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August 11th, 2010
05:55 PM ET

In light of skyrocketing deficits, is it time to raise taxes?

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(PHOTO CREDIT: Getty Images)


FROM CNN's Jack Cafferty:

The Bush tax cuts are an 800 pound gorilla – set to expire January 1st. If Congress does nothing, everyone's taxes will go up. And so far, that's what Congress is doing. Nothing. Some of this nation's best economic minds say it's time to bite the bullet and raise taxes. Economically speaking, this country is going down the toilet.

Former Federal Reserve Chairman Alan Greenspan initially supported the Bush tax cuts, but now says that they ought to be allowed to expire.

Greenspan thinks higher taxes might mean slower economic growth, but he says it's more important to pay down our massive debt.

That debt has topped $13 trillion, and our annual deficits are sky high, expected to top $1.4 trillion this year.

David Stockman, the former budget director for Pres. Reagan, along with Former Treasury Secretaries Robert Rubin and Paul O'Neill all agree with Greenspan about higher taxes to some degree.

Pres. Obama only wants the tax cuts to expire for individuals making more than $200,000 and families earning more than $250,000.

But most Republicans are opposed; they want to extend all the tax cuts. And some moderate Democrats agree with them; they're concerned that even Pres. Obama's limited tax increase could hurt the weak economic recovery.

Opinions are all over the place on what should happen, but doing nothing is not a good option – unless the government does something about its runaway spending. Don't hold your breath.

Here’s my question to you: In light of skyrocketing deficits, is it time to raise taxes?

Interested to know which ones made it on air?

Tom says:
You are missing the point. It is not as if anyone who actually pays taxes really believes that a tax increase will be used to pay down the debt. Our fine public servants will continue to spend and run up massive debts regardless. Time to say NO!

Robert in Key Largo, Florida says:
A flat tax across the board would be much more fair. Then we could get rid of the IRS.

Jon says:
Your premise is incorrect. Republicans aren't concerned that a "limited tax increase could hurt the weak economy". They're concerned that supporting a tax increase would hurt them in upcoming elections, and that's absolutely the only thing they're worried about. The fact is, the Bush tax cuts along with increased spending for wars, etc., is the road to disaster. This is clear to anyone who's ever balanced a checkbook. It's time to let the tax cuts expire and continue to move away from misguided Republican policies.

Shirley in Arizona says:
No, Jack, it's not time to raise taxes. Americans spend enough money on taxes, ie. state and federal income tax, property tax, sales tax, Social Security tax, vehicle license tax, etc. It's time for Congress to quit spending, quit earmarking, starting wars that aren't funded, and social programs that aren't funded. It's time to bring our soldiers home and freeze ALL federal employees pay. QUIT SPENDING. That's what we do with our budget when we don't have money!!

Terry says:
Stop these wars and billions will be saved. Isn't that simple enough?

Eric says:
Sure, what the hell? I wasn't using my money, anyway. I don't mind working for free. Yeah Jack, you do that... push for a tax hike. That's all Obama needs. Right now, he's but a sweater and a hostage crisis away from officially becoming Jimmy Carter.


Filed under: Economy • Taxes
soundoff (167 Responses)
  1. Harry

    Out of control spending and now they want some more money to spend?
    They need to tighten their belts and live within the budget like the rest of us have had to do.
    You want to turn this economy around?, bring the jobs back–it is the ONLY WAY!!

    August 11, 2010 at 6:06 pm |
  2. Karl from SF, CA

    I’m with the experts, not the jack-asses in Congress. It’s time to re-instate the tax cuts that over the past 10 years have caused the skyrocketing deficits. It isn’t a new tax; it’s bringing back an old one. We did great on those tax rates during Clinton’s years. Clinton raised taxes back then and created 22 million jobs and a surplus. Bush, in eight years with his tax cuts, only created 3 million jobs, lost God know how many millions of jobs, most went overseas, and left a pathetic deficit we aren’t supposed to blame on him or the Republican Congress that did it. Notice, most of those Congressional Republicans are still there.

    August 11, 2010 at 6:06 pm |
  3. Frank P

    First cut all the pork from our spending and then consider perhaps raising taxes to attempt and pay off the massive debt this socialist administration has put over us!! But remember, all you that created this mess, from the Bush era to the era of this dope smoking current President and his miserable associates will be judged one day by the people of this great nation!

    August 11, 2010 at 6:06 pm |
  4. Brian H

    Your comment is awaiting moderation.
    Do NOT raise taxes. Simply start fining all of the illegal aliens. If they want amnesty then they should pay between $5,000 – $10,000 depending on the length of time they have been here. Anybody here 5 years and under pays $20,000

    August 11, 2010 at 6:07 pm |
  5. Rick

    Right, more taxes. Haven't we had enough decades of increased burdon? We don't need more taxes. We need lesss government.

    August 11, 2010 at 6:07 pm |
  6. Wayne

    Obama talked about the Republicans driving us into the ditch. He and this Dem congress are driving us off a cliff. We must cut spending!!

    August 11, 2010 at 6:08 pm |
  7. mitch

    No! What the economy and employers need is to hear from congress that the tax cuts from push will be lengthened for the next 10 or so years. This would automatically lead to companies expanding and hiring. The reason the economy hasn't been growing the last 2 years is because everyone has been scared to death of what Obama is going to do w/ the tax rates. If they could have some assurance that taxes weren't going to be raised, they would begin hiring and growing leading to more revenue for the feds anyway.

    Mitch

    August 11, 2010 at 6:08 pm |
  8. Aron

    Jack,

    It may be anathema to some, but raising taxes will most likely have to be part of the solution, not only to pay down the deficit and our country's debts, but to also ensure entitlement programs like social security and medicare stay solvent.

    The American public has been ambivalent for years over Washington's spending spree and is suddenly surprised when we're asked to help foot the bill we helped create. The Great Recession not only requires personal financial austerity, but public financial austerity as well. As Americans we're usually asked to sacrifice very little, but now it's time for the average taypayer to roll up their sleeves and help pay the piper. We're all in this mess together.

    August 11, 2010 at 6:09 pm |
  9. Trevor

    Let's see some serious spending cuts first, and THEN let's see some taxes raised. In that order. I can't read the news nowadays without reading about one bailout after another. We are seeing an unprecedented nany state and a generation of people feeling entitled.

    Pursing happiness should be a right; BEING HANDED happiness isn't.

    August 11, 2010 at 6:09 pm |
  10. Shirley Sherbahn

    No Jack, it's not time to raise taxes. Americans spend enough money on taxes, ie. state and federal income tax, property tax, sales tax, social security tax, vehicle license tax, etc. It's time for Congress to quit spending, quit earmarking, starting wars that aren't funded, and social programs that aren't funded. It's time to bring our soldiers home and freeze ALL federal employees pay. QUIT SPENDING. That's what we do with our budget when we don't have money!!

    Shirley Sherbahn
    Prescott Valley AZ

    August 11, 2010 at 6:10 pm |
  11. albert miller

    Everyone's taxes will go up, huh? Especially the billionaires, multimillionaires, and quarter millionaires? Gee, my heart bleeds for them, struggling as they do to get by without paying what they should.

    August 11, 2010 at 6:10 pm |
  12. ange

    All the brilliant economic minds don't get it. Raise taxes all you want. It won't make a bit of difference. If the government hasn't curtailed spending yet, they certainly won't do it after raising taxes. They will simply spend the increased revenue and continue spending and spending and spending. Raising taxes isn't the answer. Cutting the government's spending is the answer. But we all know that won't happen.

    August 11, 2010 at 6:10 pm |
  13. Pete J

    Yes Jack it is. However in this climate too many people are screaming not to raise taxes and state and local governments have found a new whipping boy, public pensions. How dare those public servants expect those pensions they contributed 20-30yrs towards!

    I should know, I'm one of those taking a licking these days.

    August 11, 2010 at 6:10 pm |
  14. SGM Malone

    Why even think that raising taxes would do anything but give this congress more money to spend on government social programs that do nothing to improve the economy...ample evidence of that already. Couple this with taxing an already fragile economy would send what is left of our weak economy into a death spiral. It has been proven over an over again that tax cuts spur economic growth...why can't this be seen by reasonable people. It was not the "Bush" tax cuts that put us in this present situation but playing loose with the housing market. If anything....cut Fannie Mae and Freddie Mac!

