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Debt ceiling
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- Posts: 4304
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- Location: Brighton
Re: Debt ceiling
I got it! Never mind approving purchases to be made unless it comes from Congress's pockets! Maybe they'll think twice about future purchases if they know it will one day have to be paid through their salary! Can't come up with a solution? Automatic dock. I think Congress could use a little wake-up call. And that goes for D or R.
"Internet is no more like radio than intravenous feeding is like fine dining."
-TurkeyTop
-TurkeyTop
Re: Debt ceiling
Who in Congress really need the pay check? Maybe 5.Mega Hertz wrote: ↑Sat Jan 21, 2023 9:13 pmI got it! Never mind approving purchases to be made unless it comes from Congress's pockets! Maybe they'll think twice about future purchases if they know it will one day have to be paid through their salary! Can't come up with a solution? Automatic dock. I think Congress could use a little wake-up call. And that goes for D or R.
“Blessed are those who are righteous in his name.”
― Matt
Posting Content © 2024 TC Talks Holdings LP.
― Matt
Posting Content © 2024 TC Talks Holdings LP.
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- Joined: Fri Jun 15, 2012 10:09 pm
- Location: Brighton
Re: Debt ceiling
I suppose you got me on that one.TC Talks wrote: ↑Sat Jan 21, 2023 10:03 pmWho in Congress really need the pay check? Maybe 5.Mega Hertz wrote: ↑Sat Jan 21, 2023 9:13 pmI got it! Never mind approving purchases to be made unless it comes from Congress's pockets! Maybe they'll think twice about future purchases if they know it will one day have to be paid through their salary! Can't come up with a solution? Automatic dock. I think Congress could use a little wake-up call. And that goes for D or R.
"Internet is no more like radio than intravenous feeding is like fine dining."
-TurkeyTop
-TurkeyTop
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- Posts: 263
- Joined: Sat Dec 04, 2004 9:07 pm
- Location: go ahead, I'm listening
Re: Debt ceiling
Add to the no pay for Congress also include the repay of the PPP loans that they all took and neatly forgave themselves.
Re: Debt ceiling
At least BMW stopped whining
“Blessed are those who are righteous in his name.”
― Matt
Posting Content © 2024 TC Talks Holdings LP.
― Matt
Posting Content © 2024 TC Talks Holdings LP.
- MWmetalhead
- Site Admin
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- Joined: Sun Oct 31, 2004 11:23 am
Re: Debt ceiling
The tax cuts during the Reagan and Trump years are not really the issue. U.S. Treasury receipts by year:This entire debt problem goes back to Regan and all of the subsequent folks who have cut taxes as infinitum knowing full well that spending would NEVER be cut because nobody wants their pet project slashed.
https://www.thebalancemoney.com/current ... ue-3305762
I completely agree with you on the spending side of the equation, though!
I'd like for there to a balanced budget law (with exemptions for war time) whereby Congress' pay gets reduced by a sliding scale following any budget year where deficit spending occurs.
Morgan Wallen is a piece of garbage.
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- Location: Brighton
Re: Debt ceiling
Sounds like MW and I are at least in the same zip code. I was probably more of a dick about it, but the same idea applies.
"Internet is no more like radio than intravenous feeding is like fine dining."
-TurkeyTop
-TurkeyTop
Re: Debt ceiling
How about corporate taxes pay for the deficits?
Here's my logic: Spending is usually designed to benefit some corporation or industry. This way you punish those that are really making the decisions. When has Congress ever included itself in some form of accountability?
Here's my logic: Spending is usually designed to benefit some corporation or industry. This way you punish those that are really making the decisions. When has Congress ever included itself in some form of accountability?
“Blessed are those who are righteous in his name.”
― Matt
Posting Content © 2024 TC Talks Holdings LP.
― Matt
Posting Content © 2024 TC Talks Holdings LP.
Re: Debt ceiling
Now you're really showing off your ignorance.
