Fox News Factcheck: Deficit Reduction Plans

[Bevo Incognito]

Quite interesting:

The Link

 

[hornpharmd]

The sad reality is that neither party or candidate has a plan that will effectively reduce the deficit without increasing our taxes. The middle class is going to likely see a 90-100% tax increase over the next 10 years with a conservative estimate of GDP growth under President Obama's plan. We can see only a 20-30% tax increase if the economy grows around 5% GDP but that is not likely to happen based on past growth and what is currently going on with the global economy. Only way we do that IMO is to find a way to stop needing to purchase everything from oversees and start making goods at home that we can afford and that we want to buy.

I do like the fact that President Obama has at least laid out all of the specifics. Romney continues to be vague with his references to loopholes and deductions and the math really doesn't add up anyways. This leaves me wondering what deductions or tax credits I may lose under Romney such as the mortgage interest tax deduction. Since likely my taxes are going up regardless this would only hurt my situation further.

Either way I am taking all of this information in and realizing that likely my taxes are going to go. They have to in order to continue to fund spending and in order to continue to pay off the debt that accumulated over the last decade. I really try to look at this situation in a non partisan manner and see fault on both sides. I see fault primarily on Congress whose job it is to actually set budgets and pass legislation. Any of us who want to simply blame the other side has our heads up our ***. We may want to blame the other side for being worse than our side but that is just being nit picky. Both sides are to blame on this issue. How did we ever stand for allowing our federal government to issue a tax decrease at a time when we were sending our troops oversees? How did we stand for seeing those large deficits (large at the time) at a time when we had worked so hard to finally balance the budget and get to a point where we had a chance to start paying down the debt. Did everybody enjoy that surplus check we got when Bush took office? What did we do with the money?

I am starting to put my long-term retirement investments into roth 401ks or IRAs when available b/c I realze that even though I am in a high tax bracket (2nd highest) and that I am paying about 20% taxes every year that likely I am going ot be paying over 40% by time I retire. This is smart financial planning and advice I have been given over 5 years ago by financial advisors that have been seeing this problem develop. I imagine many others are taking this approach as well. So what that means is that we are actually paying more in taxes now than we need to in order to save money later. Thus the federal government is receiving more money from us now than they will later. They can't make the numbers add up now so what is going to happen in 30 years when they are receiving much less from my generation at that point in time?.....Financial crisis...IF....our fianncial system is even around at that point.

 

[Bevo Incognito]

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[Mr. Deez]

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