Biden: Wealthy Americans Must Pay More Taxes to Show Patriotism

[Care4all]

SS is *supposed* to be a trust fund, not part of the main federal budget. The only reason they count it in the budget is because all of the socialist welfare spending. Seeing as productive people don't need housing allowances, food stamps, gov't backed mortgages, medicad, medicare, etc etc etc it seems reasonable they should not be charged for services they do not incur...and help others from incurring, i.e. they hire employees, pay them wages and benefits etc. It's only fair they be taxed less because they produce more.

But your premise fails because the tax code makes 10% of the population pay 70% plus of the tax burden.

you are only talking about one very small entity of taxes, the income tax and looking at it separately instead of TAXES ON THE WHOLE.....

near 1 trillion is collected in income tax from all of us, near 850 BILLION is collected in social security taxes from us...

Then there are gasoline taxes collected, state taxes collected, sales taxes collected, money from lottery tickets collected, sin taxes on liquor collected, property taxes collected etc etc etc...

ALL TAXES should be considered and not just the 1 trillion collected of the near 3 trillion federal budget.

Then on top of this, all the money this country is borrowing devalues the dollar, which is a HIDDEN TAX hurting and hitting those in the middle the most, with higher prices for gasoline and heating oil and food and college and healthcare etc....

to take just one of the areas of taxation and make your determination of the wealthiest paying 70% of the tax load while NOT INCLUDING THE TOTAL TAX LOAD in to consideration is a TRICK that the wealthiest are having you PAWN off for them....i'm sorry to say...

Care

 

[Navy1960]

It dropped from last week so maybe they found out alittle more about her and didn't like what they heard!

who is they? I don't think she going to win many friends in the democratic party Luissa, personally I don't think that was ever the intent. I do believe that her selection is doing what exactly what McCain wanted it to do and thats get the base out.

 

[HoleInTheVoid]

you are only talking about one very small entity of taxes, the income tax and looking at it separately instead of TAXES ON THE WHOLE.....

near 1 trillion is collected in income tax from all of us, near 850 BILLION is collected in social security taxes from us...

Then there are gasoline taxes collected, state taxes collected, sales taxes collected, money from lottery tickets collected, sin taxes on liquor collected, property taxes collected etc etc etc...

ALL TAXES should be considered and not just the 1 trillion collected of the near 3 trillion federal budget.

Then on top of this, all the money this country is borrowing devalues the dollar, which is a HIDDEN TAX hurting and hitting those in the middle the most, with higher prices for gasoline and heating oil and food and college and healthcare etc....

to take just one of the areas of taxation and make your determination of the wealthiest paying 70% of the tax load while NOT INCLUDING THE TOTAL TAX LOAD in to consideration is a TRICK that the wealthiest are having you PAWN off for them....i'm sorry to say...

Care

Without dispute.

All taxes, be they local, state or federal result in money taken from the economy.

The uneducated will blather about making corporations PAY taxes but no corporation pays taxes they merely COLLECT them by passing the costs onto consumers.

Government has two options when it comes to the economy:

A) Tax it enough to ruin it

B) not do A)

Even the BS stimulus package which L'il 'O tried to claim credit for even though he wasn't even present to vote "present" did little more than put back what never should have been taken out.

 

[Care4all]

Fair, since the wealthiest were already paying more in taxes.

Social Security is a sham. It needs to be eliminated, ASAP. Americans should be responsible for their own retirement. I put 10% of my after-tax income into retirement, and I still don't feel like I'm saving enough. If people think Social Security alone is going to pay for their retirement, they're insane.

Again, it all boils down to people thinking the government should do everything for them. "Save for my retirement. Bail me out if I can't pay my mortgage. Give me healthcare." That's not what the government was created for. That's the type of government that keeps people poor and ignorant.

without SS taxes the gvt would be running a $700 BILLION dollar deficit verses the $500 Billion dollar deficit it's running and this has been going on a few decades where the working class is getting ripped off....you never address this part of SS and this redistribution of wealth, and now you not only have taken what the working paid in surplus and used it for what income taxes should be paying for, you now want to take the SS ret benefit away from the people that paid for it?

that's just plain wrong jsanders and it can't be justified, not ethically, imo.

 

[jschuck12001]

I hope you people are smart enough to realize that when the rich get taxed more, they raise the cost of their goods and pay their employees less.

