In a speech to the Virginia Chamber of Commerce last week in Washington DC, Rep. Scott said: “Most of the budget discussion today is on who will get a tax cut, without much discussion on how we will pay for those tax cuts.
The Simpson-Bowles Commission set a $4 trillion, 10-year deficit reduction goal. This target number is the same as the cost of extending all the Bush-era tax cuts for another decade. In other words, if we let all of the Bush era tax cuts expire, for incomes over $250,000 and incomes under $250,000, the 2% and the 98%, all of them, without any sequester, you would achieve the $4 trillion goal for deficit reduction. In fact, we have already cut $1.5 trillion in spending, so letting all of the tax cuts expire at this point would produce $1.5 trillion more in deficit reduction than the original Simpson-Bowles goal.
If we let the tax cuts expire, to avoid any short term recessionary effect, we should spend a significant portion of the new revenue on infrastructure, roads and bridges, school construction, summer jobs and other job creating initiatives, or send out a tax rebate to all taxpayers. If were to spent the additional revenue of $400 billion on creating jobs at $50,000 each, we could create 8 million jobs, and the recession would be over by the Fourth of July. “
We should allow the Bush-era tax cuts to expire for incomes over[$250,000]and incomes under[$250,000].This would indeed free up funding for other job creating initiatives,and start a fresh slate at the beginning of a New Year…The spillover affects and cost of foreclosures across The United States have drained nearly[$2 trillion] in property value from surrounding households,more than half of it from Black and Latino homeowners,according to a new study from the center for responsible lending…The[$2 trillion] figure estimated in the report represents only part of the total cost of foreclosures,since the spillover cost do not include equity lost by families who are foreclosed on, nor the Billions of Dollars drained from Communities as a Result of Lost Tax Revenue,Vacant Properties,Increased Crime,and Lower School Performance by Children.
Stuck With Theives:…President Obama Administration inherited Corrupt Government Officials from The Bush Administration.And were given Key Cabinet and other Post…They inherited a Lot of Bad People; many of them are sitting in Office.They should Weed out Bad People…All Government Leaders,should be Required to enrole in or Implement a Ethical Leadership Training Course of Government Officials,weeding out Corrupt People in Government is necessary,fighting Corruption is not only about Prosecution and Dismissal…Change Attitude is also necessary,trying to get people to do the Right Thing…Corruption is not just Firing and Prosecution.It is also about Changing The Mindset…Some Corruption Allegations do not go to Court”President Sirleaf said”human rights tell us people are Innocent until proven Guilty in a Court of Law…So people’s right have to be Respected…Everyone has to take Full Responsibilities for their own behavior,their ethical behavior and not be hesitant or reluctant to dismiss people found in Corruption Practices”where guilt has been established,people should not be reluctant to make decision.