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Deficit reduction proposals

Discussion in 'Sports and News' started by trifectarich, Dec 2, 2010.

  1. trifectarich

    trifectarich Well-Known Member

    Some drastic notions being floated:

    * Increase gas tax by 15 cents per gallon
    * Freeze pay for federal workers and members of Congress for three years
    * Eliminate in-school interest subsidies in federal student loan programs
    * Let postal service take steps such as shifting to five-day delivery
    * Eliminate all congressional earmarks
    * Change Medicare physician payment formula to reward quality instead of quantity
    * Cut congressional and White House budgets by 15%

    I also see that capital gains would be taxed at the taxpayer's regular rate instead of a lower rate we now get, and here's one that would impact the masses: the home mortgage interest deduction also might be axed. Someone has proposed a 12 percent "non-refundable" tax credit, and I'll be the first to admit that I'm not sure what that means.
     
  2. doctorquant

    doctorquant Well-Known Member

    A non-refundable tax credit means that you only get credit for the taxes you've paid. So if in theory you got a tax credit of $1,000 but in actuality you only paid/owed $800, your credit would only be for $800. If it's refundable, you'd get the rest of the credit in the form of a refund (i.e., a refund for taxes you didn't actually pay).
     
  3. Stitch

    Stitch Active Member

    But funding expensive national security operations isn't on the table. The NSA isn't cheap to run.
     
  4. BTExpress

    BTExpress Well-Known Member

    I've never liked the mortgage-interest deduction (vs. a corresponding tax break for everyone).

    If you were responsible, took out a 10-year mortgage, only paid $21,000 interest over the life of the loan . . . there is no tax benefit.

    If you were irresponsible, bought a house you could barely afford, financed it for 30 years . . . there is a huge tax benefit.

    Why does the government reward irresponsibility?
     
  5. LongTimeListener

    LongTimeListener Well-Known Member

    That mortgage interest deduction is an interesting one. It was phased out in Britain without a huge detriment to that economy. But I can't see how the housing market and thus the economy as a whole functions without it.

    It might be a good idea in a vacuum, but in reality it seems impossible.
     
  6. Mizzougrad96

    Mizzougrad96 Active Member

    How is one less day of mail drastic? Yes to that.

    Freeze pay for federal workers and members of Congress for three years. Yes to this. Everybody else is taking a hit, why shouldn't they? As far as I'm concerned, the only people in this country who should get raises are the military.

    The others I'd have to read more on.
     
  7. Mizzougrad96

    Mizzougrad96 Active Member

    Cut congressional and White House budgets by 15%

    At least that much. These guys have way too many staffers and travel way too much.
     
  8. Michael_ Gee

    Michael_ Gee Well-Known Member

    It has been bipartisan policy for more than 50 years to encourage homeownership by whatever means possible. It worked great, right up until it didn't.
    Bottom line: All these proposals are politically unpopular, and we can't even enact POPULAR laws, like repealing DADT. So these ideas are doomed to a lingering death.
    Bottom line 2: Unless health care costs are controlled, or, alternatively, the government stops paying for health care for old and poor people, and we accept a dramatic decrease in life expectancy, the budget deficit will continue to go up.
    Bottom line 3: Nobody cares about the deficit anyway, not really.
     
  9. Pancamo

    Pancamo Active Member

    So everyone on a 30 year mortgage bought houses they "barely could afford"? Give me a fucking break. I
     
  10. micropolitan guy

    micropolitan guy Well-Known Member

    Any proposal that doesn't cut defense spending by 40 percent and eliminate at least half of the bases around the world should be instantly dead in the water.
     
  11. Starman

    Starman Well-Known Member

    Raise the Social Security eligibility age to 75, RIGHT NOW.

    It's going in the tank within 10-15 years anyway; might as well give everybody the news.
     
  12. Ace

    Ace Well-Known Member

    Wait. What happened to good, old "eliminate waste and abuse in the system?"
     
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