    No to raising income taxes!

    August 11, 2010 at 6:10 pm |
  15. Ron Gotzman

    TAXES, TAXES, We don't need no more stinking taxes!

    August 11, 2010 at 6:11 pm |
  16. Isaac

    The American people are already struggling with a weak economy. The last thing we need now is a tax increase.

    If the Obama administration wants to tackle the national debt they need to cut back on government spending. They can start by ending the wasteful wars in Iraq and Afghanistan that have already cost us so much in lives and fortune.

    August 11, 2010 at 6:11 pm |
  17. Cal in Denver, CO

    Jack,
    It is time to let the tax cuts expire. They never should have been done in the first place, as Paul O'Neill said on GPS last Sunday. Our taxes are not that bad in comparison to other countries, yet we cry the loudest about them. Leftover from the original revolution I guess.
    I don't like them either, but we need to get some money going into the till for the government now or later on when they do go up it will be worse. An ounce of prevention now is worth more than a pound of cure later on.

    Cal
    Denver, CO

    August 11, 2010 at 6:11 pm |
  18. John Brown

    I'm going to have to agree to let them expire. I can understand the plight of the working-class. Any difference in pay will mean significantly less money to spend. However, where I have a problem is people sitting on mounds of cash with the sole desire to make that mound larger. I have nothing against greed per se, I believe it can be a powerful motivator to excel in the system we've created. However, the point I have a problem with is that the hoarding it creates takes money out of the system. If someone is filthy rich and spend lavishly, at least they are putting money back into the system. People are employed in order to provide them services. If they don't, then that money is stagnant, it goes nowhere and someone out there loses a job. There's nothing wrong with being rich, there's something wrong with being rich a kicking everyone down harder.

    August 11, 2010 at 6:12 pm |
  19. Tom

    No – it's time for a fair tax. Tax the FED

    August 11, 2010 at 6:12 pm |
  20. Mark from Boston

    Jack,

    According to the party of "Hell No", it's o.k. to add the tax cuts to the deficit, but we had better find a way to pay for the extension to unemployment for the average taxpayer who can't find work? And, we they TAKE money from the taxpayers to bail out banks, and the banks wont lend the money back to US because they can earn a better return lending it to the government due to ridiculously low overnight lending rates?

    Somebody pinch me! Either it's Dejavu or 2002 all over again.

    August 11, 2010 at 6:12 pm |
  21. G. S.

    Why give congress more money. They will simply spend the additional revenue on pork and other unneeded programs. Cut first, then raise taxes to pay down the debt.

    August 11, 2010 at 6:12 pm |
  22. Rick

    Yes just like the president wants to do it. Jack do you make over 250 grand? The presidents plan works for me

    thanks rick

    August 11, 2010 at 6:13 pm |
  23. Stephen

    Denver, CO

    There are only two ways to close deficit gaps – cut spending, or raise revenues. With a deficit of $1.4 trillion and a budget of just over $2.1 trillion, it is not possible to solve our deficits without tax hikes, no matter how much voters will hate it. Voters hate it, so politicians will oppose it since they want to be re-elected. Is there an end to this vicious cycle? I doubt it.

    August 11, 2010 at 6:13 pm |
  24. Bob fom Long Island

    I was shocked when Congress passed that tax cut for people making over $250. Here we were paying down the debt, the economy although slowing was still chugging along well. Say what you want about Clinton, we were doing ok. That tax cut was the start of policies which put us where we are now. Cut your income to balance your check book doesn’t work! Anyone who is supporting this tax cut needs to be locked away in a small white room. It’s just NUTs. To get things going we need to give tax cuts to the people who will spend the money like the middle class, and lower class. this will make demand for goods, than people who make them goods will hire people to make that stuff!

    August 11, 2010 at 6:13 pm |
  25. Richard Irons

    Let the tax cuts expire. Republicans want their cake and eat it too. Reduce the deficit and keep the tax cuts? They just don't know which way to turn..

    August 11, 2010 at 6:13 pm |
  26. darrell

    Hey Jack,
    Why not......seems the government is the only entity that nows how to spend the money correctly.....buttheads......when Bush pushed those tax cuts through it didn't stop the local governments from seizing on this fact and raising taxes – I think that is the other 800lb gorilla that no one talks about. Exactly when will there be enough to satisfy them? If they don't stop the out of control spending – does it really matter? how much of the GDP does the federal state and local consume now? There are so many hidden taxes on everything we buy now(products) it almost makes me laugh when they say they don't have enough money. And by the way, teachers work about 7 months a year – they earn every penny but don't cry about the wages for that short of a working season.

    August 11, 2010 at 6:13 pm |
  27. Gary - Woodhaven, Michigan

    Giving the government more money would be like giving an alcoholic more booze.

    I wouldn't mind paying more taxes to help our nation out, that is if we could find 535 responsible people to fill congress.

    August 11, 2010 at 6:14 pm |
  28. John MacKay

    Yes, it's time. We've undertaken two wars and we all need to pitch in to pay for them. John MacKay, Bishop, GA

    August 11, 2010 at 6:14 pm |
  29. Rich, Charlotte, NC

    Time to stop stupid wars today, not tomorrow or next week. Time to open jobs in business companies that for green power and not oil. Time for a lot of other stuff that is above the mindset of the present administration!

    August 11, 2010 at 6:14 pm |
  30. SHOman

    Absolutely, Jack. We have lived in this dream world of low taxes for too long. If we want to keep this country from being a third world country we need to pay for all the things that we have postponed for too long.

    August 11, 2010 at 6:14 pm |
  31. Brian

    No. It's time to start reigning in out of control spending. If your personal finances were in dire straights would you keep spending? Every responsible person, regardless of political affilition would stop spending and pay down their debts. Why can't the government?

    August 11, 2010 at 6:14 pm |
  32. Millie from CA

    Jack, I think we need an entire overhaul of our pay system in the govt. First off those who work for the govt should not be allowed to have benefits the rest of the nation cannot afford to have. Second; they should not be allowed to make any cuts to any services without making substantial cuts to their own pensions and benefits. i.e. they should have to pay their own tickets to and from states and no free bennies from lobbists. No pay raises without passing reiview from the nation...not peers {that is like leaving the fox in with the chickens} and no auto-terms. These guys need to remember who they work for! Now as for raising taxes...let the tax cuts for the rich expire. Forget trickle down..They puddled in overseas markets not here. There will obviously need to be higher taxes, but lets carve the fat first!

    August 11, 2010 at 6:14 pm |
  33. Charles Branch

    Yes. Allowing the tax cuts to expire would take us back only to what the rates were during the Clinton administration. Most people did pretty well during that time; the predictions of a depression after the Clinton tax increases were wrong.

    August 11, 2010 at 6:14 pm |
  34. Mazzy

    Yes it is time to end those damn Bush tax cuts. The tax rates would then be the same as during the Clinton Years. Those were pretty darn good times. And if I netted 200k per year (which actually means I'd make 300 or 400 K or more, then sure, I would be happy to pay a bit more in taxes.

    August 11, 2010 at 6:14 pm |
  35. Karina

    Only for people with higher incomes than me!

    August 11, 2010 at 6:15 pm |
  36. kathlyn Parks

    Definitely, it's time to raise taxes, especially for high-income people. I'll be happy to pay more if it helps get the country out of the hole it's in.We'd still by paying less than during the Regan years, so what's the big deal?

    August 11, 2010 at 6:15 pm |
  37. TonyInNYC

    Our taxes were already raised when President Bush borrowed to pay for his tax cuts instead of cutting the budget and lowering spending. The Bush tax cuts should be called the Bush time-delayed tax hike.

    August 11, 2010 at 6:15 pm |
  38. Rich, Charlotte, NC

    Tax cuts are for the imagination...not for reality!

    August 11, 2010 at 6:15 pm |
  39. Ken in NC

    Pres. Clinton raised taxes on the top 2% to 39% and created 22 million jobs. President Bush cut their taxes back to 36% and only created 8 million jobs with the tax cuts. Where did the extra tax savings go? Hint Hint, Their pockets. Time to raise them back to where they were.