No, I don't make $250,000 a year, but my boss does. And I don't think he'd be happy with a...what was it - 12%, 18% - tax increase. You idiots see these charts that show Obama lowering all the taxes for "middle class" by less than 5% and you that big tax increase on the wealthy and get all giddy and think, "YES! Finally the people who own their own businesses are getting their just-dos! I get a tax cut and they have to pay more. Nyah nyah nyah nyah!"

Seriously, don't you understand how taxation works? Businesses don't pay taxes, they make you pay taxes for them by raising the price of their goods and services. Then they donate large amounts of money to charity for tax breaks.

Sigh...if only you understand...

Your talking about Big business which you know nothing about because you work for a small hick bank in Arkansas. The tax plan will decrease taxes for the majority of small business owners and this is who he cares about. Go to this link and it explains and you should read his plan.

FactCheck.org: More Tax Deceptions
If we energize the economy with new small business(less tax on them) then the big boys(whats left of them) will not be able to charge more for their product because the NEW small business will be more competitive in pricing. As for getting rid of social security, Go F yourself, I want my social security because at 34 I have paid so much into it I already qualify for the max benefit.

 

[HoleInTheVoid]

Your talking about Big business which you know nothing about because you work for a small hick bank in Arkansas. The tax plan will decrease taxes for the majority of small business owners and this is who he cares about. Go to this link and it explains and you should read his plan.

FactCheck.org: More Tax Deceptions
If we energize the economy with new small business(less tax on them) then the big boys(whats left of them) will not be able to charge more for their product because the NEW small business will be more competitive in pricing. As for getting rid of social security, Go F yourself, I want my social security because at 34 I have paid so much into it I already qualify for the max benefit.

Can you please cite a single instance of government price-fixing that has panned-out as planned?

When those BIG companies suffer because you've made them uncompetitive they will do what comes natural: cut costs. They can either go where it's cheaper (overseas) or scale-back operations to squeeze under the threshold set-up by the socialists.

Guess what? That means lost jobs = lost wages = lost tax revenue.

Those employees will have no place to go because you have already set a threshold for penalizing success thus making it unprofitable to pick-up new workers and customers after the threshold is reached.

 

[jschuck12001]

Can you please cite a single instance of government price-fixing that has panned-out as planned?

When those BIG companies suffer because you've made them uncompetitive they will do what comes natural: cut costs. They can either go where it's cheaper (overseas) or scale-back operations to squeeze under the threshold set-up by the socialists.

Guess what? That means lost jobs = lost wages = lost tax revenue.

Those employees will have no place to go because you have already set a threshold for penalizing success thus making it unprofitable to pick-up new workers and customers after the threshold is reached.

That has already happened. Where do you work. I have worked for 2 of the largest banks in the country and they have been outsourcing for years and they dont really have any competition and they were doing it when the economy was good so while in theory you may sound right, lost jobs has been a problem that has been building for years so whats the excuse?

 

[HoleInTheVoid]

They're outsourcing because it is CHEAPER.

Making it MORE EXPENSIVE isn't going to reverse the situation, only exascerbate it. It also refutes your premise that smaller concerns will magically spring into existence just as soon as the big guys are sufficiently penalized. The little guy can't just jump up and start a bank like some corner market.

As for me: I work off the land when I'm not in uniform. As long as mother earth produces or people are--well--people, I have a job.

 

[jschuck12001]

They're outsourcing because it is CHEAPER.

Making it MORE EXPENSIVE isn't going to reverse the situation, only exascerbate it. It also refutes your premise that smaller concerns will magically spring into existence just as soon as the big guys are sufficiently penalized. The little guy can't just jump up and start a bank like some corner market.

As for me: I work off the land when I'm not in uniform. As long as mother earth produces or people are--well--people, I have a job.

Its cheaper because of tax breaks, this goes back to Obama's plan. Let me teach you something real quick.

The tax code is written in a way that allows companies not
to pay the full 35% U.S. corporate tax rate on foreign
income when that money remains invested overseas.

Backing up a step, here's how it works before the loophole:
A company earns $100 million abroad in Lowtaxistan where the
corporate tax rate is 20%. The foreign subsidiary pays that
money to the U.S. parent. The parent then pays $35 million
to the U.S. government and takes a credit for the 20% (or
$20 million) payment to the Lowtaxistan government. So the
net to the U.S. Internal Revenue Service is $15 million.

But here's how it works with the loophole: The U.S.
subsidiary simply keeps the money offshore and certifies to
its accountants that the money is invested overseas. It
never remits the money to the parent and so never pays the
$15 million extra to Uncle Sam.

