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Yes I understand how taxes work quite well thank you. Don't speak to me about "talking points" when you parrot them. The idea that the wealthy pay less in taxes than middle class Americans is a myth. They pay a higher rate on their income. What you are talking about are capitol gains taxes, which is a whole different topic.
Again you missed the point by a mile. There are CEO's that make $1 in earned income a year, Mark Zuckerberg, Larry Elison among them. Does that equate to the amount of income they actually earn? No. You're caught up in the IRS definition of "earned income", which almost never equates the the actual amount that a person earns in a year. So in that case "capitol" gains are not a "whole different topic". We need to dis-incentivize the income and tax shielding advantages that capital gains gives you.
Again, no I am not parroting anyone's talking points. You are delusional if you think the EITC creates an incentive. The only reward it provides is a reward for popping out babies. It is an unabashed attempt at redistributing wealth. Nothing more.
Yeah, I would love to see you back up your bullshit (for once) with actual facts. I don't know about in Idiotville, but no sane person pops out babies to get a tax credit in the real world.
You are partially correct that the EITC wasn't always a point of political divide; Reagan actually extended it himself. It has been one of the most successful governmental programs in history. It's only the current repubtards who are against an expansion because....well because Obama is the one advocating it. There is a reason I used the word NEO-conservative.
I don't give a crap if talking about paying down our debt is idealistic or not. Again, I am very well aware of how our debt works. $250 billion (WITH A B) is not a 'misconception' that it is bleeding us dry. That is a staggering amount to pay in interest alone. I don't know about you, but I absolutely can't stand to pay interest on anything. Not a car loan, credit card debt, or student loans. It is simply money pissed down the drain with no return in value. Is it a necessary evil? Yes. No one could buy a home without a home mortgage, and few college students could hope to get an education without accumulating student loans. But the prudent person dispenses with debt as quickly as possible, rather than dragging it out year after year by only paying the interest on their debt, rather than paying down the debt itself. We've mortgaged our children and our grandchildren's future because we lack the wherewithal to tighten our belts and live within our means as a nation. Plain and simple.
And by the way, these aren't anyone's talking points. I remember choking when Cheney said debts don't matter. That more than anything else is why I voted a straight Democrat ticket in 2004 and again in 2006. I don't really care which party finally pulls its heads out of its ass and returns to fiscal common sense, as long as one party does. Republicans have been no better at fiscal discipline that Democrats have been. The only difference is that conservatives are more apt to hold Republicans responsible for spending like drunken sailors than liberals are
Again, I've already proven to you that over half our actual debt (which is about 5 trillion less than the fiscal figure), is owed to ourselves. That means that the "interest payments" are being paid to either the states or ordinary citizens like you or me. Therefore, your argument straight up goes out the window.
For the other half, I agree that we need to control our borrowing and lending. But the paranoia over it is blown way out of proportion. Heaven forbid that I might actually agree with Dick Cheney, but I'd like to modify his argument and say that the "debt doesn't matter" to the extent people think it does. There are many more figures that represent a true indicator of the economy's financial health. I don't really blame you for thinking otherwise. Very few people even understand how the debt works.
Now I hope this doesn't come across as an argument in favor of us having more debt. I'm merely explaining why it is the way it is. It is something that needs to be controlled, and that should be unilateral thinking.
. Originally Posted by SinsOfTheFlesh