Reply from Congressman Emanuel Cleaver concerning OrphanWorksActof 2008

[Hal Duston]

On Tue, Aug 12, 2008 at 04:27:43PM -0500, Jeffrey Watts wrote:
> Well, considering how huge our deficit and debt are, I think that's probably
> about right.  We gotta start paying for what we're spending at some point.
> And before someone cries about it, I probably pay more in taxes than most.
> I will be just as impacted.
> 
> America needs to return to fiscal responsibility.  That means balanced
> budgets and paying for wars and other expenditures with increased taxation.
> Yes, it will hurt.  Arguing for "tax breaks" when we have a record deficit
> and a record debt is silly.
> 
> Jeffrey.
> 
> On Tue, Aug 12, 2008 at 4:22 PM, Hal Duston <hald at kc.rr.com> wrote:
> 
> >
> > The expiration of the tax cuts in 2010 will have an enormous impact on my
> > financial status.  My federal tax due will _increase_ by approximately
> > $17 per day.  That's more than my car payment.
> >
> >

That depends on if the goal is to increase tax rates, or tax revenues.
Except for a 4 year period from 2000-2004, tax revenues have increased
every year since 1968. (Source: Congressional Budget Office; Office of
Management and Budget.)

On Tue, Aug 12, 2008 at 04:40:35PM -0500, Jeffrey Watts wrote:
> 
> You obviously live in a different country than I do, sir.  In my country
> milk and other basic foods have doubled in price, gasoline is through the
> roof, my house lost value, my neighbors have been foreclosed on, the deficit
> and debt are at historical highs, and inflation is the highest in almost
> thirty years.
> 
> I guess in your country everything is peachy, all due to the excellent work
> of George Bush and co.
> 
> J.

Gasoline prices have been falling for approximately the last 3 weeks
in Missouri.  I ride the city bus, and am therefore able to mitigate
much of the volatility in the price of gasoline.

Yes, my house has lost value, but so has everything else I purchased
in 1997.  However, it is nowhere near being below the value I purchased
it for at that time.

The debt has been at a historic high every year since 1968 except for
1998-2002.  The defict is _not_ at a historic high, but rather is down
from the high it hit in 2004. (Source: Congressional Budget Office;
Office of Management and Budget.)  Inflation is at the highest point
since June 1985, not _quite_ thirty years ago.  Of course we are
nowhere near the rates of 1974 through 1982.  (Source: Bureau of
Labor Statistics)  

If housing prices are collapsing wouldn't that be deflationary?

Of course if my net income drops by over $500/month due to the tax
increased caused by the expiration of the tax cuts in 2010, I could
be forced to move into something cheaper.

Thanks,
--
Hal