Tax the Rich

[CalvinJam]

Another Perspective:

[CalvinJam]

Pt 2

[Scottathew]

Rent is too damn high.

[oladub]

An aside: This fellow says in part 1 that Senator Obama voted against going to Iraq so the blood is not on his hands. [[?) The vote to allow President Bush was taken before Obama was a senator. So what vote is this guy talking about?

[Papasito]

When the Government spends a third more than they take in across the board, you simply can't raise taxes enough to cover the spending.
http://en.wikipedia.org/wiki/2012_Un...federal_budget

[rb336]

The amount of deficit reduction mandated by the Budget Control Act: $1.2 trillion.
Amount of deficit reduction achieved by dumping dubya's tax cuts? over $2 trillion.

nuff said

[old guy]

I find the idea of reinstating the transaction tax interesting.

"The Wall Street Trading and Speculators Tax Act would impose a tax of 0.03 percent on financial transactions, meaning that longterm investors would barely notice it, but traders who move rapidly in and out of positions would feel its sting and, the authors hope, reduce the volume of their speculation in response."

"The Financial Transaction Tax, or the Robin Hood Tax as it has also been called, could raise hundreds of billions of dollars that could be used to reduce deficits in developed countries as well as provide financing for poverty reduction and climate change adaptation in developing countries which donor countries seem increasingly hard pressed to come up with. By imposing a very small fee [[a suggested 0.05%) on financial market transactions, the global financial sector, which benefitted most from the bail-outs and rescue packages, and who now pay far less taxes than other business sectors, will be made to contribute their fair share to a global recovery effort. The FTT would have the added advantage of discouraging excessive speculation."

The Facts

• Between 1914 and 1958, the tax was imposed on the par value, rather than the market value, of the stock.
• Par value is a legal concept that bears no relation to market value. Typically, a stock’s par value is significantly lower than its market value; this has been the case since at least the mid-1950s.
• In 1959, the tax was changed to apply to the market value of a transferred stock.
• By the end of 1965—seven years after the tax base was changed from par value to market value—the tax was viewed by Congress as complicating securities transactions and repealed.
• I don't know, it all makes sense to me and wouldn't place a strain on businesses or be a job killer. It worked for decades and raised a lot of money. At some point Wall Street got their way and it was eliminated. It seems like one piece of the pie that would help make things recover faster.

[oladub]

The amount of deficit reduction mandated by the Budget Control Act: $1.2 trillion.
Amount of deficit reduction achieved by dumping dubya's tax cuts? over $2 trillion.
nuff said

Obama is burning through over $1T/year of deficit spending. He has lately taken to writing executive orders to spend money faster than Congress can spend it. Go ahead and raise the taxes back on the rich. That will cover 5-10% of Obama's deficit spending according to the sources below. Then, what are you going to do to cover the other 90% of Obama's deficits? Last February, the Obama administration projected a $1.1T budget deficit for 2012 and that was before Obama announced that he was going to rule by executive order because he couldn't wait for Congress.

Bush's tax cut resulted in $1.6T over ten years or $160B/year according to FAIR

Alan Combes liberaland reports that $60B/year could be gained by reimposing Bush's tax cuts for the rich.

"If the U.S. reverted to Clinton-era marginal tax rates, the U.S. Treasury would net an additional $72B annually, according to Citizens for Tax Justice."
-Huffington Post

[Occurrence]

I better idea would be for our government to stop spending more money than it takes in.

As long as our Government doesn't pay it's bills, I'm going to encourage anyone and everyone to do what they can to screw the tax-man in every way possible.

Don't ever put me on a jury for a tax evasion case, because I'm automatically voting "not guilty", no matter how guilty they obviously are.

[ghettopalmetto]

I better idea would be for our government to stop spending more money than it takes in.

And by what principle of economics is that "a good idea"? With 9 percent unemployment, doesn't it make more sense to create jobs and generate consumer demand rather than cut Social Security, defense, infrastructure spending, and funding for "extras" like national parks?

Cutting spending in the midst of a revenue crisis [[as Oladub aptly illustrated we are in), would only send more people to the breadline.

Oh wait--you probably think that if the federal government balances its budget, then rainbows will poop consumer confidence and puppy dogs across the land, banks will resume lending, employers will magically start hiring, and consumer demand will skyrocket thanks to all the cash that materializes from thin-air.

Got it.

