Degenerate's Tax the Rich Fixation

Discussion in 'Politics' started by LogikAndReazon, Nov 13, 2012.

  1. LogikAndReazon
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    LogikAndReazon Gold Member

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    Raising taxes on the rich was the cornerstone of President Obama’s reelection campaign. “If we’re serious about reducing the deficit,” Obama told a rally in Columbus, Ohio, on election day, “we’ve got to ask the wealthiest Americans to go back to the tax rates they paid when Bill Clinton was in office.”

    But just how much deficit reduction would Obama’s tax hikes on the rich necessarily accomplish?

    Nothing, according to the Congressional Budget Office.

    Letting tax rates rise to Clinton era levels for those families making over $250,000 a year would only raise $824 billion over ten years. That is not even enough revenue to undo the sequester that Obama promised “will not happen” during his final debate with Mitt Romney....

    How much deficit reduction would Obama
     
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  2. jwoodie
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    jwoodie Gold Member Supporting Member

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    In anticipation of the standard retort that previous U.S. economies have grown under higher tax rates, please explain the economic theory which supports this alleged correlation and why we shouldn't raise taxes on the rich to 90% or even 100% in order to reap even greater tax revenues.
     
  3. DiamondDave
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    DiamondDave Army Vet

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    Many of us have said all along that his attack plan was bullshit and that if middle classers are voting for Obamalama, they will eventually rue the day because their taxes will have to go up for Obamalama's freebie fixation... And you think he wants a candidate of the REPs in 2016 to say 'I told you so' and point to 20-25T in debt? Nope... So he will indeed raise taxes on everyone in the middle class, but sneakily try and mask it as something else
     
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  4. Koios
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    Koios Recreational Kibitzer

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    It has other impacts besides the direct revenue:

    1. It's an historical fact that growth (+ GDP) is higher when tax rates are higher; the reason is its "redistributive effect," a vital component in modern econmies, the world over. Money at the top tends to stagnate, whereas when it's re-distributed it moves rapidly through the economy, in what are called "high monetary velocity points." Increase growth by a percentage point or two, and the impact on revenue is substantial.

    2. The calculation focuses only on income from Labor (about 2/3rds) and ignores the impact on income from Capital (1/3) which also need to be increased at the same time, progressively.

    FWIW
     
  5. Skull Pilot
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    Skull Pilot Platinum Member

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    So you're fine with the taxes going up on everyone and the ending of tax credits for buying cars, the earned income tax credit etc etc?

    If you're pining for the good old days of higher taxes then just make sure you're including everyone.
     
  6. LogikAndReazon
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    LogikAndReazon Gold Member

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    Just think of the velocity and growth the economy could have with 90% income and capital gains tax rates ..... LOL
     
  7. WillowTree
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    WillowTree Diamond Member

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    obummie has the unions in fo lunch today.. he's got big plans,,, tomorrow? the big business men who kiss his butt, like GE,, the next day,, a bilateral meeting with the gop and demoncrap leaders,, know who's left out? take a guess?



    Small business owners.







    heeeee fucking heeeeeee.
     
  8. Chris
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    Chris Gold Member

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    The 400 highest-earning taxpayers in the U.S. reported a record $105 billion in total adjusted gross income in 2006, but they paid just $18 billion in tax, new Internal Revenue Service figures show. That works out to an average federal income tax bite of 17%--the lowest rate paid by the richest 400 during the 15-year period covered by the IRS statistics.
     
  9. Chris
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    Chris Gold Member

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    There was, in fact, only one time that capital gains were taxed at the same rates that were paid by people who earned their money by working. That was during the years 1988 to 1990, as a result of the Tax Reform Act of 1986 — a law championed by President Ronald Reagan.
     
  10. Chris
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    Chris Gold Member

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    " We're going to close the unproductive tax loopholes that allow some of the truly wealthy to avoid paying their fair share. In theory some of those loophole were understandable, but in practice, they sometimes made it possible for millionaires to pay nothing." ~ Ronald Reagan.
     

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