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

SheWolf said:
This a weak argument. Do you understand the purpose of the ECOA is to protect minorities from discrimination, and that has nothing to do with money or forcing anybody to sell a house to the poor or to somebody whom can't afford a house? The ECOA doesn't require anybody to sell a house to a minority either. It just makes it illegal to outright refuse to sell because of race, religion, gender, etc. You're basically blaming the housing crisis on black/Asian/Native America/Jewish/women, etc. Do you realize that?
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Before he was President, Obama was organizing protests to march on the lawns of bank executives who would not make loans because borrowers didn't pass muster with current credit requirements.

He still is.
 
Goldenboy219 said:
IMO, the problem is that the total effective tax rate for the top .001% is still 29.5% in 2007. Not very progressive is you ask me.
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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
 
Goldenboy219 said:
IMO, the problem is that the total effective tax rate for the top .001% is still 29.5% in 2007. Not very progressive is you ask me.
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The biggest tax problem is really between those in the top quintile, not between the top 1% and everyone else.
It is still progressive, until you break down some of the effective tax rates in the top quintile.
 
I didn't bring race into it, you did.

Entitlement crashed the housing market.
 
Higgins86 said:
went from being the new kid on the bloc to the big dog by selling bombs etc to the allies at a very high interest...End of the day history tells you one thing if the guy at the bottom is doing well then the guy at the top is doing even better. It is in the rich's interest to invest in america rather than avoiding income tax by paying foreign taxes or donating to charity.
According to a recently released IRS report, almost 1,500 of America's 230,000 millionaires avoided paying any federal income tax in 2009.
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wow 1500 out of 230,000

why is that

and how about the fact that 51% of america-the people who have far more votes and elect many of those irresponsible spendthrift politicians pay ZERO income tax

half the country doesn't bother you, 1500 out of 230,000 gets you upset

Sorry, I have a dim view of your perspective
 
TurtleDude said:
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
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because they still have millions left in the bank whilst a lot of people are paying taxes and can not even afford to buy a house...
 
Reg said:
Before he was President, Obama was organizing protests to march on the laws of bank executives who would not make loans to because borrowers didn't pass muster with current credit requirements.
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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.
 
Income taxes are based on income, not money you already had.
 
TurtleDude said:
wow 1500 out of 230,000

why is that

and how about the fact that 51% of america-the people who have far more votes and elect many of those irresponsible spendthrift politicians pay ZERO income tax

half the country doesn't bother you, 1500 out of 230,000 gets you upset

Sorry, I have a dim view of your perspective
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Oh don't worry the feeling is very much mutual.
 
Harry Guerrilla said:
The biggest tax problem is really between those in the top quintile, not between the top 1% and everyone else.
It is still progressive, until you break down some of the effective tax rates in the top quintile.
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It seems rather ridiculus that an engineer MBA earning $400k per year pays the same effective tax rate (sometimes more!) than Lebron James.....
 
Goldenboy219 said:
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.
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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.
 
Goldenboy219 said:
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.
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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.
 
Reg said:
Income taxes are based on income, not money you already had.
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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?
 
Reg said:
I didn't bring race into it, you did.

Entitlement crashed the housing market.
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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."
 
TurtleDude said:
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
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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.
 
Higgins86 said:
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?
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Because they made no income.

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

What kind of system is that?
 
Goldenboy219 said:
It seems rather ridiculus that an engineer MBA earning $400k per year pays the same effective tax rate (sometimes more!) than Lebron James.....
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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.
 
Goldenboy219 said:
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.
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Then do it. Don't demand everyone else does.
 
StillBallin75 said:
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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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.
 
REG1 what kind of a system is it when you defend millionaires who have no income and attack poor people who have to claim welfare? Do you 1 in 7 Americans are on food stamps?
 
Higgins86 said:
because they still have millions left in the bank whilst a lot of people are paying taxes and can not even afford to buy a house...
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and why does that justify someone else taking from them? where do you get off thinking you have a claim to someone else's wealth?
 
Higgins86 said:
what kind of a system is it when you defend millionaires who have no income and attack poor people who have to claim welfare? Do you 1 in 7 Americans are on food stamps?
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And they all have flat screens, smartphones, and $250 athletic shoes. I see them every day.

Why do you think you can confiscate other people's money?
 
Higgins86 said:
REG1 what kind of a system is it when you defend millionaires who have no income and attack poor people who have to claim welfare? Do you 1 in 7 Americans are on food stamps?
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Let's be real a moment.
Some of those people don't need food stamps.

The social services system is incredibly easy to defraud.
 
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