[TKshreve]

And by what principle of economics is that "a good idea"? With 9 percent unemployment, doesn't it make more sense to create jobs and generate consumer demand rather than cut Social Security, defense, infrastructure spending, and funding for "extras" like national parks?

Cutting spending in the midst of a revenue crisis [[as Oladub aptly illustrated we are in), would only send more people to the breadline.

Oh wait--you probably think that if the federal government balances its budget, then rainbows will poop consumer confidence and puppy dogs across the land, banks will resume lending, employers will magically start hiring, and consumer demand will skyrocket thanks to all the cash that materializes from thin-air.

Got it.

LOL! wow..... good laugh had there. Can I try?

And if we cut taxes on the rich and Corporations, then they will mysteriously reopen decrepit factories across the land - Flint-town and Sagnasty through Youngstown and Cleveland will thrive again. We'll have a Rust Belt Catalina Wine Mixer [[RBCWM) for rebooting the golden age of industry. Third world countries will shed en masse their poached jobs which were outsourced long ago; because they feel "it's the right thing to do". Wall street crooks will throw themselves on the steps of the SEC to answer for the speculative, insidious practices that brought us to our knees in 2008. Let's also cut Medicare to the bone and drain SS so for-profit insurers can trickle down the exorbitant profits made on the backs of the desperate sick and dying. And the more Mercury we pump into the air will only further facilitate that trickle down approach! We'll call it Slash and Burn 2K12.

Can't you see these solutions people??!! It simple neoconomics.

[firstandten]

I better idea would be for our government to stop spending more money than it takes in.

As long as our Government doesn't pay it's bills, I'm going to encourage anyone and everyone to do what they can to screw the tax-man in every way possible.

Don't ever put me on a jury for a tax evasion case, because I'm automatically voting "not guilty", no matter how guilty they obviously are.

I know you think that government finances is like balancing your checkbook but its a little more involved than that.

Also as a public service for folks as yourself, I would never mention the words tax evasion and what you will and will not do in the same sentence. You might have IRS agents checking your last 3 years of tax returns, bank accounts etc. You want to use the word tax avoidance

Hate to see you bunked up with Wesley Snipes

[Goose]

And by what principle of economics is that "a good idea"? With 9 percent unemployment, doesn't it make more sense to create jobs and generate consumer demand rather than cut Social Security, defense, infrastructure spending, and funding for "extras" like national parks?
Got it.

the problem with government spending, is that the government doesn't produce anything to "earn" its money that it spends, its merely taking from one pocket and putting it into another, net gain on spending is limited.... it may work short term but we are way past the priming the economic pump stage.......

and really, do you think that giving the government MORE money to spend that they will be any more fiscally responsible.... a fool and his money are soon parted.....

[ghettopalmetto]

the problem with government spending, is that the government doesn't produce anything to "earn" its money that it spends, its merely taking from one pocket and putting it into another, net gain on spending is limited.... it may work short term but we are way past the priming the economic pump stage.......

But ARE WE past the "priming the pump" stage? Based on what metric?

If we adopt European-style austerity measures, why would we expect our economy to boom, when all we have to do is look across the Pond to see that AUSTERITY. DOESN'T. PRODUCE. GROWTH. [[And neither do 30 years of tax cuts for the wealthiest 1%, but I digress.)

Oh, but how I forget. We are all freedom-lovin 'mericans who think you'll fall of the edge of the world once you go beyond the Redneck Riviera. We don't need no dang stinkin Socialist mathematics and science.

[rb336]

the problem with government spending, is that the government doesn't produce anything to "earn" its money that it spends, .

Neither do CEOs or Wall Street people. They are value-subtractive positions, and as such, should be taxed HIGHER than rather than lower than people who actually work to earn a living

[ghettopalmetto]

Neither do CEOs or Wall Street people. They are value-subtractive positions, and as such, should be taxed HIGHER than rather than lower than people who actually work to earn a living

Fie on you! Paris Hilton is a bona-fide JOB CREATOR. Without her, one more cocaine dealer would be collecting unemployment.

And look at all the people that Sean Combs employs in his entourage! I don't know what they do, but they're damn good at it!

Just think of all the jobs our nation is already losing due to the NBA JOB CREATORS being locked out this year!

Why do you want to penalize hard work???

[oladub]

But ARE WE past the "priming the pump" stage? Based on what metric?

