The bill approved in Congress to avert the "fiscal cliff" would bring the first major tax increase on high earners in 20 years. http://on.wsj.com/Vjurxg
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- No matter that Congress writes the laws and the President signs them into action, we will call this "Obama era tax hikes", the same way we say, "Bush era tax cuts".
No, I don't like everything my taxes go to fund/pay for, but I am an American and this is how the system works for all of us. We have the right to complain. If we have issues, we should talk to our Representatives to make changes. Otherwise, leave. See how it works somewhere else.Jan 3, 2013
- Increase for childJan 3, 2013
- - "We're only just beginning to undo the Bush-era damage. Have a look at the 90's (very prosperous times under President Clinton)."
You are right. We did have a prosperous time under President Clinton. However, if you read your history, you'll notice that when Clinton entered office, he made very sure that Wall Street liked him and knew he was on their side. (Historically, Democrats are not "pro-Wall Street.") As a result, Clinton (as well as many others in his administration) failed to enact regulations surrounding derivatives (even though regulations were enacted across almost all other major assets). Because of this, the trading of derivatives skyrocketed (because, it made sense to...they weren't being regulated, so better deals could be made). And, where was one of the major areas that derivatives were traded in - mortgage derivatives.
For many years, times were prosperous (particularly on Wall Street). Money was flowing freely, investments were up, etc, etc.
Fast-forward to 2008, and derivatives were out of control. They had been oversold, the risk had been understated, and the market collapsed in on itself. (Note: None of this was planned corruption. It all made sense for banks to take on more risk to appease shareholders. However, when all those banks took on risk, it hurt the overall economic system due to something that economists know as externalities.)
Did Clinton cause that to happen? Well...with such a big problem as the Great Recession in 2008, it's no one, single factor. However, he most definitely did not help. You can't blame our current economic state on one particular president or one particular Congress. Big issues are caused by a myriad of events leading up to those problems. So, to just blame Bush, is being very simplistic. He's just one problem in this whole mess. Clinton played his part as well.Jan 3, 2013
- Now if they better manage the crappy welfare and unemployment systems. Stop giving tax money to lazy people and only give it to those that actually need it.Jan 3, 2013
- the problem with the welfare system is the same as porn. You might know it when you see it, but trying to make a codified legal description is difficult.
Charities can use the human approach - is this person needy or lazy and help accordingly. The government systems has to follow rigid rules which the welfare cheats know better than those working for the system. They know to the penny how much they can earn. They know exactly what answers are required. So the cheaters get help and the needy do not.
We need to return common sense to providing help - and that means take it away from governments. Jan 3, 2013
- let's raise taxes even more so the government can spend more money and jam in more pork and special interest concessions into legitimate laws that are needed. WHERE IS GOOD OLD FASHIONED "ACCOUNTABILITY"?Jan 9, 2013