"Sometimes the only thing that keeps me from being pessimistic is knowing that
the when the country collapses, the people most responsible will die out in the
first winter." --humorist Frank Fleming
Printable View
Sometimes you have to laugh...
Anyway, you know what is funny about Morrissey's correct statement... It was a great plan - for a while. The big spenders could rack up the debt without the embarrassment of writing it down and voting on it. I mean, could you go to your banker with spending exceeding revenue by 40%. The banker would probably call your outstanding loans in. Could you see Senator Reid trying to justify year after year of deficits with the word 'Trillion' following them. I want to see the President's speech using the 'T' word. Basically, the spenders didn't want to discuss the 'T'urd in the living room.
But now - yuk, yuk...
All that bloat built into 'the system' wants more mullah and wants that mullah inflation and population adjusted. And, that don't happen with Continuing Resolutions. So, they spent to their last dime; built a lot of useless structure and bureaucracies and fed the middle class with free bread and big circuses. Now all this fat has a funding line and the bureaucrats are screaming for da'cash.
No money bro, no money...
I can't really see the GenXers digging deep to pay for this. Can you???
Correction; rest of the FISCAL year. No one is really talking about it, but if you believe that the furloughs will last all 22 weeks... why would you believe it will stop at the end of this fiscal year? We COULD be furloughed 22 days (or more? ) every year for the next 10 (or more?) years...
BIG CORRECTION (For several people): There is no such thing as 'tax bracket drop'. You don't really move from tax brackets to tax brackets. That terminology is for people that don't understand how income taxes are calculated. You only expand into/retract from tax brackets.
***** INCOME TAX IS CALCULATED MARGINALLY *****
If you don't know what that means, you likely won't understand from a single post but basically:
For 2013, the 25% bracket starts at 36,251
Person A that has a taxable income of $36,250, Person B a taxable income of $36,251...
They both pay the SAME amount of taxes.
10% on their first 8,925 (which is $893),
and 15% on the next $27,325 (15% bracket upper limit, $36,250 minus $8,925) which is 4099.
Then Person B pays 25% income tax on $1... which is 25 cents.
So they both pay $4992 in income tax. Big difference than taking Person A and doing 36250 * 15% = 5438 and Person B doing 36251 * 25% = 9062.75
you're right, both still pay $4992, and both still think it's too much for what they and everybody else gets in return.
so now what to do? raise taxes more or spend less? i think that should be left up to those actually paying taxes, not those deciding how much to spend. who begs to differ? and on what ground do you stand?
I'll vote for the chump that gives me the biggest earned income tax credit - I don't like to work but I do vote.
I mentioned it as it relates to Furloughs because people were talking about possible 'dropping tax brackets'. And while you will pay less taxes, its not nearly as drastic as people were implying.
I mean its like trying to make the argument, which I've heard several times before, that a reason for not paying off a student loan is because the interest is tax deductible. Why pay thousands in interest and get hundreds back when you could pay $0 and get $0 back?? Not having the expense is always better than having a deductible expense (all else equal)
This is a trainwreck of a thread that i hope to have time to read later today.
i hope everybody here voted.
we are all to blame for this crapola we are in and will be in for years to come.
I'm in the DoD, Air Force. Just received an email -- we'll be furloughed 1 day/wk starting 1 May.