question... Why now? It's not anything new. The answers are way too deep in the noise to pull them out. They're gonna fix it NOW. How come they didn't fix it the last 8 times they tried?

[mav]

I'm not suggesting that raising taxes is the solution. I'm just saying that they can't and won't make any meaningful cuts. If all the liberals died tomorrow, we would STILL be in the same boat. Not saying the Repubs wouldn't do better either. Just saying they can't do enough.

Raising taxes is definitely not the solution, unless you want to broaden the tax base, which I am for. I read an article the other day from the Heritage Foundation, which showed that the percentage of citizens who do not pay federal income taxes has increased from 14.8% in 1984 to 49.5% in 2009. In theory, I am against any tax increases, but to have a disproportionate percentage of individuals who pay nothing quite frankly sucks. We have too many people getting a free ride on the backs of others.

As you rightly point out, cuts in federal (and state) spending is what is required. I also believe that some of those cuts can come from the defense department without weakening our national defense. As I wrote in a previous post on another topic, the government will eventually be forced to cut spending because the debt will be too large and nobody will loan us any money because we will have no way to pay it back.

(edit) -

http://blog.heritage.org/2012/02/19/chart-of-the-week-nearly-half-of-all-americans-dont-pay-income-taxes/

Edited February 27, 2012 by mav

[kieefer]

I never listen to liars or cheats. Geithner is both.

Just like is boss, BHO with his so-called corporate tax rate cut/deal.

http://blog.heritage.org/2012/02/22/obama-corporate-tax-reform-a-sugar-coated-harmful-tax-hike/

CUT THE FRICKING SPENDING!

[daddyo]

Geithner can suck it.

[Guest ThePunisher]

Nothing will ever change until the mindset of the sheeple changes, and that's probably not going to happen until the country turns into another Greece.

[Guest 6.8 AR]

Our country has allowed communists to take over

while letting all the progressives play in the taxpayers

sandbox. We've let go of God and let the government

run foul for too many years. Look at what's running

for office against that communist and where do we

end up? The idea of making one group pay for

another is sick. Half the country not productive is

bad and I don't see it reversing any time soon.

What's more ironic is all this could have been

avoided.

This country was warned a long time ago and

very few listened.

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[Guest ThePunisher]

Our country has allowed communists to take over

while letting all the progressives play in the taxpayers

sandbox. We've let go of God and let the government

run foul for too many years. Look at what's running

for office against that communist and where do we

end up? The idea of making one group pay for

another is sick. Half the country not productive is

bad and I don't see it reversing any time soon.

What's more ironic is all this could have been

avoided.

This country was warned a long time ago and

very few listened.

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Yep, you said it like it really is in our country. And it is only gonna get worse.

[Guest PapaB]

Geithner says pay more for "Privilege of being an American"

We do pay more, we suffer under the actions of the current administration. I consider that to be a cost greater than money.

[Guest 6.8 AR]

Timmy is just another Keynes inspired "useful idiot". His words are only for those

weak in the mind and those who wish our country to fail. The problem is his usefulness

is still good in the propaganda department. Too many people still fall for the trap.

Our country is way in over it's head and this entire administration really needs to go

elsewhere, like Europe.

[Guest ThePunisher]

Our country is way in over it's head and this entire administration really needs to go

elsewhere, like Europe.

How about the idiot sheeple going along with them to Europe. Then we can start anew allowing our Constitution to be our guideline to insure our liberties and freedoms.

[Guest 6.8 AR]

I could get on board with that.

[Guest Lester Weevils]

I don't like the tax or the excessive spending. Over the years the tax has been one of my biggest gripes. Would personally love a tax cut and GWB's tax cut is the first one that substantially benefitted me. Reagan's tax cut raised my annual tax bill. Because Reagan raised SS tax and I was self-employed. Reagan's SS tax went up more than the income tax went down.

However GWB's tax cut is one of the major factors why so many low-income folk no longer pay substantial income tax. Then they did all those big tax rebates which had no noticeable benefit to the failing economy, and now they have "temporarily slashed" SS tax, which also greatly benefits me personally though it makes the budget balance suck even worse.

Though I despise tax, IMO they should repeal ALL of the GWB tax cuts, for ALL the people, and stop this SS tax cut stupidity. That would cost me at least $4000 extra per year. Haven't figgered it. Maybe more.

But they gotta cut spending and raise more revenue. Rich folks don't have enough money even if they tax all of it. It's gotta go back to where everybody except the dirt po are getting hammered. That will make lots more lower-middle and middle income people peed and vigilant about gov waste when it is their own money getting wasted. Back in the 1950's thru 1980's the gov was hammering everybody. Po folks paid as big a percentage back then as upper-middles pay today. I was seriously low income back then, but was peed about wasteful spending because it was my money getting wasted.

Paradoxically, they've gotta revert at least back to clinton-era tax schedules just to get enough voters irate enough to start cutting spending.

Repealing all of GWB's cuts could be presented as "fair" to everybody. Shared sacrifice, not just reaming rich folks.

I'd hate to pay more money, but on the other hand if they keep printing at least one new dollar every year for every three the gov spends, anybody who has a pot to pee in ain't gonna have any savings left after the inflation, even if they cut the tax even more. Even if they didn't charge any tax, and printed money to pay ALL the fed bills, then the inflation would break anybody with savings and would hurt people worse than high taxes.

Am not a tax and spend feller. We just gotta go after this deficit from both ends or we are screwed.

People who brag about the economic wonders of previous tax cuts-- They are selling a bill of goods. All the tax cuts except the initial Kennedy cuts, cut tax while maintaining deficit spending. That doesn't make the Reagan or GWB tax cuts any economic miracle. It was just a different way to pump a bubble with keynsian stimulus. The only way a tax cut might truly benefit the economy is if the fed budget happened to be balanced. The republicans promising more tax cuts, unless they can slash spending along with it, are promising mouse milk keynsian stimulus that will do nothing except pump the next bubble and make the next crash even worse. Reagan and GWB promised to slash spending, but it never happened. It won't happen next time either. We'll just cut tax, print more money, and screw stuff up even worse.