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Thread: ABC's "20/20 - Lessons from Billionaires: Tax ME to create jobs IN AMERICA!"

  1. #451
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    Re: ABC's "20/20 - Lessons from Billionaires: Tax ME to create jobs IN AMERICA!"

    Quote Originally Posted by Catawba View Post
    This just out ~ The Top 0.1% Of The Nation Earn Half Of All Capital Gains

    "Capital gains are the key ingredient of income disparity in the US-- and the force behind the winner takes all mantra of our economic system. If you want even out earning power in the U.S, you have to raise the 15% capital gains tax.

    Income and wealth disparities become even more absurd if we look at the top 0.1% of the nation's earners-- rather than the more common 1%. The top 0.1%-- about 315,000 individuals out of 315 million-- are making about half of all capital gains on the sale of shares or property after 1 year; and these capital gains make up 60% of the income made by the Forbes 400.

    It's crystal clear that the Bush tax reduction on capital gains and dividend income in 2003 was the cutting edge policy that has created the immense increase in net worth of corporate executives, Wall St. professionals and other entrepreneurs.

    The reduction in the tax from 20% to 15% continued the step-by-step tradition of cutting this tax to create more wealth. It had first been reduced from 35% in 1978 at a time of stock market and economic stagnation to 28% . Again 1981, at the start of the Reagan era, it was reduced again to 20%-- raised back to 28% in 1987, on the eve of the October 19 232% crash in the market. In 1997 Clinton agreed to reduce it back to 20%, which move was an inducement for the explosion of hedge funds and private equity firms-- the most "rapidly rising cohort within the top 1 per cent."

    Make no mistake; the battle that is to be fought over the coming attempt to reverse this reduction in capital gains will be bloody and intense. The facts are clear according to the Congressional Budget Office more than 80% of the increase in income inequality was the result of an increase in the share of household income from capital gains. In fact, you can go so far as to claim that "Capital Gains income is the most unevenly distributed-- and volatile-- source of household income," according to Laura D'Andrea Tyson, University of California business professor and former chairwoman of the Council of Economic Advisers under President Clinton."

    The Top 0.1% Of The Nation Earn Half Of All Capital Gains - Yahoo! News
    All capital gains should be taxed as income at whatever is the prevailing rate for that particular taxpayer. To do otherwise is to give unfair preferential treatment in a discriminatory act intended to benefit one class of persons over the rest of Americans.

    The rich will not like that. They will whine and moan, they will bitch and complain, they will wriggle like eels in a vat of oil to get out of their obligation, but this sort of unequal treatment must end.
    __________________________________________________ _
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  2. #452
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    Re: ABC's "20/20 - Lessons from Billionaires: Tax ME to create jobs IN AMERICA!"

    Quote Originally Posted by Catawba View Post
    Where are the jobs that conservatives said they would create with capital gains tax cuts we continued last year???
    I strongly believe things could be much worse. We have a 90% employment rate right now. Pretty good for what we are characterizing as the worse economic crisis since the Great Depression. So, we don't want to do anything to tip the balance. We are in survival mode right now. Like I said, plenty of loopholes to close and other ways of increasing taxes. I am not one of those who absolutely opposes raising taxes. But the Congress has to show some fiscal responsibility.
    Last edited by jambalaya; 11-22-11 at 10:28 AM.

  3. #453
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    Re: ABC's "20/20 - Lessons from Billionaires: Tax ME to create jobs IN AMERICA!"

    Quote Originally Posted by j-mac View Post
    They were there all the way up to the point that the ever lisping Barney Frank and friends started running blocker for Fannie, and Freddie to fend off regulations to buy votes with houses.


    j-mac
    Please read this time and try again,

    "Where are the jobs that conservatives said they would create with capital gains tax cuts we continued last year???"
    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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    Re: ABC's "20/20 - Lessons from Billionaires: Tax ME to create jobs IN AMERICA!"

    Quote Originally Posted by TurtleDude View Post
    still evading the issue? mertex claimed the rich aren't paying their fair share of the income tax which is moronic. why do you class warfare advocates scream about the top 400 when you want to soak everyone making more than 200K a year? payroll taxes were designed to pay for defined benefits. a billionaire gets no more benefits than a guy making 130K a year since they pay the same. If a billionaire has no taxable (for FICA) income his benefits are LESS than say someone like me who maxes out on FICA
    Even the Republican's hero admitted that the rich don't pay their fair share. So who is the one that is moronic? You base your whole argument on the tax rate, but reality seems to evade you. Was Reagan lying?

