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Tax increases are meaningless unless the tax base is broadened (jobs and tax reform to consumption tax instead of income tax). You can take the entire wealth of every multi-millionare and billionare in this country and it won't pay off our debt. Obama cannot tax us into prosperity. Have you not seen all the new taxes on the average American in his new "jobs plan"?
Taxes don't really pay, for anything.
Taxes are used to remove money from circulation by a fixed amount in order to control the money supply, inflation and hyper-inflation.
So long as a Sovereign nation like the US prints it's own currency, debt is not the issue many think it is.
Warren Buffett made this point at an investor conference -
“The United States is not going to have a debt crisis as long as we keep issuing our debts in our own currency. The only thing we have to worry about is the printing press and inflation.”
The government balance sheet is not like a household or a state.
It does not finance spending via revenues or debt issuance. The US government, as a monopoly supplier of currency in a floating exchange rate system never really has nor doesn’t have money.
Stupid remark! All those "rich" people BO wants to tax are mostly the ones who either provide jobs through the business they own or invest and their invested $'s provide the $'s to create and/or support business that provides jobs.
BO is so far out of line it is pathetic. When I see statements like the above, I am appalled that so many people also have no idea of where their jobs come from. They would kill the goose that lays the golden (i.e., $'s) egg (i.e., the $'s that create the business which gives them their jobs).
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Without startups, there would be no net job growth in the U.S. economy. This fact is true on average, but also is true for all but seven years for which the United States has data going back to 1977.
Darn, everyone. Please absorb into your mind...BUSINESS DOES NOT PAY TAXES. They pass every dime of tax assessed against them down the line to finally be paid by the consumer who cannot write it off! Be careful of what you ask for!
Reagan raised corporate taxes by $120 billion over five years and closed corporate tax loopholes worth about $300 billion over that same period. In addition to broadening the tax base, the plan increased standard deductions and personal exemptions to the point that no family with an income below the poverty line would have to pay federal income tax. Even at the time, conservatives within Reagan’s administration were aghast.
According to Wall Street Journal reporters Jeffrey Birnbaum and Alan Murray, whose book Showdown at Gucci Gulch chronicles the 1986 measure, "the conservative president’s support for an effort once considered the bastion of liberals carried tremendous symbolic significance."
When Reagan’s conservative acting chief economic adviser, William Niskanen, was apprised of the plan he replied, "Walter Mondale would have been proud." Source
We have more millionaires than we've ever had. We have more consolidated wealth in the hands of millionaires than we've ever had.
By your logic shouldn't we have more jobs than we've ever had?
No we don't. The period in history when we had the most millionaires was during the Great Depression. More millionaires were created DURING the Great Depression than any other time in history. Most were small business. You don't have many employees with small business.
No we don't. The period in history when we had the most millionaires was during the Great Depression. More millionaires were created DURING the Great Depression than any other time in history. Most were small business. You don't have many employees with small business.
From the World Wealth Report 2011 published by Capgemini and Merrill Lynch Global Wealth Management
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According to the annual World Wealth Report from Merill Lynch and Capgemini, the U.S. had 3.1 million millionaires in 2010, up from 2.86 million in 2009. The latest figure tops the pre-crisis peak of three million.
Merrill and Capgemini define millionaires as individuals with $1 million or more in investible assets, not including primary home, collectibles, consumables and consumer durables.
The wealth held by these millionaires also hit a record. North American millionaires had a combined wealth of $11.6 trillion, up from $10.7 trillion in 2009.
Taxes are used to remove money from circulation by a fixed amount in order to control the money supply, inflation and hyper-inflation.
Hahaha. No, taxes are what we pay to run the government, pay air traffic controllers; meat inspectors; FBI agents; disaster relied and social programs.
This lunatic meme that taxes are evil has gotten out of control.
Where's the inflation that the right-wing has been predicting for three years?
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Originally Posted by lorrysda
Stupid remark! All those "rich" people BO wants to tax are mostly the ones who either provide jobs through the business they own or invest and their invested $'s provide the $'s to create and/or support business that provides jobs.
People with this view don't even realize how falsely bankrupt their argument is.
Businesses don't hire people because they got a tax break and don't fire people when their taxes go up. They hire as many as they need, when they need them, to earn more money. If the rich were indeed the job creators, they should be fired because they're not doing their jobs -- even though tax-rates are the lowest in generations.
Rich people hire maids and servants with their cash. However, if you gave me money, I may have my bathroom remodeled creating employment too. In that sense, rich people are no different than anyone else. The only difference is that when the government needs money, it has a choice. They can tax the many who were economically treading water for 30 years or they can tax the wealthy who have had their incomes rise many times in the same period.
We have more millionaires than we've ever had. We have more consolidated wealth in the hands of millionaires than we've ever had.
By your logic shouldn't we have more jobs than we've ever had?
But the $ is worth about 10 cents or one tenth now compared to years' past. Thus, in order to be equivalent in purchasing power of the dollar to a "millionaire of the past" one must have 90 million dollars today. So the increase in "millionaires" is simply those people keeping up with the purchasing power of today's $.
Kinda puts a different light on the subject! I can remember when I spent between $10.00 and $12.00 a week on groceries which included milk, meat (including steak at least once a week), staples and canned goods wherein today that same shopping cart costs me at least $120.00 (if I'm very, very stingy and have steak about 2 times a year on special occasions), usually closer to $180.00 per week...and that's for just 2 people, myself and my husband!
Reagan raised corporate taxes by $120 billion over five years and closed corporate tax loopholes worth about $300 billion over that same period. In addition to broadening the tax base, the plan increased standard deductions and personal exemptions to the point that no family with an income below the poverty line would have to pay federal income tax. Even at the time, conservatives within Reagan’s administration were aghast.
According to Wall Street Journal reporters Jeffrey Birnbaum and Alan Murray, whose book Showdown at Gucci Gulch chronicles the 1986 measure, "the conservative president’s support for an effort once considered the bastion of liberals carried tremendous symbolic significance."
When Reagan’s conservative acting chief economic adviser, William Niskanen, was apprised of the plan he replied, "Walter Mondale would have been proud." Source
One just cannot account for the stupidity of some people's beliefs and comments.
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