TAX THE RICH!

[ianstew]

Here's a few numbers:

The so called "Buffet rule", the plan that taxes 1 million dollars or more in income at a rate of 30%, is expected to raise $47,000,000,000.00 over ten years. That equates to 4.7 billion dollars per year. The federal government borrows about $4,000,000,000.00 dollars per day to cover deficit spending. So the "buffet rule" covers the government borrowing for about 1-1/4 days. Now these numbers assume current base line law, ie; full expiration of the bush tax cuts.

Now say congress extends the bush tax cuts (which is very likely).There are varying estimates from $60,000,000,000.00 to $160,000,000,000.00 being raised over the next ten years from the "rule". So we will use Chuck Schumer's (d-NY) estimate of $160,000,000,000.00, which equates to $16,000,000,000.00 per year. That covers government BORROWING for about 4 days, give or take a few hours.

Now, is this meaningful change in tax policy? Signs say no, and many economists say that raising taxes on the wealthy (who provide investment dollars, jobs, and capital) can actually stifle economic growth and job creation.

So you have to ask yourself, is this class warfare? Is this igniting a battle between the haves and the have nots? Is it sound economic policy to do what just about every economist says not to do in a economic downturn? You decide that one.......

What I have seen is a president who is igniting culture wars, class warfare, and demonizing the wealthy for "not paying their fair share".

Here's a fact: According to the IRS's latest numbers (2009), the top 10% (adjusted gross income of $112,124.00 or greater) of incomes in the US paid a little over 70% of ALL income tax received by the IRS in 2009. Now that is adjusted gross income, which is after deductions, etc. The bottom 50% of incomes in America paid just 2.25% of all income taxes received by the IRS. That's people with AGI's of $32,000.00 or less. The top 50% paid 97.75% of all income taxes received by the IRS in 2009. There are newer estimates available, but these are the latest hard numbers provided by the IRS. The new estimates follow these numbers very closely, a little variance is noted.

We have an incredibly progressive tax code. The poor pay no income taxes, and in fact, with the restructuring of the earned income credit, people who make $45,000.00 or less may qualify for the credit, which gives millions of people thousands of dollars back. money they never earned, FREE money.

So the "wealthy" or "well off" aren't paying their fair share? Somebody definitely isn't paying their fair share, but it certainly isn't the wealthy, well to do, comfortable, or even above average incomes.

[Jeff. State]

Got to pay for all the GOVERMENT spending somehow, right?
With all the "Energy concerns, domestic terrorism, pollution, airplane safety and controls, highways, pandemics, etc etc etc. ", not to mention equiping every LE agency from Mayberry PD to the BAFTE with the latest in Stormtrooper armorment to wage war on the American people(it's a dangerous place out there).

[ianstew]

No, retard, it's about you and half the population saying the wealthy, rich, well to do, and comfortable don't pay enough taxes. Now shut it foil boy.

[Jeff. State]

Originally Posted by ianstew

No, retard, it's about you and half the population saying the wealthy, rich, well to do, and comfortable don't pay enough taxes. Now shut it foil boy.

I want everyones taxes cut drastically ianstew, but you already know that. "The Rich" are who employ people and should have the same tax burden as anyone else.


BTW: How bout dropping the name calling, it'll help me to think I'm actually having a discussion with an adult.

[najaf4life]

Might as well add that 47% of Americans don't pay taxes.

[ianstew]

You are correct Ryan, not only do they pay no taxes, a large portion actually receive money back.




Jeff, I apologize for the name calling. Arguing with ideologues brings out the nastier side of me.


I still think you are a card carrying member of the tin foil hat brigade though, but I think that isn't name calling, merely an opinion. So I apologize for the retard comment.

[Jeff. State]

That's OK, we cant all be Big Government loving Progressives.

[ianstew]

I only want a government big enough to do its job.

No more,no less.

If I am a big government progressive, I shudder to think what you are........

[Jeff. State]

Originally Posted by ianstew

I only want a government big enough to do its job.

No more,no less.

If I am a big government progressive, I shudder to think what you are........

"It's job" was intended to be extremely limited.

Establish Justice
Insure domestic Tranquility
Provide for the common defence
Promote (NOT provide) the general Welfare
Secure the Blessings of Liberty to ourselves and our Posterity


I am a realist, not an idealist. The kind of MASSIVE cuts that this country needs to make to the Government in order to survive, frighten even Conservatives. The times that American's would have to endure for a period would be ugly, but "our Posterity" would thank us for it.

[najaf4life]

[QUOTE=ianstew;3230018]You are correct Ryan, not only do they pay no taxes, a large portion actually receive money back. QUOTE]



Sad but yet true...

If one really wanted to turn America around (to the way it was meant to be), I don't for see it taking it really that long. Yes maybe in certain aspects of it. But overall not that long.

I'd love to get more into it... but I'm at work and don't have the time right now.



But I will have to say this. I love how so many people say they want want to be equal. While they want the rich to pay more than they already do.