Biden: Wealthy Americans Must Pay More Taxes to Show Patriotism

[Jon]

as with the ''fair tax'' sanders, i could limit my spending and purchases....

Which is what you're doing now because you don't have that extra money in your pocket. What's the difference?

 

[Care4all]

So what goes up for him? Gas, insurance, and his net profits go down.

Okay we are talking about a symantics here. I know that after p&l deductions on business taxes your taxed on the gross amount minus p&l. I just used the term "GROSS RECIEPTS" like I always do. Of course it means after expenses. i.e tavel, operating cost, whatever. So if I caused confusion then my apologies. Thats why I give this crap to my accountant. *laughs* However, my point was, not that to begin with, my point is, that the tax itself is really meaningless, it was to simply point out that when you tax a business, it will be passed along to the consumer in another form. Si in essence that middle class tax cut, is negated by the rise in taxes on the business and the wealthy.

the only alternative would be to tax us in the ''middle'' more individually....and i DO NOT agree with such....you can't keep cutting taxes and borrowing the money to do such without hurting the middle class....it devalues the dollar, which DOES AFFECT everyone, by giving us LESS BUYING POWER with our dollar....same thing as a price hike....6 or 1/2 dozen, it hurts the middle class who are already in a crunch, just to maintain a living...

 

[Alpha1]

the only alternative would be to tax us in the ''middle'' more individually....and i DO NOT agree with such....you can't keep cutting taxes and borrowing the money to do such without hurting the middle class....it devalues the dollar, which DOES AFFECT everyone, by giving us LESS BUYING POWER with our dollar....same thing as a price hike....6 or 1/2 dozen, it hurts the middle class who are already in a crunch, just to maintain a living...

Now you're beginning to understand......no matter who the Dims is getting taxed, we all will affected in one way or another....so the answer is to not raise taxes at all on anyone if at all possible....

 

[Shadow]

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...

They just think they are going to get a nice stimulas check. What they cant or wont understand is that when Obama rolls back the child tax credit ,they will get a 50% cut on their income tax refunds. They actually get to pay themselves that stimulas check, while Obama laughs at what dupes they all are because they are actually gaining nothing.

 

[xsited1]

More class warfare and wealth redistribution from the loony left. Freedom-loving Americans are not surprised by this.

 

[Red Dawn]

Biden: Wealthy Americans Must Pay More Taxes to Show Patriotism


Damn straight.

Your president just took trillions of our tax dollars to bail out investment banks, multimillion dollar insurance companies, and various other Wall street tycoons.

Who's gonna pay for it? I'd say this bail out helped the most affluent among us, and they can help bear the burden of paying for it.

 

[oreo]

When taxes are raised on business-or corporations,-the first people who normally are going to get hurt are the employees. Benefits are cut, then salaries, then jobs.

 

[Jon]

When taxes are raised on business-or corporations,-the first people who normally are going to get hurt are the employees. Benefits are cut, then salaries, then jobs.

 

[oreo]

Wealth distribution has already been done, they are taking the money we, the working class, paid for Social Security and used it....to give the wealthiest an income tax cut...

REVERSE ROBINHOOD

Taking from the middle class and the poor who pay SS taxes on all that they make and giving it to the wealthiest in an income tax break....stealing from the middle and poor to feed the RICHEST among us!!!!

YEAH

WEALTH DISTRIBUTION if there ever was any..... sad!

In Reality we'll all be paying more taxes under Obama!

67% of the tax base in this country is already paid by the wealthy. Obama's plan to give a tax break to 95% of this country makes no sense, because only 60% actually pay income taxes.

Democrats, are very good at giving a tax breaks with the right hand while taking them away with the left.

Obama's plan on raising payroll taxes (social security & medicare taxes) will be a burden on everyone. Everyone pays this, including lower income people. It also adds a huge expense to employers who match these payments.

So this is how Obama will do it. It's really not rocket science, we all will be paying more in taxes under Obama's tax plan. Add to that an increase in capital gains tax on your investments--for kids college savings--retirement fund--401K's & we see that the entire middle class will be paying much more in taxes with Barack Obama as President.

Obama is also a very big spender. While he has been in the senate, not very long, he has asked for 98 million in pork barrel spending. And he is promising much more spending in the programs he is campaigning on.

 

[oreo]

Biden: Wealthy Americans Must Pay More Taxes to Show Patriotism


Damn straight.

Your president just took trillions of our tax dollars to bail out investment banks, multimillion dollar insurance companies, and various other Wall street tycoons.

Who's gonna pay for it? I'd say this bail out helped the most affluent among us, and they can help bear the burden of paying for it.

I think if you'll actually start listening to the news media--the facts are lining up that democrats ran Freddie Mac & Fannie Mae--in fact they used them as their personal piggy banks. Not to say that some Republicans are not at fault either, but this disaster is laid at the feet of democrats.

Democrats who believed that "everyone" should own a home in this country, regardless of their ability to pay the loan back

This has caused the domino effect on Wall Street & in other industries. No, I do not like bailing them out either. No one does.

