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Thread: N.Y. millionaire tax gets a push from poll, Occupy Wall St.

  1. #111
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    Re: N.Y. millionaire tax gets a push from poll, Occupy Wall St.

    Quote Originally Posted by Goldenboy219 View Post
    Are you serious? Lenders (especially the likes of Countrywide) completely lowered their lending standards because they were legally capable of selling the loan to investors like Lehman, who would then package them with highly rated mortgages and create a sort of bond that 100 basis points or more over mortgage backed securities that consisted entirely of AAA prime mortgages. What did lenders like Countrywide do with their new capital? That's right.... Lend it to people who could not afford their mortgages.

    We refer to this as predatory lending.
    Banks did what government told them to.

    The government backed the paper of the garbage loans they made. Those loans were never made until government backed them.

    Barney Frank and Chris Dodd were complicit in the Countrywide/FNMA debacle and should be in prison.

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    Re: N.Y. millionaire tax gets a push from poll, Occupy Wall St.

    Quote Originally Posted by Goldenboy219 View Post
    Are you serious? Lenders (especially the likes of Countrywide) completely lowered their lending standards because they were legally capable of selling the loan to investors like Lehman, who would then package them with highly rated mortgages and create a sort of bond that 100 basis points or more over mortgage backed securities that consisted entirely of AAA prime mortgages. What did lenders like Countrywide do with their new capital? That's right.... Lend it to people who could not afford their mortgages.

    We refer to this as predatory lending.
    While I disagree that it should be called predatory lending, I think we can both agree that a dumb ass lender and a dumb ass borrower came together and did something gigantically stupid.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
    —Adam Shepard

  3. #113
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    Re: N.Y. millionaire tax gets a push from poll, Occupy Wall St.

    Quote Originally Posted by Reg View Post
    Income taxes are based on income, not money you already had.
    exactly!!!!! So if they have millions in the bank which can not be touched why wont they pay a little more tax? How much is enough?

  4. #114
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    Re: N.Y. millionaire tax gets a push from poll, Occupy Wall St.

    Quote Originally Posted by Reg View Post
    I didn't bring race into it, you did.

    Entitlement crashed the housing market.
    This makes absolutely no sense. Why don't you study on how the subprime mortgage crisis actually happened, before you make yourself look like even more of an idiot. Government played a role in the crisis, but the issue was a whole lot more complex than "entitlement."

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    Re: N.Y. millionaire tax gets a push from poll, Occupy Wall St.

    Quote Originally Posted by TurtleDude View Post
    that each one of them pay more federal taxes than millions of other americans combined and more income tax than at least 100 million people combined doesn't seem to register with many people
    That is because they have a standard of living that is more than millions of Americans SOL combined! I have no problem paying an extra 5% given the level of U.S. federal debt...... Until i am forced to that is.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: N.Y. millionaire tax gets a push from poll, Occupy Wall St.

    Quote Originally Posted by Higgins86 View Post
    exactly!!!!! So if they have millions in the bank which can not be touched why wont they pay a little more tax? How much is enough?
    Because they made no income.

    Why are you entitled to take money out of their bank accounts?

    What kind of system is that?

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    Re: N.Y. millionaire tax gets a push from poll, Occupy Wall St.

    Quote Originally Posted by Goldenboy219 View Post
    It seems rather ridiculus that an engineer MBA earning $400k per year pays the same effective tax rate (sometimes more!) than Lebron James.....
    It's more likely that the engineer pays more.
    That's the problem with the current tax rates.

    It's not the middle class getting fleeced, it's the lower end rich paying more than the upper end rich.
    At the very least it should be equal, rate wise.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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    Re: N.Y. millionaire tax gets a push from poll, Occupy Wall St.

    Quote Originally Posted by Goldenboy219 View Post
    That is because they have a standard of living that is more than millions of Americans SOL combined! I have no problem paying an extra 5% given the level of U.S. federal debt...... Until i am forced to that is.
    Then do it. Don't demand everyone else does.

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    Re: N.Y. millionaire tax gets a push from poll, Occupy Wall St.

    Quote Originally Posted by Reg View Post
    Income taxes are based on income, not money you already had.
    Do you write fortune cookies for a living?

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    Re: N.Y. millionaire tax gets a push from poll, Occupy Wall St.

    Quote Originally Posted by StillBallin75 View Post
    This makes absolutely no sense. Why don't you study on how the subprime mortgage crisis actually happened, before you make yourself look like even more of an idiot. Government played a role in the crisis, but the issue was a whole lot more complex than "entitlement."
    The government's role was a limited (although they do share some fault) one. IMO, 95% of the fault goes to a combination of bad lenders and irresponsible recipients of loans.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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