    August 11, 2010 at 6:15 pm |
  40. Don

    Yes, let the cuts expire. Stop the financial bleeding. From there I expect a long time before we become solvent again. Why keep passing it on? I am disabled and on SSD and most of us older folks can survive, and if I can, I will share with others in need.
    Someone has to make the first move....Term limits and reduced benefit packages for people in congress mike make a shift to a more realistic way of life.I think you get it. Thanks

    August 11, 2010 at 6:15 pm |
  41. Bob in Florida

    YES, it is FAR PASSED TIME to raise taxes, especially on the wealthy and corporations who pay the lowest taxes of all. IF the federal government (ie Congress) wants to keep spending even with some cuts, the government NEEDS more income to pay down the debt. The concept of "lowering taxes on the wealthy will create jobs and stimulate the economy" IS THE GREATEST LIE IN THIS DECADE!

    August 11, 2010 at 6:15 pm |
  42. James Etheridge

    Hi Jack,

    Why does a slight tax increase cost you $200.00, and a substantial tax cut saves you $30.00?

    James Etheridge
    Wilson, North Carolina

    August 11, 2010 at 6:15 pm |
  43. Alan in Albuquerque,NM

    The deficit this country has built up will not only cripple and destroy any future our children have, but will herald the imminent failure of the US economy. Basically we can't ignore it. Yes, taxes have to rise, cuts in massive government budgets such as the military have to be made. Someone will have to do it and the longer we wait the more intense the pain on the US people. It's about time the Tea Party, the GOP and the selfish right wing wakes up and faces reality.

    August 11, 2010 at 6:19 pm |
  44. Paul D. Zammit

    I think it is time to raise taxes on individuals making more than 200k a year and families making more than 250k a year. Speaking as a married person with a combined household income of 90k in NYC it is getting harder and harder to even live day to day with the increases to state taxes, the addition of sales taxes to clothes, MTA fare increases much less save any money for retirement or anything else. I can honestly say that if my household had another 160k a year in gross income I would be willing to pay more taxes. The bottom line is that we need the taxes but the sacrafices always seem to be at the expense of the little guys. Time for the high rollers to pay their fare share.

    August 11, 2010 at 6:19 pm |
  45. kuntz

    No its not time to raise taxes.
    Cut the dupilication of programs. More taxes means the government will spend more. They never learn. Spoiled kids-that what the members of Congress are.

    August 11, 2010 at 6:19 pm |
  46. John S.

    Hi Jack,

    I would support raising taxes to help pay for the countries' skyrocketing deficit. However, I'm not convinced that our government would actually use the money for that purpose. It would most probably be used for something else, just like our Medicare funds.

    August 11, 2010 at 6:20 pm |
  47. DonnieH. Bay St. Louis Ms

    Yes Jack it is. The right cries that we must do something about the deficit. Something besides asking them to pay for it. I keep hearing how the wealthy pay the vast majority of taxes. Well thats only because they make the vast majority of the money in this country. Hello?... Besides should Obama cave to the rights pressure to extend the tax cuts the Gop will then put the $800billion dollar price tag on Obama's deficit tab and use it against him and other Dems in the future. Leaving out how they pressured him to extend it. Typical...

    August 11, 2010 at 6:20 pm |
  48. Ed

    No, Jack, it is NOT time to raise taxes. Just get the rich to pay their fair share for a change.

    August 11, 2010 at 6:20 pm |
  49. Gary

    Raise taxes – why not. It's just money that more and more people do not have to spare. Maybe if we tax the rich at 85% rate we can get out of debt, unless the rich leave the Country like many businesses have done. I have all the faith that the Government would reduce spending once the money is in their hands. Sure

    August 11, 2010 at 6:20 pm |
  50. Rita

    The more appropriate question is "Should we cut spending"? Why is that never an option for this administration?

    August 11, 2010 at 6:20 pm |
  51. Duende

    Thanks Jack.

    Raise the Taxes on the wealthy. Trickle down is B.S. They've got it and don;t let them or thier media convince you that they deserve it. They wouldn't have a penny if it wasn;t for the working class. This has nothihng to do with socialism or communism.. it's just right.

    Every american should be able to make their first million tax free and then start taxing on the next million, getting a bit more serious on the 3d and really kicking in on the fourth million.

    August 11, 2010 at 6:20 pm |
  52. Walt Wilson

    Yes, taxes should be allowed to raise to the Clinton level by letting the Bush tax cuts expire. The Bush cuts were just a way of rewarding his fat cat sponsors. They were irresponsible then and to extend them would be unconscionable.

    August 11, 2010 at 6:20 pm |
  53. Patrick Doyle

    Jack
    Yes I believe it is time to raise taxes in a fair equitable way.
    Past generations have sacrificed much more than just giving up some of their money,to keep this country solvent.

    August 11, 2010 at 6:20 pm |
  54. Jim - Michigan

    Jack,

    It is time to raise taxes, but ONLY in conjunction with deep cuts. I am not against paying more to improve our country, I am tired of the solution always being one sided. We cannot continue political vote gathering money spending, epansion of benefits and hand outs and turn to the tax payer to cover the tab.

    I believe we are at or near the 50% point in which most Americans do not pay any federal taxes. Locally governments go after homeowners for their budget solutions. I am tired of it all, it is time to raise taxes AND severely cut benefits and programs. If people want more out of life they need to get a job, besides handouts create generational dependency on government programs, they destroy the human spirit and they deepen the poverty levels. Think about it, the more children you have, the more money and benefits you get.

    August 11, 2010 at 6:20 pm |
  55. Jim

    I have absolutely no problem paying taxes, in theory. By that I mean, if I was relatively comfortable that my money was wisely spent, I would not feel bad if it was raised to 40 or even 50 percent. The problem is not the level of taxation, it is what is gained for it. I have no confidence that my current tax money is any more than 20 percent effective. The rest is wasted. That confidence level is driven lower every day by our corrupt and decrepit political system. What with earmarks, pet programs, misguided liberal policies, etc, I don't want to add a dime to the mess.

    If my taxes were "earmarked" for specific things like, infrastructure, smart energy projects, smart education systems, cleaning up our cities, etc, I would not have a problem at all.

    August 11, 2010 at 6:20 pm |
  56. Carolyn TeStrake

    Yes, the drag on the economy from the interest of the debt overwhelmes any advantage of low taxes. And have we forgotten, we have had these low taxes for almost a decade and we got into this mess with the current tax rate. Plus the tax rate in 1929 was much lower than the current one. The highest bracket was only 25%. Low taxes is not a magic dust. That is not the answer

    August 11, 2010 at 6:21 pm |
  57. Judi Purcell

    No, don't raise taxes, cut spending. If they won't cut spending, fire 'em.

    August 11, 2010 at 6:21 pm |
  58. W A L K

    Jack;

    We should have raised taxes when we entered into two wars after the 9-11 attack. As Americans, we should have made the sacrifice to pay for these wars just like those American's and their families who sacrifice as our heroes fight and die on our behalf.

    Raise taxes for everyone but place a higher percentage for those families and individuals making over $100,000 per year.

    W A L K

    August 11, 2010 at 6:21 pm |
  59. Dave

    Pres. Obama and his advisors are right. The tax cuts should be allowed to expire for the wealthiest who earn more than $200,000 annually and renewed for those that do not. Where is the help for our poorest citizens? I don't get why this is a controversial option.

    Allendale, MI

    August 11, 2010 at 6:21 pm |
  60. Jason in the broke part of Ohio

    Someone has to finance all of the war, and unintelligent spending projects made by our representatives. We the people, have the same debt we did before both government bailouts. We the people, are often so poor we cannot afford insurance, taxes, or massive corporate caused natural disasters, let alone afford a sustainable comfortable living. We the people, would like the government to stop wasting our money.

    August 11, 2010 at 6:21 pm |
  61. Maryann/Michigan

    The wealthy should pay more-----I don't understand why they have the loudest voice against it. The middle class has supported the tax base far too long. Now that the middle class is less in number, it is only fair that the wealthy do the right thing. They have always had more options for tax cuts than the middle(missing) class.

