Balancing The Budget

[hblask 1]

My favorite plan is still Paul Ryan's Roadmap for America. But Esquire Magazine got together a group of former legislators and asked them to balance the budget. I don't agree with all of this, but overall, I could live with it.Esquire balances the budget.

[fighter 4]

My favorite plan is still Paul Ryan's Roadmap for America. But Esquire Magazine got together a group of former legislators and asked them to balance the budget. I don't agree with all of this, but overall, I could live with it.Esquire balances the budget.

I saw this on reddit today. This comment really stood out to me about it.

The point to take away from this is that it's going to require 10 years of effort to balance the budget. That's five sessions of Congress, or 2,175 elections just for House members, plus about another 165 for Senate. It will also involve 2 presidential elections (assuming we start in 2010).So, that's about 2,342 individual election contests for federal office, involving at least two candidates per election (less a small number of unopposed House seats), meaning that we need to get the nearly 5,000 people who will be running for federal office in the next decade to commit to spending cuts and tax increases, nay, to campaign on those two things as part of their platform.That's the obstacle we have to overcome. And it doesn't even factor in the influence from corporations, political action committees, congressional campaign committees, and the disagreements and ongoing conversation amongst the electorate about the role and scope of the federal government.So, yeah, balanced budget in 10 years sounds good, but I'm not so sure it's achievable.

Along the same lines I think this is a cool web site. You can balance the budget yourself and share your plan with friends http://www.nytimes.com/interactive/2010/11...graphic.html?hp

[nutzbuster 7]

I saw this on reddit today. This comment really stood out to me about it. Along the same lines I think this is a cool web site. You can balance the budget yourself and share your plan with friends http://www.nytimes.com/interactive/2010/11...graphic.html?hp

I DID IT!!!! I SOLVED THE FRIGGIN THING!!!! WOO HOOOOOOOOO

[85suited 0]

My favorite plan is still Paul Ryan's Roadmap for America. But Esquire Magazine got together a group of former legislators and asked them to balance the budget. I don't agree with all of this, but overall, I could live with it.Esquire balances the budget.

awesome!2. Increase gasoline tax by $1 per gallon.The current federal gas tax is 18.4 cents per gallon, but the commission proposes to increase the federal gas tax, gradually and beginning in 2013, so that in 2020, it would be $1.18 cents per gallon. This would not only generate significant revenue but also reduce consumption of gas, reduce carbon emissions, and provide an incentive to automakers to increase the fuel efficiency of their vehicles.Projected Revenue: $130 billionRead more: http://www.esquire.com/blogs/politics/fede...0#ixzz15jVOzSOm

[mk 11]

cut DoD budget by about half (schools would have a higher roi than bombs in afghanistan), reduce medicare costs by identifying high spending beneficiaries earlier with effective interventions to improve outcomes and quality of care, avoiding preventable complications and deteriorating health status in treatable conditions.can't believe this esquire piece has zero instances of the word 'medicare'.

[FCP Bob 1,312]

cut DoD budget by about half (schools would have a higher roi than bombs in afghanistan),

You freaking Commie

[mk 11]

oh and raise ss age immediately obv

[SAM_Hard8 50]

cut non-discretionary spending by 20% (including defense) the rest 5-10% and cap all spending for 5 years.Raise SS eligibility age.Means test SSFlat tax.Tax amnesty for money brought back from overseas.Eliminate Dep of Education and ship the remaining budget to the states.Legalize pot and tax the hell out of it.

[FCP Bob 1,312]

I wonder what people think about eliminating the deduction for mortgage interest.If somebody proposed a new law that discriminates against a huge amount of society ( Renters ), and distorts markets in such a negative way as this one does it would probably be laughed at.

[SAM_Hard8 50]

I wonder what people think about eliminating the deduction for mortgage interest.If somebody proposed a new law that discriminates against a huge amount of society ( Renters ), and distorts markets in such a negative way as this one does it would probably be laughed at.

but you can say that about most deductions, what about dependents, child care and child tax credits? Talk about discriminating. The US tax system is broken beyond repair and should be scraped. But congress will never give up the power of the tax code.

[Skeleton Jelly 2]

I wonder what people think about eliminating the deduction for mortgage interest.If somebody proposed a new law that discriminates against a huge amount of society ( Renters ), and distorts markets in such a negative way as this one does it would probably be laughed at.

Please no.

but you can say that about most deductions, what about dependents, child care and child tax credits? Talk about discriminating.

Yeah, I don't understand the discrimination argument.

[El Guapo 8]

cut non-discretionary spending by 20% (including defense) the rest 5-10% and cap all spending for 5 years.Raise SS eligibility age.Means test SS AFlat tax. BTax amnesty for money brought back from overseas.Eliminate Dep of Education and ship the remaining budget to the states.Legalize pot and tax the hell out of it. C

A - Do you think it's fair that someone who has paid into SS for 40 years is not eligible because they have a million dollars in their IRA?B - Flat Tax is not realistic - there is no way we can throw out 70,000 pages of tax code, the fallout would be catastrophic at this pointC - This would barely put a dent in anything

I wonder what people think about eliminating the deduction for mortgage interest.If somebody proposed a new law that discriminates against a huge amount of society ( Renters ), and distorts markets in such a negative way as this one does it would probably be laughed at.

