So we hit the debt limit...

[MadImmortalMan]

Where's this money coming from? Increased revenues from massive tax cuts?

Some senior organization is running ads demanding we do it through waste and abuse. 

What a joke. I love how that's always a magic solution. If waste and abuse were a line item in the budget, it would have to be a couple trillion. 

[crazy canuck]

What is it about American society and politics that makes removing tax breaks for people earning incomes 99% of your population is never going to make so contraversial?

[Fate]

What is it about American society and politics that makes removing tax breaks for people earning incomes 99% of your population is never going to make so contraversial?

The Republican argument is something along the lines of: "They are the most productive members of society. If you make them pay more taxes, then the economy would contract."

[Admiral Yi]

What party is selling the message that we don't need to cut spending? 

Please tell me you're joking.

[Fate]

What party is selling the message that we don't need to cut spending? 

Please tell me you're joking.

What I've seen these past few months is unanimous House Republican opposition to tax increases and a willingness of the leader of the Democratic party to cut spending. What have you seen these past few months?

[Jacob]

Some senior organization is running ads demanding we do it through waste and abuse. 

No problem. Just classify farming subsidies, medicare and medicaid, and the defense budget as "waste and abuse" 

[MadImmortalMan]

Willingness to do cuts in the distant future.



The only ones giving any actual ground appear to be the Gang of 6(7).

[Habbaku]

Some senior organization is running ads demanding we do it through waste and abuse. 

No problem. Just classify farming subsidies, medicare and medicaid, and the defense budget as "waste and abuse" 

Your ideas intrigue me and I wish to subscribe to your newsletter.

[Admiral Yi]

What I've seen these past few months is unanimous House Republican opposition to tax increases and a willingness of the leader of the Democratic party to cut spending. What have you seen these past few months?

I've seen and heard all kinds of stuff in the past few months.  A Democratic Congress and Senate passing a bill to extend the Bush tax cuts for two more years and extend unemployment benefits to 99 weeks as a "second stimulus bill."  Repeated denunciaton of the cruelty and unfairness of the Ryan proposal to freeze Medicare and Medicaid.  Four rounds of government shutdown chicken in which each and every cut proposed was argued against.  A first counter-proposal from Obama that cut nothing and offered only to raise taxes on the forces of darkness.  And even now, after Obama's breakthrough proposal, Nancy Pelosi is still reciting lines about protecting the helpless people on fixed incomes.

[Admiral Yi]

What is it about American society and politics that makes removing tax breaks for people earning incomes 99% of your population is never going to make so contraversial?

If you're talking about things like oil exploraion credits then no one in our population is ever going to qualify.

[crazy canuck]

What is it about American society and politics that makes removing tax breaks for people earning incomes 99% of your population is never going to make so contraversial?

If you're talking about things like oil exploraion credits then no one in our population is ever going to qualify.

Not sure how oil credits are involved. My post relates to the ones directly above it talking about the tax rate on people earning more than 250k.

[Admiral Yi]

Not sure how oil credits are involved. My post relates to the ones directly above it talking about the tax rate on people earning more than 250k.

Ah.  Usually when I read tax breaks I think of some kind of credit or deduction, not the marginal rate.

[crazy canuck]

Not sure how oil credits are involved. My post relates to the ones directly above it talking about the tax rate on people earning more than 250k.

Ah.  Usually when I read tax breaks I think of some kind of credit or deduction, not the marginal rate.

iirc Obama campaigned on ending the tax breaks brought in under the Republicans for people earning 250+.

Back to the original question.  Why all the cultural horror over such a thing?

[MadImmortalMan]

American Dream*

The US is a place full of people who envision themselves as the future rich.

[The Minsky Moment]

iirc Obama campaigned on ending the tax breaks brought in under the Republicans for people earning 250+.

Admiral is giving you the Yi treatment b/c while the Bush cuts lowered marginal rates it can be argued that they didn't put in place tax "breaks" based in income.

IN any event, the 03 cuts never should have been enacted and the 01 cuts should have been allowed to sunset.  Both were enacted as stimulus measures.