    August 11, 2010 at 6:21 pm |
  62. Jay in Colorado

    Jack, the "Grown-Up" thing to do passed us up when George "W" was elected. The talk is not leaving a huge debt for our children and grandchildren to pay off. When Clinton left office, we had a balanced budget and substantial projected surplus. It was then where the "responsible -grown-up" thing to do was to begin paying down the National Debt. so as not to pass on major finacial problems to our children and grandchildren. But in 18 months after "George W", we not only had no more projected yearly surplus, we were back to a half a billion dollar deficit spending again. What happened to wanting to leaving the world a better place for your children than the one in which you grew up?

    August 11, 2010 at 6:21 pm |
  63. Jack Pine

    For the Corporations, Multimillion Dollar Athletes and entertainers, I say a resounding yes. We didn't even have an income tax until 1913. All the taxes were made on the large businesses and Corporatioms. After all they make their money off the average American buying their products.

    Jacc
    Tennessee

    August 11, 2010 at 6:21 pm |
  64. Shirley

    Of course it is time to raise taxes-even on me and I do not make $250,000 a year. Congress does not want taxes raised on the rich because they will pay higher taxes.If I ran my home like the government I would be homeless. Maybe its time to make congress homeless

    August 11, 2010 at 6:21 pm |
  65. Steve Wand

    It is time to raise taxes on imported oil and gasoline and then rebate part of it to natural gas, electric and hydrogen based hybrid car purchases. This would have a profound positive effect. But, we've missed boat for the last 10 years because our politicians prefer to keep their jobs. Instead market prices for energy have instead exported cash from our country. The Tax is ONE BILLION DOLLARS A DAY, just in gasoline & oil purchases.

    Yes, raise gasoline taxes to create alternative fuel markets and rebates. Raise these taxes to pay for all infrastructure expenditures and market change. And the states should run with this as well. Long-term, improved energy efficiency and domestic produced energy will create more jobs and capital formation far stronger than any other universal investment we have in the US. As for other taxes......??

    August 11, 2010 at 6:21 pm |
  66. Phyl

    How can the unemployed, underemployed and underinsured afford to pay more taxes??? Beneficiaries of the Bush tax cuts are not creating jobs or generating enough revenue streams as it is. So let's loosen their grip on the money and make them pony up the taxes that will get this economy going again.

    August 11, 2010 at 6:21 pm |
  67. Bill - Upper NYS

    The "tax increase" for the wealthy is actually rescinding a Bush tax cut that was NOT funded by the Republicans and cost the American people over a trillion dollars! That will go a long way toward dropping the deficit spending IF Congress can keep their grubby hands off the increased revenue. As for tax increases, I have to balance my meager budget, so Congress needs to increase taxes AND cut spending at the same time to get things balanced again. This is a BIPARTISAN issue, so while they're at it, Congress needs to cut the political BS and think of us for a change.

    August 11, 2010 at 6:22 pm |
  68. Joseph Crews

    With 2 wasteful wars still going,the Pentagon loosing Billions of dollars without a trace,Wasteful,inefectivness in every goverment program and agency,Do you really think raising taxes will have a positive effect on the deficeit.No its time to stop the progression of an idea that everyone in the United States can either borrow 100K for a college education or make 7$ an hour.Made in China is killing this country.Put people to work and they will make wealth for this country.As It is now raising taxes wont effect much.But politicians and Global economists dont get this.

    August 11, 2010 at 6:22 pm |
  69. Charlie

    Hell, no way!. Without serious cutting spending first, raising any tax wether from rich or/and middle classes only give those spendingholic liberals more money to spend without reducing deficit. Show us actual cutting of spending first, then we can talk about higher taxes. I am a true independent and have been sick of both Democratics and Republicans as both are spendingholic!

    August 11, 2010 at 6:22 pm |
  70. Sally Spooner

    The only way to balance the US budget is to raise taxes! For many years we have been asking China & other nations to help us fund our deficit, but someday they will decide it's time to call in the chits and we'll be in a pickle! We need to step up to the plate and start working on this major problem.

    August 11, 2010 at 6:22 pm |
  71. Jack W

    It is definitely not time to raise taxes. It is, however, time to cut out some of the government jobs (all the czars that Obama has put in place, for example). Also all the vacations that are being taken by Obama, that the taxpayers are conveniently paying for could be avoided also. But then again, why would the government do the taxpayers any favors, its not like they really care about any of us anyway. They have their extravagant paychecks and that is ALL they care about.

    August 11, 2010 at 6:23 pm |
  72. TJohn

    If we, as citizens, are in this for the common good as a society and a nation, which I expect most don't or refuse to understand, then those tax cuts should expire. Even if we completely cut the annual deficit to zero, we will not get ourselves out of debt for decades and this "all about me mentality" in our nation will leave a path of debt and disaster for generations.

    August 11, 2010 at 6:23 pm |
  73. Roger H, SC

    Raise taxes on the wealthy, not those under $250K / year. The amount of the increase will be less than the cost of their last Mediterranean cruise. And will be replenished by their next few dividend checks. Use "sweet spot" tax rate small enough to benefit the treasury, but not large enough to thwart investment.

    August 11, 2010 at 6:23 pm |
  74. Al

    I like Obama's plan. Let them expire for upper income taxpayers. They can afford more taxes. The middle class cannot. Everything goes up except our incomes. We don't get Wall Street bonuses like the upper income people. We have to pay our bills with our lousy weekly paychecks, which are not enough as they are.

    August 11, 2010 at 6:23 pm |
  75. Tori - Missoula MT

    I'm in favor of allowing the Bush Tax cut to expire. How can we even complain about the spending our country does when we don't even pay into our system? We can complain about how our elected officials don't represent us, or that governmental spending is out of control, but when its time to do our civic part and pay our taxes, no one wants to. I find it ridiculous how many people feel entitled to every governmental program, grant, or service, but try as hard as they can to get out of paying their taxes. How can we expect our politicians to be responsible when we, as the American population, refuse to take responsibility for our own part?

    August 11, 2010 at 6:23 pm |
  76. Jim

    Raising taxes on the very people who create jobs in this country will only prolong the recession. I'm a buisness owner who does very well financially. I currently have two positions available but I will not hire anyone until I know if the knuckleheads in D.C. are going to raise my taxes. To those who think raising taxes on people who are wealthy makes sence, I ask: Have you ever been hired by a poor person?

    Jim in Pensacola, FL.

    August 11, 2010 at 6:23 pm |
  77. Frank Cape Coral FL

    if I running a deficit in my household, my first thought would be to tighten my families belt and make some cutbacks in our lifestyle, less out to dinner, less movies, less junk foods in the house, look for second job, Washington can't work within the enormous federal budget and they need more money, why don't you make some cutbacks in the house and senate, less staff, less expense accounts, less three martini lunches, need i go on,? but NOOOOOOO you want more money from me, I'm bleeding now, DON'T RAISE TAXES, OR YOU'LL ALL BE LOOKING FOR ANOTHER JOB,

    August 11, 2010 at 6:23 pm |
  78. anthony boyce

    I think it is definitely time to raise taxes. In order to maintain our countries infrastructure and continue funding Medicare and social security we need to increase revenues. We pay comparatively little compared to many western countries in terms of taxes yet complain incessantly about what we do pay. We can only cut social services so far before millions suffer extreme hardship. Asking the well off pay a bit more seems like a very modest request. Bear in mind as well that the rich have had their taxes cut signficantly over time and have had their incomes soar so I don't really feel to bad for them.

    Santa Rosa, CA

    August 11, 2010 at 6:23 pm |
  79. bobdabilder

    I think you're asking the wrong question the question should be: is it time to cut social programs?

    August 11, 2010 at 6:23 pm |
  80. jean2009

    Yes they should increase for those who can afford to pay. People living at over a set income bracket shouldn't complain about a 3 cent increase on income over that amount. They should realize most people wish they had the problem of making that much, and would gladly trade places and pay the 3 cents without a qualm.

    George Bush was told his tax break for the wealthy would wreck the economy...and those tax breaks need to expire.

    August 11, 2010 at 6:23 pm |
  81. W A L K, Chicago-Illinois - Hyde Park Community

    Jack;

    We should have raised taxes when we entered into two wars after the 9-11 attack. As Americans, we should have made the sacrifice to pay for these wars just like those American's and their families who sacrifice as our heroes fight and die on our behalf.

    Raise taxes for everyone but place a higher percentage for those families and individuals making over $100,000 per year.

