Tax the Rich: Fix Jobs and Deficits

[editec]

"There is an art to populist demagoguery..."

The latest round from the President and Leftist supporters is falling flat

Real economics issue are apparently too complex to get people to understand what's going on.

So both parties use ISSUES (like Welfare and Corporate jets) to try to galvanize their bases.

FWIW, I'm informed that the corporate private iet fleets keep 140,000 people working at fairly high paying jobs.

I have no problem with corporate mavens having and using private jets as long as they're being used for legitmate BUSINESS purposes.

 

[thereisnospoon]

All this nonsense about increasing taxes. Obama spouts off about rich people, corporate jets, etc..
Then I read this: A fundraiser held at Comcast EVP David Cohen's home reportedly raised $1.2 million for President Barack Obama's relection campaign.....<eveningbridge@mediabizcorp.com>
SO the wealthy whom Obama wants to smack, are raising funds to get him reelected.
Now,if I were one of those people who are doing "rather well" and someone invited me to a fund raiser that would help put the guy into office that is going to take more of my hard earned money, I'd tell the person who invited me to take me off their Christmas card list.
Should Obama be reelected , he's going to owe not only the unions, but the wealthy as well.
So, all of you who are spitting venom over the wealthy, you can rest assured that your Obamessiah is NOT on your side. He is a politician. And politicians keep their options open. Which means when he's not kissing babies, he's stealing their candy.
Now you people who are entrenched Obama followers will respond by stating that he is the lesser of two evils. Umm.......Not so fast. You don't get to come on here and spout off about how wonderful you think Obama is then quite possibly state he's the best that is out there.

 

[Mr. Shaman]

So no deficit reduction, keep spending trillions more then we have and to help offset it steal the money from those you think have to much. Thanks for proving the point of just how brain damaged you are.

Explain again how taking MORE percentage wise from people that happen to have more then you is A) Justified under the Constitution, B) reasonable behavior for a Government to do, And C) why you think those with more should pay a higher percentage based on some sense of fair play and reasonable conscious.

Gee, let's seeeeeeeeeeeee......​

"As we&#8217;ve been documenting, a group of multinational corporations have launched a campaign called &#8220;WinAmerica,&#8221; in an attempt to convince Congress to approve what&#8217;s known as a tax repatriation holiday. This tax holiday would allow corporations to bring money that they have stashed overseas back to the U.S. at a dramatically lower tax rate (instead of the 35 percent rate that they would normally pay).

JP Morgan&#8217;s chief equity strategist Thomas Lee has now jumped into the fray on behalf of his corporate brethren, promoting the holiday as a boost to the economy. &#8220;From a market&#8217;s perspective, this likely represents a substantial catalyst,&#8221; he wrote.

However, just two months ago, JP Morgan analysts were singing a very different tune, finding that a repatriation holiday would do little good for the economy:

"The JP Morgan researchers weigh in on the subject of repatriation and conclude that even in the unlikely event such a tax holiday is created &#8212; it&#8217;s opposed by the Obama administration &#8212; while there is a House bill on the matter, there is no companion legislation in the Senate &#8212; it would not result in a flood of repatriation. This is largely because much of the over $1 trillion worth of undistributed earnings overseas will likely be reinvested across the pond."

It's The RIP-OFF, STUPID!!​

 

[Neotrotsky]

It must bother the Left when only certain monies go overseas
Funny how that works



Report: TARP funds ended up overseas

Ten percent of the money, $70 billion, went to American International Group to keep the insurance giant from collapse, the report said. AIG received twice what France spent on its entire program and half the money Germany put into the financial system, with much of the U.S. money going to AIG's partners in Europe.​

 

[georgephillip]

It must bother the Left when only certain monies go overseas
Funny how that works



Report: TARP funds ended up overseas

Ten percent of the money, $70 billion, went to American International Group to keep the insurance giant from collapse, the report said. AIG received twice what France spent on its entire program and half the money Germany put into the financial system, with much of the U.S. money going to AIG's partners in Europe.​

"'The point we make forcefully in this report is that there were no data about where this money was going, no information about where this money was going,' Elizabeth Warren, a professor at Harvard Law School who chaired the panel."

