Quote:
Originally Posted by vaylorie
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Look, the point is... if you want to have a discussion around federal spending and sustainability of US financials, then you have to look at mandatory spending programs. I'm not asserting that defense doesn't need cuts, but the common rhetoric that defense spending and not enough taxes on the wealthy is the root of the problem is a misnomer.
Mandatory spending needs REFORM (read: not cut completely) as does defense and health care. People frame the discussion as discretionary spending (calling out defense) is the only consideration here.
Defense spending is not under the mandatory spending umbrella based on government budget terminology. Congress has no ability to control mandatory spending during the normal budget process and only with new legislation to reign it in and provide reform.
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Buffett has been talking about this for a while, but the debt ceiling negotiations have given him another chance to point out a fact: tax rates for the rich have been declining for over two decades. As rates have dropped, the super-rich have done quite well -- from 1980 to 2005, more than 80 percent of total increase in Americans' income went to the top 1 percent of taxpayers.
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tax the rich then see wut needs to be cut imo
the best years of our country when we created the interstate system went to space bla bla bla were when we taxed rich people proportionally to how much money they make in our country. problem
however with a global economy if you are getting taxed out your ass here you are likely to go somewhere else... so in the end we lose either way imo