Posted by Warm Southern Breeze on Thursday, October 4, 2012
NOW OR NEVER | SEPTEMBER 2012
Necessary but Not Sufficient:
Why Taxing the Wealthy Can’t Fix the Deficit
By David Brown, Gabe Horwitz, and David Kendall
In this paper we shatter the myth that taxes on the wealthy can come close to solving our long-term budget problem. We readily acknowledge that raising taxes on top earners is necessary, but it is not sufficient to solve the looming fiscal crisis. And we make clear that if entitlements are left on autopilot, burdensome middle class tax hikes become inevitable.
Even a 50% tax rate on the wealthy can’t fix the deficit.
This is the first in a pair of papers that demonstrate that purely ideological fixes will not sufficiently address our fiscal issues. Our other report, Death by a Thousand Cuts: Why Spending Cuts Alone Won’t Fix the Deficit, proves that a cuts-only strategy cannot solve our budget woes without severely compromising our safety, security, and economic growth. Together, these papers make the case that a big and balanced fiscal package is the preferred way to avoid the fiscal cliff, prevent deficits from exploding in the future, and allow our economy to grow.
To stabilize the debt and create a positive economic climate for U.S. growth, most mainstream economists agree that annual deficits must be reduced to 3% of GDP. The question is: how do we get there?
In order to demonstrate that taxes alone cannot solve our budget woes, we explore three budget scenarios, all of which rely solely on Read the rest of this entry »
Posted in - Even MORE Uncategorized!, - Politics... that "dirty" little "game" that first begins in the home. | Tagged: analysis, Buffett Rule, Bush, Bush Tax Cuts, Clinton, David Kendall, debt, deficit, Democrats, economy, federal, fiscal policy, GDP, GOP, governance, government, Government budget deficit, Gross domestic product, GW Bush, income, national debt, policy, Republicans, research, tax, tax increase, tax policy, Tax rate, Taxation, taxes, United States federal budget | Leave a Comment »
Posted by Warm Southern Breeze on Wednesday, March 2, 2011
In a recently released report, the Government Accountability Office (formerly known as the Government Accounting Office), has identified Billions of dollars of waste in federal programs, many of which are described as “duplication, overlap, or fragmentation could potentially save billions of taxpayer dollars annually and help agencies provide more efficient and effective services.”
Oklahoma Senator Tom Coburn (R), said that by implementing the suggested changes – such as through consolidation, “We could save taxpayers hundreds of billions of dollars every year without cutting services.”
Some examples of streamlining include consolidating responsibilities within agencies, such as with catfish, for example. The United States Department of Agriculture (USDA) has responsibility for monitoring catfish, while the Food and Drug Administration (FDA) also has responsibility for oversight of the seafood industry. As well, Read the rest of this entry »
Posted in - Politics... that "dirty" little "game" that first begins in the home., - Read 'em and weep: The Daily News | Tagged: fiscal policy, Food and Drug Administration, Government Accountability Office, Revenue, Tom Coburn, United States, United States Congress, United States Department of Agriculture | Leave a Comment »