You think the housing market is bad now, take away one of the major incentives to own a home. 30-50% did within a year. Guaranteed.

[Balloon guy 158]

A. Use our military to invade oil rich countries and take them over.B. Use our military to take over anyone who complains about A, pillage said country.C. Feel bad as a nation as we drive our Hummers to the bank.D. Have Stephen Spielberg make a movie about the whole thing with long drawn out killing scenes set to loud classical mournful music.E. Turn Long Island into a penal colony.F. Readjust current tax codes to reflect inflation growth with regards to death tax.

[SAM_Hard8 50]

A - Do you think it's fair that someone who has paid into SS for 40 years is not eligible because they have a million dollars in their IRA?B - Flat Tax is not realistic - there is no way we can throw out 70,000 pages of tax code, the fallout would be catastrophic at this pointC - This would barely put a dent in anythingYou think the housing market is bad now, take away one of the major incentives to own a home. 30-50% did within a year. Guaranteed.

A. Social Security stopped being fair about the day after it was enacted. It's time we realize it's just another form of government assistance and move on. B. BS. Our tax system sucks and nobody has the balls to do anything about it.C. So? Lots of things would barely make a dent but when you start stacking them together they add up quickly.

[Skeleton Jelly 2]

B. BS. Our tax system sucks and nobody has the balls to do anything about it.

What do you actually mean by a flat tax?

[SAM_Hard8 50]

What do you actually mean by a flat tax?

I would prefer consumption.http://www.fairtax.org

[Skeleton Jelly 2]

I would prefer consumption.http://www.fairtax.org

That's...not a flat tax.

[Balloon guy 158]

I would prefer consumption.http://www.fairtax.org

I am all for taxing the poor as well,But I like our current system if we would place conditions on it.For instance, the write offs for new equipment for industry would apply when the new equipment came from America. From China? No write off.Also place a ceiling on government. Size, budget based on population/gdp, and absolutely force congress to have to live under all rules they pass.It's not that broken, it's just unchecked growth of the government that is causing its flaws to magnify.

[CaneBrain 95]

I would prefer consumption.http://www.fairtax.org

sounds nice (I get to keep my whole paycheck!) but it just looks like it will make our deficit problems a lot worse while increasing the income gap.

[FCP Bob 1,312]

For instance, the write offs for new equipment for industry would apply when the new equipment came from America. From China? No write off.Also place a ceiling

Yup, having trade wars has worked so well in the past at making economies better.

[Balloon guy 158]

Yup, having trade wars has worked so well in the past at making economies better.

They didn't have the right theme song in the past:

[hblask 1]

I can live with the mortgage deduction being eliminated, but you'd have to do some sort of phase-out grandfathering thing.That's the problem with all of our massive tax code and regulatory system. People plan their lives based on the rules we make, so it takes years to get out of them. SS is a failing program, and cannot be saved, but it will take at least 20 years to get out of it because too many people plan their lives around it. We need to start now so that in 20 years we have a chance.

[akoff 0]

I can live with the mortgage deduction being eliminated, but you'd have to do some sort of phase-out grandfathering thing.That's the problem with all of our massive tax code and regulatory system. People plan their lives based on the rules we make, so it takes years to get out of them. SS is a failing program, and cannot be saved, but it will take at least 20 years to get out of it because too many people plan their lives around it. We need to start now so that in 20 years we have a chance.

When does a mortgage become a business? in real estate investment nobody owns the property themselves. a real estate company if formed to own the property, a management company if formed to to run the property and they pay each other. if you take away peoples mortgage write-off wouldn't it be logical to set up your house the same way? if you eliminate all mortgage write offs regardless of the property owner you will bankrupt a HUGE amount of very small realestate investors with the new tax bill and crush prices due to the sudden amount of inverstment propertiees that would flood the market. i am good with cleaning the tax coade but the home mortgage is a tough one.

[FCP Bob 1,312]

When does a mortgage become a business? in real estate investment nobody owns the property themselves. a real estate company if formed to own the property, a management company if formed to to run the property and they pay each other. if you take away peoples mortgage write-off wouldn't it be logical to set up your house the same way? if you eliminate all mortgage write offs regardless of the property owner you will bankrupt a HUGE amount of very small realestate investors with the new tax bill and crush prices due to the sudden amount of inverstment propertiees that would flood the market. i am good with cleaning the tax coade but the home mortgage is a tough one.

We don't have that problem here in Canada.Mortgage interest is deductible for an investment but not on your home. There is no capital gains tax on your principal residence that you live in though.There are some people who have come up with some ways though to get around having their home mortgage interest deductible but it's not common and I think pretty complicated.

[akoff 0]

We don't have that problem here in Canada.Mortgage interest is deductible for an investment but not on your home. There is no capital gains tax on your principal residence that you live in though.There are some people who have come up with some ways though to get around having their home mortgage interest deductible but it's not common and I think pretty complicated.

i wouldn't have a major issue with this...i don't think. if the home mortgage write off was taken away i would just pay off my home and set up a line if i wanted / needed cash. i do think the home mortgage write off is huge to the middle class and not all that important to larger incomes. actually the more i think about it might be a worthwhile idea as way to force everyone to put skin in the game. interesting for sure.