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Sales taxes are regressive. Do you think that's a good idea? Do you support the poor paying more taxes (as a percentage of their income) than the rich?
no a sales tax..were everyone pays the same percentage is PROGRESSIVE...a prorated UNEQUAL income tax is quite regressive..regressing all the way back to the stone age
So after we give tax breaks to the rich and give subsidies to billion-dollar corporations, what do they do?
Companies are hoarding money and the rich are investing overseas
Even worse is I bet when their investments in BRICS nations(Brazil, Russia, India, China, South Africa) come crashing to earth---these same rich people are going to beg for some sort of bailout and companies will demand increased subsidies.
And what will happen then? Their lap dogs Obama and Boehner will deem them 'too big to fail'.
And the cycle of govt welfare for the rich and powerful will continue.
How lucky we are.
I don't see manufacturing leaving emerging economies any time in the near future. Our government and unions make the US an unfriendly place to establish business. An investor would be an idiot not to look overseas to the stable nations whose economies are growing at exponential rates.
Given the precarious balance of the US dollar it is wise to be invested with more stable currency as well.
Poor people shouldn't be buying expensive luxury items. There is no tax on the necessitites like food and cloths. The rich buy WAY more expensive items thus would be paying a TON more in sales taxes.
He never said tax only luxury items, he said tax spending (sales tax).
no a sales tax..were everyone pays the same percentage is PROGRESSIVE...a prorated UNEQUAL income tax is quite regressive..regressing all the way back to the stone age
oh lay off it
a sales tax will hit the rich harder
why are you supporting the rich???
Mathematically nothing you said is factual. Under a sales tax, the poor pay more as a percentage of their income than the rich. It's the definition of a regressive tax.
Sales taxes are regressive. Do you think that's a good idea? Do you support the poor paying more taxes (as a percentage of their income) than the rich?
In the case of federal income taxes today, you know that the vast majority of low income people pay no income tax at all.
Wealthy people have access to tax avoidance strategies that the rest of us don't - thanks to lawyers and accountants to navigate our crazy tax code.
The federal income tax needs to be thrown out and set on a new course to eliminate almost all deductions.
1. ten year phase out of the mortgage deduction
2. no deductions for dependents
3. no difference in tax treatment of married or singles
4. eliminate deductions for state taxes. Make the cost of taxes at the state level more apparent and eliminate the effort to equalize state taxes.
5. Everyone (wage earners) pays income tax, even if only $100. They need to contribute.
If the US raises marginal rates on the wealthy, their behavior should be anticipated. They will work even harder to reduce taxable income.
I don't see manufacturing leaving emerging economies any time in the near future. Our government and unions make the US an unfriendly place to establish business. An investor would be an idiot not to look overseas to the stable nations whose economies are growing at exponential rates.
Given the precarious balance of the US dollar it is wise to be invested with more stable currency as well.
I worked for a large telecom company in Dallas area which had outsourced substantially in the late 1980s. Having spoken to some of the decision makers, they didn't see those jobs returning to the USA and yet they did, in the mid 90s.
The late 80s policies restarted in the same (now much larger) company in 2001-2002, and just last week I was speaking with a director and the company appears considering bringing many of those jobs back, again. Now granted these jobs weren't manufacturing, these were still high paying jobs.
As for manufacturing, the signs are promising again in recent months. The small business community too has an optimistic view. I'm ready to restart my venture I'd put aside couple of years ago. So, not all is bad. But then, these are mostly businesses that aren't driven by big money.
Mathematically nothing you said is factual. Under a sales tax, the poor pay more as a percentage of their income than the rich. It's the definition of a regressive tax.
why do you say a 'percentage of thier income' thats just using false arguement
the FACT is ANYTHING would be a higher percentage of their income
a 5lb piece of flank steak at 4/lb is going to be more ""as a percentage"" to a poor person than to a rich person
the FACT is that taxing income is just stupid
so you are saying that a _____ who makes $1/hr more than me and is now in a "higher bracket" and should be taxes more is progressive..if thats progress, then you need some learning
why do liberals(who are supposed to be about equality) constantly want to make the taxes UNEQUAL and tax one person more than another, just because they make more than the other...???
