Reply to 1%ers: What are you doing with your $$ before Dec 31?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]The structural flaws in our system hurt the poor more than the top 10%. Zero intentional.

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But raising taxes, or not patching the AMT etc does more to stifle the economy while doing nothing for the poor.  There is only so much longer our government can keep paying out more than it takes in.  This includes defense spending, farm subsidies and other programs.  We can either turn into a 3rd rate economy, or we can start to be more fiscally responsible.  This goes to both sides of the aisle and has nothing to do with "helping the poor".  [/quote]

The suggestion that our economy is doomed unless we balance the budget through spending cuts is just silly.  We do need to get healthcare costs under control, but the best way to do that (absent a single payer plan) is implement Obamacare.

The top marginal rate is historically very low and there's no reason to believe that small increases in it will materially damage the economy.

[url=http://www.reuters.com/article/2012/11/08/usa-fiscal-cbo-idUSL1E8M8DC720121108] "Allowing income tax rates to rise for wealthy Americans, and maintaining rates for the less affluent, would not hurt U.S. economic growth much in 2013, the Congressional Budget Office said on Thursday."[/url]

Finally, the real problem is that these deals are entirely unenforceable over the long term.  The last time we raised taxes on working Americans to reduce the deficit was the "Greenspan commission" deal where payroll taxes were raised, benefits were cuts and the retirement age was raised.  As soon as the budget got into balance, Greenspan went to Congress and told them it would be a terrible thing for the govt to spend less than it raises and we should have a tax cut-- and we ended up with the Bush tax cuts which cut taxes on the wealthy.[/quote]

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