Obama Proposes Retirement Account Limit In First "Wealth Tax"

[DiamondDave]

OMG, that is what Obama is proposing?! This is really serious!

or a fucking hyperbole

You don't understand retirement accounts either do you?

The OP is not about a "wealth tax" it's about limiting qualified retirement plans.

A wealth tax is a tax on wealth which is net worth.

so the OP title is hyperbolic

Yet you come back and later DEFEND the idea of a wealth tax

 

[ScienceRocks]

How is this not a Marxist move?

 

[iamwhatiseem]

Until these figures change, I am all for major taxes on the very wealthy. The distribution of wealth today is absolutely unhealthy for the economy, and for the majority of Americans.

Wealth Inequality in America - YouTube

Wrong way to go about it.
The reason for concentration of wealth is because of the corrupt ties between special interest groups and lawmakers. Take the recent legislation that passed protecting Monsanto from lawsuits. Take that times a couple thousand other legislation that benefits large companies and this is what you get - an environment where little guys can't possibly compete with giants - so all that is left is giants.

There is not just one pile of money that all must get their's from.Little guys can become big guys ,just takes work. With that said,large corps do try and protect themselves ,which do bring negative results for others.

Uh...yeah.
You obviously have no experience in the business world or you wouldn't be saying this.
I will give you an example in the business that I am in...a large national printing company recently built a printing plant in Ohio. They solicited state governments in this area to get the best deal. The best deal was Ohio, they basically got a large abandoned factory building for absolutely nothing. They also received a grant to convert the building for their needs. They also got a 3 year tax abatement. They also got an abatement on the capital purchases (equipment) and the property taxes of that equipment. We are talking $millions here.
Printers all over this area bitched to high heaven for a VERY good reason! You think we ever get anything like this? You think if my company was about to go under - we would get anything like this? No.
Take this situation, and multiply it by 100,000 - and you will begin to understand the H U G E obstacles a small guy has to overcome to compete with large national brands.

 

[chikenwing]

Wrong way to go about it.
The reason for concentration of wealth is because of the corrupt ties between special interest groups and lawmakers. Take the recent legislation that passed protecting Monsanto from lawsuits. Take that times a couple thousand other legislation that benefits large companies and this is what you get - an environment where little guys can't possibly compete with giants - so all that is left is giants.

There is not just one pile of money that all must get their's from.Little guys can become big guys ,just takes work. With that said,large corps do try and protect themselves ,which do bring negative results for others.

Uh...yeah.
You obviously have no experience in the business world or you wouldn't be saying this.
I will give you an example in the business that I am in...a large national printing company recently built a printing plant in Ohio. They solicited state governments in this area to get the best deal. The best deal was Ohio, they basically got a large abandoned factory building for absolutely nothing. They also received a grant to convert the building for their needs. They also got a 3 year tax abatement. They also got an abatement on the capital purchases (equipment) and the property taxes of that equipment. We are talking $millions here.
Printers all over this area bitched to high heaven for a VERY good reason! You think we ever get anything like this? You think if my company was about to go under - we would get anything like this? No.
Take this situation, and multiply it by 100,000 - and you will begin to understand the H U G E obstacles a small guy has to overcome to compete with large national brands.

I own my own company ,and there is not one pile of money up for grabs.

Bitch to the local and state Govs that give such stuff away. When election time comes around vote them out.I agree kissing anyone's ass with bribes is wrong.

 

[g5000]

Taxing the rich more is a simplistic "solution" that will do little to nothing to solve the problem of unnatural concentrations of wealth in America. The reason it would be ineffective is because the unnatural concentration of wealth is NOT the result of the rich being taxed too little.

There is natural concentration of wealth, and there is unnatural concentration of wealth.

A natural concentration of wealth comes about by inventing a better mousetrap and the world beating a path to your door.

Those of you who are in great haste to punish this monolithic enemy you call "the rich", you are punishing the guy who built the better mousetrap. You have targeted him as an evil which must be punished. This makes you an asshole. I am sorry to be the one to make you aware of this.


An unnatural concentration of wealth comes about through a legislative tilting of the field to the advantage of a few. For example, a tax break for someone who made a big campaign cash donation to a bunch of politicians.

Or a law which allows a bank to operate like a casino and to be exempt from state laws regulating casinos and fraudulent bucket shops.

Think I am exaggerating a bit with that last example?

I refer you to Section 117 of the Commodities Futures Modernization Act:

This Act shall supersede and preempt the application of any State or local law that prohibits or regulates gaming or the operation of bucket shops

A bucket shop is a storefront which allows people off the street to bet on horse races or stocks, except the people running the bucket shop have fixed the races and the stocks. Totally illegal.