    W A L K

    August 11, 2010 at 6:23 pm |
  82. Paul H.

    Raise taxes now? Absolutely. In 1944 (during WWII) we had a national debt of $14 billion. Did we stop deficit spending? Sometimes you have to swallow something that doesn't taste good.

    August 11, 2010 at 6:24 pm |
  83. Larry

    Jack, it's not about paying higher taxes, it's about Washington cutting spending, most of which is waste and pork. Another stimulus anyone? Larry, South Carolina

    August 11, 2010 at 6:24 pm |
  84. Pierce Monroe

    Dear Jack Cafferty:

    I think to my opinion to raise taxes is somewhat a good idea but not really Because like President Obama was saying he promised everyone that He would not raise taxes because he feels it's just not right thing to do and I agree to that fact.

    Therefore, This is why He passed the Healthcare reform of $940 Billion to ensure that the Economy will go back to where it was compared to the year 2000 and it also it will help everyone when the time comes and in 2010 We will see the economy go back from the debt over the next 9 years from now. Thank You

    August 11, 2010 at 6:24 pm |
  85. michael

    Why can't someone explain to the idiots that this was a temporary cut and rates are just going back to where they were as required? We couldn't afford it then and sure can't afford it now. It's time for the top 2% and the Korporations to kick in their fair share. If we just closed all the loopholes and cut off all the lobbyists we would have some money. I'm sick of hearing "tax cuts" especially for the rich. How are we supposed to pay for anything? We need to make the system progressive as it should be and not regressive as it is. Why do CEOs pay a smaller rate than their secretaries. How does the right wing consistently fool people into voting against their best interests?

    Crestline CA

    August 11, 2010 at 6:25 pm |
  86. fred, montello, nevada

    No Jack. Give the current crop of politicians more money and they'll spend more money. Nothing will go towards reducing the deficit or public debt.

    August 11, 2010 at 6:25 pm |
  87. LLEWELYN

    Maybe the Obama's can sell advertising space on air force one and two,
    make the planes look like a nascar...wear jackets with patches on them, and SELL all of the advertising to balance the budget...not raise taxes...or perhaps during this DEPPRESSION they could refrain from taking luxury vacations on the taxpayers dime? How about a nice trip to Disneyland for a birthday party?????

    August 11, 2010 at 6:25 pm |
  88. Glenn Major

    Is letting the Bush Tax cut expire really a tax increase? Or is it just reverting back to the prior tax rates? Afterall, the "old tax rates" are still lower than the rates under President Reagan and ERISA. Had we maintained the old rates and continue to build up our budget supplus of the 90's we probably would not be in this fiscal mess.

    I paid into the higher tax rates of the '90's only to see my contribution redistributed to the "wealthy" under the Bush erea tax rates.

    David Stockman to Warren Buffett agree that the Bush tax cuts were probably wrong.

    August 11, 2010 at 6:25 pm |
  89. anthony loche

    Raise taxes ,have a bake sale. I dont care.What ever it takes for all of us as Americans to solve
    our finacial problems we should do it as a nation.

    August 11, 2010 at 6:26 pm |
  90. nora in Vancouver

    After living in the USA for 27 years I had to return to Canada for health reasons. But I have been watching recent developments with great interest and disbelief. Raise Taxes?? All Obama wants to do is start collecting the taxes the wealthy people have not paid for the last 10 years. And precisely how many jobs did this favor to the wealthy create. Damned few. Jack I am 86 years old and I cannot believe where the Republicans have left their common sense. In the dumpster? Or in Wall Street's pocket, more likely.

    August 11, 2010 at 6:26 pm |
  91. Political Candidate, USA

    Skyrocketing deficits...increasing taxes...hmmmm. Could you please repeat the question?

    August 11, 2010 at 6:26 pm |
  92. Charlies Chou

    Hell, NO WAY! WIthout actual cutting the run-away spending FIRST, raise taxes of any form from either rich or/and middle classes will only give those spending-holic democratics and republicans more money to spend instead of cutting fed deficit. Show us you are able to really cut wastes and spendings FIRST, before we can sit down and talk about possible higher taxes.
    I am a true independent and neither democratics and republicans have the will to cut spending FIRST.

    August 11, 2010 at 6:26 pm |
  93. joe michigan

    Yes....It's about time we started paying for our projects...wars for instance....

    August 11, 2010 at 6:26 pm |
  94. Jan Saint-Macary

    No income no tax. So, if you're worrying about paying more income tax you are doing well. A number of very wealthy individuals, including Buffet and Gates, have publicly endorsed increasing taxes back to the levels set by Clinton: they paid higher taxes then, but their income went up. In Canada, we copied that, and it worked very well.

    Thanks for the good idea.

    Jan, Ottawa, Canada

    August 11, 2010 at 6:26 pm |
  95. john

    Jack,how much is to much????To increase the tax hurt the economy ,but nothing new!!! ??? Obama and democrats need more and more ,,,,,

    August 11, 2010 at 6:27 pm |
  96. Eric Troup

    This entire deficit reduction argument is a subterfuge. Congress will just spend $1.98 for every $1.00 they think they might see anyway. Higher taxes will just suck the wind out of what is left of the recovery already hamstrung by runaway, out of control, beyond all reason, deficit spending.

    The answer is cut spending! Live within your means!

    August 11, 2010 at 6:27 pm |
  97. virginia h. jones

    This is not a yes/no question. This is a "means" issue. Those persons and businesses in a hardy state (often because of government assistance) should pay a full range of taxes. This will help OUR nation in the long run.

    Ginny and Jack Jones

    August 11, 2010 at 6:27 pm |
  98. margie PA

    everyone who just bought an expensive tech device or a $200 pair of jeans should donate at least 20% of the price of these things we do not need to the fund to directly lower the national debt. you can find this at the national treasury site. If I can afford a $300 phone I can afford $20 to do this. Just like we can pay on the principle of our mortgage. We all use the services provided.. Give me a break we spend much of our disposable one junk and it is not even made in the US.

    August 11, 2010 at 6:27 pm |
  99. rand

    So let me get this straight...........because the government can't control how much they spend nor HOW they spend it and our debt and deficit grow out of control...................the American tax payer is supposed to take the fall????????? No wonder people in America are SO FED UP!!!

    August 11, 2010 at 6:27 pm |
  100. Paul Ernest Nashville, TN

    Its strange and rather unfortunate that the GOP is yelling National debt and the future of our kids suddenly. I guess they forgot about national debt while Bush was in office. Their clamor is just a ploy to halt the new administration. After 8 years of tax cuts for the wealthy and budget deficits, little wonder, nothing is left in the treasury to run government. If 8 years of Bush tax cuts took our nation from budget surplus to budget deficit and economic crisis, then, it wasn't a good, tax system and should be discarded. How are we going to take care of the national debt if less and less is coming into the treasury?

    August 11, 2010 at 6:28 pm |
  101. Luke from Vero Beach, Fl

    As a country we need to make a choice. either we raise taxes to pay for necessary services such as education infrastructure first responders, or we keep taxes at their historically low rates and accept cuts in services. I, for one, am in favor of higher taxes.you can't have your cake and eat it too.

    August 11, 2010 at 6:28 pm |
  102. Lynn Russell

    I find it interesting that when the Bush tax cuts were proposed they screamed it was just giving a benifit to the rich but now they are questioning letting them expire for middle class taxpayers. Turns out the middle class got 80% of that tax cut. Guess it depends on your politics. I also am amazed that people still keep saying tax companies more becuase they don't pay their share. If any of you rocket scientists would think it through you would realize that money always comes form the consumers pocket. We need to raise taxes across the board and combine it with three time the amount in spending cuts. Time for America to put it's big boy pants on.

    August 11, 2010 at 6:29 pm |
  103. ThomasInPhoenix

    I'll agree to more taxes if they use it ONLY to pay off past debt...nothing more.

    August 11, 2010 at 6:29 pm |
  104. Chaney, La.

    This was an idiotic move to begin with.... Yes .... let the Bush tax cuts expire.........

    August 11, 2010 at 6:29 pm |
  105. John in California

    Congress will allow the taxes to increase. Why not – some of them don't pay their taxes anyway.

    August 11, 2010 at 6:29 pm |
  106. doc

    End the Bush tax cuts, now!!

