[QUOTE]As Britain attempts to reduce its budget deficit, the British government has instituted budget cuts and bank taxes. Germany and France are currently considering issuing a bank tax as well.
Since the United States does plenty of business in Britain, it is estimated that the U.S. will have to pay $3.5 billion in bank taxes to the United Kingdom.
According to FOX Business’ Liz MacDonald, President Obama supports passing a bank tax in the U.S., too. While the government had to bail-out big banks during the recession, many people believe that banks should contribute to fixing the crisis and our large budget deficit.
As MacDonald underscores, Freddie Mac (FRE: 0.4601, 0, 0%) and Fannie Mae (FNM: 0.3742, 0, 0%), among others, would be exempt from a U.S. bank tax. The Big Bank lobby group says that exempting these “too big to fail” banks would be unconstitutional. Exempting certain banks from the bank tax appears selective and arbitrary.
Not only would some banks be exempt from a U.S. bank tax, but some of the tax costs would be passed along to borrowers according to MacDonald.[/QUOTE]
Source: [url]http://www.foxbusiness.com/story/markets/industries/government/follow-britains-lead-pass-bank-tax/[/url]
Pay up bitches. :D
so when is the US going to tackle it's $11 trillion deficit? or are your politicians just going to keep cutting taxes forever? (I know this is a tax rise but I remember in the US elections both candidates were saying they would cut taxes for citizens)
[QUOTE=toxicpiano;22873322]so when is the US going to tackle it's $11 trillion deficit? or are your politicians just going to keep cutting taxes forever? (I know this is a tax rise but I remember in the US elections both candidates were saying they would cut taxes for citizens)[/QUOTE]
You don't solve a deficit by raising taxes on the taxpayers, but by cutting down the amount the government spends.
if the us government stopped the insane amounts of money bullshit on stupid stuff like the war on drugs, illegal immigration spending and cutting down our insane military budget, we'd be rolling in dough for essential needs like education and public service.
[QUOTE=toxicpiano;22873322]so when is the US going to tackle it's $11 trillion deficit? or are your politicians just going to keep cutting taxes forever? (I know this is a tax rise but I remember in the US elections both candidates were saying they would cut taxes for citizens)[/QUOTE]
In America, [I]all[/I] politicians say they're going to cut taxes.
It's standard procedure when campaigning.
Get rid of Medicare, Medicaid, Social Security and welfare and suddenly 47% of our spending is gone. Then we can use it for something actually useful. Perhaps a nice health care system. Maybe some better schools up in this country. Maybe even paying the debt. That would be cool too.
[editline]11:33AM[/editline]
Cut down some military and that sort of junk and we would have even more cash.
[QUOTE=Boba_Fett;22873434]You don't solve a deficit by raising taxes on the taxpayers, but by cutting down the amount the government spends.[/QUOTE]
Actually you do both. If you cut both, nothing is different, it's a ratio.
[QUOTE=redonkulous;22875724]Get rid of Medicare, Medicaid, Social Security and welfare and suddenly 47% of our spending is gone. Then we can use it for something actually useful. Perhaps a nice health care system. Maybe some better schools up in this country. Maybe even paying the debt. That would be cool too.[/quote]
[editline]11:33AM[/editline]
So cut everything that helps to keep us a first world nation, and then call it a day? Good work dumbass.
US just needs to reduce their horribly high military budget.
[QUOTE=Paravin;22875880]US just needs to reduce their horribly high military budget.[/QUOTE]
even the military themselves said they get to much
[QUOTE=Kagrenak;22875792]
So cut everything that helps to keep us a first world nation, and then call it a day? Good work dumbass.[/QUOTE]
Those things aren't what makes us a first world nation.
Fuck that I'm hiding my money under my bed.
[QUOTE=Emperor Scorpious II;22876014]Those things aren't what makes us a first world nation.[/QUOTE]
They are things which keep metrics like life expectancy and such as high as it is.
