Can We Tax The Rich Enough To Get Out Of Debt?

[ClosedCaption]

I read them. You need to read them in context. People are calling for taxing the rich as part of the solution to balance the budget. Show me where it says they are not calling for increased taxation on the rich for that purpose and then you have an argument.

exactly, so I'm wondering why you keep claiming that someone somewhere is claiming that taxing the rich WILL FIX the debt. The only thing ppl are saying is that it will HELP repair the debt faster. Are you disputing that? You have a link that shows ANYONE ANYWHERE is saying raising taxes WILL FIX the debt?

Do you honestly think it will help fix the debt? Honestly? We are so deep in debt that it wouldn't do squat even if you confiscated all of their wealth. We've got to quit spending. When you've maxed your credit card, you don't just move onto the next one in your wallet. Spending across the board needs to be cut from defense to welfare......and when I say cut, I mean cut. Deep. That is what individual people have to do and it is what governments need to do.

Yes, more money in and less money spent is how you get out of debt, right?

 

[syrenn]

Why is it that when a single woman has her 2nd, 3rd and 4th child she demands each time I have to pay for them no questions asked?
Why can't we end that?

The way i see it is that people without children should be getting the tax credit. They put no strain on the system.

IMO you should be able to afford children and not expect others to pay for your brood.

Respectfully, think real hard there about what you are claiming.
Without additional wage earners who is going to fund your social security and Medicare when you retire?
That would be CHILDREN.
But I do oppose tax credits of all kinds no matter what they are.

Respectfully, i dont think anyone is going to fund anything for me. Its bust as it is now. I am not claiming anything, i am giving my opinion on tax credits for children.

 

[mnbasketball]

How Much Money do Small Business Owners Make?

The truth is most small business owners would not be taxed or most of what they earn would not be taxed under Obama's system. The top 2% are not small business owners that is bringing in 500,000 to 100 million a year or more.

You guys spout this crap out of your asses that taxing the top 2% is going to somehow hurt job growth, yet these very same people have been getting an average 70,000 for over 2 million people each year. of the 600,000 corp started each year the average out of pocket investment is around 80,000. Of the 600.000 start up's only 200,000 employ any workers, 400,000 are started for tax purposes of lowering taxes.

Lets get real, we need to get rid of programs that don't work, and get rid of waste in programs that do. We need to think about what we do today and how we will pay for it in the future. But we also must think about what we do today as it effects those who most need help and how it affects those who retire.

I think increasing taxes, getting rid of write offs that aren't needed or fair. The next thing is bring back jobs that were sent overseas that have cost us our way of life.

 

[auditor0007]

Who says that?

The Lefties. "We must raise taxes on the wealthy because they can afford it!". Where have you been?

No, that's not what the OP says.

The OP claims that people are claiming that taxing the Rich and doing nothing else can balance the budget.

I want to know who claims that.

The right always uses this inane argument. It is blatantly untrue and they know it. They would rather make idiotic arguments about anything rather than actually working towards a real solution. And no, their solution of cutting $1.6 trillion in spending is not going to work. It's going to take significant cuts in spending, both short and long term as well as some tax increases. Nobody anywhere is suggesting we tax the rich at a 100% rate to balance the budget. The argument is childish and just wastes everyone's time.

 

[M14 Shooter]

The Lefties. "We must raise taxes on the wealthy because they can afford it!". Where have you been?

No, that's not what the OP says.

The OP claims that people are claiming that taxing the Rich and doing nothing else can balance the budget.

I want to know who claims that.

The right always uses this inane argument. It is blatantly untrue and they know it. They would rather make idiotic arguments about anything rather than actually working towards a real solution. And no, their solution of cutting $1.6 trillion in spending is not going to work. It's going to take significant cuts in spending, both short and long term as well as some tax increases. Nobody anywhere is suggesting we tax the rich at a 100% rate to balance the budget. The argument is childish and just wastes everyone's time.

Ever dollar you do not tax the rich means another dollar cut from entitlement spending.

