More Things We Might Have to Give Up

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While I agree with DeeToo about defense cuts, I think cutting the $2.5T over ten years of other spending as suggested is also good. While I think raising tax rates on the wealthy is okay, I disagree with returning to Clinton rates for everyone. Dividends should not be taxed at all because they have already been taxed at the corporate level. While I am open to the idea of taxing capital gains as regular income, I think the estate tax should be eliminated. Instead of forcing people to sell half of what they inherit to pay the taxes on the other half, they should be allowed to keep eveything with no taxes but a $0 basis. Then when they do sell anything that was inherited, they will pay the regular tax rate on the full amount of the sale. I think tax rates should go up on the wealthy but that money should be used to offset a cut in the corporate tax rate so international companies will locate more operations here instead of overseas and US companies will reduce foreign outsourcing. US companies would also be more inclined to bring home the billions of dollars that they have sitting overseas and us it to invest here to put people to work. Right now it will cost them 35% to repatriate those funds so they are better off keeping it offshore.

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carriemann of CA 5:39AM January 22, 2011

Instead of the suggestions in the article:
1.
Cut defense - stop 2 wars, close overseas bases, cut useless programs = save $4-500 billion. Ron Paul suggested this years ago - of course no one listened to someone who really wanted to fix the budget. Reagan spent less than $300Billion and supposedly won the Cold War....per the GOP. Wasn't that enough?
2.
Return taxes to Clinton era levels. $400 billion recovered there.
Eisenhower built the interstate highway system. Planned to pay for it, did, then no debt. The trains are no different. Cutting information and culture - like a few million for NPR and the arts - PRICELESS!
Let's make cuts where they really make a difference. Defense is the gorilla in the room. It is HALF the expnse paid for by our taxes (SSI and Medicare are paid for by other funds). So let's quit fighting Gates and let him tell us where to cut defense...based on need - not local pork jobs.

DeeToo of SC 5:48PM January 21, 2011