Dems War Against Prosperity

Discussion in 'Politics' started by red states rule, Jun 16, 2007.

  1. red states rule
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    red states rule Senior Member

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    Every two years, the Dems hit the trail with the same talking points. One set of talking points is how rotten the US economy is

    Even with records highs on Wall Street, low interest rates, near full employment, record home ownership, and a growing economy - Dems STILL keep pushing the doom and gloom fairy tails



    The Democratic War Against Prosperity Marches On
    By Lawrence Kudlow

    Democrats in Congress and on the presidential trail are intensifying their high-tax war against prosperity and the so-called rich. Their latest salvo includes more tax penalties on successful investors and entrepreneurs, such as a proposed 4.3 percent surtax on high-income earners and a tax assault on the private-equity buyout industry.

    The surtax allegedly would raise sufficient revenues to exempt middle-class folks from paying the alternative minimum tax. But the income threshold for this surtax has been alternatively suggested at $500,000, $200,000 or as low as $75,000 to $100,000, depending on the amount of new spending and earmarking envisioned by the Democratic Congress.

    Meanwhile, Democrats (and some Republicans) are taking aim at the booming private-equity buyout industry, especially the much-ballyhooed public offering of Steve Schwarzman's Blackstone Group. It seems these buyout guys are just too rich.


    Up to now, Blackstone's authoring statement had envisioned some kind of two-tiered tax plan, where ordinary corporate compensation would be taxed at the 35 percent corporate rate, while high-risk investment-fund profits would be taxed at the 15 percent cap-gains rate. But Sens. Max Baucus, D-Mon., and Charles Grassley, R-Iowa, want Blackstone to pay the much higher corporate tax on all its income.

    Normal salaries and income from straight-out financial services arguably should be taxed at the corporate rate. But the investment partnerships inside Blackstone constitute risk-taking. For example, if the risks don't pay off with profits, there is no income to be taxed. So, should the Baucus-Grassley plan set up a new multiple tax on capital, it would have negative consequences on economic growth while diminishing the economic clout for risk-taking.

    And this is just the start. The next step will be to raise the overall tax on private buyout partnerships, even though there's no intent to go public. Former Clinton Treasury Secretary Robert Rubin suggests more than doubling capital-gains taxes on these partnerships, telling a Washington conference that the lower rate on capital gains hasn't contributed one iota to the economy.

    For the complete article

    http://www.realclearpolitics.com/articles/2007/06/the_democratic_war_against_pro.html
     
  2. Dangerman
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    Dangerman Rookie

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    I'm a moderate, not affiliated with any party, and I must say you sure love that cocaine of yours.
     
  3. red states rule
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    red states rule Senior Member

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    Are you saying Dems do NOT want to raise taxes?
     
  4. SolarEnergy1
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    SolarEnergy1 Member

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    usually when they start out with "I'm a moderate" that usually means it's a lib IMHO
     
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  5. ScreamingEagle
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    ScreamingEagle Gold Member

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    like a "moderate" is someone who is for a surtax on incomes somewhere between $75,000 and $500,000...:rofl:
     
  6. Toro
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    Toro Diamond Member

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    That's silly.
     
  7. Hamiltonian
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    Hamiltonian Member

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    Normally when someone starts talking about class warfare, that person is a liberal too. However, here RSR is indicating the Democrats are waging a class war against the rich. This thread defies expectations ;)
     
  8. red states rule
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    red states rule Senior Member

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    Libs are always waging a class war against the producers. They have been doing it for over 40 years
     
  9. red states rule
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    red states rule Senior Member

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    or they say they are a progressive
     
  10. Hamiltonian
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    What if the top 25% of earners had to pay 67% of all taxes, do you think that is too much?
     

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