It's simple, taxes must either increase substantially or we must spend a lot less...

no, we must cut planned parenthood and npr.

 

...and ACORN.

Why not raise revenue by eliminating tax shelters / subsidies while cutting spending at the same time?

 

Because you would be lynched by your own party for such a suggestion.

 

How about we raise taxes on the rich and corporations and cut government spending?

 

My neck is still the same size despite consistently supporting that position on this and other (tea) boards. Actually, my position sits well with quite a few respondents.

 

..........or do both and let some of our debt obligations roll off!

 

everyone wants to eliminate subsidies and close loop holes.

They just disagree on which ones

 

And none of them have a "real" voice in congress, so it's moot.

 

This is the prime reason to eliminate them all and go to a graduated flat tax plan.

 

A graduated flat tax plan would still be attacked by the GOP as a "progressive" income tax, which it would be. I prefer a transparent consumption tax, it would solve many problems and would balance the budget overnight.

 

The value added tax does have some good points, but it is a bookkeeping nightmare with a tendency toward excessive exceptions.

 

Get rid of useless tax breaks. The mortgage interest deduction should be one of the first things to go.

"The Office of Management and Budget estimates that the mortgage-interest deduction cost the government $79 billion in forgone taxes in 2010. That could rise to as much as $144 billion in 2016, the OMB estimates."

All for something that leads to higher home prices AND rewards people for GOING INTO DEBT. The greater the debt, the better the tax break. It's one of the stupidest ideas ever conceived. Several other countries around the world get by just fine without it.

Not to mention the average person barely even gets much benefit from it when you subtract the standard deduction. Like usual, it's the wealthy (who don't even really need it) that reap most of the benefits.

 

I disagree with the characterization of a "bookkepping nightmare," particularly when compared to income tax, corporate tax, dividends tax, capital gains tax, and all the other taxes that would go away once replaced by the consumption tax. Just about every state already has the sales tax infrastructure in place and businesses already collect sales taxes every day.

 

Yup NPR is the problem for sure.

GOP Completely Fixes Economy By Canceling Funding For NPR
APRIL 5, 2011 | ISSUE 47•14

WASHINGTON—Unemployment plummeted and stocks soared Tuesday after Republican leaders fulfilled their promise to cut funding for National Public Radio, a budgetary move that has completely rejuvenated the flagging U.S. economy. "Since eliminating federal spending for NPR, America's economic outlook is brighter than it's been in decades, with manufacturing on the rise and† millions of jobs once sent overseas now returning to our shores," said Sen. Mark Kirk (R-IL), adding that by eliminating funds for NPR, the deficit has been slashed by 0.000004 percent and a newly thriving middle class once again has cause to believe in the American dream. "Pulling funding for Car Talk and Planet Money alone has created 4.2 million jobs and generated a $2 trillion budget surplus." Republicans announced Thursday they will now turn their attention to cutting the National Park Service, a move that should ensure Social Security's solvency for the next 350 years.

 

Eliminating tax shelters is a great idea. The fact that large corporations are getting multi-billion dollar refunds despite having multi-billion dollar profits is amazing to me.

However, if we're going to eliminate spending, let's eliminate it from the largest bucket: defense. Eliminating something like NPR which is 0.000004% of the budget doesn't help much -- it's just politics. I don't care about politics, I care about spending. Defense spending is out of control.

 

NPR, ACORN, etc. are merely symbolic of all the wasteful, redundant and unnecessary programs supported by the same federal government that overspends on the military. As I said in another thread, reducing our debt mess means that both left and right must slaughter their respective sacred cows. Compromise, by definition, cannot be one-sided.

 

NPR sucks

 

Mr. OP, Rockets Pride I am going to give you a rep.

For the first time I've seen the obvious truth posted.
The problem is it is too late to correct the debt problem and the debt problem is created by huge corporations (including banking corporations) who are global could care less about the majority of Americans, republicans or democrats.

There is no way to fix this. None. Apart from destroying the middle class of America and bringing down the country to its knees. Which is what is going to happen anyway if we continue on our present course. It is not a matter of if but when.

People who get worked up over taxes, the budget, fiscal policy, Congress, spending, etc really don't understand the fundemental problem.

No amount of spending cuts or taxes or combinations are going to make any difference at all.

We are too far in debt and too indebted to debt. This is the fall of many an empire and it is just our turn.

We might last another 5 yrs but eventually the standard of living in America is going to take a great hit.

If you total all debt by Americans including govt. debt at every level and private debt and plus in the present entitlement liability you will find that we are dead and don't know it- we are on the breathing machine of more debt floated by the strength of the dollar in the global economy.

But just wait until the coming inflation picks up steam.

Keep your eye on the price of bread, milk and meat.

And remember what it was like when one wage earner in a steel factory supported a middle class family in America and we were the exporting kings of the world for manufacturing- and 'multi national' corporation wasn't in the dictionary.