[QUOTE=redonkulous;22875724]Get rid of Medicare, Medicaid, Social Security and welfare and suddenly 47% of our spending is gone. Then we can use it for something actually useful. Perhaps a nice health care system. Maybe some better schools up in this country. Maybe even paying the debt. That would be cool too.
[editline]11:33AM[/editline]
Cut down some military and that sort of junk and we would have even more cash.[/QUOTE]
47%?
How deep into your ass did you have to reach to pull that number out?
[QUOTE=GunFox;22876130]47%?
How deep into your ass did you have to reach to pull that number out?[/QUOTE]
He's not as far off as you'd think, though.
[img]http://upload.wikimedia.org/wikipedia/en/7/7a/U.S._Federal_Spending_-_FY_2007.png[/img]
so he's saying to get rid of people's life savings? wow, that's kinda fucked up
[QUOTE=toxicpiano;22873322]so when is the US going to tackle it's $11 trillion deficit? or are your politicians just going to keep cutting taxes forever? (I know this is a tax rise but I remember in the US elections both candidates were saying they would cut taxes for citizens)[/QUOTE]
America will never clear that deficit. It's completely impossible to ever do so.
Is wondering why US doesn't legalize and tax marijuana. Even if some people avoid the taxes, some money is better than none.
Not that I'm trying to make a judgement on the US or anything, but you know your military spending is insane when the [url=http://www.aolnews.com/nation/article/defense-secretary-robert-gates-blasts-military-spending/19469040]freaking secretary of defense tells you that too much is being spent on the military[/url].
Seriously.
[QUOTE=toxicpiano;22873322]so when is the US going to tackle it's $11 trillion deficit? or are your politicians just going to keep cutting taxes forever? (I know this is a tax rise but I remember in the US elections both candidates were saying they would cut taxes for citizens)[/QUOTE]
[release][U][B]14 Reasons Why The U.S. Will Never Have A Balanced Budget Again
[/B][/U]
[B]> Entitlements will eat 50% of GDP by 2080[/B]
Right now, interest on the U.S. national debt and spending on entitlement programs like Social Security and Medicare are somewhere in the neighborhood of 10 to 15 percent of GDP. By 2080, they are projected to eat up approximately 50 percent of GDP.
[B]
> Over half of Obama's budget is handouts[/B]
Approximately 57 percent of Barack Obama's 3.8 trillion dollar budget for 2011 consists of direct payments to individual Americans or is money that is spent on their behalf.
[B]
>The Retirement Boom is just getting started[/B]
Nearly 51 million Americans received $672 billion in Social Security benefits in 2009. That number is projected to grow substantially in years ahead as waves of Baby Boomers begin to retire.
[B]>Social Security went red -- six years early[/B]
Social Security went red -- six years early
According to the Congressional Budget Office, in 2010 the Social Security system will pay out more in benefits than it receives in payroll taxes. That was not supposed to happen until at least 2016.
[B]>The retiree to worker ratio is getting... impossible[/B]
Back in 1950 each retiree's Social Security benefit was paid for by 16 workers. Today, each retiree's Social Security benefit is paid for by approximately 3.3 workers. By 2025 it is projected that there will be approximately two workers for each retiree.
[B]>What about the money we've already borrowed from Social Security[/B]
What about the money we've already borrowed from Social Security?
The U.S. government "borrowed" 2.5 trillion dollars from the Social Security Trust Fund, and now it turns out that the Social Security system is going to start needing that money. So where will the U.S. government get an extra 2.5 trillion dollars?
[B]>43 million Americans on food stamps
[/B]
43 million Americans on food stamps
Over 40 million Americans are now on food stamps and the U.S. Department of Agriculture is projecting that more than 43 million Americans will be on food stamps by the end of 2011.
[B]>Entitlements are protected by law[/B]
Entitlement programs are not subject to budget freezes or budget cuts - unless Congress changes the underlying laws.
[B]>Entitlement groups have very strong lobbies[/B]
Entitlement groups have very strong lobbies
The lobbies for those receiving entitlement payments are extremely powerful. That is why so few politicians will ever even mention the possibility of cutting Social Security payments. Old people vote in high numbers, and cutting their benefits would really piss them off.