 

[Truthseeker420]

It's not about how much you can get out of the rich,it's about no one should get a free ride on the backs of taxpayers. The rich corporations use the services that taxes provide(probaly more so) and they should pay their fair share.

 

[mnbasketball]

Definitely not.

It's a bad idea anyway. If you were rich would you want to have to be taxed more? Takes away incentive to be a profitable entity.

this pure BS and everyone knows it. People don't not make money because it's taxed too high, they will make as much as they can.

People who make large money sums use a lot more of what our system of govt provides than the ordinary person who just works for a weekly pay check or an Hr. wage.

We are here to make the system work for business, and in turn we have to cover much of the cost of government even though most of it is there because of businesses so they can use workers to make money.

 

[Avatar4321]

It's not about how much you can get out of the rich,it's about no one should get a free ride on the backs of taxpayers. The rich corporations use the services that taxes provide(probaly more so) and they should pay their fair share.

How on earth can you conclude that they don't already pay their fair share?

 

[Charles_Main]

A small increase in taxes under Clinton left us with a surplus.

So you don't think the Unprecedented Increase in the Rate of Economic Expansion fueled by the Tech Bubble had anything to do with it eh.

Oh the the Deficit was less than 10% of what it is today, then.

LOL

The tech bubble as you call it was brought on by massive amounts of INVESTMENT dollars pouring into the market.

Something the rightwing nuts like you like to claim can't happen AFTER you raise taxes.

Like me? I am hardly a right nut sir. I have never claimed investment can not happen if you raise taxes.

I would also point out that the Tech Bubble was an unprecedented event. The Amount of Opportunities the Internet and the Technologies for it presented was unrivaled since the Industrial Revolution in terms of sheer scope. It Would have taken a pretty draconian Capital Gains tax to slow that growth.

Today we have no Sector Driving unprecedented Growth in our economy. Today we are in pretty rough shape. As always we need to maintain a balance. I am not at all opposed to taxing Millionaires and Billionaires more. My problem is the Group Obama and the Libs like to target is made up of only about 20% Millionaire and Billionaires. the vast Majority of the People in the Group he wants to target are actually Individuals making about 200k or a tad more a year, or Couples making just over 250k. Which believe it or not is upper Middle Class people. Business owners, The Back bone of our economy.

So just because I am against what Obama wants to do, does not make me a right wing nut. In fact the very fact you feel the need to call me that tells me you might be the nut.

 

[Charles_Main]

Definitely not.

It's a bad idea anyway. If you were rich would you want to have to be taxed more? Takes away incentive to be a profitable entity.

this pure BS and everyone knows it. People don't not make money because it's taxed too high, they will make as much as they can.

People who make large money sums use a lot more of what our system of govt provides than the ordinary person who just works for a weekly pay check or an Hr. wage.

We are here to make the system work for business, and in turn we have to cover much of the cost of government even though most of it is there because of businesses so they can use workers to make money.

Please explain what you mean here? What are richer people using more of, that they do not pay for? What that the Government provides are you saying they use more of? The government did not provide their Wealth, they earned it. This is the fundamental Difference right here between how libs think and how conservatives do about taxes and the government. To put it simple. Libs think everything you own, all your wealth belongs to the state and you just get to have what they allow you to have. Conservatives believe the Government owns nothing when they take less of my money in taxes, they are not giving me something, they are simply taking less of what is mine and yours.

in 2010 the Government admits it paid out over 135 BILLION DOLLARS in incorrect Fraudulent Payments. Mostly threw Medicare/Caid. Fully 10% of the Deficit was just straight up stolen, and while the Government will attempt to get it back. The Truth is they will most likely spend more trying to get it back then they actually get back.

In 1 Fiscal year, the Government threw away 135 BILLION dollars, and that is just what they admit to. Yet you Libs wonder why we Fiscal Conservatives want to limit Government, and spending, and are usually against Large Government programs at the Federal Level. It is simply to easy for us to get fleeced at the Federal Level. Any Spending you can keep at the local level, is easier to keep and eye on. I would bet my next pay check the Federal government Wastes, or loses to fraud about 65 cents of every dollar we send it. Why on gods name would I want to send them more.

