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Thread: White House Tax Plan Would Ask More of Millionaires

  1. #1421
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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by randel View Post
    and the rich have the lion's share of the money...my opinion, make more pay more....
    Right. Why?

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by KevinKohler View Post
    The rich already shoulder the lion's share of the tax burden. Why do you feel they should take on more?
    Actually that is wrong:

    In North Carolina, poor people now pay more of their incomes in state and local taxes than do the richest 1% of households. Add to this the tuition, toll and fee hikes that have been imposed on a huge number of core services and the situation is even worse than it appears.

    Trickle-up tax policy | NC Policy Watch with Fitzsimon & Schofield

    The PDF is in the link

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by Mach View Post
    Lol. The failed policy was in the inaction of GOVERNMENT to identify and lessen the risks that were obvious in the financial sector ever SINCE the great depression. And the S&L crisis. And other similar crisis around the world.

    They did identify and lessen the risks ever since the Great Depression in the form of the Glass Steagall Act, until its repeal in 1999.

    It had nothing to do with trickle down economics!!

    I can assure you that even if people had been making say, 10% more due to draconian liberal wealth redistribution, that:
    1. the bust would still have occured
    2. those making less, would still be hurt the most
    "The Great Depression was the worst economic slump ever in U.S. history, and one which spread to virtually all of the industrialized world. The depression began in late 1929 and lasted for about a decade. Many factors played a role in bringing about the depression; however, the main cause for the Great Depression was the combination of the greatly unequal distribution of wealth throughout the 1920's, and the extensive stock market speculation that took place during the latter part that same decade. The maldistribution of wealth in the 1920's existed on many levels. Money was distributed disparately between the rich and the middle-class, between industry and agriculture within the United States, and between the U.S. and Europe. This imbalance of wealth created an unstable economy. The excessive speculation in the late 1920's kept the stock market artificially high, but eventually lead to large market crashes. These market crashes, combined with the maldistribution of wealth, caused the American economy to capsize."
    The Main Causes of the Great Depression

    "And as I have previously noted, radical concentration of wealth actually destroys capitalism, turning it instead into socialism for the rich.

    Is There a Causal Connection Between Extreme Inequality and Economic Crises?

    More to the point, most mainstream economists do not believe there is a causal connectionbetween inequality and severe downturns.


    But recent studies by Emmanuel Saez and Thomas Piketty are waking up more and more economists to the possibility that there may be a connection.
    Specifically, economics professors Saez (UC Berkeley) and Piketty (Paris School of Economics) show that the percentage of wealth held by the richest 1% of Americans peaked in 1928 and 2007 - right before each crash."

    Extreme Inequality Helped Cause Both the Great Depression and the Current Economic Crisis → Washingtons Blog
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

  4. #1424
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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by winston53660 View Post
    Actually that is wrong:

    In North Carolina, poor people now pay more of their incomes in state and local taxes than do the richest 1% of households. Add to this the tuition, toll and fee hikes that have been imposed on a huge number of core services and the situation is even worse than it appears.

    Trickle-up tax policy | NC Policy Watch with Fitzsimon & Schofield

    The PDF is in the link

    They pay a higher PERCENT of their income. 35% of 60,000 is LESS than 15% of 500,000.

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by KevinKohler View Post
    Right. Why?
    i would think the answer would be obvious....you have more of the resources, you should carry more of the burden.

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by KevinKohler View Post
    OK, so no one seems bent on trying to answer my question, so I'll try asking it a different way....


    What exactly do you think will happen when all of a sudden the wealthier class in amerca have their income taxed more? Anyone care to answer this, please?
    They will have a slight amount less to place in foreign investments that provide no benefit for our country?
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

  7. #1427
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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by Catawba View Post
    They did identify and lessen the risks ever since the Great Depression in the form of the Glass Steagall Act, until its repeal in 1999.



    "The Great Depression was the worst economic slump ever in U.S. history, and one which spread to virtually all of the industrialized world. The depression began in late 1929 and lasted for about a decade. Many factors played a role in bringing about the depression; however, the main cause for the Great Depression was the combination of the greatly unequal distribution of wealth throughout the 1920's, and the extensive stock market speculation that took place during the latter part that same decade. The maldistribution of wealth in the 1920's existed on many levels. Money was distributed disparately between the rich and the middle-class, between industry and agriculture within the United States, and between the U.S. and Europe. This imbalance of wealth created an unstable economy. The excessive speculation in the late 1920's kept the stock market artificially high, but eventually lead to large market crashes. These market crashes, combined with the maldistribution of wealth, caused the American economy to capsize."
    The Main Causes of the Great Depression

    "And as I have previously noted, radical concentration of wealth actually destroys capitalism, turning it instead into socialism for the rich.

    Is There a Causal Connection Between Extreme Inequality and Economic Crises?

    More to the point, most mainstream economists do not believe there is a causal connectionbetween inequality and severe downturns.


    But recent studies by Emmanuel Saez and Thomas Piketty are waking up more and more economists to the possibility that there may be a connection.
    Specifically, economics professors Saez (UC Berkeley) and Piketty (Paris School of Economics) show that the percentage of wealth held by the richest 1% of Americans peaked in 1928 and 2007 - right before each crash."

    Extreme Inequality Helped Cause Both the Great Depression and the Current Economic Crisis → Washingtons Blog
    None of that disproves his assertion.

  8. #1428
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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by Catawba View Post
    They will have a slight amount less to place in foreign investments that provide no benefit for our country?
    Have you ever know a person to settle for making less, if they have the clear and easy means to make more?

  9. #1429
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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by randel View Post
    i would think the answer would be obvious....you have more of the resources, you should carry more of the burden.
    But why? Why does one's material possessions entails others to demand more of them?

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    Re: White House Tax Plan Would Ask More of Millionaires

    Quote Originally Posted by Conservative View Post
    Do you want to tell me my financial obligations as well?
    You are the one that asked me to give you an exact dollar amount of your financial obligations in taxes, but then provide no income information to answer the question. I know of no tax consultants that can figure your tax without income information.
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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