I don't give a shit how the wealthy earn their money. I don't give a shit how they spend their money. I don't even give a shit how they invest their money. If it's legal, cool beans. Although in my world rent seeking would be a felony. I just want them to pay their fair share.
And you on the left are the only people that can say what that fair share is. And while focusing on what they pay in taxes, you are looking over their shoulders telling them what they should do with THEIR MONEY that THEY EARNED.
But I busted out laughing when you were talking about the city of Cleveland and their city vehicles. Dubai, in the country of UAE, where many people do not work and the welfare system is among the richest in the world, they have Bugatti Veyron police cars. Obviously, the percentage of a population working has absolutely nothing to do with the health of the economy.
Maybe you should give your Dubai secrets to the city of Detroit. I'm sure that they would like to have Bugatti Veyron police cars too!
Hell, you can determine fair share. How about this, how about the wealthy pay at least the same percentage of their income in taxes as you do? I mean I figure you work hard. Should not someone sitting on their ass making money SPECULATING in the stock market pay at least as much as you? And did I not say I didn't give a happy damn how they SPENT their money? Well, except for rent seeking, which should be illegal because it is the same thing as STEALING. It is TAKING MONEY without creating value.
Obviously, your definition of a low-life is different than mine. To me a low life is some scumbag reaping profits by collecting RENTS, and no, I don't mean collecting rent from rental properties.
And I thought I was pretty clear about Dubai. I bet there isn't a single person in Dubai that is worried about who is collecting those welfare benefits or how they are spending their money. When the people of Detroit start doing the same it will be a beginning.
Many people in Detroit are getting government handouts. Look at Detroit today!
I don't understand what you mean by "rent seeking." It's a term I'm unfamiliar with, and I'm a landlord.
Do you understand what income taxes are? Do you realize that nearly half of our country pays no income taxes at all? Do you understand that the top 10% of wage earners in this country pay nearly 70% of all collected income taxes? I call that more than their fair share.
Investment taxes are lower for one reason: to incentivize investment in US companies. When US companies do good, jobs are created. When US companies do good, it gives them a reason to stay in the US. Investors provide money to those companies so all these good things can happen.
SO IF WE TAX CORPS, THEY'LL NOT WANT TO DO BIZ IN THE WORLDS LARGEST ECONOMY? THAT'S YOUR PREMISE? SERIOUSLY? US LACKS CAPITAL??
U.S. corporations earn record high profits, pay record low taxes
“The facts show that corporate America is not overtaxed and, in fact, goes to extraordinary lengths to avoid paying what they owe,” said Frank Clemente, executive director of Americans for Tax Fairness, in a news release. “We hope this book of data can help change the false narrative on taxes peddled by wealthy corporations and their allies in Washington.”
U.S. corporations earn record high profits, pay record low taxes
Jul 30, 2013
If You're Wondering What's Wrong With America, Look At These Four Charts
Five years after the start of the financial crisis, the U.S. economy is still struggling.
Unemployment is above 7%.
Growth is weak.
Most consumers are strapped.
Meanwhile, the stock market is hitting record highs, and corporations are printing money.
If you're wondering what's going on here--why these two seemingly contradictory things are happening--we have four charts for you. They go a long way to explaining why our economy is the way it is--why a handful of Americans have never had it better while everyone else is getting crushed.
(The answer is that our 30-year obsession with "efficiency" and "return on capital" has produced a business culture that believes that companies only exist to make money for their owners, instead of also serving their other stakeholders--customers and employees. But we'll let the charts speak for themselves.)
CHART ONE: Corporate profits and profit margins are at an all-time high. American companies are making more money and more per dollar of sales than they ever have before. Full stop.
(Remarkably, some people are still saying that the problem with our economy is that companies are suffering from "too much regulation" and "too many taxes." Maybe little companies are, but big ones certainly aren't. What they're suffering from is a myopic obsession with short-term profits at the expense of long-term investment and value creation).
CHART TWO: Wages as a percent of the economy are at all-time low. Why are corporate profits so high? One reason is that companies are paying employees less than they ever have as a share of GDP. And that, in turn, is one reason the economy is so weak: Those "wages" represent spending power for American consumers. And American consumer spending is "revenue" for other companies. So our profit maximization obsession is actually starving the rest of the economy of revenue growth.
CHART FOUR: The share of our national income that is going to the people who do the work ("labor") is at an all-time low. The rest of the income, naturally, is going to owners ("capital"), who have it better today than they have ever had it before.
If You're Wondering What's Wrong With America, Look At These Four Charts
STUDY: These Charts Show There's Almost No Correlation Between Tax Rates and GDP
http://articles.businessinsider.com/2012-03-30/markets/31259597_1_gdp-capital-gains-rates-taxes
Capital Gains Tax Rates and Economic Growth (or not)
If you read the editorial page of the Wall Street Journal (or surf around the nether regions of Forbes.com), you may come to the conclusion that no aspect of tax policy is more important for economic growth than the way we tax capital gains. You’d be wrong
Capital Gains Tax Rates and Economic Growth (or not)