Wall Street legend, Jim Rogers, spoke out at a business conference last week. He said he plans to short sell (bet against) U.S. bonds with both hands. Rogers added, “If any of you have bonds, I would urge you to go home and sell them. If any of you are bond portfolio managers, I would get another job…if I were you, I would think about becoming a farmer.”
(by the way Jim Rogers did more then just "move his money overseas".. he took his entire life to Singapore because he lost all faith in American Markets)
Finally, we have the opinion of municipal bond expert Meredith Whitney, named by Fortune magazine as “one of the 50 most powerful women in business,” and by Time magazine as “one of the 100 most influential people.” She sees America in financial ruin with 50 to 100 cities defaulting on their debt in the next year.
legendary Wall Street investor Stanley Druckenmiller. He, too, is calling the Fed’s bond purchases a fraud and a Ponzi scheme. Druckenmiller says, “There is a phony buyer of $19 billion per week of Treasury Bonds.” The phony buyer he refers to is the U.S. government. Druckenmiller knows that when a country resorts to buying its own debt, we are seeing the last days of the Roman Empire.
These and many others who make it their lives to understand, invest and manage money see a very bleak future and recognize the incompetence of our current economic and financial policies...but its hard to see that when you see everything through a entitlement, wealth envy, class warfare lens.
Jim Rogers left awhile ago and he still hasn't been proven wrong for his leaving..
Here's the thing, they are rich for a reason, they know how, where and when to invest....I myself was into retail currency exchange until the government regulated that to the point of being meaningless in terms of profits early this year....but guess what?...every other retail currency exchange market overseas still have their massive profit potential....so why did America regulate itself to the point of not only being able to raise capital domestically but preventing capital/wealth from flowing in this country internationally?..(last year you could own a foreign account and play by their rules...well many brokers now after the new rules won't even allow Americans to access their websites...damn that pissed me off)...."because its too risky" was the official answer from the Government.
And that is just ONE example from my own life...
My point is that cutting taxes isn't enough...if so much regulation, bureaucracy, red-tape, fees and yes taxes are here in America and not so much of it is overseas, well as a big money player, Where would you put your money?
what are Swiss Bank Accounts known for?....Secrecy..people with money want to keep it and I would wager that if American banks had the level of service as those overseas, people would keep their money here...I mean wouldn't it be better to bank across the street and not half-way across the world?...but with the IRS wanting to know how many times you farted just so they can tax it can annoy anyone..
I myself have a multi-currency account with Chase meaning I hold Currencies in other nations not to just catch any future potential growth but to protect myself for any future disaster..(I mean many doom and gloom have been predicted for America...but I doubt that if and that is a big if America was to collapse the entire world would collapse also, hell other nations may emerge as a super-power at the demise of America)...
You see?..You see how complex things can get when it comes to making, saving and investing wealth in today's environment?...but it sure is funny watching those who don't know anything about wealth and maintaining it running around spewing their ignorance at those who are able to play with the big boys..
"We need to cut taxes on the rich to 0% so the rich will bless us with their trickle down breadcrumbs."
Ignorance along with the entitlement mentality stated above is the reason many people are leaving....Newsflash, some of us aren't standing around worrying about how much someone else make, how much they are taxed and whether or not it is fair....some of us aren't looking to others to fix our problems...some of us aren't demanding others "trickle" anything down to us...we don't have that entitlement fix.."I'm not happy with your breadcrumbs, I want more"....we would rather bake an entire loaf of bread for OURSELVES....crazy right?
on a final note I totally agree that the "too big to fail" thing is ridiculous, this welfare for the rich is even more disgusting then normal welfare....it be nice to have a solid wall between the govt and the private sector and cut the government in half so the it could be less prone to corruption but when I mentioned that on Huffpo the liberals went crazy.....why?......the hell should I know.
So after we give tax breaks to the rich and give subsidies to billion-dollar corporations, what do they do?
Companies are hoarding money and the rich are investing overseas
Heck, I'm not rich and I've been investing overseas in "emerging nations" for the better part of a year.
Can't beat the returns..15-21% if you go in and out.
What here can earn that much ???
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