Report: TARP funds ended up overseas - UPI.com

Elizabeth probably wasn't being completely honest about her confusion over where the money was going. It was going to the richest 1% of citizens regardless of what flag they live under. Maybe you are legitimately perplexed about the existence of the class war: however, families like Bush and Kennedy have no doubt about its primacy to their lifestyles.

 

[Greenbeard]

Oh shut it. No one is suggesting Medicare be destroyed.

This seems to be a growing myth among folks on the right.

There are proposals out there that significantly reform Medicare without destroying it (e.g. the ACA on the payment and delivery side, Lieberman-Coburn on the cost-sharing structure).

There is, however, also a proposal that eliminates Medicare (understood to be a public health insurance program that pays the medical bills of the elderly). The fact that the Republican majority hasn't abandoned in their replacement proposal the concept that the federal government bears some responsibility for the health of the elderly doesn't mean they aren't advocating the destruction of Medicare.

 

[georgephillip]

So no deficit reduction, keep spending trillions more then we have and to help offset it steal the money from those you think have to much. Thanks for proving the point of just how brain damaged you are.

Explain again how taking MORE percentage wise from people that happen to have more then you is A) Justified under the Constitution, B) reasonable behavior for a Government to do, And C) why you think those with more should pay a higher percentage based on some sense of fair play and reasonable conscious.

Gee, let's seeeeeeeeeeeee......​

"As we&#8217;ve been documenting, a group of multinational corporations have launched a campaign called &#8220;WinAmerica,&#8221; in an attempt to convince Congress to approve what&#8217;s known as a tax repatriation holiday. This tax holiday would allow corporations to bring money that they have stashed overseas back to the U.S. at a dramatically lower tax rate (instead of the 35 percent rate that they would normally pay).

JP Morgan&#8217;s chief equity strategist Thomas Lee has now jumped into the fray on behalf of his corporate brethren, promoting the holiday as a boost to the economy. &#8220;From a market&#8217;s perspective, this likely represents a substantial catalyst,&#8221; he wrote.

However, just two months ago, JP Morgan analysts were singing a very different tune, finding that a repatriation holiday would do little good for the economy:

"The JP Morgan researchers weigh in on the subject of repatriation and conclude that even in the unlikely event such a tax holiday is created &#8212; it&#8217;s opposed by the Obama administration &#8212; while there is a House bill on the matter, there is no companion legislation in the Senate &#8212; it would not result in a flood of repatriation. This is largely because much of the over $1 trillion worth of undistributed earnings overseas will likely be reinvested across the pond."

It's The RIP-OFF, STUPID!!​

"Plus, Congress already tried such a holiday in 2004.The companies that benefited most wound up cutting jobs, and companies started stowing even more money offshore in anticipation that another repatriation holiday could be wrung out of Congress.

"Congressional Republicans have jumped on board the repatriation push, introducing a bill that would let companies pay just a 5.25 percent tax rate on money they bring in from offshore. The Joint Economic Committee found that a repatriation holiday would cost nearly $80 billion over 10 years."

JP Morgan Calls For Corporate Tax Break That JP Morgan Analysts Found Won&#8217;t Work | ThinkProgress

I'm starting to think capitalism is incapable of producing enough jobs to meet its populations' demands. Maybe it's time for a new economic system predicated on maximizing employment instead of profits?

 

[FA_Q2]

I'm starting to think capitalism is incapable of producing enough jobs to meet its populations' demands. Maybe it's time for a new economic system predicated on maximizing employment instead of profits?

How exactly would you expect such a system to work.

 

[bripat9643]

I'm starting to think capitalism is incapable of producing enough jobs to meet its populations' demands. Maybe it's time for a new economic system predicated on maximizing employment instead of profits?

You're starting to think that? You're a communist, George. You've been thinking that every since girls stopped being the major concern of your life.

 

[Neotrotsky]

I'm starting to think capitalism is incapable of producing enough jobs to meet its populations' demands. Maybe it's time for a new economic system predicated on maximizing employment instead of profits?

How exactly would you expect such a system to work.