    August 11, 2010 at 6:29 pm |
  107. Blake

    No, it's time to cut spending!

    August 11, 2010 at 6:30 pm |
  108. Addie

    Pork and earmarks aren't what got us into this mess. The problem is our inability to stop spending. We all complain about high deficits and taxes, yet we demand social security, "free" healthcare, and early retirement. With longer life expectancies, government employees still demand generous retirement packages that vest early and trump the private sector. Raising taxes is not the answer. We must stop the spending and reform our entitlements.

    August 11, 2010 at 6:31 pm |
  109. Harvey, FL

    Yes, the gifts to the rich at the expense to the working class should end. Supply side economics (AKA Voo Doo economics) do not work. The whole concept is ridiculous.
    In effect, the wealthy say that the average person will gain if the wealthy (in this case the top 2% of all earners) put less into the system.

    We also need to remove FICA limits from the from the start of the new Deal. Use that Money for Social Security, Stop flushing away Human Lives and endless dollars in never ending wars.

    August 11, 2010 at 6:32 pm |
  110. Mazzy

    Raising taxes? Do it for the high rate. Listen, if your taxes go up it means you made over 200K. It means if you CLEARED over 200 K that means you probably made almost 400K. You would pay the same rate you paid before George W Bush took you money and wasted billions of dollars and killed many of your children, fathers, mothers in wars that never should have happened. We wouldn't be in this mess. We are luck the Obama has leveled it out. It will take alot to get us back and I'm so glad he is in charge.

    August 11, 2010 at 6:32 pm |
  111. Robert Metoyer

    No, it is not the time to raise taxes. As can be seen by the trends of government spending, taxes run almost parallel to government spending.The more the government spends the more taxes we pay. Obviously in order to lower the deficit we should decrease government spending and lower taxes, so the consumer will have more money in their pockets to spend and boost the economy, thereby raising the overal GDP.

    August 11, 2010 at 6:32 pm |
  112. biggeorge22

    Look, the rich do not pay their share as it is and everyone knows it. I am not saying to bend them over but come on. How do you expect to pay for our military, fire department, sanitation, roads, schools, trash removal, county services, etc...

    YOU GET WHAT YOU PAY FOR! Stop being cheap and pay your fair share. Flat tax is the way to do. No deductions, less IRS involvement, no filing deadlines! Yahoo....

    August 11, 2010 at 6:32 pm |
  113. Ben from Boston

    Jack,

    Raising taxes in this rotten economy will just shrink the economic pie. Its time to reduce the deficit by (1) fixing Social Security, (2) fixing Medicare and Medicaid, (3) no more bailouts of anyone or any entity (maybe some loans at prime plus 1% but no gifts), (4) introduce Health Care over a longer period of time, like two decades, (5) tax breaks for small business that hire additional workers, (6) no cap and trade, (7) pass a balanced budget amendment to the Constitution, (8) limit the amount of federal debt that the Federal Reserve can own - sort of a floating number like its own reserve ratio.

    August 11, 2010 at 6:33 pm |
  114. Garrett from New Jersey

    Cafferty, it is time that the US rich pay their fair share. Income tax for those earning say under $50k per year should be near $0. Income tax for those 50 to 200k should be about 20% (income and property tax combined) and then above 250K to 500k 30-40%, 500K+ 50-60%. Yep, you earn it, you pay down the deficit, you pay for health care, you pay for social security, you pay. Too long the rich have gotten away with a free ride in the us of a.

    August 11, 2010 at 6:33 pm |
  115. Frankel

    Yes....the smart way.

    Raise taxes on the rich ($250,000 plus earners) by letting the Bush tax cut on the rich expire (approx 2% – 3% of the population)..

    But continue the tax cut for the middle class who need every penny they earn nowadays which will serve to stimulate the economy with their demands for goods and services....which will in turn help the "rich" who own the businesses that produce those goods and services.

    Try to explain this theory to your republican friends.

    August 11, 2010 at 6:33 pm |
  116. Sam Dallas

    President Obama gave tax cuts to 95 % Americans. Bush tax cut was for the billionaires. It created no jobs, but resulted in the net loss of 4 million jobs, of which 750,000 were lost per month and middle class income were decimated. The Bush tax cut for the rich was partly financed with the budget surplus from Clintons administration and borrowed money from China. At the end of Bush regime, we were left with a deficit of 1.3 Trillion dollars. Since Tax cuts does not pay for themselves, foolish Republicans should tell Americans from where they will get the money to impliment the tax cut policy for the rich and what will be the impact on the overall budget deficit.

    August 11, 2010 at 6:34 pm |
  117. casey

    talk is always cheap, passing taxes breaks is a killer at this time.
    they should not be extended, we trusted congress to do whats best
    for this country, they failed us all. In fact we do not need these guys
    who are not good stewards of our tax money !!!

    August 11, 2010 at 6:34 pm |
  118. Kim from California

    I am 20 years old so I am new this tax paying thing. I am a college student with a mini wage job. I am living pay check to pay check. Just like alot of people in this country. But there are still those who's only real issue with the economy is that they have to pay a little extra for those suitcases when they take thier annual trip to Europe. I think taxes should be raised for those who make up to $200,000 a year. Leave the rest of us out of it. We're barley making it as it is.

    August 11, 2010 at 6:34 pm |
  119. rand

    People seem to be so confused thinking the ONLY way to fix our nations problems is with tax increases, giving even MORE money to a bunch of numb nuts who have already done a piss poor job of figuring out how to spend it in the first place. If you give a kid an allowance, yet they spend all their money on candy that rots their teeth, do you CONTINUE to give the kid money just so YOU can pay the DENTAL BILL???

    August 11, 2010 at 6:34 pm |
  120. Mark

    Raise taxes just to support Obama and Pelosi's spending?

    August 11, 2010 at 6:34 pm |
  121. mitchcu

    The development of our country has required taxes. It seems that many in this country have forgotten that. I am guessing that the percentage paid in taxes is less now than it was in 1960, when much of our infrastructure was built. I don't see how people think that we can vastly change that formula and have a country. We need to get out of the business of war, and build our country on efficient use of government funds, and job development here. US corporations have to see the shortsightedness of moving jobs offshore, without job development here. I do not believe that US execs should earn a bonus for moving jobs offshore without developing new ones here.

    August 11, 2010 at 6:35 pm |
  122. mark graham in orlando

    we have to do something about the debt. any other ideas? if you make more than 50 grand your taxes should go up.

    August 11, 2010 at 6:35 pm |
  123. lynnej in nc

    The top 2% have been the big winners in this economic fiasco that has been 30 years in the making with the deregulation of banking rules. In the mean time, regular folk are underemployed or unemployed.

    I think it is time for the government to take some of it back if all they're going to do is 'trickle' it into the hands of the yacht salesman or that Ferrari dealer instead of creating badly needed jobs.

    August 11, 2010 at 6:35 pm |
  124. Verge M.

    Yes its time to raise taxes. Raising taxes and cutting spending could do wonders for our counrty. If some had their way, we would continue to do nothing about nothing. How can Republicans think that this formula will work for the American people. They should be the ones worried about keeping their jobs in November, instead of counting on history repeating itself whereas the party in power looses seats.

    August 11, 2010 at 6:36 pm |
  125. Ed P

    Sure it's time for the democrats to raise taxes...right now. With no Republican support. That way we can be sure that they'll be kicked out of office in November🙂

    August 11, 2010 at 6:36 pm |
  126. FrankinNJ

    I have a brilliant idea, how about the government stops spending money it does not have. How about we stop earmarks? How about Government employess bring their pay into line with those of the rest of the country?

    August 11, 2010 at 6:36 pm |
  127. DonnieH. Bay St. Louis Ms

    The only jobs the tax cuts created were overseas as the American companies who received those tax cuts went in search of cheaper foreign labor rather than reinvesting in America. Greed won out. Proof that 'trickle down economics" doesn't work. The tax cuts have been in place for years now. So why was Bush losing 700000 jobs a month at the end of his term? Why is unemployment at nearly 10%? The only people the tax cuts have benefited are the ones who didn't need it to begin with...

    August 11, 2010 at 6:36 pm |
  128. yomamayo

    H no it's not time to raise taxes!