[B]
>Interest on national debt at 7%[/B]
Interest on the U.S. national debt now makes up 7% of the budget and it is climbing rapidly. This is an expense that must be paid or else U.S. government finances collapse.
[B]>To balance the budget in 2010, you'd have to multiply taxes by 2.4[/B]
According to the Tax Foundation’s Microsimulation Model, to erase the U.S. budget deficit for 2010, the U.S. Congress would have to multiply the tax rate for every American by 2.4. That would mean that the 10 percent tax rate would become 24 percent, the 15 percent tax rate would become 36 percent, and the 35 percent tax rate would have to be 85 percent. Keep in mind that this is before unemployment taxes, Social Security taxes and state taxes are paid. Do you think any American would ever put up with a federal income tax rate of 85 percent?
[B]>Interest payments on debt only get worse[/B]
According to an official U.S. government report, rapidly growing interest costs on the U.S. national debt together with spending on major entitlement programs such as Social Security and Medicare will absorb approximately 92 cents of every dollar of federal revenue by the year 2019. That is before one penny is spent on anything else. As the U.S. government graph below reveals, the financial picture only gets more bleak in the years beyond that.
[B]>Future entitlement costs exceed revenue by about 46 trillion dollars[/B]
The present value of projected scheduled benefits exceeds earmarked revenues for entitlement programs such as Social Security and Medicare by about 46 trillion dollars over the next 75 years. So that means that the U.S government is going to have to find an extra 46 trillion dollars from somewhere to pay all those benefits.
[B]
>The modern American cannot live without handouts[/B]
The vast majority of the American people have become soft and don't know how to take care of themselves any longer. We now have millions upon millions of people who are totally dependent on the U.S. government for survival. As the government takes care of more and more people the red ink will increasingly get worse. At what point will it cause U.S. government finances to totally collapse?
Needless to say, the U.S. government is facing a financial crisis that is absolutely unprecedented in U.S. history. There is no way out of this mess that does not involve a massive amount of economic pain.
As of June 1st, the U.S. National Debt was $13,050,826,460,886.97. But as you can see from the data above, things are about to get a lot worse.
We are heading into a financial black hole that will literally rip apart this nation if something is not done right now to fix things. But the folks down in Washington D.C. don't seem the least bit interested in fixing things. In fact, about the only thing they seem determined to do is to spend even more money and get us into even more debt.
The course we are on now can only end badly. Hopefully our representatives in Washington D.C. will wake up while there is still time. If not, the tsunami of red ink that is headed our way will devastate all of our lives.
[url]http://www.businessinsider.com/why-the-us-will-never-have-a-balanced-budget-again-2010-6#entitlements-will-eat-50-of-gdp-by-2080-1[/url][/release]
[QUOTE=GunFox;22876130]47%?
How deep into your ass did you have to reach to pull that number out?[/QUOTE]
It was from a chart from 2005 or thereabouts. That kind of spending was about 47%.
[QUOTE=Boba_Fett;22873434]You don't solve a deficit by raising taxes on the taxpayers, but by cutting down the amount the government spends.[/QUOTE]
You do both.
[QUOTE=redonkulous;22875724]Get rid of Medicare, Medicaid, Social Security and welfare and suddenly 47% of our spending is gone. Then we can use it for something actually useful. Perhaps a nice health care system. Maybe some better schools up in this country. Maybe even paying the debt. That would be cool too.
[editline]11:33AM[/editline]
Cut down some military and that sort of junk and we would have even more cash.[/QUOTE]
i like how the military is "sum" yet essential programmes are all "lol destroy them!"
[editline]11:54PM[/editline]
[QUOTE=Emperor Scorpious II;22876014]Those things aren't what makes us a first world nation.[/QUOTE]
it's your last fucking strings keeping you there, that's for fucking sure
[QUOTE=Paravin;22875880]US just needs to reduce their horribly high military budget.[/QUOTE]
Jealous.
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