If we adopt European-style austerity measures, why would we expect our economy to boom, when all we have to do is look across the Pond to see that AUSTERITY. DOESN'T. PRODUCE. GROWTH. [[And neither do 30 years of tax cuts for the wealthiest 1%, but I digress.).

But I thought the Euro zone was democratic socialism in action. Aren't we continually reminded that Europe has single payer medicine and other social amenities? Perhaps the sudden austerity in Greece and some other countries is what happens when governments spend too much and China isn't willing to bail them out. We, of course, do not have a single payer plan and some of the other amenities but we do borrow money from China to provide Europe with military defense. That isn't enough so the Federal Reserve printed extra trillion$ and gave it to European banks to keep the game going a bit longer over there but now there is Greece, Ireland, Spain, and Portugal all plugging the gaps with austerity measures. How many extra trillion$ do you think it will take to get all these nice countries to prime the pump so they can have growth?

[rb336]

Perhaps the sudden austerity in Greece and some other countries is what happens when governments spend too much and China isn't willing to bail them out.

What's wrong with Greece and with Portugal and, to a lesser extent, Spain and Italy, is that they make nothing but Ouzo, Port, Madeira, Chianti and Olive Oil. [[ok, and the occasional Skoda or Alfa) Their economies are far to heavily weighted toward tourism, and when the economy falters, tourism is the first to go.

[Occurrence]

And by what principle of economics is that "a good idea"?

If I only have $100, I'm not going to buy something that cost $200. I don't really know if that's a "good idea", but it is common sense.

[ghettopalmetto]

If I only have $100, I'm not going to buy something that cost $200. I don't really know if that's a "good idea", but it is common sense.

Yeah? Even if you were down to your last 100 bucks, and you needed $200 to buy a new pair of shoes for a job interview?

You'd still cut up your credit card, just so you could take pride in your destitution?

No wonder we're fucked.

[coracle]

Talking about good [[or novel) ideas Occurrence;
I recommend a bipartisan compromise [[so beloved by Democrats) to get us over this problem. As it's Democrats that want higher taxes on the Super Rich then let's legislate for higher taxes on the Democrat Super Rich. At least they'd get a part of what they want in this deal as most Super rich are Democrats anyway.
In general Democrat voters want higher taxes across the board because most of them don't pay any themselves and they do like to be fair, so I think it would be a further good idea to raise taxes on Democrats then they can spend their own money..

[ndavies]

What's wrong with Greece and with Portugal and, to a lesser extent, Spain and Italy, is that they make nothing but Ouzo, Port, Madeira, Chianti and Olive Oil. [[ok, and the occasional Skoda or Alfa) Their economies are far to heavily weighted toward tourism, and when the economy falters, tourism is the first to go.

Italy has the third highest GDP in the Eurozone, Behind only Germany, and France. Spain is right behind Italy. Britain's GDP is higher than Italy's but they are not in the Eurozone. Britains GDP is only about 10% larger than Italy's.

[ghettopalmetto]

Talking about good [[or novel) ideas Occurrence;
I recommend a bipartisan compromise [[so beloved by Democrats) to get us over this problem. As it's Democrats that want higher taxes on the Super Rich then let's legislate for higher taxes on the Democrat Super Rich. At least they'd get a part of what they want in this deal as most Super rich are Democrats anyway.
In general Democrat voters want higher taxes across the board because most of them don't pay any themselves and they do like to be fair, so I think it would be a further good idea to raise taxes on Democrats then they can spend their own money..

Uh, sure. That's why the wealthiest areas [[Northeast, West Coast, Chicago) tend to vote Democratic--because they're too poor to pay taxes. If anyone stands to gain from government spending, it's the leech states of the Deep South, which would revert to Third World status if it weren't for defense spending and Social Security incomes.

Or did I completely misinterpret your post, and instead of "Democrat voters", you meant to say "Black People"???

Not that it's any of your business, but I've paid well into five figures to the federal government this year. The only time I feel ripped-off is when I remember that some of that money went toward your education.

[Detroitnerd]

not that it's any of your business, but i've paid well into five figures to the federal government this year. The only time i feel ripped-off is when i remember that some of that money went toward your education.

*zing!*

[Goose]

Or did I completely misinterpret your post, and instead of "Democrat voters", you meant to say "Black People"???

pulling the race card has got to be the new Godwin's law........