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Economics Discuss CBO: Taxes Will ‘Shoot Up by More Than 30 Percent’ Over Next 2 Years at the Political Forums; The amount of money the federal government takes out of the U.S. economy in taxes will increase by more than ...

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Old 02-01-2012, 12:46 PM
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Default CBO: Taxes Will ‘Shoot Up by More Than 30 Percent’ Over Next 2 Years

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The amount of money the federal government takes out of the U.S. economy in taxes will increase by more than 30 percent between 2012 and 2014, according to the Budget and Economic Outlook published today by the CBO.

At the same time, according to CBO, the economy will remain sluggish, partly because of higher taxes.

“In particular, between 2012 and 2014, revenues in CBO’s baseline shoot up by more than 30 percent,” said CBO, “mostly because of the recent or scheduled expirations of tax provisions, such as those that lower income tax rates and limit the reach of the alternative minimum tax (AMT), and the imposition of new taxes, fees, and penalties that are scheduled to go into effect.”

The U.S. economy, CBO projects, will perform “below its potential” for another six years and unemployment will remain above 7 percent for another three.
CBO: Taxes Will ?Shoot Up by More Than 30 Percent? Over Next 2 Years | CNSnews.com

Doesn't look good for obama, but I'm sure we will all be hearing it was Bush's fault real soon.
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Old 02-01-2012, 12:47 PM
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Default Re: CBO: Taxes Will ‘Shoot Up by More Than 30 Percent’ Over Next 2 Years

Wait a minute while I go find my 'surprised' face.......
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Old 02-01-2012, 01:05 PM
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Default Re: CBO: Taxes Will ‘Shoot Up by More Than 30 Percent’ Over Next 2 Years

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Wait a minute while I go find my 'surprised' face.......
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Old 02-01-2012, 01:37 PM
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Default Re: CBO: Taxes Will ‘Shoot Up by More Than 30 Percent’ Over Next 2 Years

The problem with the CBO is they make projections based in a vacuum. Their assumption is the tax rates will go up but people will continue doing what they are despite this fact which in turn gives the government more revenue. Nothing is further from the truth. People adjust through changing their ways. The end result is less economic activity resulting in higher unemployment and less revenue the feds will collect.

When the CBO predicts sluggish, they mean depression. I also notice they didn't even mention the primary culprit of what is going to cause this, Obamacare.
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Old 02-01-2012, 02:06 PM
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Default Re: CBO: Taxes Will ‘Shoot Up by More Than 30 Percent’ Over Next 2 Years

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Originally Posted by rivrrat View Post
I only see a little red X, no picture.

Which may be appropriate, lol.
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Old 02-01-2012, 02:15 PM
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Default Re: CBO: Taxes Will ‘Shoot Up by More Than 30 Percent’ Over Next 2 Years

I was watching the news this morning and Stephen Moore of the WSJ was saying there is another housing market crash coming. He said 90% of the new mortagages that are being taken out and backed by Fannie May and Freddie Mack are to people who can't afford them. He was saying that the mortgage industry has learned nothing over the past several years.

Pretty scary, because if we have another crash I doubt we will be in any position to save our economy.
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Old 02-01-2012, 02:25 PM
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Default Re: CBO: Taxes Will ‘Shoot Up by More Than 30 Percent’ Over Next 2 Years

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Originally Posted by GottaGo View Post
I only see a little red X, no picture.

Which may be appropriate, lol.
really?

Lolcat is surprised

What about that?
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Old 02-01-2012, 03:12 PM
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Default Re: CBO: Taxes Will ‘Shoot Up by More Than 30 Percent’ Over Next 2 Years

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Originally Posted by rivrrat View Post
really?

Lolcat is surprised

What about that?
Try this:
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Old 02-01-2012, 05:09 PM
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Default Re: CBO: Taxes Will ‘Shoot Up by More Than 30 Percent’ Over Next 2 Years

Here's another reason why 'taxes will increase' to levels beyond sanity. Lets just add it to the deficit, our great-grandchildren can pay for it.

Obama presses Congress to step up aid for homeowners - Yahoo! News

I have sympathy for those who got into a jam with their mortgage for legitimate reasons. I have NO sympathy for those who spent more than they should have at the time they took out their mortgage.
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Old 02-01-2012, 05:11 PM
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Default Re: CBO: Taxes Will ‘Shoot Up by More Than 30 Percent’ Over Next 2 Years

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Originally Posted by GottaGo View Post
Here's another reason why 'taxes will increase' to levels beyond sanity. Lets just add it to the deficit, our great-grandchildren can pay for it.

Obama presses Congress to step up aid for homeowners - Yahoo! News

I have sympathy for those who got into a jam with their mortgage for legitimate reasons. I have NO sympathy for those who spent more than they should have at the time they took out their mortgage.
Complete a-hole...

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