What will "taxing the rich" actually fix? Or accomplish?

[francoHFW]

UK CONSERVATIVE Budget Director, 2 weeks ago: "The biggest danger to the world economy is right wing fanatics in the US congress." and their silly supporters like YOU.

 

[Chris]

Clinton raised taxes on the rich and cut the military and balanced the budget.

Obama gets it.

 

[Chris]

It will give the left base a piece of red meat to tear apart and make them feel like they have gotten a little more 'retribution' against those that have so obviously 'stolen' their prosperity.

It is interesting that a left winger has not come to bear on this yet. I already know what they are going to say but... where are they?

Stolen is the right word.

The $516 TRILLION DOLLAR derivative Ponzi scheme that Wall Street ran stole money from all of us.

 

[francoHFW]

How many trillion? LOL

This site tracks the current Reagan Bush Debt.
The Reagan-Bush Debt is how much of the national debt of the United States is attributable to the presidencies of Ronald Reagan, George H. W. Bush, George W. Bush, and
the Republican fiscal policy of Borrow-And-Spend.


As of Tuesday, September 20, 2011 at 10:35:03PM CT,
The Current ReaganBush Debt is:
$13,801,665,197,031.60
which means that in a total of 20 years,
these three presidents have led to the creation of
93.65%
of the entire national debt
in only 8.5106% of the 235 years of the existence of the United States of America.

Pub Dupes!!

 

[Chris]

Global Derivatives Market Expands to $516 Trillion
By Kabir Chibber - November 22, 2007 07:53 EST

Nov. 22 (Bloomberg) -- The market for derivatives grew at the fastest pace in at least nine years to $516 trillion in the first half of 2007, the Bank for International Settlements said.

Credit-default swaps, contracts designed to protect investors against default and used to speculate on credit quality, led the increase, expanding 49 percent to cover a notional $43 trillion of debt in the six months ended June 30, the BIS said in a report published late yesterday.

Derivatives of debt, currencies, commodities, stocks and interest rates rose 25 percent from the previous six months, the biggest jump since the Basel, Switzerland-based bank began compiling the data. Investors have been turning to credit derivatives as a way to speculate on a growing risk of defaults amid record U.S. mortgage foreclosures.

Global Derivatives Market Expands to $516 Trillion (Update1) - Bloomberg

 

[auditor0007]

So lets say we raise taxes, for example, 20% on all rich people, by Obama's definition over 250K, including all businesses that had 250K total worth.

What will it fix? So that money is taken out of the private sector, and put into the pockets of government. Then what? It's dispersed out to poor people? Put into infrastructure? Simply put towards the debt? Used to hire even more bureaucrats? That money would have ended up somewhere anyway. So why even insert a middle man (government) to take it, then dispense it, rather than let the private citizens disperse it themselves?

What will "tax the rich" fix? Poor people will still be poor. Hungry people still hungry. Ugly people still ugly. Crazy Arabs are still gonna want to bomb us. Our borders will stay open. People are still gonna bitch about inequality.

What is it truly gonna fix?

The only way we'll "fix" our country is:

1- Stop acting like damn victims all the time
2- Realize globalism won out, so we'll have to work as hard as foreigners do now, for less money and benefits. Reality is here.
3- Spending more than taken in is bad math.
4- No one owes you or I anything. Only our individual efforts will give us hope.
5- There is a place for morality in America. Tolerance of all things isn't good. We need norms and standards for society.

So, go ahead Obama. Tax the rich. And it wont do anything.

Well, if it is spent on infrastructure and put back into the economy, it will do much more than what is happening now. Currently, $2 trillion in cash is sitting on the sidelines because businesses refuse to spend it. And I know, "it's all Obama's fault". Well, that is bullshit. The reason it isn't being used to expand business is because these businesses know that there isn't enough money in enough people's hands to purchase any increase in products or services that would be produced. By taxing more and forcing more money into the economy, without just printing money, it will drive real growth.

 

[editec]

In theory over the long run it will do two things


1. Reduce the overall national debt

2. Reduce the amount of investment capital sitting idle in corporate and BIG CAPITAL accounts.

I do NOT advise we raise taxes, right now.

 

[The Rabbi]

So lets say we raise taxes, for example, 20% on all rich people, by Obama's definition over 250K, including all businesses that had 250K total worth.

