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Old 03-20-2012, 11:01 PM  
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Obama's Plan to Tax the Rich

Is Obama serious about reining in the deficit and paying down the debt? Apparently not according to ABC News and the AP.
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A bill designed to enact President Barack Obama's plan for a "Buffett rule" tax on the wealthy would rake in just $47 billion over the next 11 years, according to an estimate by Congress' official tax analysts obtained by The Associated Press.

That figure would be a drop in the bucket of the over $7 trillion in federal budget deficits projected during that period. It is also minuscule compared to the many hundreds of billions it would cost to repeal the alternative minimum tax, which Obama's budget last month said he would replace with the Buffett rule tax.
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Old 03-24-2012, 10:13 AM  
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Originally Posted by Eddie_T View Post
Is Obama serious about reining in the deficit and paying down the debt? Apparently not according to ABC News and the AP.
we would be well on the way to balanced budget if the republicans didn't cry and refuse to do anything unless the rich got to keep the bush tax cuts.............
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Old 03-24-2012, 10:35 AM  
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Why do you keep refering to GW as a republican. He gives us conservatives a bad name.
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Old 03-24-2012, 12:03 PM  
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Originally Posted by oldognewtrick View Post
Why do you keep refering to GW as a republican. He gives us conservatives a bad name.
but when it comes to tax cuts all current republican candidates want a turbocharged version of the bush tax cuts despite the massive budget failure it was, so in this case it is still valid
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Old 03-24-2012, 12:24 PM  
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Weren't the "Bush" tax cuts originally pushed through a democratically controlled congress? Do you at least admit we have a spending problem and not a revenue problem? I don't see anyone on either side of the isle, anyone of our "Hollywood" liberals, anyone of our major corps (G.E.-Warren Buffet comes to mind) say, look heres my check, I'll lead by example, I'm happy to pay more. Those in authority want others to pay, not themselves, because they are entitled.

What happened in England recently when they taxed the crap out of the wealthy, seems to me the revenue fell by a large amount.
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Old 03-24-2012, 12:50 PM  
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Originally Posted by oldognewtrick View Post
Weren't the "Bush" tax cuts originally pushed through a democratically controlled congress? Do you at least admit we have a spending problem and not a revenue problem? I don't see anyone on either side of the isle, anyone of our "Hollywood" liberals, anyone of our major corps (G.E.-Warren Buffet comes to mind) say, look heres my check, I'll lead by example, I'm happy to pay more. Those in authority want others to pay, not themselves, because they are entitled.

What happened in England recently when they taxed the crap out of the wealthy, seems to me the revenue fell by a large amount.
Taxes are assessed against net profits. A high tax rate is nothing more than an incentive for businesses to spend more of their gross profits on deductible expenses, things like payroll.

A high tax rate doesn't mean lower profits; it means that the realized profits are going to be non-monetary profits. A high tax rate does not make it harder to do business; it makes it harder to draw money out of the payroll economy - where people are worried about the price of milk and eggs and gasoline - and stick it in the Wall Street economy - where people are worried about capital gains, P/E ratios, dividends, and ROI.
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Old 03-24-2012, 05:00 PM  
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Originally Posted by RedJeepXJ View Post
we would be well on the way to balanced budget if the republicans didn't cry and refuse to do anything unless the rich got to keep the bush tax cuts.............
Well the Bush tax cuts come to an end anyhow on Dec. 31, 2012. They were only extended two years in 2010. So on Jan. 1, 2013 these cuts will be gone unless they are extended once again before this year ends. I personally don't think they will make much of a difference when it comes to balancing the budget. The only thing that I think will bother me is the increase in capitol gains which they say could be as much as a 4% to 6% increase and the inherantance tax. The base for forgiveness on inhertance tax will be lowered once again to $1M. Anything over $1M in estate value will be taxed quite heavily which I think is criminal of the government to do. It's like taxing money thats already been taxed!

Just my .02 cents.
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Old 03-24-2012, 05:30 PM  
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The base for forgiveness on inhertance tax will be lowered once again to $1M. Anything over $1M in estate value will be taxed quite heavily which I think is criminal of the government to do. It's like taxing money thats already been taxed!

Just my .02 cents.
Never stopped them before. Figure how much of every dollar your earn goes to taxes. It will make you wonder how you have anything left.
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Old 03-24-2012, 07:53 PM  
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Originally Posted by oldognewtrick View Post
Never stopped them before. Figure how much of every dollar your earn goes to taxes. It will make you wonder how you have anything left.
No, it hasn't stopped them before but idea of inherantance tax has always stuck in my craw.
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Old 03-24-2012, 08:14 PM  
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Originally Posted by MRB View Post
No, it hasn't stopped them before but idea of inherantance tax has always stuck in my craw.
Mine to..they seem to never have a big enough tax base. Seems to me I remember that the revolution was because of taxes, wasn't it?
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