    It's time to tack back our country from bloated government hogs that bleed us taxpayers to death. Cut government and all the ridiculous salaries, benefits, pensions ,etc.

    Raising taxes REDUCES government receipts and lowering taxes INCREASES receipts...happens everytime!

    August 11, 2010 at 6:36 pm |
  129. Bob horton

    I think president obama should not just be concern with just pleasing the political left, It is important to do what is economically correct. You dont raise taxes during an economic downturn. I am a democrat but we dont need to tax and spend our children's future away. Bob Horton from macon, ga.

    August 11, 2010 at 6:37 pm |
  130. Stan Weintraub

    The real question is: Should real Americans, who complain about budget deficits caused by efforts to stimulate the economy, be willing to step up to the plate and alleviate the defecit by giving back the undeserved tax cuts they received under the Bush administration?

    August 11, 2010 at 6:37 pm |
  131. Karel

    Jack – I believe in the do nothing approach as long as the congress makes it official that the proceeds would go to reduce the national debt. By official, I want legislation passed and signed into law, as I like many don't trust our congress.

    Karel, Glendale, AZ

    August 11, 2010 at 6:37 pm |
  132. George Krauskopf

    Sure, why not! I want to pay for a few more illegal kids to be born here. Lets give some more unemployment benefits to all those folks who won't work for $12 an hour. Heck just let them have benefits until they reach social security age at 75 or what ever age they pull out of the hat next. I would love to bail out california, new york, illinois, and all the worthless states that can't balance a budget. How about a few more banks, or fannie and feddie . And I'm sure all those worthwhile unions could use my money more wisely than I ever dreamed. Great job Mr O. you can just print more money but leave mine alone!!!!!!!

    August 11, 2010 at 6:38 pm |
  133. Kevin

    Jack,

    Raising taxes will take money away from employers causing less hiring and spending. It will hurt everyone.

    Wanna cut down the deficit? Cut spending.

    Just because you raise taxes, it doesn't mean you increase revenues. People don't get that. If you raise taxes to 99%, your revenue will be less than if taxes are at 40% because no one would work. People don't understand when you raise taxes, you change behavior.

    Kevin

    August 11, 2010 at 6:38 pm |
  134. Kato

    Gosh, I was wondering when this was going to come up. As always, a drunken-sailor-spending Congress is going to run out of money and need to hike income. My concern is - when does it stop? And I'm afraid the answer, given our current President and Congress (Democrat) is - "when to those according to their need; from those according to their abilities." You know ... socialism. I know everyone tosses that word around like a curse, but that is what this will come to. And that model has always worked SO WELL.

    August 11, 2010 at 6:39 pm |
  135. Mark Hannah

    Yes let them expire, and raise taxes across the board another 10%. We can cry about taxes till the cows come home, but the fact is Bush ran the country into the ground and his tax policy was partly how he did it. Raising taxes is the best way to undo it. Bush-Cheney are to blame for our economic melt-down – they inherited a booming economic situation but screwed it up royally with their childish over-reaction to 9/11 – attacking a country that did us zero harm. Isn't the situation we're in now exactly what Bin Laden wanted? Will we ever recover from the catastrophic Bush-Cheney administration? Raising taxes and repudiating that administration's failed policies is the best place we can start. Mark Hannah Houston, TX

    August 11, 2010 at 6:39 pm |
  136. mejazzbo

    You can raise taxes to hell and back, but nothing will change without an end to wasteful, careless, and extravagant government spending. Perfect time to pass and start using the LINE ITEM VETO.

    August 11, 2010 at 6:40 pm |
  137. Wayne

    The problem is that we have completely lost trust in the Federal Government. To give them more money through tax increases does not mean that it will be spent wisely. I am very concerned about the corruption throughout our government.

    August 11, 2010 at 6:40 pm |
  138. Judy - California

    How suprising that the republicans are opposed to Obamas plan to let the Bush tax cuts expire except for those in the higher brackets. Yes I believe it is time to raise taxes, but on the corporations and banks that are sitting on billions of dollars, and on the very Wealthy. I am sickened by the stupidity of our leaders. Social Security is going in the toilet, and all they can think to do is raise the retirement age?? Why not remove the ceiling, and make sure everyone pays it's fair share. Who are these people anyway?

    August 11, 2010 at 6:40 pm |
  139. keithincanada

    generally speaking, I would not follow the advice of those people, especially Bush and his friends, who got the US into this huge mess. Taxing the rich seems the right approach, the countries that survived this economical tailspin the best, such as Canada, have had great success managing their budgets by taxing those with excessive wealth.

    August 11, 2010 at 6:41 pm |
  140. Charles Chesbro Jr

    It is time to not just raise taxes, but to be smart in doing so. Dump all the taxes we have now and add a traders charge of 1% on all trade done in the Country. This would be more then the US takes in now and be fair as long as the politicians don't give exemptions for favored groups.

    It would be nice to get a pay check with not witholding tax.

    August 11, 2010 at 6:41 pm |
  141. Suzanne

    It is time to abolish the Bush tax cuts and make those who can afford it pay their fair share...with the loop holes, though, I don't know if those "wealthy" Americans ever will.

    Suzanne
    Boynton Beach, FL

    August 11, 2010 at 6:42 pm |
  142. Dean in Topeka, Kansas

    No, but it is time to end two unnecessary wars, close most overseas Cold War military bases and cut out the majority of foreign aid to nations who despise us for everything but our Big Daddy handouts. That should balance the budget pretty well.Why can we all see these things clearly while our Congress cannot. Scary, huh?

    August 11, 2010 at 6:42 pm |
  143. Steve Conner

    Jack,

    I'm what I call a "Lincoln" Republican... Yes certain taxes need to rise or be adjusted... the AMT needs to be adjusted upwards from its 1970s level to catch the rich and tax them properly (and fairly to all of us who make less than $250K per year..) Additionally Obama's tax increase starts too low... individuals anyone above $300K ... small businesses any above 500K should see an increase... yes let the Bush tax cuts expire.. but do it rresponsibly and equitably.. and to provide an incentive for the rich to invest their money in the US.. provide tax breaks for investment that stays here..... no, not the shell games that end the money up overseas.. tax incentives to provide jobs here for Americans (not green card holders as the ARRA stimulus did provide many of those with jobs...).. I hope this is enough to get you going...

    SteveC

    August 11, 2010 at 6:43 pm |
  144. MG Kalfus

    It is clear to me that when you are in debt you must budget yourself and raise monies to make your life function and balance your check book. Raising taxes , on a small percentage of citizens who can easily afford it is a no-brainer but ,to me, it is also ABOUT CHOICES...We spend so much money on our military industrial complex...the one the Bush Administration chose not to put into our budget, but asked continually for handouts from our congress to wage war ...Let's see some belt tightening from the military...I am not frightened that our country will fall pray to an aggressor nation...that aggressor is most likely a misguided individual who has been brainwashed at the cost of a few thousand dollars.

    August 11, 2010 at 6:44 pm |
  145. Nathan

    It is not time for higher taxes! We need to keep them low. We need to stop spending at our current unsustainable rate. Our morbidly obese government infrastructure and current administration need to go on a spending and hiring diet; maybe even consider a liposuction procedure to eliminate their gluttony for power.

    August 11, 2010 at 6:46 pm |
  146. Mazzy

    I'd be curious about if you would support cutting the Military budget in HALF rather than raise taxes on the rich. Stop the wars and bring em all home and cut the Pentagon. You can't have it both ways.

    August 11, 2010 at 6:46 pm |
  147. rand

    Do the math on what the AVERAGE American will dish out with a tax increase if all these tax cuts expire. Our family will pay $5,000 more a year if the tax cuts expire. We are not in the "wealthy category." As parents we work three jobs total to put two kids through college.

    If the cuts expire we will cancel our vacation, so no income for all the hotel employees, car rental companies,restaurants, airlines, the list goes on..........I've never seen a poor person generate jobs..............

    August 11, 2010 at 6:46 pm |
  148. John Ady

    The prudent thing to do is not raise taxes now as this "recovery" is nowhere to be found. Talk about "voodoo" economics, we have only 52% of the folks paying federal taxes and some people have been drawing unemployment for 99 weeks.... I think this President needs to dump some or all of his economic team as continuing to blame Bush at this stage of his presidency doesn't work and November elections are right around the corner. Where is the leadership he promised ?