Do the math yourself. Which is better?

a) A factory in Lowell, Mass., that will generate $100
million in pre-tax profit that nets $65 million, or

b) A factory in Lowtaxistan that will generate $100
million in pretax profit that nets $80 million.

 

[SwingVoter]

The tax hike is kinda patriotic. It'll make the always-whining-about-America Upper West Side wimp liberals pay more taxes, while patriotic hockey moms in Minnesota pay the same.

 

[HoleInTheVoid]

Its cheaper because of tax breaks, this goes back to Obama's plan. Let me teach you something real quick.

The tax code is written in a way that allows companies not
to pay the full 35% U.S. corporate tax rate on foreign
income when that money remains invested overseas.

Backing up a step, here's how it works before the loophole:
A company earns $100 million abroad in Lowtaxistan where the
corporate tax rate is 20%. The foreign subsidiary pays that
money to the U.S. parent. The parent then pays $35 million
to the U.S. government and takes a credit for the 20% (or
$20 million) payment to the Lowtaxistan government. So the
net to the U.S. Internal Revenue Service is $15 million.

But here's how it works with the loophole: The U.S.
subsidiary simply keeps the money offshore and certifies to
its accountants that the money is invested overseas. It
never remits the money to the parent and so never pays the
$15 million extra to Uncle Sam.

Do the math yourself. Which is better?

a) A factory in Lowell, Mass., that will generate $100
million in pre-tax profit that nets $65 million, or

b) A factory in Lowtaxistan that will generate $100
million in pretax profit that nets $80 million.

And do you know WHY Lowtaxistan and the off-shores have their rules the way they do?

Because it attracts foreign capital.

Maybe if we made the US a tax haven we could have money come here.

 

[oreo]

Democratic vice presidential candidate Joe Biden says that paying higher taxes is the patriotic thing to do for wealthier Americans.

Biden says he and Democratic presidential candidate Barack Obama want to “take money and put it back in the pocket of middle-class people



Biden: Wealthy Americans Must Pay More Taxes to Show Patriotism - America’s Election HQ




Why dosen't he just say the words wealth redistribution? Is that so hard?

And as we know wealth redistribution is a form of socialism. John McCain voted against the Bush tax cuts, because he felt it gave to much to the wealthy in this country.

But, Obama is not going to stop here with his tax plan. He plans on raising the payroll tax, that we all pay--Social Security & Medicare taxes. On lower incomes this will be a huge increase, let along since employers match that it will be another huge tax increase to them also. Capital gains tax increase, death tax increase, & most importantly raising corporate taxes.

So with one hand Barack Obama is promising this large tax cut to the middle class, but his taking is away with the other hand. This is very typical of democrats. The only democrat who gave a large tax cut to the American public was John F. Kennedy. The others promised tax cuts, but did the same thing that Obama is promising.

This is only going to deter new job creation in this country. Corporations who pay more taxes only take it on their employees, with benefit deductions or lay-offs.

TO INCREASE THE TAX BASE OF THIS COUNTRY: Lay off capital gains tax. Hillary even admitted that the Clinton administration found that when they lowered capital gains tax, that the tax revenue INCREASED. Obama has no clue of that, & he argued about it. Lay off corporation taxes. In fact, give incentives to corporations to hire more Americans.

I STILL DO NOT UNDERSTAND how Obama plans to give a tax break to 95% of Americans, when only 60% actually pay federal income tax?

As far as Joe Biden's comments, ha.ha. I don't know how patriotic we'll all feel when we're paying taxes threw our noses, & then watch the economic crisis created by Freddie Mac & Fannie Mae. Knowing that they were completely mis-managed by democrats, who also used these agencies to be their personal piggy banks. Of course, Criss Dodd being the #1 taker of funds & Obama being the # 2 money taker.

Obama/Biden tax plan. Now that's some lipstick on a pig!

 

[editec]

Can you please cite a single instance of government price-fixing that has panned-out as planned?

When those BIG companies suffer because you've made them uncompetitive they will do what comes natural: cut costs. They can either go where it's cheaper (overseas) or scale-back operations to squeeze under the threshold set-up by the socialists.

Yeah, and THAT is exactly why FREE TRADE as currently practiced is a terrible policy for the USA overall.

What have we lost now, thanks to this goofy policy?

Thirty million jobs or so?

And we wonder why the middle class isn't paying its fair share of the tax burden?

Idiots running the show ought to be taken out and shot.

 

[Care4all]

And as we know wealth redistribution is a form of socialism. John McCain voted against the Bush tax cuts, because he felt it gave to much to the wealthy in this country.

