Obama Millionaire's Tax: President To Seek New Tax Rate For Wealthy

[The T]

Increase consumer spending.

OK, I see the problem.
Let me walk you through this.
Consumer spending does not create jobs. Gerald Ford sent $300 checks to people to help with the recession. It didnt work. George Bush sent $600 checks to people to help with the recession (A Democrat idea, btw). That didnt work either. Obama pushed a stimulus bill that had temporary tax breaks etc to "get money into people's hands" to help with the recession. That didnt work either.
So we've had 30 years of failed policies of government putting money in people's hands so they will spend it to stimulate the economy. They don't work.
They don't work because that money has to come from someplace. That someplace is increased taxes or borrowing. So the money is taken out of the economy before it is put back in. But it isn't an even taking because there is the "toll for the troll" the cost to administer all this.
The gov't is under the mistaken impression that there is a "mulitplier effect" from gov't spending. But the multiplier turns out to be less than 1. Meaning that every dollar spent by the gov't produces less than a dollar of GDP.
What does grow the economy and create jobs are tax cuts at the margin that are permanent, and encourage work, savings, and investment.
If a guy works for $8/hr telling him he can get an extra .05 if he works another hour isn't much of an incentive. If a guy works for $1500/hr the extra $100 will be an incentive. More work means more output, means more demand. And that is how the economy grows. Not by "putting money into people's hands."

Consumer spending does help with the economy, but when people have bills to meet and maintain life they don't spend when the economy is bad they save or pay their bills.

'Disposable income' is fast becoming very rare thanks to Obama and the Statists.

 

[syrenn]

WASHINGTON -- President Barack Obama is expected to seek a new base tax rate for the wealthy to ensure that millionaires pay at least at the same percentage as middle income taxpayers.

A White House official said the proposal would be included in the president's proposal for long term deficit reduction that he will announce Monday. The official spoke anonymously because the plan has not been officially announced.

Obama is going to call it the "Buffett Rule" for Warren Buffett, the billionaire investor who has complained that rich people like him pay a smaller share of their income in federal taxes than middle-class taxpayers.

Buffett wrote in a New York Times op-ed piece last month that he and his rich friends "have been coddled long enough by a billionaire-friendly Congress."

The measure would be in addition to $447 billion in new tax revenue that Obama is seeking to pay for his short-term spending and tax cutting plan to jump start the economy.

House Speaker John Boehner said Thursday he would oppose tax increases to reduce the deficit. Boehner has urged Congress' deficit "supercommittee" to lay the groundwork for a broad overhaul of the U.S. tax code.

The panel has almost unlimited authority to recommend changes in federal spending and taxes and is working against a deadline of Nov. 23.

Obama Millionaire's Tax: President To Seek New Tax Rate For Wealthy














brick wall,,, meeet head.

For once he has a good idea.

"Millionaires and Billionaires" .... good. Not this 250K shit.

 

[Cuyo]

WASHINGTON -- President Barack Obama is expected to seek a new base tax rate for the wealthy to ensure that millionaires pay at least at the same percentage as middle income taxpayers.

A White House official said the proposal would be included in the president's proposal for long term deficit reduction that he will announce Monday. The official spoke anonymously because the plan has not been officially announced.

Obama is going to call it the "Buffett Rule" for Warren Buffett, the billionaire investor who has complained that rich people like him pay a smaller share of their income in federal taxes than middle-class taxpayers.

Buffett wrote in a New York Times op-ed piece last month that he and his rich friends "have been coddled long enough by a billionaire-friendly Congress."

The measure would be in addition to $447 billion in new tax revenue that Obama is seeking to pay for his short-term spending and tax cutting plan to jump start the economy.

House Speaker John Boehner said Thursday he would oppose tax increases to reduce the deficit. Boehner has urged Congress' deficit "supercommittee" to lay the groundwork for a broad overhaul of the U.S. tax code.

The panel has almost unlimited authority to recommend changes in federal spending and taxes and is working against a deadline of Nov. 23.

