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 Subtle like a Nuclear Weapon! 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 Senior 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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    Midnight Marauder BANNED

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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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    Midnight Marauder BANNED

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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.
  11. Dont Taz Me Bro
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    Dont Taz Me Bro USMB Mod Staff Member Supporting Member

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    You understand the difference between wealth and income right? Raising income taxes will not come close to plugging the budget deficit for just one year.
  12. Mad Scientist
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    Mad Scientist Subtle like a Nuclear Weapon! Gold Supporting Member Supporting Member

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    The Lefties. "We must raise taxes on the wealthy because they can afford it!". Where have you been? :confused:
  13. NYcarbineer
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    NYcarbineer Gold Member

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    This has become the desperate fallacy settled on by the lackeys for the Rich,

    that if they can't solve the entire problem then the Rich ought to be exempt from ANY sacrifice to solve the problem.

    It's idiocy.
  14. MarcATL
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    MarcATL VIP Member

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    Yes...see the Clinton era. And other previous eras where the tax rate was high and the country was doing great.
  15. edthecynic
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    edthecynic Censored for Cynicism

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    Yes, wealth, like capital assets, remain untaxed accumulating value, like an unlimited IRA, until they are sold. And when they are sold they are taxed at a lower rate than wages. Lyin' Ryan wants to eliminate all capital gains taxes so wealth will not be taxed even after it's sold making it even better than an IRA.
    I say, in a "Capitalistic" system we should tax that capital gain!!!
  16. NYcarbineer
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    NYcarbineer Gold Member

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    No, that's not what the OP says.

    The OP claims that people are claiming that taxing the Rich and doing nothing else can balance the budget.

    I want to know who claims that.
  17. Zoom-boing
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    Zoom-boing Gold Member

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    Ok I just am not getting why they don't cut spending. I mean REALLY cut spending. Both sides have their 'do not touch' lists. Ok. And? Why doesn't each side sit down and formulate a plan to cut say 1T from their 'do not touch' lists? Both sides, just do it. Why can't they act like adults and do the job that needs to be done instead of all the sniping and sniveling? And that goes for Barry as well. I've never seen a president behave less presidential. Everything is still Bush's fault is still the Republicans fault is still someone else's fault. When is he going to grow a pair and take fucking charge instead of campaigning and blaming? I know, I ask for a lot from a president. :rolleyes: I am so sick of this shit. Maybe they do need to raise taxes. Ok. But NOTHING will get accomplished unless they drastically CUT THE SPENDING. What part of 'WE ARE BROKE' is beyond their grasp?
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  18. Vanquish
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    Vanquish Vanquisher of shills

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    How about we do BOTH?

    Cut spending AND tax more. It's the only REAL solution when you finally get honest with yourself.
    Just cutting back is going to get you X$. Cutting back AND raising taxes gets you X$ + maybe even X*2 or X*5.

    I'm having to pay a lot of taxes this year and it sucks, but doing both is the only way our deficit AND our national debt will ever get corrected.

    Why wont people accept doing BOTH as the solution??
  19. MarcATL
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    MarcATL VIP Member

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    The Left has already collectively accepted this as THE solution.

    Only the RIGHT is being STUBBORNLY partisan and ideological like the radicals that they are, threatening the stability of the country along the way.
  20. Mr. Shaman
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    Mr. Shaman Senior Member

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    If more o' you Teabaggers (here) were of voting-age.....or, could show proof of a High School Diploma....you'd know that another round o' Clintonomics is the exact-cure, for another BUSH ECONOMIC-DEBACLE!!!!

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