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Jan. 15th, 2012 @ 11:07 am (no subject)
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Date:January 24th, 2012 07:05 am (UTC)
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To relay what I've heard from Liberals on the National Debt problem, the offered solution is usually some combination of three factors:

1 - Increase the actual tax rate in some manner, on some group. Some advocate an increase, others advocate for allowing the tax cuts that can expire to expire. Different pundits float different rates to different people. Occasionally a push to increase the Capital Gains tax.

2 - Close 'tax loopholes'. These are poorly defined, but I believe that they are accusing large multinational corporations (and possibly very rich people) of structuring their accounting books in such a manner as to greatly reduce their "effective tax rate". (Effective tax rate being the percentage ratio of taxes to income.) Strongly inferred or outright stated is that smaller businesses do not engage in this alleged practice because they don't have enough money to higher the magical accountant gnomes nor have the ability to play shell games across international borders.

3 - Cut spending, in particular Military Spending. One legitimate gripe, I think, was the sheer magnitude of the military spending that did not go on the Federal Budget under Bush. I don't think most Conservatives advocate for this activity, so hopefully it'll not be resumed under future Republican presidents. Pundits claim that the military is being fleeced with war profiteering, or that there are government projects that are getting fleeced (things like buying $5,000 goats and whatnot, as an off-the-cuff made up example.), or that the military is buying fancy doo-dads that are unneeded. The argument is sometimes framed with a disclaimer that they feel the spending is beyond what is needed for National Defense, not that there is no need for National Defense.

I've not heard any liberal pundits putting forth any ideas that are too far from one the three above approaches, from what I recall. I'm not saying I agree with these positions, just that I've heard them. (Well, I do agree with tallying all of the military spending onto the Total Budget.)