US Elections 2012 Part II: The Conventions, Debates and Election results

[kyp275]

Originally Posted by Fipskuul

Actually there are ideas out there, starting with not giving any more tax breaks to the ultra rich and not doing things that would further increase the debt (basically not doing anything that Romney would want the state to do).

Sounds simple, but that's far easier said than done. How many people will be willing to accept the cuts that would be required to achieve that? The answer is not many.

[Mr. DJ]

Originally Posted by willx

Let's all be honest here, no one really has any particularly good ideas on how to deal with the debt problem ..

I'm sure there are good ideas, but those fatasses don't want to let go of the cake.

-ending the Bush Tax Cuts
-stop with these billion dollar breaks some of these companies are getting (looking at your fat ass Big Oil)
-stop over inflating the military budget
-get the fuck out of the middle east so we can focus on problems here at home and if we do have to ship out, it should only be because our help is requested
-invest in research technologies at home and stop sending shit to China or where ever

[willx]

Originally Posted by Mr. DJ

I'm sure there are good ideas, but those fatasses don't want to let go of the cake.

-ending the Bush Tax Cuts
-stop with these billion dollar breaks some of these companies are getting (looking at your fat ass Big Oil)
-stop over inflating the military budget
-get the fuck out of the middle east so we can focus on problems here at home and if we do have to ship out, it should only be because our help is requested
-invest in research technologies at home and stop sending shit to China or where ever

We can agree to disagree on the whole "good ideas" thing ..

Ultimately, over the past several decades, the U.S. population as a whole, not just the government, has wildly overspent. So what does that mean -- well.. it's supposed to mean a long period of deleveraging and resultant slow economic growth and massive structural changes.. So, a generation of people with outdated skills. Prolonged unemployment exceeding 10%. Need I go on?

BUT .. will the average U.S. citizen be okay with that? Will China be okay with one of it's largest consumers not spending? There's always unintended consequences. There are very smart people all scratching their heads trying to figure this out .. to expect a politician to have any good ideas (let alone something simple enough to explain to the electorate) is, from my viewpoint, silly.

[GDB]

I'd rather have ideas that do something slightly positive, even if it doesn't completely fix it, than to do nothing (or continue to go as we are) and only make things worse. This isn't an all or nothing situation. You can slowly wear down the deficit, after all.

[Solace]

Are we talking debt or deficit? There's a difference. You can close a budget deficit, but you can never pay off the debt.

[Xellos-_^]

Originally Posted by Frenchie

@Vexx, a sales tax just means he, Romney, pays as much as the poor/homeless as far as goods & services go. I can't, not in a million years, ever approve of a taxation system like that if it means the scrapping of the other tiers of taxing.

Here is how i would do it

Scrap individual Income tax but keep Corporate income tax
Keep and increase capital gains tax
Put in a National Sale tax (exempt food and medicine). Luxury items should be tax anywhere form 20 to 40%. While ordinary items should approximately 10%

[willx]

@Frenchie: That's only true if he "consumes" the same amount as you do :P

@Xellos: I'd do it the other way around:
-I'd raise the marginal tax rates and keep corporate tax rates low
-I'd go with the Canadian system of HST (harmonized sales tax, only end-users pay it and raw materials purchases don't)
-Exempt food and other basic services from taxation

[Sazelyt]

Originally Posted by kyp275

Sounds simple, but that's far easier said than done. How many people will be willing to accept the cuts that would be required to achieve that? The answer is not many.

Logically, you can expect that it will depend on what you are cutting and what those cuts will lead to. But, from a regular Joe's perspective, it really does not matter what you are cutting, cause they mostly have no idea who is cutting what. So, being willing to accept does not really affect anything. Otherwise, Romney wouldn't be getting half the votes with non-existing or extra-terrestrial policies.

Originally Posted by willx

BUT .. will the average U.S. citizen be okay with that? Will China be okay with one of it's largest consumers not spending?

It will reach a balance regardless. Economy will always find its way to make sure that the spending continues.

[Frenchie]

Originally Posted by willx

@Frenchie: That's only true if he "consumes" the same amount as you do :P

@Xellos: I'd do it the other way around:
-I'd raise the marginal tax rates and keep corporate tax rates low
-I'd go with the Canadian system of HST (harmonized sales tax, only end-users pay it and raw materials purchases don't)
-Exempt food and other basic services from taxation

Yes, I understand. I am not referring to equality, but taxes being equitable.

Low corporate tax rates are completely useless; companies funnel their funds through trusts, can buy off underwater 'shell' companies to artificially reduce their profits before tax. The idea that lowering corporate tax rates is going to do anything is based in a fantasy world where companies actually pay taxes when those 'tax reduction' strategies are widely available. (Depending on who you talk to, they'll be strategies or loopholes.)

The only ones that might be affected are some SME's. Anyone with a half-decent accountant won't be.

[Dr. Casey]

I'd just print off a lot of money and use it to pay off the debts

then the world would be saved

[willx]

@Frenchie -- Well, that's both true and not true, I work in corporate finance and work with tax lawyers and accountants quite often.

@Dr. Casey -- That's actually one thing I haven't gotten to you .. which is basically that all these people that have borrowed or mortgaged the future of the young? We all collectively say "screw you" to both them and the people that have currently managed to save .. and start fresh.

Inflate our way out of the problem.. which destroys everyone's savings, btw. Parents, Aunts, Uncles, Grandparents, Great Grandparents - we destroy ALL their savings. That's one way out

[Jaieni]

[Lord of Fire]

Originally Posted by Dr. Casey

I'd just print off a lot of money and use it to pay off the debts

then the world would be saved

Yeah, you do that. Good luck with the resulting hyperinflation, then.

[Dr. Casey]

I'm kidding of course, Fire. My real plan would be to get Megaman to provide the United States with all its energy needs, since after 25 years he has hundreds of different robot powers, providing us with limitless clean, free energy and turning us into the most powerful economy in the world thanks to all the new technologies this will help foster.

[GDB]

Megaman needs to absorb those little yellow orbs from killing enemies to recharge his other robot powers.

[Lord of Fire]

Originally Posted by Dr. Casey

I'm kidding of course, Fire. My real plan would be to get Megaman to provide the United States with all its energy needs, since after 25 years he has hundreds of different robot powers, providing us with limitless clean, free energy and turning us into the most powerful economy in the world thanks to all the new technologies this will help foster.

I think Megaman will be too busy worrying about Dr. Wiley's next escape from prison to deal with America's energy crisis. Asking Dr. Light would probably be a better idea.

[Kyuu]

[KiraYamatoFan]

Originally Posted by Kyuu

That's gotta hurt for Romney when something like this comes up.

[ganbaru]

Originally Posted by Kyuu

Did Romney really made such great job for the Salt-Lake-City olympic game ?

[Sumeragi]

Originally Posted by ganbaru

Did Romney really made such great job for the Salt-Lake-City olympic game ?

He did manage to turn a public fiasco and budgetary disaster into a pretty good event. Of course, things were most likely exaggerated, but still you have to admit that considering the bribery scandals, he did pretty well.