The 2015 budget plan comes out today. Will President Obama's Robin Hood approach improve the economy?

2014-03-04T10:10:03-05:00

President Obama is expected to roll out his 2015 budget plan today. Early reports say that the President plans to fund an additional $60 BILLION in tax cuts for middle class workers by eliminating tax breaks for wealthier Americans.

Do you think that taking tax breaks away from the wealthy will benefit our economy in the long run?

Personally, I think it's a mistake to hit our job-creators with higher taxes. It's like sterilizing the goose that lays the golden eggs.

http://www.reuters.com/article/2014/03/04/us-usa-fiscal-tax-idUSBREA [login to see] 304

Obama 2015 budget seeks $60 billion tax credit expansion: White House

WASHINGTON (Reuters) - President Barack Obama will strike a firmly populist tone in his 2015 budget plan on Tuesday, proposing to pay for an expansion of a popular tax credit for the working poor by e...

Response by LTC Private RallyPoint Member made Mar 4 at 2014 2:21 PM

2014-03-04T14:21:59-05:00

I don't believe it will work.

Response by SFC Michael Hasbun made Mar 4 at 2014 2:24 PM

2014-03-04T14:24:52-05:00

I think they didn't gather their wealth without knowing how to side step a few landmines and game the system. I applaud the President's efforts, but where there is a will, there is a way. New loopholes will be discovered and exploited shortly.

Response by SSG Gerhard S. made Mar 4 at 2014 3:22 PM

2014-03-04T15:22:14-05:00

Well said SPC Thundercloud.

Response by SSG Gerhard S. made Mar 4 at 2014 3:34 PM

2014-03-04T15:34:15-05:00

The problem many fall into is associating budgeting, and governmental spending with the economy.

The fact is, the economy is fully capable of running itself without any "stimulation" from the Federal government. Those who commit fraud or theft in the marketplace should be dealt with through the legal system, we have laws for that.

The fact that the Government incessantly involves itself in economics is an indicator that economics and the economy is NOT the issue. In fact, governmental involvement in economics can only serve to harm, retard, and distort the market. Such tactics open the door to allowing the government to pick winners and losers regardless of contrary signals sent by the market.

Additionally, the phraseology used by the President that by raising taxes on one group to "pay" for tax cuts elsewhere indicates a simplistic and frankly incorrect "single pie" view of economics. Either that or it indicates that economic reality is not the aim, and redistribution, or cronyism, or politics perhaps IS.

To clarify, I do not only blame the President for this... there are plenty of past Presidents who are guilty of the same tactics, and current and past Congress' as well. The solution, is to divorce the Federal government from the Economy and this can only be done by eliminating (front loaded) Regulations that attempt to restrict every possible evil deed, and instead utilize the Legal system to punish those who do harm by committing fraud, or theft, or whose actions cause damages to others or their property.

Response by SFC Private RallyPoint Member made Mar 4 at 2014 5:33 PM

2014-03-04T17:33:29-05:00

I don't think its going to work especially when they are talking about decreasing the BAH, but the base pay is going to increase by 1%, just as taxes increase by 1.2% and the cost of living increase as well.