There is a fascinating aspect about allowing the Bush tax cuts to expire and thus decrease the deficit.
Nobody, especially the Democrats want that to happen. And it won’t!
2/3 of the savings/decrease deficit comes from increasing taxes on people earning less than $250,000. Those include many Democratic voters. OK to increase taxes on the “super-rich” earning over $250,000 but that won’t solve our problem.
Also remember 47% of Americans do not pay 1 penny in federal Income Taxes.
Keep in mind that 47% of Americans do not pay 1 penny in federal Income taxes for one of two reasons:
1) They are wealthy enough to have tax accountants who can play the system and avoid any taxes (all but about 6% of the big corporations do this, and it’s reasonable to assume that most wealthy people cut their taxes considerably…Warren Buffet says he pays a lower rate than his secretary).
2) They are too poor to have enough to pay income taxes, and that means their taxable income is less than $8,375 (individual)
…http://www.bankrate.com/finance/taxes/2010-tax-bracket-rates.aspx
Because of our privately owned fractional reserve money creation/ banking system, about half of the cost of anything is interest going to the private financial sector. This interest is a far greater drain on our economy than any total of taxation. Taxation goes right back into the economy.
The interest/fees extracted by the financial sector (…and the financial sector now pulls in about 40% of ALL profits earned by business in the US), are fed back into the ponzi/ gambling scheme that is now our unregulated financial sector. A decent, family supporting small business can’t make 30% profits for investors, but Wall Street gamblers can extract those sums from their gaming because they control the casino. So, the investment capital of the uber rich, comes no where near main street business.
Give tax money to rich people and they squirrel it away in the bank (de-flation) or play the stock market (crash!) with it.
Give tax money to poor people and they go to Walmart.
^jack, I suggest you look up some facts instead of citing three random examples.
By the way, Bill Gates came from a well-off family. Not exactly dirt poor.
“His family was upper middle class; his father was a prominent lawyer, his mother served on the board of directors for First Interstate BancSystem and the United Way, and her father, J. W. Maxwell, was a national bank president.” – hence, well connected.
excuse me LOWCBASS, i take umbrage with your last two sentences.
i’m poor and if you give me tax money i’d put it in the bank to pay next year’s taxes - i may be poor, but i’m not stupid.
PUPPY - spam is an unsolicited barrage of irrelevancy in an attempt to force said irrelevancy on people who would otherwise not choose to receive it - how can it be productive ?
rottenprat over 13 years ago
Because truth is directly correlated to periodical distribution.
thirdangelll over 13 years ago
Can you say Republican~!
Libertarian1 over 13 years ago
There is a fascinating aspect about allowing the Bush tax cuts to expire and thus decrease the deficit.
Nobody, especially the Democrats want that to happen. And it won’t!
2/3 of the savings/decrease deficit comes from increasing taxes on people earning less than $250,000. Those include many Democratic voters. OK to increase taxes on the “super-rich” earning over $250,000 but that won’t solve our problem.
Also remember 47% of Americans do not pay 1 penny in federal Income Taxes.
vhammon over 13 years ago
Keep in mind that 47% of Americans do not pay 1 penny in federal Income taxes for one of two reasons:
1) They are wealthy enough to have tax accountants who can play the system and avoid any taxes (all but about 6% of the big corporations do this, and it’s reasonable to assume that most wealthy people cut their taxes considerably…Warren Buffet says he pays a lower rate than his secretary).
2) They are too poor to have enough to pay income taxes, and that means their taxable income is less than $8,375 (individual) …http://www.bankrate.com/finance/taxes/2010-tax-bracket-rates.aspx
vhammon over 13 years ago
TheMadPuppy,
Because of our privately owned fractional reserve money creation/ banking system, about half of the cost of anything is interest going to the private financial sector. This interest is a far greater drain on our economy than any total of taxation. Taxation goes right back into the economy.
The interest/fees extracted by the financial sector (…and the financial sector now pulls in about 40% of ALL profits earned by business in the US), are fed back into the ponzi/ gambling scheme that is now our unregulated financial sector. A decent, family supporting small business can’t make 30% profits for investors, but Wall Street gamblers can extract those sums from their gaming because they control the casino. So, the investment capital of the uber rich, comes no where near main street business.
ChukLitl Premium Member over 13 years ago
Is it even possible to keep feeding both pigs.
Dtroutma over 13 years ago
Either pig in excess will give you Trichinosis.
SherriannPederson over 13 years ago
Are there missing PIGS in California?
Charles Brobst Premium Member over 13 years ago
Give tax money to rich people and they squirrel it away in the bank (de-flation) or play the stock market (crash!) with it. Give tax money to poor people and they go to Walmart.
Motivemagus over 13 years ago
^jack, I suggest you look up some facts instead of citing three random examples. By the way, Bill Gates came from a well-off family. Not exactly dirt poor. “His family was upper middle class; his father was a prominent lawyer, his mother served on the board of directors for First Interstate BancSystem and the United Way, and her father, J. W. Maxwell, was a national bank president.” – hence, well connected.
CorosiveFrog Premium Member over 13 years ago
CA Brobst; so true.
myming over 13 years ago
pigs are elephants w/ their trunks severed…
CorosiveFrog Premium Member over 13 years ago
Buzz the Cat says; EEEEEEEWWWW! So that’s what a snout is?
myming over 13 years ago
excuse me LOWCBASS, i take umbrage with your last two sentences. i’m poor and if you give me tax money i’d put it in the bank to pay next year’s taxes - i may be poor, but i’m not stupid.
PUPPY - spam is an unsolicited barrage of irrelevancy in an attempt to force said irrelevancy on people who would otherwise not choose to receive it - how can it be productive ?
myming over 13 years ago
neither must you…
WarBush over 13 years ago
Anyone can buy a computer now a days. If you’re a real dead beat the public library also has computers.
Probably most of our Republicant friends access from the latter.