I'm all for raising taxes on the rich, but at the same time Obama is flat lying about how much this will help. His proposal to tax the rich will close the deficit by less than $4.7 billion per year. $4.7 billion is a tiny, tiny fraction of Obama's $1,300 billion deficit.
So where is Obama going to get the rest of the $1,295 billion that he needs?
Here's a clue - watch Obama's left hand very carefully while he's drawing attention to his right hand going into the pockets of the rich. Obama's left hand is headed into YOUR pocket.
Why should a hedge fund manager with an adjusted gross income of several hundred million dollars pay a tax rate of only 15% when a person with an adjusted gross income of $100,000 pays 25%? That is just plain nuts and needs to be changed.
The rich pay for the right to live and do business in this country. If they do not like the tax rates, they can leave. WE THE PEOPLE decide who pays what and don't you forget it!
If 60% of the people say that those taking over $1 million per year will pay 30%, no deductions, no loopholes, then that IS what they will pay. If they do not want to pay that they can leave the country or go to jail. The majority rules...get it now?
There is only one reason for a tax increase: "We are continuing this policy in bleeding America to the point of bankruptcy." Osama Bin Laden - November 2004 High gas, high unemployment, government dependency and investments leaving the US are an integral part of his depleting America strategy.
Shouldn't the "Buffett Rule" include; NOT paying your taxes for 10 years? There are two recent cases where Warren has done everything possible to AVOID paying taxes.... one case is still pending after 10 years in which he owes just over $1 BILLION in BACK TAXES. Historically proven, this is merely the liberal Democratic strategy; create laws & rules to prevent others from reaching my position. This will destroy the economy & add to the debt, because of investments leaving the US.
$70 billion per year in tax breaks for the rich over 10 years have gone into hedge funds, chasing the highest yield world wide. They have not gone into creating businesses here in the U.S. employing our people, creating goods to be traded around the world.
I just finished reading a comment by AddisonDewitt to an article entitled: Bill Cosby compares Obama to Sisyphus rolling rock up the hill" The commenter lists BHO's "accomplishments". Very revealing:
Flat tax dosen't work at all. It favors the wealthy and taxes don't matter to the wealthy because they offshore most of their wealth . Romney does it so you can imagine how many others do too.
by unclebernies April 14, 2012 9:41 AM EDT
To offshore one's wealth is a curious point. If the profits are made offshore, then there would be little reason to repatriate them to America BUT for to pay taxes. That doesn't sound wise. The only benefit to bring back those dollars to the States would be to invest in American technology, manufacturing, or marketing. Not likely in this global economy.
To offshore one's wealth as a type of tax shelter, that is to move money offshore to avoid taxation on interest or hide it. That is illegal and subject to persecution.
You are full of n-o-n-s-e-n-s-e. You should know how to spell it, or at minimum spell check since you look foolish. You don't need to even make a point, as if you could.
The rich have had taxbreaks for how many years now and they sure haven't created jobs except for offshore. Sure nice of the republicans giving thee rich taxbreaks to offshore jobs.
If the rich create jobs, then where are they? Bush created tax breaks for the rich amounting to $70 billion each year for 8 years with the WORST job performance of any president since Hoover.
Here is the latest disingenuous talking point from the enemies of the middle class--------
For those of you unfamiliar with Dave Ramsey, he's supposed to be some big financial advice guru . He's got a radio show that's syndicated all over the country. For the last 2 weeks on the radio station that he's on locally, I've been assaulted with the following stupid commercial (I'm paraphrasing here) " How come if Lady Gaga or some sports figure makes a bazillion dollars a year it's ok but if a CEO makes that kind of money he's automatically a crook? "
I've been hearing this weak talking point from alot of different sources lately. Well Dave, here's the thing --- Lady Gaga and Peyton Manning are not trying to take away my pension and healthcare plan and send American jobs to India ! The CEO of the company I work for ,Verizon, is.
If by some method entertainers and sports stars start doing these bad things to me then I guess I will start speaking out against them too Dave. Nice try though.
