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Old 11-12-2012, 06:57 PM
 
Location: Coos Bay, Oregon
7,138 posts, read 10,988,663 times
Reputation: 7808

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1. Because the Government needs funds to provide the services that people want (roads, schools, police, military, etc.) and the top 1% have the most income to tap.

Why waste time collecting a few hundred dollars of income tax from a minimum wage worker, who is barely getting by anyway? Those few hundred dollars are insignificant to the trillions of dollars the government needs to operate. While at the same it creates a severe hardship for the minimum wage worker, who is already struggling to get by.

Rather then collecting millions of dollars of income tax from a billionaire. Who will probably betch and whine and scream about how he is going to move his business out of the US, if these his taxes continue. But who will ultimately pay the taxes, and his life style wont even be effected. Because he already has more money then he could possibly spend in his lifetime.

2. Taxing the rich is a way of redistributing the wealth from the 1% back down to the 99%. This allows the 99% to continue to have some money to buy the goods and services that the 1% are selling. Which keeps the economy going. Otherwise the rich will just keep getting richer, and the poor keep getting poor. Until the poor get so poor they just can't take it anymore. Then there will be a revolution or something.

In short, flat rate taxes my sound fair, but in reality it is not morally right to expect poor people to pay the same tax as rich people, and the system just wont work anyway.
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Old 11-12-2012, 06:58 PM
 
Location: Just transplanted to FL from the N GA mountains
3,999 posts, read 4,127,041 times
Reputation: 2677
Quote:
Originally Posted by Jill61 View Post
` Yes! By George I think (s)he gets it!

"Government is instituted for the protection, safety, prosperity, and happiness of the people; and not for profit, honor, or private interest of any one man, family, or class of men." ~ John Adams
Reading comprehension is a good thing... The original quote I alluded to was arguing against big business.. Just like you. So yes... maybe you finally got it.

So because the wealthy and powerful are in a position to shift costs to others, they have a right to do so, and we all need to submit to that?

So because the government are in a position to shift costs to others, they have a right to do so, and we all need to submit to that?

And yes, I got it. We all have been attached to another object by an inclined plane wrapped helically around an axis because of it...
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Old 11-12-2012, 07:00 PM
 
41,111 posts, read 25,625,847 times
Reputation: 13868
Quote:
Originally Posted by KaaBoom View Post
1. Because the Government needs funds to provide the services that people want (roads, schools, police, military, etc.) and the top 1% have the most income to tap.

Why waste time collecting a few hundred dollars of income tax from a minimum wage worker, who is barely getting by anyway? Those few hundred dollars are insignificant to the trillions of dollars the government needs to operate. While at the same it creates a severe hardship for the minimum wage worker, who is already struggling to get by.

Rather then collecting millions of dollars of income tax from a billionaire. Who will probably betch and whine and scream about how he is going to move his business out of the US, if these his taxes continue. But who will ultimately pay the taxes, and his life style wont even be effected. Because he already has more money then he could possibly spend in his lifetime.

2. Taxing the rich is a way of redistributing the wealth from the 1% back down to the 99%. This allows the 99% to continue to have some money to buy the goods and services that the 1% are selling. Which keeps the economy going. Otherwise the rich will just keep getting richer, and the poor keep getting poor. Until the poor get so poor they just can't take it anymore. Then there will be a revolution or something.

In short, flat rate taxes my sound fair, but in reality it is not morally right to expect poor people to pay the same tax as rich people, and the system just wont work anyway.
$250K is not a millionaire and billionaire.

Also, there are fewer millionaires and billionaires than there are middle class and guess what people the middle class tax base has much more money, YOU are the real target.
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Old 11-12-2012, 07:03 PM
 
6,977 posts, read 5,681,904 times
Reputation: 5176
Quote:
Originally Posted by freemkt View Post
Because government has tilted the economic playing field in his favor.

Consider a slumlord who makes a million bucks; he has tenants because government has rigged the rules to prevent his tenants from buying from a willing seller homes (say, hovels) they can afford (zoning and housing regs prohibit the sale of such hovels). If his tenants had the economic liberty to purchase hovels, the slumlord would be out of business.

So the sort of tax you propose morally requires a free market and economic liberty in real estate which would undermine the slumlord's advantage. But hardly anybody is willing to go there, so your tax would have a hard time flying.
They've rigged the rules? Im not understanding.
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Old 11-12-2012, 07:13 PM
 
Location: Redondo Beach, CA
7,835 posts, read 8,418,283 times
Reputation: 8564
Quote:
Originally Posted by bluebirdback View Post

I wouldn't give Congress an additional dime of anyone's money.
It's meaningless at this point in time.
It is like a garbage disposal that never gets turned off.

Of course, here we go again - it's never going to stop.

2 million could lose unemployment benefits unless Congress extends program - The Washington Post
Hey, I have an idea! Why don't the wealthy corporate overlords who claim to be job creators by virtue of the fact that they make stuff, hire those two million people???

Oh yeah, that's right ... that's not how it works.
Quote:
Originally Posted by aus10 View Post

Reading comprehension is a good thing... The original quote I alluded to was arguing against big business.. Just like you. So yes... maybe you finally got it.

So because the wealthy and powerful are in a position to shift costs to others, they have a right to do so, and we all need to submit to that?

