Tax the Rich!

[Guest nicemac]

Awesome article explaining why simply putting higher taxes on the "Rich" will not solve our budget (spending) issues.

American Thinker Blog: Why we can't tax ourselves out of the deficit problem

Key statement:

"…so let's just tax it at a rate of 100%, bringing in an additional $404.8 Billion. Unfortunately the country is still $1.26 trillion in the hole for the year"

Even if we tax every wage earner that makes above $367k per year in the US at 100% (on whom the rate is now 35%), that doesn't even solve 1/3 of our deficit problem.

[1gewehr]

The other thing that these liberal 'geniuses' forget is that wealth is portable. Wealthy people have already been taking their money OUT of the USA in huge amounts due to the taxes. I'm still surprised that Microsoft has remained in Oregon where the taxes their employees pay are the primary reason that Oregon is not in the same financial condition as California and Washington State.

If you raise the taxes on the rich, you will soon find that many of the rich have moved. The states are finding out that those states with lower taxes are experiencing job growth and healthier economies than those states with higher taxes.

[hipower]

Amazing that something so easily stated and understood by the supposedly uneducated average person as us, cannot be understood, explained, or implemented by the educated leaders of this country.

[G27]

Yah, that 'tax the rich' stuff pisses me off, when nearly half this country is already comprised of freeloaders wrt federal income tax.

Punish us for being successful. Brilliant.

Elections should happen on April 16th.

[mav]

The liberals and socialists (statists) are not as stupid as you think. Well, some are, but we won't worry about those since they are nothing more than useful idiots to statist politicians. The statists that do have a grasp on reality understand that the "tax the rich" mantra will not work towards eliminating the debt. That is not their intent. Their goal is to have everyone subservient to the state (federal government). They will take from the upper-middle and middle income earners and give to the poor realizing that the poor will remain as such guaranteeing the political class a loyal voting bloc.

Once everyone, outside of the ultra-rich and the political class, receives their sustenance from the state, that is when the cuts and rationing comes. If the entire society outside of the aforementioned classes is essentially working for the state, and the state has pretty much removed all competition in the form of free market capitalism, the only place its citizens can turn to is the state. They can go hat in hand to some state apparatchik and ask, "Please sir, can I have some more?".

You underestimate your enemy if you think they are stupid, and yes, they are an enemy. They are every bit as dangerous as some middle-eastern terrorist. It is unfortunate that so many in our society are either too stupid or too self absorbed to realize what has been happening in this country. Hopefully the awakening of some in society, as evidenced in the last election and the formation of the Tea Party, will remain vigilant and continue to vote these statist bastards out of office.

[Guest nicemac]

You underestimate your enemy if you think they are stupid, and yes, they are an enemy. They are every bit as dangerous as some middle-eastern terrorist. It is unfortunate that so many in our society are either too stupid or too self absorbed to realize what has been happening in this country.

They are more dangerous. The terrorist says " I want to kill all Americans." We know where he stands. The libs say "I want to help you." They want you just as dead. Socialism/Communism has killed more people than all the wars in the history of the world combined.

[Guest Lester Weevils]

Yeah, tax the rich won't help. Stop spending is most likely to help.

However, there is another datum which is sometimes "spun the wrong way." It is true that upper-middles and "the rich" pay most of the income tax. But that is sometimes spun that the lower-middles and working poor pay little or no tax. They (and their employers) pay that 15.3 percent SS/Medicare tax.

Somewhere on irs.gov or treasury.gov I found a chart that breaks out federal tax income by taxpayer income level and total receipts per income slot.

If I'm remembering correctly, it did demonstrate that the lower income levels supply hardly any of the Income Tax receipts. However (if I'm remembering correctly) the total receipts from the poor and middle class on SS/Medicare were about as big as the Income Tax collected on the rich. Because the SS/Medicare goes into the general fund and is spent by the gov as soon as it arrives, this shows that the poor/middle classes do currently "carry their share of the load" in regards to gross receipts, money the gov can immediately spend.

If SS/Medicare tax was abolished and the rest of the tax law remained the same, govt revenues would plummet drastically after you remove all those people who currently "don't pay any taxes". It is just a symptom of the SS ponsi scheme that we collect so much general fund money off the lower-wage workers and then spin it that the poor pay no taxes.

