Posted on 02/04/2013 12:34:30 PM PST by LucianOfSamasota
President Barack Obama said there is “no doubt” the government needs new revenue from closing tax “loopholes” and limiting deductions, along with enacting spending cuts, to reduce the federal deficit, Bloomberg reported.
Revenue could be raised through an overhaul of the tax code, he said, “and we can do it in a gradual way so that it doesn’t have a huge impact.”
“There is no doubt we need additional revenue, coupled with smart spending reductions in order to bring down our deficit,” he said.
(Excerpt) Read more at bizjournals.com ...
I agree with the headline. We need revenue cuts along with spending cuts. Somehow, I know that is not what he meant.
This lying @$$ knows exactly what he’s doing!
It’s the 85% of voters who never passed Econ 101, who don’t understand that Revenue increase when the tax (spending) burden is lower.
The highest level of Federal Income Tax receipts occurred in 2007, under the “Bush Tax Cuts”!!!
He just got a tax increase by claiming it was essential to reduce the deficit. Less than 30 days later the Congress spent the entire tax increase on a pork laden Hurricane Sandy emergency relief bill. Hey Charlie Brown, this time I promise I’ll hold the football while you kick it. I PROMISE!
Like a monkey with his hand caught in a pickle jar,
he won’t let go of the pickle in order to get his hand out.
He won’t lower taxes to “raise revenue”, and be Laffering all the way to the bank.
We just had one of the biggest tax increases in American history and they are already screaming it’s not enough.
Only a true lib would claim that a government that spends 7 million dollars a minute doesn’t have enough money....
I suggest external conquest and plunder. It’s all that’s left after the inflation and financial repression visited upon producers within the country. Let’s kick someones ass and take their stuff. We could have Obama voters place orders. I guarantee they’d be all for it.
I laugh when liberals accuse Christians of dogmatism. They believe in Keynesian economics, regardless of the data.
And this is coming from a quota baby who has never earned an honest dollar in his sorry lying life?
Sounds like Marx Dayton here in MN.
Spending is going up 2.5 % more than “increase in revenue”(more taxes) is predicted to take in.
Obama’s ultimate goal is to seize all our 401K’s(about 20 trillion) and make us trade them in for “Obama bonds”.
I agree that we need more revenue, to go along with the spending cuts. The best way to get there is to reduce tax rates and thus stimulate revenue-generating commerce and growth.
Pay has been reduced twice in the last month.
First was the removal of the “Bush Tax Cuts” ie.e 2% OSDI deduction in everybody’s pay.
This last month it appears our Pretax Health insurance exclusion has automatically been changed without the employee’s knowledge, reducing takehome pay by about 1-2%.
Still trying to figure out this second reduction in pay. Wondering what it’s going to be next month.
I have a great idea to immediately cut costs! First put all put EVERY, and I mean every elected official on the bronze level Obamacare plan, and make them pay their share. Second, no more vehicles provided to elected officials at taxpayer expense, they are paid more than enough to buy their own cars and gas like the rest of us. And no more government workers taking vehicles home for personal use! Third cut the vacation time of every elected official, especially the President, we don’t elect them to party at our expense despite what the Communist in Chief thinks!fourth the hell with this accruing and banking personal and vacation time it should be use it each year or lose it. These things would be a big start in cutting waste.
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