The majority of the Left has no idea

They think is just sounds good. Again very few think of or understand the means

 

[Neotrotsky]

It must bother the Left when only certain monies go overseas
Funny how that works



Report: TARP funds ended up overseas

Ten percent of the money, $70 billion, went to American International Group to keep the insurance giant from collapse, the report said. AIG received twice what France spent on its entire program and half the money Germany put into the financial system, with much of the U.S. money going to AIG's partners in Europe.​

"'The point we make forcefully in this report is that there were no data about where this money was going, no information about where this money was going,' Elizabeth Warren, a professor at Harvard Law School who chaired the panel."

Report: TARP funds ended up overseas - UPI.com

Elizabeth probably wasn't being completely honest about her confusion over where the money was going. It was going to the richest 1% of citizens regardless of what flag they live under. Maybe you are legitimately perplexed about the existence of the class war: however, families like Bush and Kennedy have no doubt about its primacy to their lifestyles.

Actually the point was...the Lefts poor talking points

The poor attempts on the Left to play class warfare is not working.
Perhaps, if Papa Obama could actually run on his record then the Left
would have a better time of it.

God knows, they would sound less disingenuous on their talking points

 

[georgephillip]

"There is an art to populist demagoguery..."

The latest round from the President and Leftist supporters is falling flat

Real economics issue are apparently too complex to get people to understand what's going on.

So both parties use ISSUES (like Welfare and Corporate jets) to try to galvanize their bases.

FWIW, I'm informed that the corporate private iet fleets keep 140,000 people working at fairly high paying jobs.

I have no problem with corporate mavens having and using private jets as long as they're being used for legitmate BUSINESS purposes.

Speaking of welfare, corporate jets and deflections...

"In a well-covered exchange, Jamie Dimon, JPMorgan Chase's chief executive, challenged Ben S. Bernanke, the Federal Reserve chairman, about the costs and benefits of the Dodd-Frank rules. More attention has been paid to the banker's audacity, but the response of the world's most powerful banking regulator was more troubling.

"Mr. Bernanke scraped and bowed in apology without mentioning the staggering costs of the crisis the banks led us into...

"The federal government, in ways explicit and implicit, profoundly subsidizes and shelters the banking industry. True since the 1930s, it is much more so today.

"And that makes Mr. Dimon no capitalist colossus astride the Isle of Manhattan, but one of the great welfare queens in America."

In U.S. Monetary Policy, a Boon to Banks - ProPublica

Dimon is just another rich parasite who hasn't connected the dots between his 10-figure paycheck and the US taxpayer. Maybe we'll get a chance to open his eyes soon?

 

[Neotrotsky]

Oh shut it. No one is suggesting Medicare be destroyed.

This seems to be a growing myth among folks on the right.

There are proposals out there that significantly reform Medicare without destroying it (e.g. the ACA on the payment and delivery side, Lieberman-Coburn on the cost-sharing structure).

There is, however, also a proposal that eliminates Medicare (understood to be a public health insurance program that pays the medical bills of the elderly). The fact that the Republican majority hasn't abandoned in their replacement proposal the concept that the federal government bears some responsibility for the health of the elderly doesn't mean they aren't advocating the destruction of Medicare.

Actually, it is more Medicare, as is, will destroy the US

Three Little Pigs: How Entitlements Will Destroy Us

Our national debt recently topped the $13 trillion mark. That amounts to nearly 90% of this country's GDP; $72,000 in debt for every household in America

Now add Medicaid, Medicare and Social Security, and Obama's 2011 budget has a $1.27 trillion deficit. It's the entitlements, stupid.

Nor can you tax your way out of debt. Eliminate all of the Bush tax cuts, including the tax cuts for low- and middle-income Americans, and you would reduce the debt by perhaps 10% — assuming you didn't cripple the economy in the process. Tax the rich? That won't get you there either. In fact, according to the Congressional Budget Office, in order to pay for all currently scheduled federal spending would require raising both the corporate tax rate and top income tax rate from their current 35% to 88%, the current 25% tax rate for middle-income workers to 63%, and the 10% tax bracket for low-income workers to 25%

There is simply no way to control our debt without getting serious about reforming entitlements.​

Truth is hard for the Left; in fact, it is their worst enemy

 

[Neotrotsky]

Only the Left thinks that when one keeps their own money- it is a subsidy

For that to be true, one would have to believe that all money belongs to the government

Again, so few think of or understand the means

 

[Neotrotsky]

"There is an art to populist demagoguery..."