What will it fix? So that money is taken out of the private sector, and put into the pockets of government. Then what? It's dispersed out to poor people? Put into infrastructure? Simply put towards the debt? Used to hire even more bureaucrats? That money would have ended up somewhere anyway. So why even insert a middle man (government) to take it, then dispense it, rather than let the private citizens disperse it themselves?

What will "tax the rich" fix? Poor people will still be poor. Hungry people still hungry. Ugly people still ugly. Crazy Arabs are still gonna want to bomb us. Our borders will stay open. People are still gonna bitch about inequality.

What is it truly gonna fix?

The only way we'll "fix" our country is:

1- Stop acting like damn victims all the time
2- Realize globalism won out, so we'll have to work as hard as foreigners do now, for less money and benefits. Reality is here.
3- Spending more than taken in is bad math.
4- No one owes you or I anything. Only our individual efforts will give us hope.
5- There is a place for morality in America. Tolerance of all things isn't good. We need norms and standards for society.

So, go ahead Obama. Tax the rich. And it wont do anything.

Well, if it is spent on infrastructure and put back into the economy, it will do much more than what is happening now. Currently, $2 trillion in cash is sitting on the sidelines because businesses refuse to spend it. And I know, "it's all Obama's fault". Well, that is bullshit. The reason it isn't being used to expand business is because these businesses know that there isn't enough money in enough people's hands to purchase any increase in products or services that would be produced. By taxing more and forcing more money into the economy, without just printing money, it will drive real growth.

Do you alos believe in Easter bunnies and Santa Claus? Because believing that "putting more money in people's hands" helps the economy is about the same level of truthfulness.
I have pointed out ad nauseam that this is a fallacy. Gov't does not put more money in people's hands. It only redistributes money from one party to another. We have had numerous schemes to put more money in people's hands. Every one of them has been a failure.
This is no different.

 

[daveman]

So lets say we raise taxes, for example, 20% on all rich people, by Obama's definition over 250K, including all businesses that had 250K total worth.

What will it fix? So that money is taken out of the private sector, and put into the pockets of government. Then what? It's dispersed out to poor people? Put into infrastructure? Simply put towards the debt? Used to hire even more bureaucrats? That money would have ended up somewhere anyway. So why even insert a middle man (government) to take it, then dispense it, rather than let the private citizens disperse it themselves?

What will "tax the rich" fix? Poor people will still be poor. Hungry people still hungry. Ugly people still ugly. Crazy Arabs are still gonna want to bomb us. Our borders will stay open. People are still gonna bitch about inequality.

What is it truly gonna fix?

The only way we'll "fix" our country is:

1- Stop acting like damn victims all the time
2- Realize globalism won out, so we'll have to work as hard as foreigners do now, for less money and benefits. Reality is here.
3- Spending more than taken in is bad math.
4- No one owes you or I anything. Only our individual efforts will give us hope.
5- There is a place for morality in America. Tolerance of all things isn't good. We need norms and standards for society.

So, go ahead Obama. Tax the rich. And it wont do anything.

Why do you care? You're not rich. In fact, we all know that you have to pay your electric bill in installments.

Why do leftists feel entitled to things they didn't earn?

 

[pete]

social security wasnt supposed to be touched or used for anything else (yea right) and Im sure this new tax income will be used wisely ... my ass!

 

[editec]

social security wasnt supposed to be touched or used for anything else (yea right) and Im sure this new tax income will be used wisely ... my ass!

\
It wasn't.

It was invested in Government securities.

 

[Sallow]

So lets say we raise taxes, for example, 20% on all rich people, by Obama's definition over 250K, including all businesses that had 250K total worth.

What will it fix? So that money is taken out of the private sector, and put into the pockets of government. Then what? It's dispersed out to poor people? Put into infrastructure? Simply put towards the debt? Used to hire even more bureaucrats? That money would have ended up somewhere anyway. So why even insert a middle man (government) to take it, then dispense it, rather than let the private citizens disperse it themselves?

What will "tax the rich" fix? Poor people will still be poor. Hungry people still hungry. Ugly people still ugly. Crazy Arabs are still gonna want to bomb us. Our borders will stay open. People are still gonna bitch about inequality.

What is it truly gonna fix?

The only way we'll "fix" our country is:

1- Stop acting like damn victims all the time
2- Realize globalism won out, so we'll have to work as hard as foreigners do now, for less money and benefits. Reality is here.
3- Spending more than taken in is bad math.
4- No one owes you or I anything. Only our individual efforts will give us hope.
5- There is a place for morality in America. Tolerance of all things isn't good. We need norms and standards for society.

