How Much More In Taxes Do Dems Want?

Discussion in 'Politics' started by red states rule, Jan 31, 2007.

  1. red states rule
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    red states rule Senior Member

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    The Dems are screaming that tax increases are needed. I want to know why and how much

    The Bush tax cuts are increasing revenue to the government. The cuts took the US out of the Clinton recession. The annual budget deficit is shrinking, the economy is growing, and it all because of the Bush tax cuts

    Do Dems want to go back to the tax rates of JFK where the top rate was 90%?

    Or Peanut Carter where the top rate was 70%?

    Remember the top 1% of wage earners currently pay 34% of all federal income taxes

    The top 5% pay 54% ; the top 10% pay 65%; and the top 50% pay 96%

    How much more in taxes do Dems want these people to pay and why?
     
  2. Hobbit
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    Hobbit Senior Member

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    The Dems want to shift the entire tax burden to a minority of citizens. Right now, 50% pay 96% of the taxes. When 45% pay 100% of the taxes, the Dems will have hit their number. At that level, all they have to do is keep taxing the minority and slide through power through the untaxed majority, on which they will spend all of that tax money. The extra 5% margin will take care of crossover voters and non-voters.
     
  3. red states rule
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    red states rule Senior Member

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    It is Dems genes to raise taxes, increase government regulation, and to believe people can never make it in life without a government program
     
  4. red states rule
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    red states rule Senior Member

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    Didn't the Dems say how the Bush tax cuts would destroy the economy?


    Stocks Zoom After Fed Announcement
    Wednesday, January 31, 2007

    NEW YORK — Strong growth. Moderate inflation. And the Federal Reserve's apparent acknowledgement of a stellar economic picture. It all combined to send stocks soaring on Wednesday. The Dow Jones industrials climbed nearly 100 points to set another trading high, while the Russell 2000 index had its first close above 800.

    The Dow rose 98.38, or 0.79 percent, to 12,621.69. The Dow came with a few decimal points of a week-old closing high and set a new trading high of 12,657.02. The previous trading high set Jan. 24 was 12,623.45; the Dow's record close remains 12,621.77.

    Click here to visit FOXBusiness.com's Investing Center.

    Broader stock indicators also spurted higher. The Standard & Poor's 500 index rose 9.42, or 0.66 percent, to 1,438.24 and the Nasdaq composite index gained 15.29, or 0.62 percent, to finish at 2,463.93.

    The Fed, which issued its economic assessment as it decided to leave short-term interest rates unchanged at 5.25 percent, said recent indicators "suggested somewhat firmer economic growth" and tentative signs of stabilization in the housing market. Investors also appeared pleased by the central bank's comments that readings on core inflation had "improved modestly" in recent months.

    Wall Street had expected the Fed's Open Market Committee would leave short-term interest rates unchanged for the fifth straight meeting after a string of 17 straight increases that began in 2004. But investors had been uneasy about the central bank's economic assessment statement and whether it would indicate that policy makers were considering raising interest rates in the near future because the economy and/or inflation has been growing too fast.

    "They coupled a firmer economic growth scenario with the expectation of moderate growth and they expect the inflation outlook to be improving," John Miller, head of fund management at Nuveen Investments, said of the Fed. "I don't think it makes it any more likely that they would feel compelled to raise rates."

    The Fed's comments pushed the Russell 2000 index of smaller companies above the 800 mark to a record close; it finished up 2.37, or 0.30 percent, at 800.34. Its previous high was Tuesday.

    For the first month of the year, the Dow rose 1.27 percent, while the S&P gained 1.41 percent and the tech-dominated Nasdaq added 2.01 percent. Some on Wall Street are fond of noting that as the S&P 500 goes in January, so goes the year. The so-called January barometer has had only five major errors since 1950, for an accuracy rate of 91.1 percent, according to the Stock Trader's Almanac.

    Bond prices rose sharply following the Fed's statement, with the yield on the benchmark 10-year Treasury note falling to 4.82 percent from 4.88 percent late Tuesday. The dollar was mixed against other major currencies, while gold prices rose.

    Light, sweet crude settled up $1.17 at $58.14 per barrel on the New York Mercantile Exchange.

    "We knew the economy was producing better numbers over the past couple of months but they also acknowledged the improved outlook on inflation," Miller said. "I think the description does characterize a soft landing scenario, which appears to be unfolding."

    Stocks, which had been mixed on lighter-than-normal trading ahead of the rate decision, had found some support earlier Wednesday as the economy gave off fresh signs it could sidestep a sharp slowdown. The Commerce Department found the economy, as measured by gross domestic product, grew at 3.5 percent annual rate in the fourth quarter as consumers increased spending despite a pullback in the housing market. Wall Street expected an increase of 3 percent.

    "The GDP number was very good for both the stock and the bond markets because it showed better growth and less inflation," said Stuart G. Hoffman, chief economist for PNC Financial Services Group in Pittsburgh.

    The Commerce Department also said spending on construction projects fell 0.4 percent in December after rising 0.01 percent in November.

    In other economic news, the cost of hiring and retaining workers moderated in the fourth quarter, possibly easing some concern about wage inflation. Wages and benefits rose 0.8 percent in the fourth quarter, down from a 1 percent increase in the third quarter, the Labor Department reported.

    A weaker report came from the National Association of Purchasing Management-Chicago index of business conditions in the Midwest; it fell to 48.8 in January from 51.6 in December. A reading below 50 generally signals a pullback in the region's manufacturing, and this was the first time the reading had fallen below 50 since April 2003. The Chicago number is often viewed as an indicator of how the nation's overall manufacturing sector might be holding up. That report is due Thursday.

    Hoffman said the Wednesday's data illustrated a dichotomy for the economy. "Manufacturing activity is still pretty weak, particularly for autos, whereas the service economy is still quite strong
     

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