But, Obama is not going to stop here with his tax plan. He plans on raising the payroll tax, that we all pay--Social Security & Medicare taxes. On lower incomes this will be a huge increase, let along since employers match that it will be another huge tax increase to them also. Capital gains tax increase, death tax increase, & most importantly raising corporate taxes.

So with one hand Barack Obama is promising this large tax cut to the middle class, but his taking is away with the other hand. This is very typical of democrats. The only democrat who gave a large tax cut to the American public was John F. Kennedy. The others promised tax cuts, but did the same thing that Obama is promising.

This is only going to deter new job creation in this country. Corporations who pay more taxes only take it on their employees, with benefit deductions or lay-offs.

TO INCREASE THE TAX BASE OF THIS COUNTRY: Lay off capital gains tax. Hillary even admitted that the Clinton administration found that when they lowered capital gains tax, that the tax revenue INCREASED. Obama has no clue of that, & he argued about it. Lay off corporation taxes. In fact, give incentives to corporations to hire more Americans.

I STILL DO NOT UNDERSTAND how Obama plans to give a tax break to 95% of Americans, when only 60% actually pay federal income tax?

As far as Joe Biden's comments, ha.ha. I don't know how patriotic we'll all feel when we're paying taxes threw our noses, & then watch the economic crisis created by Freddie Mac & Fannie Mae. Knowing that they were completely mis-managed by democrats, who also used these agencies to be their personal piggy banks. Of course, Criss Dodd being the #1 taker of funds & Obama being the # 2 money taker.

Obama/Biden tax plan. Now that's some lipstick on a pig!

PROOF PLEASE, on Obama's plans to raise social security taxes on the poor/middle class..... as YOU SAID.

But, Obama is not going to stop here with his tax plan. He plans on raising the payroll tax, that we all pay--Social Security & Medicare taxes. On lower incomes this will be a huge increase,

Let's see Obama's plan to raise social security taxes ON ALL OF US....

I believe you are quite mistaken....

if you were to say that Obama and the democrats have plans to lift the cap on social security taxes of 98k or raise the cap from $98k to something higher, i would say that would be correct. But for you to say that he plans on raising SS taxes for the middle class or the poor, you are wrong.

 

[jschuck12001]

PROOF PLEASE, on Obama's plans to raise social security taxes on the poor/middle class..... as YOU SAID.



Let's see Obama's plan to raise social security taxes ON ALL OF US....

I believe you are quite mistaken....

if you were to say that Obama and the democrats have plans to lift the cap on social security taxes of 98k or raise the cap from $98k to something higher, i would say that would be correct. But for you to say that he plans on raising SS taxes for the middle class or the poor, you are wrong.

Yea, this is way off, he wants to exempt the elderly from paying taxes at all and give a $500-$1000 tax credit to those with incomes under $50,000.00. I dont see where people are coming up with these numbers.

 

[editec]

Yea, this is way off, he wants to exempt the elderly from paying taxes at all and give a $500-$1000 tax credit to those with incomes under $50,000.00. I dont see where people are coming up with these numbers.

Rush Limbough?

 

[nia588]

This is not socialism it's common sense. It just doesn't make sense to tax the middle class but not the rich. the rich can afford to pay higher taxes it doesn't hurt them at all. but this country cannot keep on depending on the middle class to keep on paying taxes. the rich have to start picking up the tab as well

 

[HoleInTheVoid]

Yeah, and THAT is exactly why FREE TRADE as currently practiced is a terrible policy for the USA overall.

What have we lost now, thanks to this goofy policy?

Thirty million jobs or so?

And we wonder why the middle class isn't paying its fair share of the tax burden?

Idiots running the show ought to be taken out and shot.

There are only 300 million people in the US. If every single one of them were of working age that would make the unemployment rate 10%. Obviously they aren't and the unemployment rate isn't anywhere near 10% or even EU levels.

So obviously:

1. you swallow whatever you masters shove into your mouth

2. if 30 million jobs were lost they were replaced

 

[jschuck12001]

There are only 300 million people in the US. If every single one of them were of working age that would make the unemployment rate 10%. Obviously they aren't and the unemployment rate isn't anywhere near 10% or even EU levels.

So obviously:

1. you swallow whatever you masters shove into your mouth

2. if 30 million jobs were lost they were replaced

The unemployment rate was 6.1% last month and bet your ass it will go up for the current month. Its at 7.1% in my state so we are not that far away.

 

[strollingbones]

a wise man once said... "patriots pay taxes grudingly"