Comments on: Durbin Wants No Entitlements in ‘Fiscal Cliff’ Deal

By: Brian Levine

Brian Levine — Thu, 29 Nov 2012 19:27:49 +0000

Entitlements were never intended to be paid out for 15-20 years. Three solutions:

1. Raise the contribution rate.
2. Lower benefits.
3. Raise the vesting age (i.e. retirement age).

Personally, I vote for #3. We’re living longer, so we should work longer.

By: Robespierre

Robespierre — Wed, 28 Nov 2012 20:03:40 +0000

@Dave: 2) the dead person does not pay the estate tax. The person who gets handed all that money pays an estate tax.

The person who gets the inheritance does not pay the tax. The estate pays the tax. It is the last tax on that dead person’s money. The tax is taken out and what is left is available for distribution.

Regarding capital gains: You’re right they pay taxes on the profits. I was not clear. I was referring to the fact that if the money they earned (and paid taxes on) is used to invest in the economy any profits (net of taxes!) are taxed again.

By: Kranky One

Kranky One — Wed, 28 Nov 2012 18:31:11 +0000

He wants no entitlements in the discussions.

I want a pony.

I wonder which of us will be more unhappy.

On Tuesday November 6th, my fellow US voters decided that taxing me, a small business owner, to take away money from me that I would have used to hire more people, that I would have used to expand my business, and therefore positively impact my local, and national economy … because I am a net exporter of product and a net importer of cash proceeds from that product … my fellow voters decided I should not do as much of those things.

So, fellow voters, you have your wish.

Elections have consequences. These aren’t accidental consequences. These are deliberate choices you have made. Which negatively impact my business, my ability to grow and hire more people.

You’ve increased my taxes as Mr. Obama is sufficiently clueless as to not understand that the 3% of people he wants to tax are the small business owners creating jobs by taking the risk to do so. So this $250k crap, and these other corporate versions of things are going to DRASTICALLY increase my costs … I know, my CFO sits next to me and we are planning on how to not have our cash burn rate skyrocket faster. The way for us to do this, is to eliminate one or more of the positions we were seeking to fill, just to pay for your entitlements.

This means less tax revenues. This means fewer people working. This means tax avoidance strategies that we need to undertake in order to avoid getting hit by some of the more draconian and poorly thought out taxes.

Like the transition between 49 and 50 employees. Or full time versus part time. Employee versus contractor.

Companies are reducing their tax burden and risks.

Elections have consequences.

By: Galutia

Galutia — Wed, 28 Nov 2012 18:19:49 +0000

the President wants pressure on your congressman …that should be spread to both sides of the isle
Democrats on entitlements and republicans on taxes…and on Obama to meet with congressional leaders weekly ….

By: ray

ray — Wed, 28 Nov 2012 18:15:15 +0000

What do you expect Durbin is from Illinois(WELFARE STATE 1) he will never support reforms even when the nation is going over a cliff, don’t take our free crap he whines. WE NEED REAL LEADERSHIP AND NEITHER PARTY PROVIDES,IT IS TO LATE

By: Bob Haywood

Bob Haywood — Wed, 28 Nov 2012 18:05:36 +0000

Of course durbin doesn’t want reductions in entitlements. He’ll lose his next election if he has nothing to buy votes with.

By: Len

Len — Wed, 28 Nov 2012 17:39:33 +0000

Will Daffy Durbin make up his mind??? One day he says that “entitlements” must be on the table and then he Waffles to changhe his mind….did Reid Spank him??/ Can we really soolve the DISASTER that the Demwits have put us on course to get by just collecting 68 billions in 10 yeras from the 2% while adding another 6 Trillions in Borroiwings in the same time????

By: Galutia

Galutia — Wed, 28 Nov 2012 17:03:58 +0000

If republicans must compromise …it is indeed fair for Democrats to compromise …put aside Ideology for the good of the nation … if nothing else put temporary caps or reductions on entitlements….

Obama does not have a mandate like he had in his first two years where the democrats could do anything they want …time for some give and take on his part ….

By: mmilesll

mmilesll — Wed, 28 Nov 2012 16:51:10 +0000

Durbin is nuts, where does this clown think the money is going to come from. Typical democrat, just print more money. All those morons that voted for the clown-again-won’t figure it out until there is no more money

By: Jack Ryan

Jack Ryan — Wed, 28 Nov 2012 16:45:00 +0000

Social Security and Medicare are not entitlements. They’ve been paid for by money coming out of everyones check. Now the fact that politicians began raiding those funds years ago and been buying votes with our money for years is being ignored by those same politicians. First off….All money paid to social security and medicare should be used ONLY to pay for those programs. Next, cut the salaries of all government employees. Make all politicians and government employees subject to the same health care the rest of us are under. Cut all pork barrel spending. Nothing allowed to be put into spending bills that isn’t in the open for all to see and subject to Congressional vote.