So because the government are in a position to shift costs to others, they have a right to do so, and we all need to submit to that?

And yes, I got it. We all have been attached to another object by an inclined plane wrapped helically around an axis because of it...
You're clearly confused. I can't fix that for ya.
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Old 11-12-2012, 07:14 PM
 
Location: Palo Alto
12,149 posts, read 8,390,707 times
Reputation: 4190
Quote:
Originally Posted by wall st kid View Post
They've rigged the rules? Im not understanding.
He thinks that because the local zoning folks have an issue with 12 people living in a two bedroom shack with no running water or electricity they've impeded upon their right to live free.
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Old 11-12-2012, 07:27 PM
 
20,618 posts, read 19,265,159 times
Reputation: 8214
Quote:
Originally Posted by petch751 View Post
Liar loans?
penniless sub prime?
counterfeiting?
Fake assets?

Where did you learn your economics? You and Obama must have gone to the same school because its all blame, blame, victim, victim and blame.
I take it you are an expert.
What did you think of the monetary debates between Rothbard and Hayek? Did you find Rothbard's rejection of Scottish Free banking as being a success convincing against Hayek ? What did you think of the Malthus Ricardo debates? Was Say's law true or were industrial gluts inevitable? How about Marx's view during the progressive era and his position of capitalist domination vs Henry George comparing land tenure to labor? I look forward to your economic insights.


Anyway I guess I need help from you in understanding how, given a loan asset is based upon the ability for the borrower to repay, is not fictitious. Since bank credit sends cash into the economy with a book entry, I'd like to know how its not counterfeit? I'd like you, the expert, to tell me why I should not get a bank charter , not loan money to a bum the sum of 1 million dollars, and not pay my self a bonus. Why I should care if I collect the money. Let the Fed eat it. Of course that means the money was printed as good as counterfeit.

Quote:
Sub prime borrowers (meaning people who couldn't afford the homes in the first place) were taken to the ritz because they didn't understand what they were signing (lack of financial understanding). But they just wanted the house and since they failed blame it on everyone else but the actual people who are responsible.
The fault was with the creditors who have the power to create credit money. Otherwise they will lend to chimps who will take the blame.

Quote:
so the middle class was powerless, and the force of the law caused them to sign the mortgage loan?
Yes that is what I said. A credit bubble will jack up all prices, even sound borrowers will pay inflated home values which when the sub prime circulation is removed will leave lots of negative equity. Do you think you would like to bid at an auction against bums who never will pay? Does that really reflect the value ? I guess to an expert it must but its so confusing for a lay person like me.

Last edited by gwynedd1; 11-12-2012 at 07:48 PM..
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Old 11-12-2012, 07:44 PM
 
20,618 posts, read 19,265,159 times
Reputation: 8214
Quote:
Originally Posted by HappyTexan View Post
No one rounded those people up and forced them to buy home and use ARM mortgages to finance them.
No one forced people to take out mortgages they couldn't afford.

They all wanted to live like Kings and some wanted to become rich via flipping.
Then the bottom fell out and the ponzi scheme was up.

It takes two to tango and the government played the music while they did.

The only innocent victims here were the ones that lived within their means. They got caught up in the fallout of the greedy.

And now we all have to pay the price of that greed from all sides.
You understand that when other people buy homes they cannot afford that it basically prints money when the loan is not written off. All those lair loans sitting on the Fed balance sheet means the mortgage liar loans printed money. It certainly does take two to tango and it was creditors and people who had nothing to lose. What a team for middle class rape. Problem is can I get my money back from people who had nothing? No, so my only means of reparations are the creditors who still have the money.

Do you think we can depend on bums for fiscal responsibility and not the finance industry? We have to make sure the criminally insane understand wage to mortgage ratios, value assessments and projected economic activity? I guess we better or a creditor will sign them up. We need to educate every last person before they end up on a Federal Reserve balance sheet originally loaned in faith by the creditor.
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Old 11-12-2012, 07:46 PM
 
20,618 posts, read 19,265,159 times
Reputation: 8214
Quote:
Originally Posted by bluebirdback View Post
Here's another idea: America should just file bankruptcy.

"In fiscal year 2011, taxpayers paid $454 billion in interest. That’s 20 percent of all federal receipts.
It’s more than twice as much as Washington collected through the corporate income tax"

Read more at Why America Should Declare Bankruptcy Now

"We damned well aren’t going to settle the terrible income disparity in the US–
where only 1/10th of 1% of the population– a mere 315,000 individuals–
are responsible for making half of all these magical capital gains."

Even Raising Capital Gains Tax By 33% Won't Raise Enough New Revenue - Forbes
Why? They could pay off the national debt tomorrow.
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Old 11-12-2012, 07:48 PM
 
41,111 posts, read 25,625,847 times
Reputation: 13868
Quote:
Originally Posted by gwynedd1 View Post

The fault was with the creditors who have the power to create credit money. Otherwise they will lend to chimps who will take the blame.
chimps?

Did anybody hold a gun to their head to sign the dotted line? So yes, they are partially to blame.

Quote:
Originally Posted by gwynedd1 View Post
Do you think you would like to bid at an auction against bums who never will pay? Does that really reflect the value ? I guess to an expert it must but its so confusing for a lay person like me.
You are confused, very confused.
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