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Thread: Obama to propose $1.5 trillion in new tax revenue

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    Re: Obama to propose $1.5 trillion in new tax revenue

    Quote Originally Posted by j-mac View Post
    Then explain how revenue increased after the Bush era tax cuts.

    J-mac
    Revenue increased because payroll tax revenue increased. This masked the falling income tax revenues, as they declined, as you would expect, after the bush tax cuts. Yes, Social Security was used in a Ponzi scheme, to pay off the Treasury so that citizens did not see the income tax revenue slippage.
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    Re: Obama to propose $1.5 trillion in new tax revenue

    Quote Originally Posted by upsideguy View Post
    Revenue increased because payroll tax revenue increased. This masked the falling income tax revenues, as they declined, as you would expect, after the bush tax cuts....
    thank you very, very much.

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    Re: Obama to propose $1.5 trillion in new tax revenue

    Quote Originally Posted by Gill View Post
    How many jobs do poor people create ??
    A lot more than you think. I, for one, will pay no income taxes in 2010, 2011 and probably 2012. From an income tax perspective, I am poor as I have no taxable income. I am among the 47% that pays no federal income tax.

    I started a business two years ago and have since created 35 jobs. I expect to add 35-50 jobs over the next year.

    Why do I get to pay ZERO in federal income taxes? My business is in start-up mode. It is losing money as it builds (I lost money on 2009, 2010 and the first half of this year. It is just starting to show a profit). Under the current tax code, I get to fully recover my losses before I pay a dime in taxes. Changing the income tax rate is completely irrelevant to me. I am doing the business because I see a demand, not because of some tax policy. In fact, the only tax policy that is really helpful to me is cuts in payroll taxes (again, not a motivator of investment, but it helps my business).

    This notion that people in the highest tax brackets are the job creators is absurdly misguided. Jobs are created by people that make the investment... and the initial consequence of the investment is to first lose money before the profit is made. Those that make the investment are not worried about the tax consequence of the investment, they are worried about the business consequence.

    People that start businesses from scratch do not pay taxes until those businesses not only make money, but recover all of the losses incurred during the start-up years. These people are "poor" from a income perspective. They are at the low end of the taxpayer spectrum. We are the 47% that pay no federal income taxes. Those that look at us as deadbeats, well some of us are actually laying out the cash to do more than our part to drive this economy forward. Some of us are doing more for job creation and GDP growth than those in the highest brackets..

    Yes, raise the taxes on the highest brackets. They can are the one's most able to contribute at the least pain.
    Last edited by upsideguy; 09-24-11 at 05:18 PM.

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    Re: Obama to propose $1.5 trillion in new tax revenue

    Quote Originally Posted by Thunder View Post
    what does Obama's heritage have to do with fiscal policy?
    His father was a socialist. Mother too, although she left less evidence.

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    Re: Obama to propose $1.5 trillion in new tax revenue

    Quote Originally Posted by upsideguy View Post
    A lot more than you think. I, for one, will pay no income taxes in 2010, 2011 and probably 2012. From an income tax perspective, I am poor as I have no taxable income. I am among the 47% that pays no federal income tax.

    I started a business two years ago and have since created 35 jobs. I expect to add 35-50 jobs over the next year.

    . . .

    Yes, raise the taxes on the highest brackets. They can are the one's most able to contribute at the least pain.
    And you started with no money? Awesome. I would like to hear more.
    '

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    Re: Obama to propose $1.5 trillion in new tax revenue

    Quote Originally Posted by Misterveritis View Post
    His father was a socialist. Mother too, although she left less evidence.
    Yeah, his father is relevant. Obama spent less than a month with him in his entire life.

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    Re: Obama to propose $1.5 trillion in new tax revenue

    Quote Originally Posted by Misterveritis View Post
    And you started with no money? Awesome. I would like to hear more.
    '
    Problably, like most people starting a business, he borrowed heavily to get off the ground. What? You mean businesses borrow? SHOCKING!!

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    Re: Obama to propose $1.5 trillion in new tax revenue

    Quote Originally Posted by Misterveritis View Post
    His father was a socialist. Mother too, although she left less evidence.
    Obama was raised mostly by his grandparents - his grandmother was a bank vice president in Honolulu. His grandfather was a WWII soldier in the European theater and a furniture salesman. Obama attended a private prep school where many high ranking military officials in Oahu also sent their children : Punahou School
    I don't want to see religious bigotry in any form. It would disturb me if there was wedding between the religious fundamentalists and political right. The hard right has no interest in religion except to manipulate it. ~ Billy Graham in Parade magazine February 1, 1981.

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    Re: Obama to propose $1.5 trillion in new tax revenue

    Quote Originally Posted by Frolicking Dinosaurs View Post
    Obama was raised mostly by his grandparents - his grandmother was a bank vice president in Honolulu. His grandfather was a WWII soldier in the European theater and a furniture salesman. Obama attended a private prep school where many high ranking military officials in Oahu also sent their children : Punahou School
    So, and that makes him what? I'll tell you he's a complete failure.
    Liberals - Punish the Successful, Reward the Unsuccessful
    Liberals - Tax, Borrow, Spend, and Give Free Stuff
    Obama's legacy - President Donald Trump

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    Re: Obama to propose $1.5 trillion in new tax revenue

    Quote Originally Posted by Born Free View Post
    So, and that makes him what? I'll tell you he's a complete failure.
    Well that's fine to say I suppose, I can understand peoples frustration.

    And you can call him a marxist/socialist/communist if you so desire as well.

    Only problem with that is it's factually incorrect. And most of the time people who say that kind of thing are either being deliberately untruthful or are extremely ignorant as to the actual meanings of those terms.

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