The latest round from the President and Leftist supporters is falling flat

Real economics issue are apparently too complex to get people to understand what's going on.

So both parties use ISSUES (like Welfare and Corporate jets) to try to galvanize their bases.

FWIW, I'm informed that the corporate private iet fleets keep 140,000 people working at fairly high paying jobs.

I have no problem with corporate mavens having and using private jets as long as they're being used for legitmate BUSINESS purposes.

Speaking of welfare, corporate jets and deflections...

"In a well-covered exchange, Jamie Dimon, JPMorgan Chase's chief executive, challenged Ben S. Bernanke, the Federal Reserve chairman, about the costs and benefits of the Dodd-Frank rules. More attention has been paid to the banker's audacity, but the response of the world's most powerful banking regulator was more troubling.

"Mr. Bernanke scraped and bowed in apology without mentioning the staggering costs of the crisis the banks led us into...

"The federal government, in ways explicit and implicit, profoundly subsidizes and shelters the banking industry. True since the 1930s, it is much more so today.

"And that makes Mr. Dimon no capitalist colossus astride the Isle of Manhattan, but one of the great welfare queens in America."

In U.S. Monetary Policy, a Boon to Banks - ProPublica

Dimon is just another rich parasite who hasn't connected the dots between his 10-figure paycheck and the US taxpayer. Maybe we'll get a chance to open his eyes soon?

Yes speaking of jets (Do these include the ones from Papa Obama's Pork Bill er Stimulus Bill ?)


Charles Krauthammer

He himself, as we just heard, said you can&#8217;t reduce the deficit to the levels we need without raising revenues. Then he talks about the [tax break for] corporate jets, which he mentioned not once but six times.

I did the math on this. If you collect the corporate jet tax every year for the next 5,000 years, you will cover one year of the debt that Obama has run up. One year.

To put it another way, if you started collecting that tax at the time of John the Baptist and you collected it every year &#8212; first in shekels and now in dollars &#8212; you wouldn&#8217;t be halfway to covering one year of the amount of debt that Obama has run up.

As for the other one, he mentions again and again, the oil depreciation tax break &#8212; if you collect that one for 700 years, you won&#8217;t cover a year of Obama deficits.

And then here&#8217;s my favorite. I worked it out in the car on the way here. If you collect the corporate jets and the oil tax together &#8212; get all the bad guys and the fat cats at once &#8212; and you collect it for 100 years, it covers the amount of debt Obama added&#8230; in February!

And he pretends that he&#8217;s the serious adult at the table.​

truth is hard for the left

Since the class warfare does not seem to be working,
it may be time to pull out the "race card"

 

[Greenbeard]

Actually, it is more Medicare, as is, will destroy the US

Fairly obvious attempt at deflection, as it should be clear at this point that the discussion is between reforming Medicare and destroying it. One side took the step last year of passing into law a fairly comprehensive set of Medicare reforms as a foundation on which to build from here on. The other side countered with a proposal to repeal those reforms and instead destroy Medicare. This is where the debate sits today.

 

[Toddsterpatriot]

So no deficit reduction, keep spending trillions more then we have and to help offset it steal the money from those you think have to much. Thanks for proving the point of just how brain damaged you are.

Explain again how taking MORE percentage wise from people that happen to have more then you is A) Justified under the Constitution, B) reasonable behavior for a Government to do, And C) why you think those with more should pay a higher percentage based on some sense of fair play and reasonable conscious.

Gee, let's seeeeeeeeeeeee......​

"As we’ve been documenting, a group of multinational corporations have launched a campaign called “WinAmerica,” in an attempt to convince Congress to approve what’s known as a tax repatriation holiday. This tax holiday would allow corporations to bring money that they have stashed overseas back to the U.S. at a dramatically lower tax rate (instead of the 35 percent rate that they would normally pay).

