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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Scumbria who wrote (133874)	3/1/2001 4:46:47 PM
From: TimF	Read Replies (1) \| Respond to of 1570958

The 1993 Deficit Reduction Act was: 50% spending cuts 50% tax increase, mostly on upper income people like myself I don't consider that terminology to be accurate. It may have been 50% from a lower increase in spending, but spending overall was not cut, it went up each year. Tim

To: Scumbria who wrote (133874)	3/1/2001 5:31:54 PM
From: hmaly	Read Replies (2) \| Respond to of 1570958

Scumbria Re,..50% spending cuts 50% tax increase, mostly on upper income people like myself. If there were any spending cuts, they have been forgotten about as the federal budget has balloned ,6%,6%,and 8% the last there yrs. Almost double the inflation rate. All we have left is tax increases because of gov. inability to control themselves. <It led to a budget surplus, which was needed to pay off Reagan's screw up. < It also led to monumental waste and corruption . Imagine what will happen to the financial markets next year when the Bush red ink is announced. It will make this years crash seem like child's play.< Then why did CNBC report that the surge in the markets this aft. could have been attributed to a legislative committee approval of lower taxes. The tax cut is mindless, and irresponsible. In your case it could well be. But most rich people are smart enough to put their money into tax free schemes, once the top rates get so high that it pays to avoid taxes. Tax free bonds, off shore accounts. residencies in a low tax country etc. In fact, the savings and loan boondoggle was built upon REIT's. We don't need that either. How difficult is it to move your money offshore nowadays? And that is the problem; the higher the tax, the more scheming and tax lawyers are employed to avoid those taxes. Why do we have all of those lobbyists in Wash. They are trying to get tax breaks. It is just like those estate taxes. What percentage of the rich actually pay them. Probably close to zero, because there are shelters and foundations which can eliminate all taxes. Its just a game. We should have lower tax rates and no tax breaks. Screw all of the tax lawyers, shelters, lobbyists and all of the corruption. You seem to have this nieve idea that all rich people simply pay these high rates.