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Minnesota Rep. Chip Cravaack Explains Why You Can’t Just Take Money From the Rich [VIDEO]

Minnesota Rep. Chip Cravaack Explains Why You Can’t Just Take Money From the Rich  [VIDEO]

Freshman Representative Chip Cravaack of Minnesota may be new to Congress, but he already has the talking points down.  In an interview with Tea Party organizer Ginni Thomas, wife of Supreme Court Justice Clarence Thomas, Craavack explains that even if you took all of the money from all of the rich people, all of the money the Fortune 500 companies made, and defunded the military, all you could do is balance the budget, you wouldn’t even cut into the national debt.

So somehow taking it from the old and sick will fix it instead, and without touching taxes?

 

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Photo by US House of Representatives [Public domain], via Wikimedia Commons

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140 comments

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5:10PM PDT on May 31, 2011

@Kris Y: "To come to any reasonable solution will take a change in both the spending of the government and the amount of money that it brings in."

Kris, here's a way to cut $12.2 billion/month ($146.4 B/yr) in spending: Get our troops out of Iraq and Afghanistan.

http://www.usatoday.com/news/military/2010-05-12-afghan_N.htm

Here's a way to raise $210 B/yr in revenue: Go back to the Clinton tax rates. (Bush Tax Cuts cost $2.1 trillion in revenue over past 10 years.)

http://www.taxfoundation.org/news/show/26314.html

There's over $350 B/yr right there.

3:29AM PDT on May 31, 2011

Maybe I'm just looking at this differently than a lot of you, but I didn't hear him suggest an particular way of changing anything- all he was doing was putting into perspective how out of balance out current budget is.

To come to any reasonable solution will take a change in both the spending of the government and the amount of money that it brings in. Debt can't raise forever... at some point other countries realize a currency no longer has the value it did, and unlike Greece we don't have the EU to bail us out. Who would we turn to China??

7:43PM PDT on May 3, 2011

Monkeynomics at it's best. We need a deficit tax on the rich. A big one!

9:46AM PDT on May 3, 2011

Hey Charles, I think the fair tax Duncan is talking about is the Fair Tax Bill, and you can find out all about it by going to their website at Fair Tax.org. I discovered this several years ago and am quite impressed with it. Please don't let it's right wing source put you off. It was thought out over 20 years ago [ very different type of conservatives back then] and it avoids the pit fall of hitting low income people the hardest by sending a monthly rebate check to them to compensate for this tax on necessities. As incomes raise, the rebate becomes smaller. Please do check it out. Lots to read so plan on spending some time there. I believe this is a tax reform whoes time has come. It totally transfers revenue collection from income [including pay roll taxes which are eliminated] to consumption, and of course we all consume. The rich consume the most because they can.This is nothing like a flat tax, which is unfair, and does hit low incomes the hardest.
Good vibes to you , sir!

2:34AM PDT on May 2, 2011

he should tell why a republican terrorist fascist smile like he is your best buddy while he reams you up the backside .. You take money from the rich and they raise prices everywhere?? hey stupid open your eyes they are already Punishing Us ... hey maybe they could be held accountable for GOUGING and fine them into poverty . Free trade is one thing but forcing people to live working for the company store before Cheney and Bush crime ring took over was against the law same as politicians exempting themselves from laws they write ... Someone whack that asshole upside the head with a baseball bat or better yet recall him and fire his worthless rich boy employee fascist

1:08AM PDT on May 2, 2011

@Duncan O: "Does that mean that you should pay for the increase in the value of your house at the income tax rates?"

No one pays income tax on the increased value of their house until they SELL it, thereby getting the increased value as income.

"I think the best thing for our economy would be the FairTax!"

I'd have to see what your definition of the "FairTax" is, before I can comment on it. If you mean some kind of national sales tax, then there's nothing "fair" about it. Sales taxes hit the poor and middle class MUCH harder than the rich (who spend a much smaller percent of their income on goods and services). I'm sure you're for any tax system that overwhelmingly favors the rich.

"My faulty logic? A deficit occurs when more money is spent than revenue taken in. Therefore any deficit is a result of excessive spending!"

You've just demonstrated your faulty logic, Duncan. There are TWO ways to turn a balanced budget into a deficit: increasing spending OR decreasing income. The Bush Tax Cuts DECREASED the government's income. That's the main cause of the current budget deficit. The only "excessive spending" is for the Iraq and Afghan wars. And Corporate welfare, like the subsidies for the HUGELY profitable oil companies.

8:49PM PDT on May 1, 2011

Duncan,everybody makes 'assumptions', includeing you. It's what our minds do when we don't have enough information to know something for certain.So we make an assesment of possible explainations. Making assumptions by it's self is not the problem. Thinking your own assumptions are facts because you can find or make up a few numbers that supposedly support them, is the problem. And of course, that too is my assumption about your assumptions. You want to keep this up?I find it a boreing waste of time, and I wouldn't be bothering replying to anything you say except that you were fool enough to think that you could shame me with your 'astute' comment on me making assumptions. I wasn't even addressing anything you said.

6:42AM PDT on May 1, 2011

If I am not accepting replies how do you account for this?

"From: Jed L.
To: Duncan O.

Date: Saturday, April 30, 2011, 1:55 PM
Subject: re: Comment on: Minnesota Rep. Chip Cravaack Explains Why You Can't Just Take Money From the Rich

Original Message:
-----------------
Not one cent of any deficit is a result of tax cuts! Every single penny is due to Conress spending more than they had in the checking account!


That is the only reason. That is why spending cuts are the only way to dump deficit SPENDING!

Original Message:
-----------------
Hello,

Jed left a comment on the following article:


Minnesota Rep. Chip Cravaack Explains Why You Can't Just Take Money From the Rich

It's so simple for the REP. Cut taxes for the rich - cut services on the programs they never liked. Sixty percent of the deficit is due to the tax cuts for the rich - but the far right simply doesn't care."

But you have given me a clue why people respond with nothing in their response.

Oh! My faulty logic? A deficit occurs when more money is spent than revenue taken in. Therefore any deficit is a result of excessive spending!

6:31AM PDT on May 1, 2011

"Yes, Duncan. But how many of those cars are "late models"? In many places (especially here in Texas), one can't get to one's minimum wage job without a car. All they can afford is a 9-yr-old junker (or 2)."

I grant you the term "late model" is quite subjective. I would suspect a lot of people would call any clean car without cancer "late model" Hey TX is a very big state!! Personally I do see a lot of very nice cars in various & sundry parts of town where one would not expect such!

"Here's a hard and concrete idea: investment income should be treated exactly the same as any other income, and taxed at the same rates. ... The rich were doing perfectly fine under the Clinton tax rates. The economy was, too:"

Does that mean that you should pay for the increase in the value of your house at the income tax rates? Understand that I think the tax code is a behemoth that is being used for purposes other than those intended. Not to mention the illegal collections tactics the IRS is permitted. It's why I support a more modern "transparent" tax system. Too much can be hidden in the tax code, kind of like all that is hidden in postal rates!

Economy? I think the best thing for our economy would be the FairTax!

6:19AM PDT on May 1, 2011

The "rich" do not begrudge PAYING taxes. It is when they view the taxes as excessive they do something to mitigate the impact of those taxes through judicious use of the tax code. No I do not mean getting it changed in their favor. Point in fact only 11% of the charitable contributions the wealthy claim on their taxes is allowed as a deductiuon.

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