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Ok, I was just watching "Forbes on Fox".. comment was made and I was floored because of the amount of credit they gave the democrats, and their knowledge of the American tax policy.
What was stated is
"Absolutely you do not put in a tax hike" due to the bad economy and
"The people who advise the Democrats on tax policy, you can fit what they know up the left nose of a bumblebee"
Wow, its so tough to see Fox give the Democrats this much credit.
The question should be rephrased into - Who pays the taxes, not how high they are. Taxes are less damaging to long term economic interests than deficits.
IMHO we need to reinstitute very high tax rates on the people that have most gained from out war economy. “Tax the rich. That is where the money is.”
The question should be rephrased into - Who pays the taxes, not how high they are. Taxes are less damaging to long term economic interests than deficits.
IMHO we need to reinstitute very high tax rates on the people that have most gained from out war economy. “Tax the rich. That is where the money is.”
Not only that, but the rich actually pay at a lower tax rate, right now, than the lower and middle class. Warren Buffett has challenged other rich people to prove him wrong. He's offering million dollars to anyone who can prove him wrong. So far, there are no takers. Other people in the Forbes 400 refuse to comment. Why would they not want to prove Mr. Buffet wrong?
Disclaimer: I am not a socialist. Far from it. I am very much for a free market. The corporatism is not only warping our economy, it's corrupting our government. People should know the truth about our tax system.
Listening to the Democrats discuss the need to raise taxes because of the Bush tax cuts, you'd be led to believe that the government doesn't have enough money on which to operate and taxes need to be raised dramatically; and that anyone making more than $150,000 isn't paying his or her fair share.[/SIZE]
[SIZE=2]The truth is that revenues since the Bush tax cuts are the highest they've ever been at $1.945 trillion, or 7.5 percent more than 2006. Individual taxes alone are at $885 billion, or plus 11 percent, while corporate taxes are up 12 percent.[/SIZE]
[SIZE=2]As for the people making more than $150,000, the upper 5 percent of the wage earners are paying more than 60 percent of all taxes being paid.[/SIZE]
[SIZE=2]The last time tax rates were raised to 37 percent and higher for the upper income producers, the economy went flat with almost zero increase in real revenues. Why does this happen? Increased taxes are a disincentive to work.[/SIZE]
[SIZE=2]When people have the opportunity to keep more of their money, they work longer and harder to earn more, which in turn increases the amount of taxes being paid, which increases the revenue stream.[/SIZE]
[SIZE=2]President John F. Kennedy, who also used a tax cut to stimulate the economy, understood this economic principle, so why don't the current Democratic presidential aspirants?[/SIZE]
[SIZE=2]Some government programs have become the "bread and circuses" of the old Roman Empire days and are used to buy votes, not to help the country. Can we really afford to have more government?
Not only that, but the rich actually pay at a lower tax rate, right now, than the lower and middle class. Warren Buffett has challenged other rich people to prove him wrong. He's offering million dollars to anyone who can prove him wrong. So far, there are no takers. Other people in the Forbes 400 refuse to comment. Why would they not want to prove Mr. Buffet wrong?
Disclaimer: I am not a socialist. Far from it. I am very much for a free market. The corporatism is not only warping our economy, it's corrupting our government. People should know the truth about our tax system.
You mean THE Warren Buffet, that has just donated tens of BILLIONS? I'll listen to his advise on the rich when I see that he's not claiming those billions as a tax deduction.
Furthermore, the whole premise that the rich pay less is flawed. Donald Trump makes $1 per year.. Thats his PAYCHECK.. Ivanka Trump, who worked for Donald, made $1 per year. In order to understand why their paycheck is so low, you must understand that he's all in "corporations" and not subject to estate taxes. How do you do a comparison with $1 per year gross income for Trump, vs his secretary that makes $250K. I guarantee you the secretary pays more in taxes...
The estate taxes ONLY Hurt the middle class and lower upper class because the lower classes are exempt, and the upper classes dont pay, having most of their assets in corporations, trusts agreements etc.
Overall, the whole estate taxes on the dead is flawed anyways. The dead dont pay taxes, those left alive do, and I cant tell you the number of companies that have folded because the middle income couldnt afford to pay the taxes due upon their parents death.
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Revenue higher since Bush tax cuts in place
