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Oh my... but it will be hugely fun to watch you eat those words when he pulls the trigger on the 14th Amendment and tells the Congressional Republicans to go pound sand.
He doesn't even need to do that. All he has to do is use existing statutes to instruct the Secretary of the treasury to have US mint produce a limited number of $1T platinum coins which will promptly be sold to the Federal reserve in order to stave off the debt crisis. That is the easy and most Constitutionally unambigous way not to default.
When democrats win the country loses. It has been this way since the communists infiltrated the democrat party. The ultimate goal is to create the USSA and they are pushing FOREWARD.
One can only stand bemused at the depth of self delusion that has captured the American right.
I am as liberal as they come. I just know the tax code really well. Basically, ordinary income and FICA for the very extremely rich is chump change. The real issue lies with dividends and estate tax. Lets examine those two things.
Starting with the estate tax.
What it was: 5 million dollar credit for singles $10 for married w/portiability at a 35% rate.
What it would have been if nothing was done $1m credit with a 55% rate.
What is now: 5 million dollar credit for singles $10 for married w/portiability at a 40% rate.
Dividend tax
What it was 15% on qualified dividend for highest income earners.
What it would have been if nothing was done 39.6% on highest qualified dividend income earners.
What it is now 20% on highest qualified dividend income earners.
This is basically the steak and potatoes of taxes on the super rich. How you can call tinsy tiny rate increase anything but a GOP win given the alternative is self delusion.
When democrats win the country loses. It has been this way since the communists infiltrated the democrat party. The ultimate goal is to create the USSA and they are pushing FOREWARD.
Obama just made permanent about 99% of the Bush tax cuts. He raised well less than a billion in new revenue. So just how much of a "victory" is it? The next round of negotiations will center on tax cuts, and you can be certain that there will be more than a billion there.
I am as liberal as they come. I just know the tax code really well. Basically, ordinary income and FICA for the very extremely rich is chump change. The real issue lies with dividends and estate tax. Lets examine those two things.
Starting with the estate tax.
What it was: 5 million dollar credit for singles $10 for married w/portiability at a 35% rate.
What it would have been if nothing was done $1m credit with a 55% rate.
What is now: 5 million dollar credit for singles $10 for married w/portiability at a 40% rate.
Dividend tax
What it was 15% on qualified dividend for highest income earners.
What it would have been if nothing was done 39.6% on highest qualified dividend income earners.
What it is now 20% on highest qualified dividend income earners.
This is basically the steak and potatoes of taxes on the super rich. How you can call tinsy tiny rate increase anything but a GOP win given the alternative is self delusion.
You didn't add the Obamacare parts to that though...they are a new additional set of taxes.
He doesn't even need to do that. All he has to do is use existing statutes to instruct the Secretary of the treasury to have US mint produce a limited number of $1T platinum coins which will promptly be sold to the Federal reserve in order to stave off the debt crisis. That is the easy and most Constitutionally unambigous way not to default.
Okay... let's take a moment and consider that post.
We are looking at two options.
1. Declare the debt ceiling debate moot under the 14th Amendment.... something that would take about 2 days and require the effort of, oh, two lawyers, a clerk typist, a Lexmark printer and a ball point pen.
2. Have the treasury authorize the mint to design, fabricate and then produce a type of coin that as of this writing doesn't even exist, something that would take a minimum of a couple months, engravers, machinists, dye makers, blank casting and then minting. It wouldn't even need to be pretty.
How exactly would you attach the adjective "easy" to that proposition?
When democrats win the country loses. It has been this way since the communists infiltrated the democrat party. The ultimate goal is to create the USSA and they are pushing FOREWARD.
You never ever let dignity or self respect get in the way of expressing your paranoia, do you?
Okay... let's take a moment and consider that post.
We are looking at two options.
1. Declare the debt ceiling debate moot under the 14th Amendment.... something that would take about 2 days and require the effort of, oh, two lawyers, a clerk typist, a Lexmark printer and a ball point pen.
2. Have the treasury authorize the mint to design, fabricate and then produce a type of coin that as of this writing doesn't even exist, something that would take a minimum of a couple months, engravers, machinists, dye makers, blank casting and then minting. It wouldn't even need to be pretty.
How exactly would you attach the adjective "easy" to that proposition?
Oh naive HistorianDude! They already have the coin all prepped and ready to go. The Treasury Dept just needs to wait for the go code to come over their CRM-114.
Basically, ordinary income and FICA for the very extremely rich is chump change.
And?
Believe it or not, the idea was not to punish the "extremely rich," and the fact that (as you say) those are chump change demonstrates that right wing whining about it was absurd.
The idea was to increase revenues. And the chump change of the extremely rich does that.
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