http://blogs.reuters.com/james-pethokoukis/2010/11/23/the-debate-has-shifted/ Politics and policy from inside Washington Sun, 07 Apr 2013 21:23:48 +0000 hourly 1 http://wordpress.org/?v=3.4.2 http://blogs.reuters.com/james-pethokoukis/2010/11/23/the-debate-has-shifted/comment-page-1/#comment-10162 CDN_finance Mon, 29 Nov 2010 21:22:33 +0000 http://blogs.reuters.com/james-pethokoukis/?p=5151#comment-10162 Well, spending cuts are necessary... but it's really the revenue side that's hurting right now, and that's a direct reflection of the housing situation (granted 8m fewer workers paying taxes - because they have been let go in the recession - makes a difference but not nearly as much). I think that a new revenue stream has to be discovered; cleaning up the tax code will help a lot, but honestly I think the rich owe it to America to be willing to do their part... not the marginally rich, but those earning more than $2m per year. Cuts, yes absolutely, but more revenues too... BOTH need to happen or we just need to cross our fingers that the housing market will go to the moon again. Well, spending cuts are necessary… but it’s really the revenue side that’s hurting right now, and that’s a direct reflection of the housing situation (granted 8m fewer workers paying taxes – because they have been let go in the recession – makes a difference but not nearly as much). I think that a new revenue stream has to be discovered; cleaning up the tax code will help a lot, but honestly I think the rich owe it to America to be willing to do their part… not the marginally rich, but those earning more than $2m per year. Cuts, yes absolutely, but more revenues too… BOTH need to happen or we just need to cross our fingers that the housing market will go to the moon again.

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