    August 11, 2010 at 6:47 pm |
  149. Vincent Conti

    We are in this recession because a large part of running the government was transferred to the middle class hence they had less money to spend. We do not need tax cuts to the wealthy. By not extending the tax cut to the wealthy in essence is like giving the middle class a badly needed tax cut. If I was a betting man I would say the rich will get their tax cut. I do not believe any one is looking after the middle class.The only time we want the middle class is when wars are run by our government.

    August 11, 2010 at 6:48 pm |
  150. p

    Everybody says cut stuff – only NOT MY STUFF.
    Somebody else's stuff. We certainly need to be vigilant about spending cuts, but not cut for essential services.
    I agree with the pres – if you make over a couple hundred thousand a year, pay little more. The Clinton level of taxes worked well.
    Get over it, y'all.
    But, what about big corporations actually paying their fair share?
    If they were taxed at my rate? Deficit over!

    August 11, 2010 at 6:48 pm |
  151. Karina from Mississippi

    Only for people with higher incomes than me!

    Karina
    Mississippi

    August 11, 2010 at 6:48 pm |
  152. swin5, Pittsburgh, PA

    I would just like to repeat – give a politician a tax dollar and he will spend it. He will never ever use it to pay off debt. This is where the logic of tax increases breaks down. The thought is that you raise taxes to pay off debt and restore fiscal sanity. The reality is that when the tax dollars arrive in Washington, D.C., the politicians and our community organizer-in-chief will find an urgent reason to spend them instead. The result is that tax increases only result in spending increases and more debt and more government – they never result in debt reduction.

    August 11, 2010 at 6:48 pm |
  153. ange

    All the people on here who advocate raising taxes, or in this case, letting the tax cuts expire, are ASSUMING the government will suddenly become fiscally responsible if you give them even more money. Good luck with that.

    August 11, 2010 at 6:49 pm |
  154. Mark

    To steal (and recast) a phrase – It's the spending stupid! Go back and look at the growth in federal revenues. There has been more than enough money to run our government and yet we continue to run deficits.

    More taxes would only mean more spending – unfortunately. And, don't give me the "percentage of GDP" argument. Why do we actually think if our economy grows that government revenues should grow at the same rate. I would hope that a federal revenues as a percentage of GDP would decline as the economy grew. Just because the economy is growing does not mean government needs to grow in lock step.

    August 11, 2010 at 6:49 pm |
  155. Kevin from N.J.

    Its a joke, we all knew we were going to pay for this economic calamity. Except the devastation that Supply Side Economics caused, especially if you voted for Bush twice & the Republicans. Those policies caused this and it is unrealistic to think that this mess will be fixed overnight. Is two years really long enough to fix the mess of the former administration? Come on people, get real.

    August 11, 2010 at 6:49 pm |
  156. Christine

    Yes, it is time to let the tax cuts expire. We obviously need new revenues. Yes, government spending is out of control, but has anyone made the corelation between our cities and states going broke and the lose of Federal revenues? Duh? It's true, people, you get what you pay for; city services, road upkeep. You don't really think your property taxes pay for all of that, do you? I haven't noticed our elected officials [dem and rep and ind] going without. They cut services before that happens. Plus, if all that money hadn't gone to fund the Iraq war...woulda, coulda, shoulda

    August 11, 2010 at 6:50 pm |
  157. Paul

    Hi Jack

    I think it is time to ensure each and every Democrat Lawmaker actually have to PAY all the taxes they keep imposing on the rest of us!

    August 11, 2010 at 6:50 pm |
  158. bob

    The reality is that not everyone will pay more taxes, only the people that pay them now will see true increases. Instead, add a tax for everyone of all ages of all income levels as a flat tax with no exceptions from dollar one...absolutely no exceptions as a VAT type tax regardless of who the individual is but...............have it all go to the deficit with a balanced budget amendment. Until 1 +1 =2 for everyone, there is truly no real equitability in our tax system.Our progressive tax system simply means 1/2 of the population pays for everything while the other half goes along for the ride. Not usually a good formula for appreciating what you get (as a non-taxpayer)..... CUT SPENDING BIG TIME !!!!

    August 11, 2010 at 6:50 pm |
  159. Richard

    YES! Jack we have to start raising taxes as soon as possible. This nation was built from the ground up because of taxes. If we start wishing that bringing back jobs that are gone forever will fix the problem then we are in real trouble. Our deficit is outrageous. If we have one hurricane we will be in a depression. Yet we continue to spend billions on weapons. We are way to close to the edge and are about to jump off the cliff. We may have already jumped. I would be happy to pay higher taxes if they would be used to pay down our debt, get out of Iraq, and fix this country to where it was many years ago. Today I had to go back home because a bridge I drive over daily was closed because it was not safe.

    August 11, 2010 at 6:50 pm |
  160. Harold Powell

    If you think raising taxes is the answer then perhaps we can cure gambling and drug addicts by giving them more money and drugs.

    August 11, 2010 at 6:51 pm |
  161. Dan

    In California our taxes are used (at least in the city of Bell, CA) to fund outrageous self-approved "raises" by City Managers and Council Members that are completely out of line with reality. Our taxes are not being used to pay down the debt but rather to line pockets of people who show up less than 4 hours a week to "work" and make 6 figure incomes. They even have insane pensions coming to them. Increased taxes are not the answer. I think efficient use of current taxes makes the most sense – too many people are out of work and no one is spending the way they once did. Increasing taxes will definitely curtail discretionary (and necessary) spending.

    August 11, 2010 at 6:51 pm |
  162. Steven P

    Wow...I got to this before it was closed.

    No! Stop raising taxes!!! The government is nothing more than your corner butcher with his thumb on the scale. The government is nothing more than resistance in a circuit. Government cannot do anything – short of wage war – as good as private industry (recent AZ jailbreak notwithstanding).

    No! Stop raising taxes! Better yet, how about reduce "social spending"? Stop taking from productive society to subsidize union workers!

    Am I the only one who sees how non-union debt holding was valued compared to union-owned debt of GM? _That_ ought to scare aby investor that in the US the Fed can devalue YOUR stocks in favor of someone else's stocks in the SAME company!

    Please tell your Senators and Congressman to keep their hands out of our pockets. Tell them to cut midnight basketball. Tell them to stop spending money on junkets for Executive and Legislative employees of us, the US citizen.

    Thanks Jack,

    Steven P

    August 11, 2010 at 6:51 pm |
  163. Lee

    What's the matter Jack, the country not going down the toilet fast enough for you? Raise taxes and those fools in Washington will just come up with fifty new ways to spend twice what they get. Besides, just be patient a minute as soon as the Obama Healthcare boondoggle takes full effect taxes will skyrocket. If they are going to do it though, it better be across the board and not just another Democrat "soak the rich" scheme. Most of the crackpots who are for it don't have jobs so it won't bother them a bit, unless, of course, they cut unemployment benefits and welfare.

    August 11, 2010 at 6:52 pm |
  164. jeane

    Yep. And of course nobody wants to pay taxes but so what. Nothing is free in life. The demand by the people should be that tax revenue be spent for effective/efficient services for the people. If the tax cuts for the rich are so great and do so much good why are we in the shape we are in? When we the people wake up real change will be made. Until then it will be rob Peter to pay paul unless Paul goes broke.

    Don't forget money taken in + money spent = defecit.

    August 11, 2010 at 6:53 pm |
  165. Paul

    I have never been employed by anyone earning less that 200,000 a year. Raise taxes on those folks and don't expect them to be hiring.

    August 11, 2010 at 6:53 pm |
  166. better2no

    Why of course, as long as the illegals start paying. More than 10million don't pay taxes. They claim 8 to 12 dependents on their checks every week and use another persons name and SSN to draw 600 to 800 dollars in food stamps every month and drive around in new cars. Then they flood the food pantries for free food and get everything the Mennonites can give them. It is no wonder Elkhart County is still #1 in the nation!!

    August 11, 2010 at 6:54 pm |
  167. Chris

    Uh, no. But it is time to cut spending on every B.S. social program that the liberals want to give away in turn for votes.

    August 11, 2010 at 6:54 pm |