Hayes: We Are No Longer Able To Tax The Very Rich In Our Country

Discussion in 'Economy' started by Sallow, Jul 20, 2012.

  1. Sallow
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    Sallow The Big Bad Wolf. Supporting Member

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    The inconvenient truth is there is nothing illegal about Mitt Romney's tax returns. It's BAU. Hayes hits the nail on the head squarely with this. The very rich not only personally game the system, but they game it for others within their circle. They don't create wealth..the extract and horde it. The tax code was created by shills bought by the elite. And this economy is the economy they paid for..one in which labor has little or no power. This, perhaps, is the real lesson of history. Pooling money upward, eventually leads to the decline of society..almost every single time. No top heavy society survives for very long.

    Hayes: We Are No Longer Able To Tax The Very Rich In Our Country | RealClearPolitics
     
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  2. Trajan
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    Trajan conscientia mille testes

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    your synopsis lacks one important ingredient....logic as it pertains to how the wealth is assembled and used.

    there is no hoarding, because there is no finite amount of money. There fore you are conflating the issue.

    Romney can have a gazillion dollars in the Caymans, its means poopey. Your opportunity is not tied to what he or anyone has in their coffers.


    "Pooling money" ? NO, constructing barriers to business at the low end of the threshold does more to constrict and limit creation of wealth than any "hoarding".

    Now, if you want tax codes reworked and loopholes closed, sure, I can see that and I agree. We can tax them, all it takes is congress.
     
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  3. Katzndogz
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    Katzndogz Diamond Member

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    It's like libs believe that wealthy people like to have mountains of money so they can look at it. They are all Unca Scrooges, visting the vaults.

    The rich spend a lot of money. They buy some very expensive toys, support charitable causes because it gets their name in the paper. Bill Clinton found this out by instituting a luxury tax on mega toys like yachts. So the rich stopped buying yachts. Which hurt the yacht builders and suppliers. Clinton shortly had to rescind that tax.

    Los Angeles decided to overtax the luxury car market, finally making the rich who buy Ferraris and Porche's pay their fair share dammit! Now LA is proposing NO tax at all on luxury cars in a naked plea to please come back.

    If you really want to see the rich start hoarding money, start confiscatory taxes to force it out of them. Then there will be no taxes at all. Sort of like New York City is doing it.
     
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  4. Friends
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    Friends Gold Member

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    This is not a problem that can be solved by lower taxes, and less government. Unfortunately, many lower income whites who are angry about declining living standards would rather direct that anger horizontally and downward than upward. They would rather blame their economic decline on confiscatory taxes designed to pay for welfare checks for blacks than acknowledge that in an increasingly competitive economy they have little of value to offer an employer.
     
  5. Moonglow
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    Moonglow Diamond Member

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    How about reagans tax on gas guzzlers?
     
  6. Friends
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    Friends Gold Member

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    When the top tax rate was 94 percent the unemployment rate was 1.2 percent.

    Historical Top Tax Rate

    United States Unemployment Rate 1920–2010 — Infoplease.com

    I would rather the U.S. economy produce more goods most of us can afford, and fewer luxury goods.
     
  7. Moonglow
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    Moonglow Diamond Member

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    I am sure that the non scroodges feel good when they donate monies to charitiess for tax breaks. Yatchs are and investment, they are not like the poor buying a car. Rich people have financial planners, these planers try to hold all payouts to 8% of income, the rest is put into profit yealding accounts which hedges the 8%. So, no in retrospect the rich do not spend at the rate as poor to live.
     
  8. Moonglow
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    Moonglow Diamond Member

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    The UE will remain high as long as there is a trade deficit, the devaluation of the dollar is helping but it reduces purchasing power of US consumers. The problem is that the UScomsumers are not buying enough US goods, thus the Buy America or America first campaigns are being promoted by dems and repubs alike.
     
  9. Ariux
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    Ariux BANNED

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    This is true. We no longer tax the rich. The richest companies pay very little in taxes. The richest Americans pay very little in taxes. In 2010, Romney paid under 14% all federal taxes combined, which is very typical of the rich. The middle class pays about 25%.
     
  10. JWBooth
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    JWBooth Gold Member

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    As if this should be a revelation.

    [FONT=&quot]"When buying and selling are controlled by legislation, the first things to be bought and sold are legislators." - P. J. O'Rourke[/FONT]

    And who is best able to buy and sell legislators?
     
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