JP Morgan’s chief equity strategist Thomas Lee has now jumped into the fray on behalf of his corporate brethren, promoting the holiday as a boost to the economy. “From a market’s perspective, this likely represents a substantial catalyst,” he wrote.

However, just two months ago, JP Morgan analysts were singing a very different tune, finding that a repatriation holiday would do little good for the economy:

"The JP Morgan researchers weigh in on the subject of repatriation and conclude that even in the unlikely event such a tax holiday is created — it’s opposed by the Obama administration — while there is a House bill on the matter, there is no companion legislation in the Senate — it would not result in a flood of repatriation. This is largely because much of the over $1 trillion worth of undistributed earnings overseas will likely be reinvested across the pond."

It's The RIP-OFF, STUPID!!​

I'd also be reluctant to repatriate money with Obama and Reid trying to steal it.

 

[Toddsterpatriot]

I'm starting to think capitalism is incapable of producing enough jobs to meet its populations' demands. Maybe it's time for a new economic system predicated on maximizing employment instead of profits?

How exactly would you expect such a system to work.

It would work just like most everything else the government does, POORLY!

 

[Neotrotsky]

Actually, it is more Medicare, as is, will destroy the US

Fairly obvious attempt at deflection, as it should be clear at this point that the discussion is between reforming Medicare and destroying it. One side took the step last year of passing into law a fairly comprehensive set of Medicare reforms as a foundation on which to build from here on. The other side countered with a proposal to repeal those reforms and instead destroy Medicare. This is where the debate sits today.

No not at all- pointing out that reform will be required is the truth.

The point is the hyperbole of the Left; knowing that it needs to be reformed and wanting to reform it, is not destroying it.

It is disingenuous at best and fiscally dangerous at worst to speak in such a way

Since the Democrats have offered nothing except for talking points in attempts to score political points....

I fully expect to see more attempts by the Left to scare old people and not actually solve anything

 

[georgephillip]

All this nonsense about increasing taxes. Obama spouts off about rich people, corporate jets, etc..
Then I read this: A fundraiser held at Comcast EVP David Cohen's home reportedly raised $1.2 million for President Barack Obama's relection campaign.....<eveningbridge@mediabizcorp.com>
SO the wealthy whom Obama wants to smack, are raising funds to get him reelected.
Now,if I were one of those people who are doing "rather well" and someone invited me to a fund raiser that would help put the guy into office that is going to take more of my hard earned money, I'd tell the person who invited me to take me off their Christmas card list.
Should Obama be reelected , he's going to owe not only the unions, but the wealthy as well.
So, all of you who are spitting venom over the wealthy, you can rest assured that your Obamessiah is NOT on your side. He is a politician. And politicians keep their options open. Which means when he's not kissing babies, he's stealing their candy.
Now you people who are entrenched Obama followers will respond by stating that he is the lesser of two evils. Umm.......Not so fast. You don't get to come on here and spout off about how wonderful you think Obama is then quite possibly state he's the best that is out there.

You seem confused about how much those "hard working" rich folk depend on the US government.

Take banking, for example:

"The federal government, in ways explicit and implicit, profoundly subsidizes and shelters the banking industry. True since the 1930s, it is much more so today. And that makes Mr. Dimon no capitalist colossus astride the Isle of Manhattan, but one of the great welfare queens in America.

"The protection is so well established that we barely notice it anymore.

"The government supervises bank activities and guarantees deposits...

"Banks are also the mechanism through which we express economic policy, especially as fiscal stimulus has been eliminated as an option. The result is that the government pays a 'vig' to banks in order to reach its policy goals.

"When the Federal Reserve lowers interest rates to help buoy the economy during a slowdown, banks are the first beneficiaries.

"As the Fed lowers short-term rates, banks borrow cheaply and lend out for a lot more, making any new lending highly profitable (assuming the banks make good loans). This is classic monetary policy, and supported nearly universally. But let's not pretend that it isn't a boon to banks.

"Some think bolstering banks' fortunes is a major goal, not a side effect."

Do you think those who are doing "rather well" require "their" government to socialize cost while privatizing profit? Obama is no different (so far) in his commitment to Wall Street and the expense of Main Street, AND it won't get better with a Republican (or another Democrat) in the White House.