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1,500 millionaires paid no taxes.
- Thread starter faethor
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Financially illiterate people shouldn't be allowed to write financial articles, this is a better description:
Obama's policies eleminated the income of 1500 millionaires, it's less tax revenue for the government, but it's more fair!
Obama reducing income inequality by making everyone poorer!!
Don't you feel better now?!
Re-elect Obama!
He won't rest until our economy is no longer unfair to Zimbabwe!
Obama's policies eleminated the income of 1500 millionaires, it's less tax revenue for the government, but it's more fair!
Obama reducing income inequality by making everyone poorer!!
Don't you feel better now?!
Re-elect Obama!
He won't rest until our economy is no longer unfair to Zimbabwe!
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First thing that article didn't bother to note that unemployment compensation is tax able income. So if they are on unemployement, they will have to file for taxes. That many people stop filing income taxes means they just gave up and that is a very troubling sign. If you look at the U-6 unemployment index (vs the U-3 that is 9.1%) which includes those working part time who want full time an those who just gave up entirely, it's over 16%. The other kicker is back in the 80's, they changed how the based the unemployment numbers on. It use to be polling and based on state's records of unemployment claims, now it's polling of 60,000 people in 22,000 specific locations. So depending on how people feel, the actual U-3 and U-6 numbers could very far off.
The other part that was slightly glossed over was offshore investments. Why in the world would the rich want to invest in the US and put up with all those regulation and taxes when they can go somewhere where they are wanted? Take a look at NY, IL, and CA, all three have super high taxes but the rich and their capital are leaving for other states. Same happens with the very wealthy, they don't bother to leave from one state to another, they just leave the country. Another prime example is so called, "Sin" taxes. They raise the rates on things in order to prevent them from being sold. As the tax climbs, it passes through different levels of thresholds that each individual will feel comfortable or not comfortable paying for. So taxing smokes is designed to make people stop smoking because they can't afford it, this is a punishment by society on people they perceive in doing something wrong. If you really hammer people for making a profit, they will stop doing so by going somewhere whey they can make a profit and not be punished for it.
US use to be THE place to invest in. Now the manufacturing is moving offshore and we have very little left and what is left, is assembly of foreign made parts. Who is willing to pay compensation rates and taxes and put up with unbelievable regulations and torts? No one, they are all investing else where and the US economy is sinking as Washington floods the boat with red ink that will never be repaid driving the waterline higher and higher till it flows over the gunnels. Idea of making more investors flee offshore by raising the top bracket not only will not work, it will decrease revenues. Even if we had 100% tax on earners making $100K or more, we would be back to Bush level deficit spending, we have to gut spending while growing the economy.
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Where does that stat come from or are you just pulling it out of some orifice?
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So you can make over $10 million a year on unemployment? That's amazing!
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US Treasuries are up. The US, while not bright, is still one of the best options in the world.
Now? 1979 was the peak of manufacturing jobs. ... I find your views short sighted. You come across that everything was puppies and raining gold until 2009 when Obama was sworn in and immediately the nation went in the dumps. Seriouly wake up from your 30 years of slumber and realize it's a problem we created for ourselves.
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If I ever see you again it better be in court and you better be the defendant.
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OMFSM! Palin-Huckabee? What a nightmare ticket. Brings to mind the quote (forget who and don't care to search this second) - When fascism comes to America it'll be draped in the flag and holding a cross -- those two together couldn't be a better picture of that quote.
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Of course the costs of gas were carried by the tax payer as we invaded Iraq. So you aren't seeing the true cost at the pump. And while the President doesn't control world oil usage, speculation, or pricing (save for wars), I'll give you 1 point cuz I can imagine how much it sucks having none.
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The bill.
Imagine I have your credit card because I've convinced you I can handle your affairs for you - so I go on a spending spree, convince you that you only need to work part time then set a small fire in your living room. At that point you are tired of my "management" so you fire me and hand the card over to a new manager.
The fire begins to spread but the manager calls in the fire department and you only lose three rooms - though the house is uninhabitable. He turns to the credit card to clean the place up so you can at least live there but tells you you need to get another job. Meanwhile last month's bill arrives. You blame the new manager.
Now - the gas prices.
When Bush took office gas was around $1.42. Near the end of his second term it had risen, peaking in September 2008 at around $3.80. It then fell steeply heading into the elections. According to a CPI calculator I just plugged this into online $3.80 in 2008 is about four bucks now. That's a price that gas reached around May of this year but it has fallen a little since then.
Obama inherited a lot of baggage (including the highly popular, very massive and expensive and hard to get rid of, Bush brain child - the Department of Homeland Security) and gas prices that had been $3.80 but had mysteriously fallen just for the elections.
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See if the Republicans would agree to rescind the Bush spending and associated programs. Including the 9/11 reactionary legislation. I'd vote for them in a New York minute. Because it'd be the right direction - reducing spending and increasing taxes.
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Hey, you know who else inherited an economy from George Bush? .... Rick Perry
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Can't be that up, 30 year is up 27 base point to 3.75%. Yes, the European are flooding into US T-Bills for some unknown reason, most likely short term but Swiss Franc is blazing hot.
True, poor choice of wording on my part, things got really bad in the 90s with technology and manufacturing moving to places like, China. So let me make my point, we don't have very much manufacturing left. It would be a very bad idea to make things worse (government wise such as taxes and new regulations) that will chase the very few factories off shore as well. Oh well, we still have farming.
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Can you send my your lawyer's name and phone number? I got scammed big time, some smooth talker stole $5T (going to $8T in 18 months), lost 2 million jobs, lost AAA bond rating, and now I'm paying $4 @ gallon gas because he wanted to bomb a foreign country that we were at peace with plus printing bushels of funny money!
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I can agree with that, gut spending and let the 49% who don't pay any income taxes actually pay income tax via flat tax with zero deductions.