Even in cases of working poor getting all their SS payments back via Earned Income Tax credit, that is just the worker getting back his 7.65 percent. The Gov still keeps the Employer's 7.65 percent contribution on those workers, so it is still significant revenue to the Gov from the low income workers even when they get a total earned income credit refund. The SS tax on low income workers isn't very high on their low income, but there are a whole lot more low income workers than high income workers, so the gross total still adds up to a big number.

Anyway, apologies rambling. I agree that Tax the Rich ain't gonna help. The really rich have the resources to run away somewhere else or figure out how to legally dodge the tax. The middle-income and poor are captive and can't easily escape. You either have to cut spending, print 1.5 trillion per year and inflate out the deficit, or raise tax on the middles and working poor.

Raising tax on the middles and working poor would work, because there are so many of them. That would probably be political suicide for any politician supporting it, however.

[Guest nicemac]

When the argument gets shifted to who pay, the libs win. The discussion should be ONLY: "What gets cut, and how much?"

[Guest Lester Weevils]

When the argument gets shifted to who pay, the libs win. The discussion should be ONLY: "What gets cut, and how much?"

Hi Nicemac

I agree. Cutting is the only viable solution. I only mention the "who pays" argument because so many republican (not necessarily conservative) talking heads glibly claim that the poor pay no tax, when in fact the gov would crash and burn without those SS receipts.

[Guest nicemac]

…because so many republican (not necessarily conservative)

There are few conservatives anymore. The mainstream Republican party certainly isn't conservative anymore.

[G27]

There are few conservatives anymore. The mainstream Republican party certainly isn't conservative anymore.

This.

I swore off my allegiance to the GOP years ago when it became plainly obvious they were cut from the same cloth.

[LagerHead]

If you want to really know why their stupid strategies won't work, watch this. And while you're watching it remember it only covers this year's budget. It doesn't touch the debt.

[mav]

I don't understand why so many claim that the Republican Party is the same as the Democratic Party. Yes, unfortunately they do have quite a few similarities, but they are not the same. Once the primaries battles (which is the time to nominate the most conservative candidate) are over, I will disregard my principles if I have to and vote for a moderate Republican over a Democrat. If a strong conservative independent is running and stands a good chance at winning, then I will vote for the independent. Otherwise, I will be voting for the Republican.

I remember in 2006 when so many people stayed at home in protest over the Republicans losing their way. What did we get in return? Pelosi. Thanks.

How long is it going to take to fix all of the bulls**t that was implemented over the last two years?

[Links2k]

I wonder how much we could save if we got all of our troops out of foreign countries.

[Guest nicemac]

If you want to really know why their stupid strategies won't work, watch this. And while you're watching it remember it only covers this year's budget. It doesn't touch the debt.

If this could be presented to every American, most would revolt immediately.

[Guest nicemac]

I don't understand why so many claim that the Republican Party is the same as the Democratic Party. Yes, unfortunately they do have quite a few similarities, but they are not the same. Once the primaries battles (which is the time to nominate the most conservative candidate) are over, I will disregard my principles if I have to and vote for a moderate Republican over a Democrat. If a strong conservative independent is running and stands a good chance at winning, then I will vote for the independent. Otherwise, I will be voting for the Republican.

I remember in 2006 when so many people stayed at home in protest over the Republicans losing their way. What did we get in return? Pelosi. Thanks.

How long is it going to take to fix all of the bulls**t that was implemented over the last two years?

I do not believe they are the same and like you, will vote Republican over Democrat if hose are the only choices. However, fiscally, the Republicans are now liberals.

[Guest Lester Weevils]

Thanks LagerHead

That Firewall video is great.

I remember in 2006 when so many people stayed at home in protest over the Republicans losing their way. What did we get in return? Pelosi. Thanks.

How long is it going to take to fix all of the bulls**t that was implemented over the last two years?

Hi Mav

The republicans got spanked bad by the voters in 2006 and 2008, but in spite of the spanking, the majority of the republican politicians still don't get it. Only a few get it.

Republicans were spending us into the poorhouse before pelosi. True, they were spending us into the poorhouse slower, but they didn't get it then. And most still don't get it. If they had won in 2006 and 2008, we would perhaps not be in quite as dire a fiscal condition, but we would still be pretty well hosed.