So, go ahead Obama. Tax the rich. And it wont do anything.

Actually what happened was this. For the last 30 years, Conservatives have been rolling back measures that actually created a strong middle class in this country. They did this using the old Conservative canard of "trickle down theory". And this is coupled with an Eisenhower plan to spread prosperity around the world, by deferring American taxes on corporations that invested in poorer nations. This has lead to a situation where .01% of Americans take 50% of all possible income generated on the backs of Americans.

President Obama is not asking for anything outrageous. What he's asking for is to go back to Clinton tax rates. That's far from unreasonable. What's unreasonable is the expectation that having some 3,000 or so individuals controlling several trillion dollars in a nation of over 300 million people is healthy for the country and for capitalism. It's not.

As to your "points".

1. Enacting "parity" is not victimhood. It's a responsible response to the fleecing of America.
2. Americans work harder then almost all foreign counterparts. Americans put in more hours and are much more productive.
3. Which is why the government needs to take in more. Growth does not come from contraction. And this country is growing. That needs to be funded.
4. There is both an implicit and explicit social contract. You may want to review the Constitution.
5. We have a Constitution and laws. Morality outside that is an individual choice.

Racing the third world to the bottom will do probably two things, insure that we become a third world nation with a very big army and practically guarantee a second American revolution.

 

[Claudette]

The only thing it will accomplish is to make some folks happy.

Those folks being those who don't think the rich pay enough in Fed taxes. Of course the wealthy pay the lions share of Fed taxes in this country but hey, they can always pay more.

The real money is in the middle class. Thats where the tax increases would generate the most revenue. There just aren't enough rich to make a real difference.

Won't see Barry or anyone else pushing for a tax increase on the middle class though.

After all they are running for office.

 

[editec]

The ONLY reason O is pushing for tax increases at all is to satisfy the demand to reduce deficit spending and to help push down the national debt.

This is, I think, an unwise policy at this time.

As to imposing still more taxes on the middle classes (there are more than one middle class, folks, let's just stop pretending, shall we?)

Not only would that be politically akin to jumping in front of an express train, it is also rather like pulling up the tracks on the line that leads to recovery.

At some point, and I sincerely hope we eventually understand this, the whole issue of FAIRNESS becomes less important than the whole issue of SURVIVAL.

IF we want the USA to continue to be a superpower (I have my doubts that the GOP really does want that, and I have my doubts about the DEMS, too) then we're going to have to first get the economy humming, and then (pehaps) do something about the national debt.

 

[Full-Auto]

UK CONSERVATIVE Budget Director, 2 weeks ago: "The biggest danger to the world economy is right wing fanatics in the US congress." and their silly supporters like YOU.

if we dont borrow more money the world is going to end....

Sure buddy.

 

[FA_Q2]

The ONLY reason O is pushing for tax increases at all is to satisfy the demand to reduce deficit spending and to help push down the national debt.

This is, I think, an unwise policy at this time.

As to imposing still more taxes on the middle classes (there are more than one middle class, folks, let's just stop pretending, shall we?)

Not only would that be politically akin to jumping in front of an express train, it is also rather like pulling up the tracks on the line that leads to recovery.

At some point, and I sincerely hope we eventually understand this, the whole issue of FAIRNESS becomes less important than the whole issue of SURVIVAL.

IF we want the USA to continue to be a superpower (I have my doubts that the GOP really does want that, and I have my doubts about the DEMS, too) then we're going to have to first get the economy humming, and then (pehaps) do something about the national debt.

Sure, but so is this spend like a drunken sailor policy as we.. The deficit in its current form may not be the problem but it sure as hell will drown out any recovery if we continue to run a deficit if 1.5 trillion a year. At some point, the future success will simply be drained away and there will be none left to generate a recovery.


What we really need are policy changes. The Ironic part about that is policy changes cost NOTHING and can really help speed this economy along. In many ways, they would actually save money or generate revenue. Changing the tax code to a simple percent rather than a complex social engineering project, reforming our trade policy and reducing wasteful regulations on business would help this economy greatly but that is not what anyone seems to be able to talk about. The ONLY thing I have seen on the table is simplifying the tax code but the conversation there is hinging on one or two deductions and that will not do a damn thing. The entire system needs to be redone, not band aided.