"Corporate taxes" are another way of saying "embedded cost." Do you really think that anybody other than then end consumer ultimately pays these taxes? If you think inflation is bad now, just wait and see where the price of goods goes if you jack up corporate taxes.
Re: Debt ceiling
Nor can you endlessly spend like a drunken sailor.
And if you look at the graph I posted earlier, you'll note that the 2 largest increases in debt-to-GDP ratio came as a result of Covid spending in 2020 and also at the very end of the GW Bush era/beginning of Obama, presumably due to a combination of The Great Recession and Obamacare.
We can talk all we want about "pet projects" or Congressional pay being too high or military spending being too extravagant. I think these are all marginal issues to the larger issue of, the federal government has just plain gotten way, way, way too damn big.
- MWmetalhead
- Site Admin
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Re: Debt ceiling
Higher corporate taxes could lead to higher prices, although frankly, I think such impact would be minor at worst.
A more likely outcome would be reduced wages or benefits to employees, along with bearish stock market sentiment. Companies would view new capital investment opportunities with somewhat greater skepticism since the IRR calculus would need to change.
If higher corporate taxes would simply lead to more social program handouts, I'm not interested.
A more likely outcome would be reduced wages or benefits to employees, along with bearish stock market sentiment. Companies would view new capital investment opportunities with somewhat greater skepticism since the IRR calculus would need to change.
If higher corporate taxes would simply lead to more social program handouts, I'm not interested.
Morgan Wallen is a piece of garbage.
Re: Debt ceiling
So I assume you would argue the reverse is true as well - that getting rid of corporate taxes altogether would lead to, at most, a modest decrease in the price of goods?
TCT's suggestion that corporate taxes be used to pay for deficits is idiotic in that using 2022 as an example, the deficit was $1.4 trillion and at a corporate tax rate of 21%, the government raises not even $250 billion in revenue from corporate taxes. That means that in order to balance the budget with nothing more than a corporate tax increase, the corporate tax rate would have to be raised to over 100% which would undoubtedly skyrocket the price of goods.
TCT's suggestion that corporate taxes be used to pay for deficits is idiotic in that using 2022 as an example, the deficit was $1.4 trillion and at a corporate tax rate of 21%, the government raises not even $250 billion in revenue from corporate taxes. That means that in order to balance the budget with nothing more than a corporate tax increase, the corporate tax rate would have to be raised to over 100% which would undoubtedly skyrocket the price of goods.
Re: Debt ceiling
I think ALL the above would apply, to some degree or anotherMWmetalhead wrote: ↑Sun Jan 22, 2023 2:09 pmHigher corporate taxes could lead to higher prices, although frankly, I think such impact would be minor at worst.
A more likely outcome would be reduced wages or benefits to employees, along with bearish stock market sentiment. Companies would view new capital investment opportunities with somewhat greater skepticism since the IRR calculus would need to change.
If higher corporate taxes would simply lead to more social program handouts, I'm not interested.
- MWmetalhead
- Site Admin
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- Joined: Sun Oct 31, 2004 11:23 am
Re: Debt ceiling
Yes, I would indeed subscribe to that point of view. Debt reduction, dividends to shareholders, capital investment, and increased wages or benefits to employees would all be potential uses.So I assume you would argue the reverse is true as well - that getting rid of corporate taxes altogether would lead to, at most, a modest decrease in the price of goods?
Wage growth is inflationary if productivity gains don't accompany it.
Morgan Wallen is a piece of garbage.
Re: Debt ceiling
Remind me to use this logic the next time you complain about the minimum wage going upbmw wrote: ↑Sun Jan 22, 2023 1:48 pmNow you're really showing off your ignorance.
"Corporate taxes" are another way of saying "embedded cost." Do you really think that anybody other than then end consumer ultimately pays these taxes? If you think inflation is bad now, just wait and see where the price of goods goes if you jack up corporate taxes.
“Blessed are those who are righteous in his name.”
― Matt
Posting Content © 2024 TC Talks Holdings LP.
― Matt
Posting Content © 2024 TC Talks Holdings LP.