Like the 4 to 5 billion a year is going to do anything with our deficit when we are borrowing over a trillion dollars a year, what a drop in the bucket. When will the president get serious and present a plan like Paul Ryan that will totally reduce our debt in 25 years.
$4 billion from the 1%, $4 billion from the oil companies, $70 billion from repealing tax breaks for the rich, $500 billion from eliminating commercial mortgage interest deductions. Now we are on our way to closing the deficit.
Sorry but the Pres.. is jerk. Tell me how is it going to help grow the economy by sucking out more mony from rich people? Somebody must have missed their econ 101 classes. I work for some rich people sometimes. Now why would i want to see more mony taken from them in taxes? They might not hire me then. This is all election year BS. He could have submited the Buffett rule back when he had both control of Congress. He didn,t do that then and he knows it is not going anywhere this year. This is such BS and i have no respect for the jerk Pres...
I agree with the president when he said : "Now, this is not just about fairness. This is also about growth." To make growth
happen the Buffett Rule should be combined with a tax credit
for consumption of verifiably American-Made goods. Weak
Demand, not High Tax Rates on the Wealthy, is the major
cause of the lack of growth, so a tasty tax incentive to buy
more just might have a good effect.
That's right, I am proposing that the rich should go on an all-out Pig-Out buying binge of American stuff, and lower their taxes at the same time. What's not to love about that.?
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So where is Obama going to get the rest of the $1,295 billion that he needs?
Here's a clue - watch Obama's left hand very carefully while he's drawing attention to his right hand going into the pockets of the rich. Obama's left hand is headed into YOUR pocket.
Osama Bin Laden - November 2004
High gas, high unemployment, government dependency and investments leaving the US are an integral part of his depleting America strategy.
There are two recent cases where Warren has done everything possible to AVOID paying taxes.... one case is still pending after 10 years in which he owes just over $1 BILLION in BACK TAXES.
Historically proven, this is merely the liberal Democratic strategy; create laws & rules to prevent others from reaching my position.
This will destroy the economy & add to the debt, because of investments leaving the US.
http://thehill.com/video/administration/221251-bill-cosby-obamas-first-years-in-office-like-greek-myth-of-sisyphus-
by unclebernies April 14, 2012 9:41 AM EDT
To offshore one's wealth is a curious point. If the profits are made offshore, then there would be little reason to repatriate them to America BUT for to pay taxes. That doesn't sound wise. The only benefit to bring back those dollars to the States would be to invest in American technology, manufacturing, or marketing. Not likely in this global economy.
To offshore one's wealth as a type of tax shelter, that is to move money offshore to avoid taxation on interest or hide it. That is illegal and subject to persecution.
You are full of n-o-n-s-e-n-s-e. You should know how to spell it, or at minimum spell check since you look foolish. You don't need to even make a point, as if you could.
The rich have had taxbreaks for how many years now and they sure haven't created jobs except for offshore. Sure nice of the republicans giving thee rich taxbreaks to offshore jobs.
For those of you unfamiliar with Dave Ramsey, he's supposed to be some big financial advice guru . He's got a radio show that's syndicated all over the country. For the last 2 weeks on the radio station that he's on locally, I've been assaulted with the following stupid commercial (I'm paraphrasing here) " How come if Lady Gaga or some sports figure makes a bazillion dollars a year it's ok but if a CEO makes that kind of money he's automatically a crook? "
I've been hearing this weak talking point from alot of different sources lately. Well Dave, here's the thing --- Lady Gaga and Peyton Manning are not trying to take away my pension and healthcare plan and send American jobs to India ! The CEO of the company I work for ,Verizon, is.
If by some method entertainers and sports stars start doing these bad things to me then I guess I will start speaking out against them too Dave. Nice try though.
just about fairness. This is also about growth." To make growth
happen the Buffett Rule should be combined with a tax credit
for consumption of verifiably American-Made goods. Weak
Demand, not High Tax Rates on the Wealthy, is the major
cause of the lack of growth, so a tasty tax incentive to buy
more just might have a good effect.
That's right, I am proposing that the rich should go on an
all-out Pig-Out buying binge of American stuff, and lower
their taxes at the same time. What's not to love about that.?