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Thread: No Fiscal Deal Without Higher Tax Rates On Rich, Obama Says

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    Re: No Fiscal Deal Without Higher Tax Rates On Rich, Obama Says

    Quote Originally Posted by Catawba View Post
    Exactly right, as Henry Ford found in the past, many of the super smart rich folks today like Warren Buffett and the other millionaires that petitioned Congress to raise the tax rates of the wealthy understood, its bad for the long term economy to have so little wealth in the consumer class that it hurts consumer demand.

    And Henry Ford's response was to lower the price of his cars and raise the wages of his employees. I doubt he would regard sending money to politicians as a good idea.

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    Re: No Fiscal Deal Without Higher Tax Rates On Rich, Obama Says

    Quote Originally Posted by Grant View Post
    The Bush tax cuts which were endorsed, supported and passed by the Obama Administration, right? And BHO took credit for this legislation, correct?

    When does BHO become responsible for legislation passed during his own Presidency?
    When it is his. The cuts belong to Bush.

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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    Re: No Fiscal Deal Without Higher Tax Rates On Rich, Obama Says

    Quote Originally Posted by Grant View Post
    The Bush tax cuts which were endorsed, supported and passed by the Obama Administration, right? And BHO took credit for this legislation, correct?

    When does BHO become responsible for legislation passed during his own Presidency?

    As the people showed when we reelected the president, they understand the trickle down economics was a failure. Over a decade of tax cuts for the wealthy we agreed to in exchange for more jobs. Where are the jobs? We want our money back!!!
    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: No Fiscal Deal Without Higher Tax Rates On Rich, Obama Says

    Quote Originally Posted by Grant View Post
    And Henry Ford's response was to lower the price of his cars and raise the wages of his employees. I doubt he would regard sending money to politicians as a good idea.
    You are so out of touch with reality you don't have a clue that we have never had this great disparity in wealth and income since the 1920s, do you?

    Where do you suggest the country get the $2.6 trillion it needs to repay what it owes to SS?
    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: No Fiscal Deal Without Higher Tax Rates On Rich, Obama Says

    Quote Originally Posted by Boo Radley View Post
    When it is his. The cuts belong to Bush.
    Do you understand that Obama endorsed the cuts and extended them and took credit for extending them? The link shows him congratulating himself.

    It's amazing more people don't know about this.

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    Re: No Fiscal Deal Without Higher Tax Rates On Rich, Obama Says

    Quote Originally Posted by Catawba View Post
    As the people showed when we reelected the president, they understand the trickle down economics was a failure. Over a decade of tax cuts for the wealthy we agreed to in exchange for more jobs. Where are the jobs? We want our money back!!!
    Where is this agreement you speak of?

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    Re: No Fiscal Deal Without Higher Tax Rates On Rich, Obama Says

    Quote Originally Posted by Catawba View Post
    You are so out of touch with reality you don't have a clue that we have never had this great disparity in wealth and income since the 1920s, do you?

    Where do you suggest the country get the $2.6 trillion it needs to repay what it owes to SS?
    There will be no money left for SS or it will be paid in useless inflationary dollars. Do you now understand why the credit rating was dropped? Do you really believe that the US government will be able to give everyone free medical, free drugs and free pensions when they are many trillions of dollars in debt?

    It took more than a generation and a couple of world wars for the British Empire to collapse but Americans have managed to do it in one generation, and all from within.

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    Re: No Fiscal Deal Without Higher Tax Rates On Rich, Obama Says

    Quote Originally Posted by Grant View Post
    Where is this agreement you speak of?
    "We were promised that cutting taxes on the wealthy would result in much higher economic growth and broadly shared prosperity. For those who wondered how we would pay for such a large cut to the government’s revenue stream, the Republican prospectus had a remarkable claim.

    The tax cuts wouldn’t cost us anything. Growth would be so strong that the tax cuts would more than pay for themselves. Even those who admitted that the tax cuts might not be fully self-financing still made strong claims about faster economic growth offsetting much of the lost revenue from the tax cuts.

    The reality, of course, has been quite different. There is little evidence that the Bush tax cuts, or any other tax cuts directed at the so-called job creators, have had a noticeable effect on economic growth. And the promise of broadly shared prosperity has not been realized."


    Read more: Why the GOP Won't Admit Supply-Side Econ Has Failed
    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: No Fiscal Deal Without Higher Tax Rates On Rich, Obama Says

    Quote Originally Posted by Catawba View Post
    "We were promised that cutting taxes on the wealthy would result in much higher economic growth and broadly shared prosperity. For those who wondered how we would pay for such a large cut to the government’s revenue stream, the Republican prospectus had a remarkable claim.

    The tax cuts wouldn’t cost us anything. Growth would be so strong that the tax cuts would more than pay for themselves. Even those who admitted that the tax cuts might not be fully self-financing still made strong claims about faster economic growth offsetting much of the lost revenue from the tax cuts.

    The reality, of course, has been quite different. There is little evidence that the Bush tax cuts, or any other tax cuts directed at the so-called job creators, have had a noticeable effect on economic growth. And the promise of broadly shared prosperity has not been realized."


    Read more: Why the GOP Won't Admit Supply-Side Econ Has Failed
    That's an opinion piece. Why npt speak for yourself and tell me what you were promised?

    Perhaps there are other factors at play here such as too much government spending, 9/11 and its consequences, and so on.

    If you feel that high taxes are the way to prosperity let's hear your case.

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    Re: No Fiscal Deal Without Higher Tax Rates On Rich, Obama Says

    Quote Originally Posted by Grant View Post
    Do you understand that Obama endorsed the cuts and extended them and took credit for extending them? The link shows him congratulating himself.

    It's amazing more people don't know about this.
    Most know the difference between making the compromise you have to, and pushing a position you really believe in. It is disingenuous to try and pretend these are anything but Bush's tax cuts.

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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