 

[auditor0007]

I read them. You need to read them in context. People are calling for taxing the rich as part of the solution to balance the budget. Show me where it says they are not calling for increased taxation on the rich for that purpose and then you have an argument.

exactly, so I'm wondering why you keep claiming that someone somewhere is claiming that taxing the rich WILL FIX the debt. The only thing ppl are saying is that it will HELP repair the debt faster. Are you disputing that? You have a link that shows ANYONE ANYWHERE is saying raising taxes WILL FIX the debt?

Do you honestly think it will help fix the debt? Honestly? We are so deep in debt that it wouldn't do squat even if you confiscated all of their wealth. We've got to quit spending. When you've maxed your credit card, you don't just move onto the next one in your wallet. Spending across the board needs to be cut from defense to welfare......and when I say cut, I mean cut. Deep. That is what individual people have to do and it is what governments need to do.

Okay, let's do it your way. Let's just eliminate Medicare and SS immediately. End them. Then let's see what happens. Hey, we'll have a balanced budget and we'll have done it without raising taxes. That's what you think will work, let's do it.

You don't want to raise taxes, and you want a balanced budget, so there it is. SS, Medicare and Medicaid cost us approximately $1.6 trillion. Let's get rid of them. Then everything will be just fine. And if you don't like the idea of cutting SS, leave it alone and cut all military spending. Just shut the entire military down, close the bases, send all of our enlistees their pink slips. Oh, and tell them they don't get their retirement, even if they earned it. We've got to cut somewhere, so maybe that is a good place.

Still don't like those ideas? Okay, lets cut every major department other than defense. Then we must still cut Medicare. We'll keep SS and our military, but everything else goes.

You keep telling us how we have to cut spending and that raising taxes is out of the question, even though we are paying the lowest tax rates in the last 60 to 70 years, but hey, they're still too high. So tell us all where you are going to cut $1.6 trillion. I want to see it. Show us, so we can get this budget balanced.

You're probably going to come back and tell me that we only need to cut a little if we cut taxes more, because cutting taxes will raise revenues.

 

[auditor0007]

Why is it that when a single woman has her 2nd, 3rd and 4th child she demands each time I have to pay for them no questions asked?
Why can't we end that?

The way i see it is that people without children should be getting the tax credit. They put no strain on the system.

IMO you should be able to afford children and not expect others to pay for your brood.

Seriously? You would like to see us with a diminishing population? Really? There is a reason the Japanese government is paying couples to have kids. Damn, I can't believe some of the stupid shit I read on this board.

 

[Truthseeker420]

It's not about how much you can get out of the rich,it's about no one should get a free ride on the backs of taxpayers. The rich corporations use the services that taxes provide(probaly more so) and they should pay their fair share.

How on earth can you conclude that they don't already pay their fair share?

Most firms pay no income taxes - Congress
Study finds that the majority of domestic and foreign corporations in the United States avoid paying federal income taxesMajority of corporations avoid federal income taxes - study - Aug. 12, 2008



[ame=http://www.youtube.com/watch?v=QLD0p1QpcI8&feature=fvwrel]YouTube - TAXES: Warren Buffett - Rich Taxed Too Little, Poor Too Much[/ame]

 

[mnbasketball]

The Most Heavily Taxed Countries In The World

 

[Meister]

It's not about how much you can get out of the rich,it's about no one should get a free ride on the backs of taxpayers. The rich corporations use the services that taxes provide(probaly more so) and they should pay their fair share.

How on earth can you conclude that they don't already pay their fair share?

