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

[Sallow]

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

 

[Trajan]

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.

 

[Katzndogz]

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.

 

[Friends]

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.

 

[Moonglow]

How about reagans tax on gas guzzlers?

 

[Friends]

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.

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.

 

[Moonglow]

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.

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.

 

[Moonglow]

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.

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.

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.

 

[Ariux]

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%.

 

[JWBooth]

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?

 

[Leweman]

Flat tax

 

[tjvh]

One day some people might find the solution is not with the rich who have more than they do, the solution is with they themselves changing their own work ethic, and reckless spending habits.

 

[Katzndogz]

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.

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.

You do know that this was during and immediately following WWII, right? If we had high taxes and low unemployment it was because we were the only country still standing and able to produce anything. We didn't have a better mousetrap, we had the ONLY mousetrap. We were booming in spite of high tax rates being the only market on the planet. Europe was a cinder, Japan was radioactive, China was a rice paddy, Communist Russia's collective produced nothing and it's own people lived on whatever potatoes they could scrounge up.

 

[JWBooth]

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.

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.

You do know that this was during and immediately following WWII, right? If we had high taxes and low unemployment it was because we were the only country still standing and able to produce anything. We didn't have a better mousetrap, we had the ONLY mousetrap. We were booming in spite of high tax rates being the only market on the planet. Europe was a cinder, Japan was radioactive, China was a rice paddy, Communist Russia's collective produced nothing and it's own people lived on whatever potatoes they could scrounge up.

damn those annoying facts

 

[Ariux]

One day some people might find the solution is not with the rich who have more than they do, the solution is with they themselves changing their own work ethic, and reckless spending habits.

Thanks for the thought, shithead. My finances are sound. But, I'm a little bothered to be paying a ton of taxes to finance the agenda of the rich, an agenda that the rich themselves aren't burdened with supporting.

If Washington DC is nuked with all the branches of government in session, shitheads like you and the liberal media will be crying, but I'll be celebrating.

 

[MikeK]

[...]

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

Hoarding means to accumulate and store or hide. Which has absolutely nothing to do with whether or not a nation's wealth potential is finite or infinite.

Romney can have a gazillion dollars in the Caymans, its means poopey.

It means he, like others who are excessively wealthy, are hoarding their wealth.

Your opportunity is not tied to what he or anyone has in their coffers.

It depends on how the hoarded wealth was accumulated. Many fortunes have been created via methods which have resulted in depriving others of jobs, pensions, and homes.

 

[Trajan]

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.

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.

your correlation doesn't hold water.


when FDR sent the rates back 'up' over 80% there were only 5 people in the country it effected. At 75% in 34 what was the unemployment rate and what was it again as it climbed back up 2 years later?

what you may want to look at is the spending, in the early 1960s we started blowing money out of a water hose; we put a man on the moon by creating a space prgm. from basically scratch, we enacted a huge social network prgm. and, we put over half a million men overseas in Vietnam and propped up south Vietnam at the same time.

We never ever recovered from the in place, stand alone structural costs like Vietnam and Nasa and, most especially the social prgms. whose budgets created tremendous ongoing costs and began to just run away as they were made permanent fixtures in the Federal budgets.

 

[Trajan]

[...]

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

Hoarding means to accumulate and store or hide. Which has absolutely nothing to do with whether or not a nation's wealth potential is finite or infinite.

then whats the point of mentioning it?

Romney can have a gazillion dollars in the Caymans, its means poopey.

It means he, like others who are excessively wealthy, are hoarding their wealth.

and so what? why does that even matter? see above.

Your opportunity is not tied to what he or anyone has in their coffers.

It depends on how the hoarded wealth was accumulated. Many fortunes have been created via methods which have resulted in depriving others of jobs, pensions, and homes.

so goes capitalism and creative destruction. no job or trade lasts forever hence people lose their jobs, pensions? News for you- the federal gov. has whats called Pension Benefit Guaranty Corp , the PBGC.

people lose homes for all sorts of reasons....if someone lost their home due to job loss then they didn't plan ahead or bought something ahead of their income or ability to maintain or extremely bad luck, shit happens. .


Of course it 'depends' on what you are talking specifically, if its your feeling corps are evil entities looking to fuck anyone they can out of their jobs, pensions, and homes, well you can always provide evidence as the systemic raping you appear to be alluding to.

 

[Ariux]

Flat tax

Leweman the Shithead thinks the solution to the rich paying very low rates is to give them a tax cut (flat tax: eliminate the higher tax brackets that already fail to pull the rich up to the same tax rate as the middle class), paid for by the middle-class.

 

[Widdekind]

Chris Hayes said:

"the taxes of ... wealthy people are bizarre, strange and alienating... they pay people a lot of money to game the system"

Wealthy people do not pay "no taxes"; they pay taxes to government, and fees to lawyers. How much people pay lawyers, instead of government, reveals how much they otherwise would have paid government, without those lawyers & their legal loopholes. If anybody is benefitting, then tax lawyers are benefitting.

Wealthy people have lots of money -- that is why they're called "wealthy", in the first place. They do not "owe" their money, to anybody else; any more (or less) than anybody else, "owes" them. The correct answer, for economic recovery, is entrepreneurial spirit, and innovating "the next sliced bread", that will be profitable for everybody, and worth wealthy people's money, to invest in. That "good idea" would recycle savings, back into the economy, as investment (S ---> I), generating jobs, and growing the economy.

(Taking wealthy people's money would be plundering. Plundering would redistribute money, to other people. Then they would be the ones with "more money than they know what to profitably do with". That wouldn't help the economy. Robbing banks would not generate jobs, growth, or improve productivity. "Fine, now you have all the money... so, what's your "good" idea to do with it all?" If wealthy people surrendered their "hoards" to everybody else, then much of the money would flow abroad, for cheap foreign imports. Anybody got any better ideas? No?)