Politicians of any party need enough spankings until enough of them get it to matter.

[G27]

However, fiscally, the Republicans are now liberals.

This was my point.

We all have things that frustrate or concern us, but the economy is the #1 threat to this country, and neither party is doing anything to deal with it. They've both chosen to ignore and even exacerbate this issue over the last 30 years.

Hence my point - they're cut from the same cloth.

[mav]

The republicans got spanked bad by the voters in 2006 and 2008, but in spite of the spanking, the majority of the republican politicians still don't get it. Only a few get it.

Republicans were spending us into the poorhouse before pelosi. True, they were spending us into the poorhouse slower, but they didn't get it then. And most still don't get it. If they had won in 2006 and 2008, we would perhaps not be in quite as dire a fiscal condition, but we would still be pretty well hosed.

Politicians of any party need enough spankings until enough of them get it to matter.

I understand all of that. Glen Beck states that we, the american people, needed to be slapped around so to speak from the likes of Pelosi, Reid, Obama, etc... in order to wake up and have our Howard Beale moment where we scream, "We are mad as hell, and we are aren't gonna take it anymore."

Well..... I don't know if I can accept Glen's premise. Yes, the Republicans pretty much sucked over the last decade. They were slowly spending us to the poor house. However, the democrats went into hyperspace with the spending the last couple of years. Although it is harder, I would much rather work in trying to remove a politician from office that is slowly spending too much of our money instead of a politician that is spending like there is no tomorrow. The damage the latter creates is incredibly difficult to fix and can take years unless you get complete control of the government.

[Links2k]

Hence my point - they're cut from the same cloth.

I wish that more people could see that.

[Guest Oaklands]

You haven't seen anything yet. Wait until they remove the dollar the standard currency worldwide. That is when the SHTF. There is a lot of interesting reading on it and the IMF has already said they want to replace the dollar with something else.

[Garufa]

You haven't seen anything yet. Wait until they remove the dollar the standard currency worldwide. That is when the SHTF. There is a lot of interesting reading on it and the IMF has already said they want to replace the dollar with something else.

That day is rapidly approaching. What's Chinese for money?

[Guest 6.8 AR]

so, I guess from all your sterotyping the Republicans into oblivion, Paul Ryan and his type are bad

Republicans, too? It's too easy to give up and cliche the hell out of any one by saying they are cut

from the same cloth.

Wait until the next election and stay at home and see what happens when Obama gets re-elected.

Because, well, they're all alike. Make sure you have clean sheets before you climb in bed, because

you made the bed you're sleeping in.

Things are changing, maybe not fast enough, but at least an agenda is being driven by some good

Republicans. The Tea Party is actually growing unless you watch Katie Couric or that Matthews idiot.

[Guest mosinon]

We can agree all day that more taxes aren't the answer. I mean I'd be all for increased taxes if they went to pay off the debt but they'd just end up being spent on more programs.

I digress, so we all agree that cutting spending is the key. What are we going to cut in a politically palatable matter. In other words, what can you cut and still get elected? You've got three choices: Defense, Medicare/Medicaid and Social Security.

So you decide to cut defense. Your opponent says "My God, this man doesn't want us to be safe!"

Well, that's a losing proposition. So you decide to cut Medicare and Medicaid. Your opponent says: "Good Gravy! He wants the old and poor to die!"

Crap. Well, you decide to cut social security. Just take your name off the ballot cause you're not winning.

Politicians want to win. Somehow we expect these naturally competitive people to not be competitive when it comes to politics. But they are competitive which is why they tell us we can have medicare part d, two wars, a bailout, a stimulus program, a tax rebate and a tax cut all at the same time.

[G27]

I'll believe there's real change in the GOP when I see it. There's always been a small handful who did things right, but unless the party as a whole changes radically, nothing will change.

While Ryan is on the right path, let's not forget that before this the GOP had talked of cutting $61B from a budget that's well over $1T in the red.

Again, I'll happily jump behind them when they actually do something positive for the economy. They're done quite a bit of damage over the last 30 years, I'm not ready to clap them on the back and declare them our saviors just because a handful of them proposed something...