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by Greg_Groogan from Houston

Last Post 11 days, 12 hours Ago


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All three leading contenders for the Democratic presidential nomination promise to block renewal of the tax cuts pushed through by the Bush administration during the Texan's first term.
The argument from Hillary Clinton, Barack Obama and John Edwards is basically two-fold.

Number one - they disproportionately favor the wealthiest folks in America.

Number two - with war-driven deficits and 47 million citizens without health insurance the nation cannot afford to allow the affluent to keep more of what they make.

Republican Congressman Ted Poe says that kind of thinking is a sure fire recipe for economic recession.

Republican Congressman Kevin Brady says a return to pre-Bush tax rates would cost the average Texas family more than $3,000 a year.

Critics call the various plans set out by the top democratic presidential campaigns nothing short of "wealth redistribution"

Others have suggested increases in the capitol gains tax will have a chilling effect on the already volatile stock market.

So what do you think ? Should the "haves" hand over more to help the "have nots" ? or as Congressman Brady has suggested,
should government tighten it's own belt and re-direct the revenue it already receives to the needs that are most critical?
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Member Comments Total Comments: 8
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PBMom read my blog view my photos
Oct 24, 2007 | 1:23 AM

I think it's several things. Stop eliminating all this waste and there are billions and trillions of dollars of it, conclude this "invasion" as quickly as possible, and stop giving loopholes to the rich and corporations so that I'm paying more taxes than they are. Now THAT doesn't seem quite fair. Bush's tax cuts have not helped us at all, so I must not be the average Texas family. It's not about haves handing over more than the have nots, but the have nots don't have access to financial counselors who can tell them how to shelter so much of their money that they pay next to nothing in taxes. That is unfair. And go after EVERYONE that is evading paying taxes by not filing returns or filing extension after extension after extension.

Ltlowl read my blog view my photos
Oct 24, 2007 | 12:02 PM

The government is responsible for trillions of dollars in waste as PBMom states and should cut their budget first and make the corporations pay their share. The extremely wealthy have all kinds of loopholes to hide their money, those loopholes need to be closed. We are taxed from birth to death. Everything we buy is taxed (except food here in Texas), gas is taxed, property is taxed, clothes are taxed, supplies for our childrens education are taxed (except for one day a year), even when we buy from a used clothing store our purchase is taxed, so are used vehicles. Where will it all end? We will all go bankrupt paying taxes.

chassan read my blog view my photos
Oct 24, 2007 | 9:36 PM

Greg,

Why do news people describe it as someone offering their view on whether to renew tax cuts when in reality it's a discussion about whether to raise taxes.

So to put it in proper context, the three Democratic candidates are promising to raise taxes if elected.

Greg_Groogan read my blog
Oct 24, 2007 | 10:42 PM

Chassan, As usual, you are correct.

Greg_Groogan read my blog
Oct 24, 2007 | 10:44 PM

pb mom - if you are still up try to catch my special needs story. It involves a district, an issue and personalities that you'll find very familiar.

ermurrow read my blog
Oct 25, 2007 | 10:29 AM

No one likes to pay higher taxes. But as PB's Mom said wasteful spending is a major cause of the problem. Congress and local government entities continue to have an affection for pork barrel legislation. A much reviled liberal senator, William Proxmire used to award the annual "Golden Fleece" for the most wasteful project funded by US Congress. The issue here is governmental accountability of the use of public funds and we are no where close to controlling. it. Also, the much larger tax problem is the Alternative Minimum Tax which will potentially affect 25 million taxpayers this year if Congress does not act.

kenny77449 read my blog
Oct 26, 2007 | 7:52 AM

These are I.R.S. records for the year 2003

The top 5% of wage earners pay 54.36% of all taxes

The top 10% of wage earners pay 65.84% of all taxes

The top 50% of wage earners pay 96.54% of all taxes

If you do the math....the bottom 50% of wage earners ONLY PAY 3.46% of all taxes

Is this FAIR?

imatreat read my blog view my photos
Oct 26, 2007 | 8:47 AM

This is a story that is as old as time, or at least when the Democratic/Republican wars started. Republicans have always been for lower taxes,"trickle-down" economics and less Government input. Democrats have always been for taxes to pay for Government Spending and more regulation. When one of the parties is in charge for a long period of time, you hear cries for change from the other side. Our two-party system is extremely flawed. We need some clear Independent thinkers to come up with a balanced-economic plan. I've heard some of the Flat Tax ideas and some of them make sense. The Pork-Barrel spending is way out of hand. There has got to be some oversight. It's kind of like the kids have stolen Mom & Dad's credit card and are on a shopping spree. And, we are headed for a recession, simply because oil is approaching $100 a barrel. That affects EVERYONE. Inflation is happening due to that and long-term inflation will send this economy into a deep recession. And, cutting interest rates is a short-term solution, but it is devaluing our dollar every time they do it. We need long-term financial overhaul at many levels from an Independent Point-Of-View or a STRONG bi-partisan effort.

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Greg_Groogan

For as long as I can remember, all I've cared about is telling stories about Texans and what matters to them. These days that's pretty much all I do, so I guess I'm livin' the dream. Toss in 2 toddlers and a wife and my life is full to the brim. I'm greedy, I know there are great untold stories out there and I want them all. Help me do it.

Member Since: 3/20/2007