When government gets involved in any industry this is what we can expect. Look at what they have done to the social security fund! If they would have kept their hands out of the till, social security would not have the financial problems it has today. This will be the next crash, mark my words.

Government is too big already. They need to stay the heck out of the private sector.

Government is not the solution, it's the problem! "Ronald Reagan"

 

[Care4all]

I think if you'll actually start listening to the news media--the facts are lining up that democrats ran Freddie Mac & Fannie Mae--in fact they used them as their personal piggy banks. Not to say that some Republicans are not at fault either, but this disaster is laid at the feet of democrats.

Democrats who believed that "everyone" should own a home in this country, regardless of their ability to pay the loan back

This has caused the domino effect on Wall Street & in other industries. No, I do not like bailing them out either. No one does.

When government gets involved in any industry this is what we can expect. Look at what they have done to the social security fund! If they would have kept their hands out of the till, social security would not have the financial problems it has today. This will be the next crash, mark my words.

Government is too big already. They need to stay the heck out of the private sector.

Government is not the solution, it's the problem! "Ronald Reagan"

no one in the gvt told the banks/thrifts to loan money to people that could NOT pay it back, the BANKS chose to do such, they chose to use the shotty financing that they created.....and were able to create because of the lack of oversight and lack of regulation....

MORE than 50% of the subprime loans were made by financial institutions that did not have the requirement to serve their full community....that came from legislation so how can you blame just one financial institution fannie/freddie? what happened to bear sterns, meryll.lehman, countrywide, bank of america, washington mutual, AIG....where do they fit in to your picture oreo?

No doubt Freddie/fannie and the lobbyist relationship is a PART of this, but the key is HOW DID THIS HAPPEN or how was it allowed to happen and where the hell has the SEC been?

I am just so frustrated that NO ONE, not one single person, can figure out how much this bail out will cost? Why can't the books be examined BEFORE a stupid bail out so that we can KNOW what the hell is REALLY going on?

this is just crazy....

care

 

[editec]

no one in the gvt told the banks/thrifts to loan money to people that could NOT pay it back, the BANKS chose to do such, they chose to use the shotty financing that they created.....and were able to create because of the lack of oversight and lack of regulation....

True enough! The originators of the loans were ALL private companies.

MORE than 50% of the subprime loans were made by financial institutions that did not have the requirement to serve their full community....that came from legislation so how can you blame just one financial institution fannie/freddie? what happened to bear sterns, meryll.lehman, countrywide, bank of america, washington mutual, AIG....where do they fit in to your picture oreo?

I'm not sure where oreo fits into the political spectrum, but the argument that if the private industry had been in charge this would not have happened is a conceit, that's for damned sure.

No doubt Freddie/fannie and the lobbyist relationship is a PART of this, but the key is HOW DID THIS HAPPEN or how was it allowed to happen and where the hell has the SEC been?

Greed, mostly.

I am just so frustrated that NO ONE, not one single person, can figure out how much this bail out will cost? Why can't the books be examined BEFORE a stupid bail out so that we can KNOW what the hell is REALLY going on?

We can't tell how much it will cost to bail them out because we don't know how many people will go belly up in their mortgages.

this is just crazy....

care

Tragedies of the commons typically are.

Every person involved was merely do what was best for them, and laisse fair economic theorists will insist that that always leads to good outcomes for everyone, yet the net effect in this case is going to turn out bad for everyone.

 

[jschuck12001]

here is who is responsible

1. Government, Congress, The Fed - Everybody says they knew there was a problem but nobody did anything. If you dont regulate and let loans fund with 55% debt ratio's and you let brokers state self employed incomes for jobs like lawn mowing services at 10k a month you will have fallout.

2. American people - for playing dumb, being greedy just like the banks and not taking responsibility for their financial mismanagement.

3.Brokers - they are unregulated and dont answer to anyone and they consistently committed fraud when it came to income docs and application data and they worked directly with 3rd party mortgage banks that promoted these actions.

4. Real estate agents - very greedy and pushy, just looking to get anyone in a house and they used their leverage against brokers to get things done or else you will lose business.

5. Appraisers- Many committed fraud and over valued homes and were in the pockets of the companies that gave them the most business and the highest premiums for their service.

6. The Big Banks - instead of using better judgement they were greedy just like everyone else and they used Government guidelines on income max, d/r max, and disposable income instead of being more conservative knowing that government regulations made for easy lending.

7. Wholesale subprime banks - these are the worst of them all, they were completely unethical and committed fraud on a daily basis and they worked directly with the broker world not the big banks or Fannie or Freddie, some of these banks were New Century, Argent, Freemont Investment, Accredited Home loans and there are about 60 more and they were funded by the big financial institutions that are now going bankrupt. THIS IS WHERE MOST OF THE PROBLEMS CAME FROM.

This is based on my 10 years of experience in the Mortgage Industry and I could give you 100's of other examples on each one I listed above I just dont feel like typing that much.

 

[Toro]

Well, considering that the Republicans have been completely incompetent at balancing the nation's books, its no surprise that Biden says that the rich are going to have to pay more in taxes. We're all going to have to pay more taxes because of the ridiculous policies of the Bush administration.