You cannot help the poor by destroying the rich.

Discussion in 'Politics' started by MikeFrank, Jul 16, 2011.

  1. MikeFrank
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    MikeFrank Member

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  2. EriktheRed
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    EriktheRed Eh...

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    You cannot fight hate by supporting a hater.
     
  3. C_Clayton_Jones
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    C_Clayton_Jones Diamond Member

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    No one says otherwise.

    And having ‘the rich’ pay taxes isn’t going to ‘destroy’ them.
     
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  4. California Girl
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    They're already paying.
     
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  5. MikeK
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    MikeK Gold Member

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    You need to understand that the pre-Reaganomics tax level didn't "destroy" the rich back then and it certainly won't "destroy" them now. It will simply make them a little less rich. Millionaires will still be millionaires.

    Your idea that adjusting the progressive tax rate will severely compromise anyone is based on right wing propaganda. The following list shows the tax rates that existed during the most prosperous and productive decades in our history, those between 1950 and 1980, when Reagan commenced the destruction of the middle class with a series of critical deregulations and tax reductions.

    The income tax rate of upper income levels:

    1950 - 91%

    1980 - 70%

    1985 - 50%

    1987 - 38%

    2004 - 35%

    http://www.taxfoundation.org/files/f...y-june2010.pdf



    The following list will give you a general idea of why the tax rate on corporations is in serious need of adjustment.

    1) Exxon Mobil – made $19 billion in profits in 2009. Exxon not only paid no federal income taxes, it actually received a $156 million rebate from the IRS, according to its SEC filings.

    2) Bank of America — received a $1.9 billion tax refund from the IRS last year, although it made $4.4 billion in profits and received a bailout from the Federal Reserve and the Treasury Department of nearly $1 trillion.

    3) General Electric — Over the past five years, GE made $26 billion in profits in the United States but still received a $4.1 billion refund from the IRS.

    4) Chevron — received a $19 million refund from the IRS last year after it made $10 billion in profits in 2009.

    5) Boeing — received a $30 billion contract from the Pentagon to build 179 airborne tankers, got a $124 million refund from the IRS last year.

    6) Valero Energy — the 25th largest company in America with $68 billion in sales last year received a $157 million tax refund check from the IRS and, over the past three years, has received a $134 million tax break from the oil and gas manufacturing tax deduction.

    7) Goldman Sachs — in 2008 only paid 1.1 percent of its income in taxes even though it earned a profit of $2.3 billion and received an almost $800 billion from the Federal Reserve and U.S. Treasury Department.

    8) Citigroup — last year made more than $4 billion in profits but paid no federal income taxes. It received a $2.5 trillion bailout from the Federal Reserve and U.S. Treasury.

    9) ConocoPhillips — the fifth largest oil company in the United States, made $16 billion in profits from 2007 through 2009, but received $451 million in tax breaks through the oil and gas manufacturing deduction.

    10) Carnival Cruise Lines — Over the past five years, it made more than $11 billion in profits, but its federal income tax rate during those years was just 1.1 percent.
     
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  6. Antiderivative
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    The rich are destroying this nation. (Not all of them and many provide wonderful services that have increase the standard of living).

    Nonetheless, we are no longer a representative democracy, but a lobbyist democracy. Our country is run rampant with crony capitalism and political favoritism. American republicanism now a plutocracy--a government bought and paid for by the uber rich.

    Sadly, this doesn't stop rw kooks to think that the uber rich are the most victimized segment in our society.
     
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  7. logical4u
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    logical4u citizen

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    Obama plan: Trickle up poverty

    First it hits the poor (many of those that voted for him)
    Then it hits the lower middle class (many of those that voted for him)
    Then it hits the middle, middle class (many of those that voted for him)
    Then it hits the upper middle class (the people that use their disposable income to fuel the economy)
    Then it hits the lower wealthy (the people that create a huge percentage of the jobs in this country)
    Then it hits the middle wealthy (many of those that voted for him)
    Then it never hits the upper wealthy (because their wealth is not in "income")

    And the same people that are worse off now than they were when they elected Obama, will vote for him again, because the truth that they were lied to and used is just too hard to accept.
     
  8. shintao
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    You cannot strengthen the weak by weakening the strong.
    You cannot bring about prosperity by discouraging thrift.
     
  9. shintao
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    I think we should all pay the same amount of taxes. Whatever the poorest among us can afford to pay, is what we should all pay in taxes. That is true equality and fairness.
     
  10. hellofromwarsaw
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    You're a brainwashed Foxbot. The rich have doubled to quadrupled their wealth under voodoo economics, while our nonrich are squashed, college and health systems' costs skyrocket and infrastructure collapses. We're turning into a banana republic, while Australia has a 15 dollar minimum wage. TY Pub Propaganda Machine and lyin' Pubs..
     
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