    However, if calling for an end to millionaires having lower tax rates than their secretaries is class warfare, Obama is only the latest class warrior to occupy the Oval Office. In a June 6, 1985 speech at Northside High School in Atlanta, Georgia, then President Ronald Reagan explained that tax loopholes allowing a millionaire to pay lower taxes that a bus driver were “crazy,” because they allowed the “truly wealthy to avoid paying their fair share”:
    We’re going to close the unproductive tax loopholes that allow some of the truly wealthy to avoid paying their fair share. In theory, some of those loopholes were understandable, but in practice they sometimes made it possible for millionaires to pay nothing, while a bus driver was paying ten percent of his salary, and that’s crazy. [...] Do you think the millionaire ought to pay more in taxes than the bus driver or less?
    VIDEO: Reagan Called For An End To 'Crazy' Tax Loopholes That Let Millionaires Pay Less Than Bus Drivers | ThinkProgress



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    Re: ABC's "20/20 - Lessons from Billionaires: Tax ME to create jobs IN AMERICA!"

    Quote Originally Posted by j-mac View Post
    Ok, I am with you, I can not in good conscience say that I agree with politicians pledging anything other than to uphold the constitution. But you lose me with your attempt to tie Norquist to the Koch Brothers. That would be like me saying that Obama has a secret pledge with Soros...Do you think that true?

    j-mac
    But, you do agree with politicians that pledge allegiance to a lobbyist, your posts attest to that. And that was a nice evade, by claiming that he lost you when he tried to tie Norquist to the Koch brothers. It is a known fact that the Koch Brothers control the Tea Party and the Tea Party seems to be in control of the GOP.



    "I have been thinking that I would make a proposition to my Republican friends... that if they will stop telling lies about the Democrats, we will stop telling the truth about them."
    --Adlai Stevenson, Politician





  6. #456
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    Re: ABC's "20/20 - Lessons from Billionaires: Tax ME to create jobs IN AMERICA!"

    Quote Originally Posted by haymarket View Post
    All capital gains should be taxed as income at whatever is the prevailing rate for that particular taxpayer. To do otherwise is to give unfair preferential treatment in a discriminatory act intended to benefit one class of persons over the rest of Americans.

    The rich will not like that. They will whine and moan, they will bitch and complain, they will wriggle like eels in a vat of oil to get out of their obligation, but this sort of unequal treatment must end.
    While I started out against this idea, on the grounds that taxing capital gains is akin to taxing an income multiple times...I have to throw my hat in in favor of a capital gains tax that's mirrors the income tax. Yes, it's wrong to tax an income, to begin with. Even more wrong to tax that same income multiple times. But we live in a world of taxes...there is no getting around this. You want to protest this, join the anarcho capitalist crowd, and change your R or D to the big L of libertarianism. Taxes are as sure as death...and....er....taxes. And so long as we tax tips, and tax, gifts over 700 bucks, and tax income...people who use capital gains as income should also pay taxes.


    To not do so is essentially a government subsidy of stock trading...which creates the same atmosphere that led to the current economic crisis we are in.

    Flame on. Bring it, bitches.
    Quote Originally Posted by calamity View Post
    Reports indicate that everyone knew he was hauling a bunch of guns up there. But, since you brought it up, there's something which should be illegal: guns that breakdown.

  7. #457
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    Re: ABC's "20/20 - Lessons from Billionaires: Tax ME to create jobs IN AMERICA!"

    Quote Originally Posted by TurtleDude View Post
    nah its the freemasons, the trilateral commission and the skull and bones guys
    Here is the truth just for you

    Truth can be sourced Grover owns 279 elected Republicans, The Koch Brothers control Grover, the conservative party is controlled by a few rich people not the people who elected them

  8. #458
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    Re: ABC's "20/20 - Lessons from Billionaires: Tax ME to create jobs IN AMERICA!"

    Quote Originally Posted by haymarket View Post
    All capital gains should be taxed as income at whatever is the prevailing rate for that particular taxpayer. To do otherwise is to give unfair preferential treatment in a discriminatory act intended to benefit one class of persons over the rest of Americans.

    The rich will not like that. They will whine and moan, they will bitch and complain, they will wriggle like eels in a vat of oil to get out of their obligation, but this sort of unequal treatment must end.

    Yes, penalize investment. That will sure lead to job creation.

    j-mac
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

    Alexis de Tocqueville

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    Re: ABC's "20/20 - Lessons from Billionaires: Tax ME to create jobs IN AMERICA!"

    Quote Originally Posted by Catawba View Post
    Where are the jobs that conservatives said they would create with capital gains tax cuts we continued last year???

    When Bush faced increasing unemployment from a recession that he inherited from Clinton, and the effects of 9/11 exacerbated, those gains cuts spurred the lowest unemployment that this country has seen at 4.5%. Now I am sure you'll give me twisted figures to deny this fact. But I don't expect honesty.


    j-mac
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

    Alexis de Tocqueville

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    Re: ABC's "20/20 - Lessons from Billionaires: Tax ME to create jobs IN AMERICA!"

    Quote Originally Posted by mertex View Post
    ... It is a known fact that George Soros control the OWS Crowd and the OWS Crowd seems to be in control of the Demo's
    See how that works?


    j-mac
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

    Alexis de Tocqueville

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