Can We Tax The Rich Enough To Get Out Of Debt?

Discussion in 'Politics' started by Mad Scientist, Apr 20, 2011.

  1. Mad Scientist
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    Mad Scientist "Remain Calm People!" Gold Supporting Member Supporting Member

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    Seeing as the budget shortfall is 1.5 Trillion just this year alone, how much more should we tax the "evil rich" so that government can balance the books?
    Can We Tax The Rich Enough To Get Out Of Debt? | Tarheel Red
    If confiscating all of their money won't balance the books, then why do some say just raising their taxes would do it? :confused:
     
  2. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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  3. Midnight Marauder
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    We must confiscate ALL THEIR ACCUMULATED WEALTH GOING BACK 10 YEARS as well as ALL WAGES FOR SAME TIME PERIOD.

    Of course, this won't make a dent in the national debt, which is a different animal entirely from the annual budget. National debt is running around 14 trillion.....

    BUT.... We'll all feel better hosing "the rich."
     
  4. ScreamingEagle
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    ScreamingEagle Gold Member

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    Barack Obama told the nation last Wednesday that “improvements” in Medicare and hiking taxes on the wealthy would stabilize government spending and bring deficit spending to what can charitably be described as a dull roar. The Wall Street Journal does some fact checking on these claims and finds them entirely false. Even if the “rich” gets defined down to the top 10% of filers — whose average annual household income is $114,000 — the level of revenue from even a 100% tax would still not close the budget gap:

    WSJ shows taxing the rich won’t cover the bill « Hot Air
     
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  5. edthecynic
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    edthecynic Censored for Cynicism

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    You've been had again.
    The top 1% have over $20 trillion in wealth. Capital assets like stocks are not included in the figures CON$ use to calculate the money of the rich. Taxing that wealth at 7.5% will cover the deficit. Is a 7.5%wealth tax on the top 1% too much to ask for the country that protects their right to private ownership. Hell, a 10% wealth tax on the top 1% would not only eliminate the deficit, but also would eliminate the national debt in 30 years, that's more than either Obama's or Ryan's plan does.
     
    Last edited: Apr 20, 2011
  6. Midnight Marauder
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    See ya'll? What did I just get done posting?
    :lol::lol::lol::lol::lol::lol:
     
  7. NYcarbineer
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    NYcarbineer Gold Member

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    Who says that?
     
  8. edthecynic
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    edthecynic Censored for Cynicism

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    I misposted, it's $20 TRILLION!!!
     
  9. Midnight Marauder
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    Yeah but you got the wealth part of the equation correct! :rofl:
     
  10. Claudette
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    Claudette Gold Member

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    No more rich?? Who is going to pay the majority of the Fed taxes that they pay righ now?? Remember that 40-50% that pay for nothing?? It ain't gonna be them..

    You got it. The middle class. Hope our assholes are in good shape because we're gonna need em.
     

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