Dad2three
Gold Member
Arthur Laffer said quote: "We all want to increase tax rates on the rich. But we want to do it not by raising rates which won't work. We want to do it by lowering rates and broadening the base."
pay attention people like bripat9643 Oldstyle bedowin62 Toddsterpatriot Judicial review @ The rest of you
but "We all want to increase tax rates on the rich. But we want to do it not by raising rates..."?????
please, Supply siders, please explain
Arthur Laffer also said quote:
President Clinton "btw cut the capital gains tax rate dramatically. He got rid of capital gains taxes on owner-occupied homes, ah, for everyone. Ah, he also got rid of the tax on, on , ah retirees working, ah which was the group between 65 and 72 (years of age). Ah, he also put in welfare reform. He also cut government spending as a share of GDP by more than the next 4 best Presidents combined"President Clinton gets a lot of credit by a partisan who is not an ideological nincompoop in the way most are here.
Now:
Warren Buffet is in the top 1% but he's also in the top 1/10 of 1% and ....
Warren Buffet uses more tax breaks than most. If he paid a little less than $7,000,000 in taxes one year and he said his tax rate was 17.4% -- Buffet had adjusted gross income of $40,000,000 that year but --- his wealth increased from 40 billion to 50 billion -- he gave billions away to foundations. Using the Simon definition of income, add up what Buffet spent, what he gave away, and the increase in his wealth.
If you look at Buffets' income that year it was $12 billion --
Buffet paid $7,000,000 in taxes for --- a 6 one-hundreths of one percent tax rate on his actual income
Top 1% or the rich:
the rich (defined by top 1% = $380,000 a year -- a few years ago)
Then there are the super rich like Buffet
Should lower taxes across the board implementing a flat tax which is fairer than a variable tax where people who earn more get taxed a higher percentage. Not like the higher tax brackets actually end up paying those higher amounts anyway. Tax Code is thicker than the offspring of a Bible and metro phone book. Plus if in those higher tax brackets you're probably stashing your monies in offshore type refuges anyway. Any number of things cna be done to avoid ever paying anything close to the tax bracket you're in. Better then to have a lowe enough rate it's cost-ineffective to hire tax accountants to save ya money. More we tax the rich, more they leave US juridiction. So long as it's cost-effective for individuals and businesses to go to other countries, they will. If we want more tax revenue from business they have to be here. But they wont be if they're unfairly taxed.
MORE right wing nonsense. Individuals CAN'T LEGALLY evade taxes by going offshore
FUKK the Corps who don't want to play by the rules, change it so they CAN'T "create jobs" in the USA if they don't want to support US by evading taxes offshore!@!!
Think we could stop Corps from evading taxes IF they weren't ALLOWED access to the worlds largest economy?
BTW, Obama has proposed lowering the Corp tax from 35% to 28% of course the party of NO, refused, as well as getting the Dems "bring jobs home act" passed, which rewards Corps for bringing jobs back to the US