Obama Millionaire's Tax: President To Seek New Tax Rate For Wealthy














brick wall,,, meeet head.

For once he has a good idea.

"Millionaires and Billionaires" .... good. Not this 250K shit.

The 250k figure is somewhat misleading in and of itself.

Even under Dems' most aggressive proposals, a person making 250k on the button would not have seen any tax increase. A person making 500k would have only seen an additional $9,000.00 in taxes.

Just sayin.

 

[bigrebnc1775]

OK, let me help you.
What is this temporary tax break supposed to do to help grow the economy and create jobs?

Increase consumer spending.

So what went wrong with the payroll tax cut that started last year?

I splurged
I bought a happy meal with it.

 

[Cuyo]

Increase consumer spending.

So what went wrong with the payroll tax cut that started last year?

I splurged
I bought a happy meal with it.

That's rough... You must have a really shitty job dude.

 

[bigrebnc1775]

So what went wrong with the payroll tax cut that started last year?

I splurged
I bought a happy meal with it.

That's rough... You must have a really shitty job dude.

Thats what I got with obama's stimulus money

 

[The T]

Increase consumer spending.

So what went wrong with the payroll tax cut that started last year?

I splurged
I bought a happy meal with it.

And it wasn't Obama's...it was a continuation of Bushs' cuts that he was forced to agree with...which is now moot. Obama wants it gone.

 

[bigrebnc1775]

So what went wrong with the payroll tax cut that started last year?

I splurged
I bought a happy meal with it.

And it wasn't Obama's...it was a continuation of Bushs' cuts that he was forced to agree with...which is now moot. Obama wants it gone.

obama bush is there really a difference?

 

[Meister]

So what went wrong with the payroll tax cut that started last year?

I splurged
I bought a happy meal with it.

That's rough... You must have a really shitty job dude.

At least it's a job and not sucking off the teet of the government.

 

[Dr Grump]

I splurged
I bought a happy meal with it.

That's rough... You must have a really shitty job dude.

At least it's a job and not sucking off the teet of the government.

Although I did see on one news programme in the US that food banks used to get 20 people a day, now they're getting 20 people an hour - and some of them have jobs. Just don't pay enough to pay the bills....

 

[Toddsterpatriot]

I thought he was trying to create jobs.

He is trying to create one job. His.

I'm pretty sure the job of President has already been created.

Is there a difference between created and saved?

 

[oreo]

Sounds like he's proposing a new AMT for the rich so their loopholes don't allow them to pay a lower percentage of taxes than the rest of us.

I don't really have a problem with that but the AMT as it is now hurts the middle class.

The ENTIRE tax code needs to be overhauled. I have to agree with Paul Ryan on this issue--eliminate the loop-holes--cut the subsidies--and you don't have to raise taxes on anyone--in fact you can lower existing tax rates for everyone by doing this--while increasing the tax revenue base--and stimulating the economy at the same time.

His plan will be on paper within the next week.

 

[editec]

Sounds like he's proposing a new AMT for the rich so their loopholes don't allow them to pay a lower percentage of taxes than the rest of us.

I don't really have a problem with that but the AMT as it is now hurts the middle class.

The ENTIRE tax code needs to be overhauled. I have to agree with Paul Ryan on this issue--eliminate the loop-holes--cut the subsidies--and you don't have to raise taxes on anyone--in fact you can lower existing tax rates for everyone by doing this--while increasing the tax revenue base--and stimulating the economy at the same time.

His plan will be on paper within the next week.

What "loop-holes" would you suggest we cut, Oreo?

 

[The Rabbi]

Sounds like he's proposing a new AMT for the rich so their loopholes don't allow them to pay a lower percentage of taxes than the rest of us.

I don't really have a problem with that but the AMT as it is now hurts the middle class.

The ENTIRE tax code needs to be overhauled. I have to agree with Paul Ryan on this issue--eliminate the loop-holes--cut the subsidies--and you don't have to raise taxes on anyone--in fact you can lower existing tax rates for everyone by doing this--while increasing the tax revenue base--and stimulating the economy at the same time.

