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It looks like this year Obama is costing me $26,000 plus I have put off purchases. So the Feds low rates have a negative impact on business. The folks that would benefit from my spending now will not and will not be able to afford houses, etc even though interest rates are low.
BS - That money will still be spent, pay off a debt, earned & invested.
People like you believe a few super rich can invest our money better than the entire middle class investing it themselves. Pouring money into the hands of a rich elite is not working in the USA. A dozen years ago the USA was the strongest country. Since cutting taxes on the rich the USA is in worse shape than Socialist Europe. We have more national debt than the Eurozone combined. We also have more debt per person, per worker & per tax payer than Europe.
We do fund & reward R & D, Innovation & Start-ups better than other countries. We also attract the most foreign talent. The Rich, Wallstreet bankers, trustfund babies & entitled people are a drag on our system. Steve Wozniak, Steve Jobs, Bill Gates, Elon Musk, Nikola Tesla, Mark Zuckerberg, George Washington Carver & Henry Ford did not come from money & were not rich when they changed the world for the better. They got rich after they changed the world. Giving rich people money destroys innovation. Investing in hungry inventors is the secret to success. Wall street's "financial innovations" have wrecked the economy.
Nearly all the inventors who have changed the world for the better were funded by FFF (Friends, Family & Fools). We need more middle class with the means to experiment & invest and fewer super rich hording the nations wealth destroying jobs & innovation. The super rich never create jobs. They buy up already successful proven companies & consolidate them eliminating workers & pocketing the savings while using their large size to pressure the competition out of business.
Last edited by KrazeeKrewe; 11-09-2012 at 09:21 PM..
BS - That money will still be spent, pay off a debt, earned & invested.
People like you believe a few super rich can invest our money better than the entire middle class investing it themselves. Pouring money into the hands of a rich elite is not working in the USA. A dozen years ago the USA was the strongest country. Since cutting taxes on the rich the USA is in worse shape than Socialist Europe. We have more national debt than the Eurozone combined. We also have more debt per person, per worker & per tax payer than Europe.
We do fund & reward R & D, Innovation & Start-ups better than other countries. We also attract the most foreign talent. The Rich, Wallstreet bankers, trustfund babies & entitled people are a drag on our system. Steve Wozniak, Steve Jobs, Bill Gates, Elon Musk, Nikola Tesla, Mark Zuckerberg, George Washington Carver & Henry Ford did not come from money & were not rich when they changed the world for the better. They got rich after they changed the world. Giving rich people money destroys innovation. Investing in hungry inventors is the secret to success. Wall street's "financial innovations" have wrecked the economy.
It looks like this year Obama is costing me $26,000 plus I have put off purchases. So the Feds low rates have a negative impact on business. The folks that would benefit from my spending now will not and will not be able to afford houses, etc even though interest rates are low.
Exactly, the folks that would benefit from people spending instead of giving it to the government who will waste it and take a huge handling fee.
No! - The people making $5 million & up are the problem. They pay a smaller percent in taxes than the rest of us who bust ass to make this country run. A freaking trust-fund baby Wallstreet leech is a drag on the economy. You people bought their BS claiming that only charging them half the tax rates on dividends was great for the economy.
No! - The people making $5 million & up are the problem. They pay a smaller percent in taxes than the rest of us who bust ass to make this country run. A freaking trust-fund baby Wallstreet leech is a drag on the economy. You people bought their BS claiming that only charging them half the tax rates on dividends was great for the economy.
How much you want to tax those multimillionaires? They pay a good chunck of income taxes...
Even if you taxed them at 100% its still a drop in the bucket...
How about going after the bottom 50% who don't pay income taxes?
How much you want to tax those multimillionaires? They pay a good chunck of income taxes...
Even if you taxed them at 100% its still a drop in the bucket...
How about going after the bottom 50% who don't pay income taxes?
Why is it that people never talk about that...
You don't want to talk about how the poor & middle class are actually paying more & more to the government as the rich are paying less & less. Tax rates are meaningless when the rich simply avoid paying them. Bring on a 20% flat tax across the board & do away with payroll taxes & watch the multi millionaires squeal like a stuck pig.
[Marginal] Tax rates are meaningless when the rich simply avoid paying them. Bring on a 20% flat tax across the board & do away with payroll taxes ...
I'd go for this in a New York minute, but it will never happen because it is the same rich who write in all the complicated loopholes, deductions, exemptions and credits, and can afford to pay armies of the best CPAs/tax attorneys, to help them avoid the very rules that they themselves write, rendering marginal tax rates meaningless, republicans and democrats alike, there's no difference.
Like I said, marginal tax rates are more a political football and tool of social control than a tool of real fiscal policy.
And like I said, do you think that they would drastically simplify the tax code, raising the effective tax rate and drastically reducing the expense of compliance, only to reduce their own pay or even eliminate their own jobs?
I'd go for this in a New York minute, but it will never happen because it is the same rich who write in all the complicated loopholes, deductions, exemptions and credits, and can afford to pay armies of the best CPAs/tax attorneys, to help them avoid the very rules that they themselves write, rendering marginal tax rates meaningless, republicans and democrats alike, there's no difference.
Like I said, marginal tax rates are more a political football and tool of social control than a tool of real fiscal policy.
And like I said, do you think that they would drastically simplify the tax code, raising the effective tax rate and drastically reducing the expense of compliance, only to reduce their own pay or even eliminate their own jobs?
Don't hold your breath.
Absolutely - The top marginal tax rate is meaningless. The loopholes that are the problem. A 29% tax rate with no loopholes would bring in way more than the rich are paying now. The average effective tax on the multi-million income is 17%. Hell Romney only paid 13%. Romney used the carried interest scheme to get his earned income taxed at the investment dividend rate. We need to get the dividend rate back to the same as the earnings rate. The richest investor in the USA Warren Buffet hasn't paid taxes since 2004.
The top marginal rate has little to do with tax revenue because it just increases the incentive of the rich to evade taxes. We have to close the loopholes & enforce the code on them. The middle class is now shouldering the tax burden since Bush cut the tax rate on dividends. Even Adam Smith said the rich should pay a higher rate than the poor but we are doing the opposite & making the poor & middle class pay more than the rich. That is why the country went to hell. Just keep on letting Wallstreet pay 1/2 the tax rate on dividends & watch union membership & Occupy Wallstreet grow & burn the place to the ground. I am a Republican & have voted that way every time until I discovered the rich pay lower taxes than the rest of us after the capital gains dividends rate cut. It turns my stomach to vote democrat but that is what I did the last 2 general elections. Republicans had best fix this tax issue or they will never win & union thugs will rule this country again.
Last edited by KrazeeKrewe; 11-10-2012 at 06:17 AM..
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