So why did our BANKS need to be exempted from state laws for CASINOS and BUCKET SHOPS?

And why were all the bloviating right wing commentators and states rights blowhards completely silent on this blatant hijacking of states rights?


Things that make you go, "Hmmmmm..."


A thief has been coming into your house and robbing you blind. And he has police protection. The few times he has been caught, he was made to pay a small fine and he got to keep your stuff!

Not exaggerating there, either.

So tell me...how is making the guy down the street who makes more money than you pay more taxes going to solve this fucking problem, eh? Eh?

It isn't.

Wake the fuck up. You sheep are having the wool off your own back pulled over your eyes.

 

[driveby]

"Comrade"? The usual "Red Scare" tripe. One might accuse Wall Streeters of seeking a return to Feudalism with as much 'aplomb'.

You guys on the fringe ought to decide on a definition before you use words and/or attribute a policy to words you use a pejoratives but don't understand - it would help if you ever hope to be credible with informed sources.

Wall Street does not confiscate wealth by using the power of the law/government while hiding behind terms like "pay your fair share", comrade.......

 

[RoadVirus]

Good luck getting that through Congress

Fucking tyrant.

Don't be surprised if he uses his presidential executive powers to just do it.

And it will mean the end of him as President if it happens.

 

[iamwhatiseem]

Taxing the rich more is a simplistic "solution" that will do little to nothing to solve the problem of unnatural concentrations of wealth in America. The reason it would be ineffective is because the unnatural concentration of wealth is NOT the result of the rich being taxed too little.

There is natural concentration of wealth, and there is unnatural concentration of wealth.

A natural concentration of wealth comes about by inventing a better mousetrap and the world beating a path to your door.

Those of you who are in great haste to punish this monolithic enemy you call "the rich", you are punishing the guy who built the better mousetrap. You have targeted him as an evil which must be punished. This makes you an asshole. I am sorry to be the one to make you aware of this.


An unnatural concentration of wealth comes about through a legislative tilting of the field to the advantage of a few. For example, a tax break for someone who made a big campaign cash donation to a bunch of politicians.

Or a law which allows a bank to operate like a casino and to be exempt from state laws regulating casinos and fraudulent bucket shops.

Think I am exaggerating a bit with that last example?

I refer you to Section 117 of the Commodities Futures Modernization Act:

This Act shall supersede and preempt the application of any State or local law that prohibits or regulates gaming or the operation of bucket shops

A bucket shop is a storefront which allows people off the street to bet on horse races or stocks, except the people running the bucket shop have fixed the races and the stocks. Totally illegal.

So why did our BANKS need to be exempted from state laws for CASINOS and BUCKET SHOPS?

And why were all the bloviating right wing commentators and states rights blowhards completely silent on this blatant hijacking of states rights?


Things that make you go, "Hmmmmm..."


A thief has been coming into your house and robbing you blind. And he has police protection. The few times he has been caught, he was made to pay a small fine and he got to keep your stuff!

Not exaggerating there, either.

So tell me...how is making the guy down the street who makes more money than you pay more taxes going to solve this fucking problem, eh? Eh?

It isn't.

Wake the fuck up. You sheep are having the wool off your own back pulled over your eyes.

Exactly.
For the 100th time I will say again...we are no longer a representative republic, we are currently living in an oligarchy. By it's very definition, an oligarchy is a government who enacts laws and legislation primarily for the benefit of a select few, including themselves.
Argue with that.

 

[ShaklesOfBigGov]

The Government ought to be encouraging pre tax contributions on the following:

- Retirement
- Healthcare/Long Term Care
- Life Insurance

Each would take a burden off the Government (taxpayers) in the long run

However to place such responsibilities back on to the individual, where each person has the freedom to choose the level of importance each category currently has during their particular age in life, equally places government into a much smaller role of involvement in our lives. People are more comfortable in having government as a "safety net" and placing such cares and responsibility onto someone else, to which they don't have to hold themselves accountable for their own actions.

The new common perception towards government has changed to become our parent and provider. As a result, rather than having a government that submits and is subjects its will TO the power of its people, we have allowed government the power to subject its will OVER the needs of the people. We have created a system where we now look to government
- to pick us up when we fall, rather than "learn" from our own failures
- to provide for the those who fail, or refuse the responsibility to plan
- to take from those of what they own, and reward others who fail THEMSELVES to earn the necessary skills and means to obtain.