Most firms pay no income taxes - Congress
Study finds that the majority of domestic and foreign corporations in the United States avoid paying federal income taxesMajority of corporations avoid federal income taxes - study - Aug. 12, 2008



[ame=http://www.youtube.com/watch?v=QLD0p1QpcI8&feature=fvwrel]YouTube - TAXES: Warren Buffett - Rich Taxed Too Little, Poor Too Much[/ame]

Warren Buffett is a joke....he has his wealth going to charities with family and friends on the boards of those charities, how convenient.
Then preaches the rich don't pay enough....******* hypocrit

 

[Truthseeker420]

On Tuesday night, Jon Stewart had a segment that summed up what's wrong with how the media talks about taxes. If you don't want to watch the segment, I'll summarize (briefly): All this week, cable news and many newspapers have highlighted a 2009 study by the Tax Policy Center that found that 47 percent of Americans have no income tax liability.

Why point to this study now? Well, tax day is Thursday, the media needed a good story, and the Drudge Report—which seems to serve as the assignment editor for 90 percent of the television producers in America—featured the story on its front page. As you may know, the Drudge Report has an agenda. And as you may suspect, the TPC study is misleading without context. Cable news is terrible at providing context. But this is one of those cases where excluding the context essentially makes the story wrong. Focusing on income taxes when you discuss Americans' tax burden ignores the fact that most Americans pay more in payroll taxes than they do in federal income tax. The truth is that only a very small percentage of Americans pay no federal taxes—and most of those folks are paying at least some state taxes. Here's Stewart:

Who Pays Taxes? | Mother Jones

 

[Truthseeker420]

How on earth can you conclude that they don't already pay their fair share?

Most firms pay no income taxes - Congress
Study finds that the majority of domestic and foreign corporations in the United States avoid paying federal income taxesMajority of corporations avoid federal income taxes - study - Aug. 12, 2008



[ame=http://www.youtube.com/watch?v=QLD0p1QpcI8&feature=fvwrel]YouTube - TAXES: Warren Buffett - Rich Taxed Too Little, Poor Too Much[/ame]

Warren Buffett is a joke....he has his wealth going to charities with family and friends on the boards of those charities, how convenient.
Then preaches the rich don't pay enough....******* hypocrit

You blame him for following the tax laws. I'm not against someone being rich I'm against the tax codes.

 

[Avorysuds]

The top 1% have over $20 billion in wealth.

See ya'll? What did I just get done posting?

We must confiscate ALL THEIR ACCUMULATED WEALTH GOING BACK 10 YEARS as well as ALL WAGES FOR SAME TIME PERIOD.

I misposted, it's $20 TRILLION!!!

You're dumb... like reeeeaaaaaallly dumb.

 

[Meister]

Most firms pay no income taxes - Congress
Study finds that the majority of domestic and foreign corporations in the United States avoid paying federal income taxesMajority of corporations avoid federal income taxes - study - Aug. 12, 2008



YouTube - TAXES: Warren Buffett - Rich Taxed Too Little, Poor Too Much

Warren Buffett is a joke....he has his wealth going to charities with family and friends on the boards of those charities, how convenient.
Then preaches the rich don't pay enough....******* hypocrit

You blame him for following the tax laws. I'm not against someone being rich I'm against the tax codes.

I think he should just stfu. He's the one preaching about the wealthy paying more while he shelters his own money.....and with the inheritance once he dies. If he truely believed in what he states he wouldn't be doing all of that....he would pay fair taxes. He doesn't HAVE to find all the loopholes.

 

[Avorysuds]

How about we do BOTH?

Cut spending AND tax more. It's the only REAL solution when you finally get honest with yourself.
Just cutting back is going to get you X$. Cutting back AND raising taxes gets you X$ + maybe even X*2 or X*5.

I'm having to pay a lot of taxes this year and it sucks, but doing both is the only way our deficit AND our national debt will ever get corrected.

Why wont people accept doing BOTH as the solution??

The Left has already collectively accepted this as THE solution.

Only the RIGHT is being STUBBORNLY partisan and ideological like the radicals that they are, threatening the stability of the country along the way.

And by "cut spending" he means spend more.