His plan will be on paper within the next week.

What "loop-holes" would you suggest we cut, Oreo?

Not speaking for Oreo here, but
Cut mortgage rate deduction.
Cut medical expenses deduction
Cut corporate deduction for health care

THat would be a good start right there.

 

[Meister]

The ENTIRE tax code needs to be overhauled. I have to agree with Paul Ryan on this issue--eliminate the loop-holes--cut the subsidies--and you don't have to raise taxes on anyone--in fact you can lower existing tax rates for everyone by doing this--while increasing the tax revenue base--and stimulating the economy at the same time.

His plan will be on paper within the next week.

What "loop-holes" would you suggest we cut, Oreo?

Not speaking for Oreo here, but
Cut mortgage rate deduction.
Cut medical expenses deduction
Cut corporate deduction for health care

THat would be a good start right there.

Get rid of the "standard deduction", also.

That will go over well with the liberal "middle class".

 

[Meister]

That's rough... You must have a really shitty job dude.

At least it's a job and not sucking off the teet of the government.

Although I did see on one news programme in the US that food banks used to get 20 people a day, now they're getting 20 people an hour - and some of them have jobs. Just don't pay enough to pay the bills....

Help at the food bank vs. welfare? I'll take help at the food bank.

 

[editec]

The ENTIRE tax code needs to be overhauled. I have to agree with Paul Ryan on this issue--eliminate the loop-holes--cut the subsidies--and you don't have to raise taxes on anyone--in fact you can lower existing tax rates for everyone by doing this--while increasing the tax revenue base--and stimulating the economy at the same time.

His plan will be on paper within the next week.

What "loop-holes" would you suggest we cut, Oreo?

Not speaking for Oreo here, but
Cut mortgage rate deduction.
Cut medical expenses deduction
Cut corporate deduction for health care

THat would be a good start right there.

Any idea how much money that would generate for the FEDERAL government?

And, do you think that the problem this economy is facing is that it has too much money in circulation?

I don't.

That why I continue to think that raising anybody's taxes right now is a bad idea.

 

[editec]

What "loop-holes" would you suggest we cut, Oreo?

Not speaking for Oreo here, but
Cut mortgage rate deduction.
Cut medical expenses deduction
Cut corporate deduction for health care

THat would be a good start right there.

Get rid of the "standard deduction", also.

That will go over well with the liberal "middle class".

Oh yeah, that'll certainly drive many people who currently pay nothing or pay very little into the taxpayer status, that's for damned sure.

Do you think that will help this economy?

 

[Meister]

Not speaking for Oreo here, but
Cut mortgage rate deduction.
Cut medical expenses deduction
Cut corporate deduction for health care

THat would be a good start right there.

Get rid of the "standard deduction", also.

That will go over well with the liberal "middle class".

Oh yeah, that'll certainly drive many people who currently pay nothing or pay very little into the taxpayer status, that's for damned sure.

Do you think that will help this economy?

I knew it would touch a nerve with the left.

Most deductions are NOT with corporations, most deductions are for the taxpayer.
I hear the left saying that they want to get rid of the deductions for the wealthy, if they do that, they get rid of the deductions for themselves. Unless you want another layer of tax codes which is exactly what got us in the friggin tax mess anyways

 

[The Rabbi]

Get rid of the "standard deduction", also.

That will go over well with the liberal "middle class".

Oh yeah, that'll certainly drive many people who currently pay nothing or pay very little into the taxpayer status, that's for damned sure.

Do you think that will help this economy?

I knew it would touch a nerve with the left.

Most deductions are NOT with corporations, most deductions are for the taxpayer.
I hear the left saying that they want to get rid of the deductions for the wealthy, if they do that, they get rid of the deductions for themselves. Unless you want another layer of tax codes which is exactly what got us in the friggin tax mess anyways

The best idea I've heard in terms of simplicity is to scrap the standard tax code and everyone pays according to the AMT.