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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 disneydude View Post
    LOL.....sorry....but it is the Republican path of ensuring that the wealth gets more and more redistributed to the wealthy...
    This can only happen if you re-define "redistribution of wealth" to suit your purposes; when forced to re-define a term to support your argument, your argument is necessarily unsound.

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

    Quote Originally Posted by cpwill View Post
    Given our #1 spot in the Corporate Tax rankings
    The US Coroporate tax ranking may be #1 but in reality the "United States collects less coroporate tax relative to the overall economy than almost any other country in the world.



    In fact, the United States collects less corporate tax relative to the overall economy than almost any other country in the world.


    And that's a more objective measure of tax burden. Different accounting rules around the world means what's counted as income in one country isn't counted in another -- that makes comparisons of tax rates misleading.

    U.S. corporate tax collections totaled only 1.7% of GDP in 2009, the most recent year for which complete data is available, according to the Organization for Economic Cooperation and Development.

    On that measure, the United States had the [U]third lowest corporate tax burden, behind France and Germany. [/B]
    The worldwide average was 2.8%.

    One reason U.S. corporate tax collections are low is that many U.S. small business owners file personal income tax returns, said Eric Toder, co-director of the nonpartisan Tax Policy Center.

    In other countries, many small businesses pay both corporate and personal income tax. So a business owner in a country with a lower corporate tax rate could end up paying more than his U.S. counterpart.
    read more:

    The corporate tax myth - Feb. 23, 2012
    When it comes to matters of reproduce health, Politicians and the religious dogma of another faith should never interfere with religious liberty of an individual or her faith.

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

    If Obama liked the idea of raising 1.2 trillion in taxes through reform last year, why is he so opposed to that now?

    Quote Originally Posted by Obama
    What we said was give us $1.2 trillion in additional revenues, which could be accomplished without hiking tax rates. It could simply be accomplished by eliminating loopholes, eliminating some deductions and engaging in a tax reform process that could lower rates generally while broadening the base.

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

    Quote Originally Posted by sawyerloggingon View Post
    "President Obama today declared there would be no deal to avert the looming fiscal cliff unless Republicans agree to raise rates on the top 2 percent of income-earners."

    No Fiscal Deal Without Higher Tax Rates On Rich, Obama Says - ABC News
    Good for Obama. This is the way it should be. Republicans, step up and make another proposal. Say what cuts you need for those increases.

    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 sawyerloggingon View Post
    The GOP stance has been that we have a spending problem not a revenue problem so they have made a huge concession by agreeing to bring more money into gov coffers. Obama on the other hand will not give an inch.
    And yet they offer no specifics on HOW they will do this. Wasn't that what conservatives were complaining about the Dems doing? All talk, yet no specifics on actually HOW they will do something.

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

    Quote Originally Posted by TheNextEra View Post
    And yet they offer no specifics on HOW they will do this. Wasn't that what conservatives were complaining about the Dems doing? All talk, yet no specifics on actually HOW they will do something.
    I'm pretty sure that is par for the course: High on platitudes, low on specifics.

    I still think if both sides can't agree on a number( 17% GDP revenue becomes 19% GDP revenue AND 24% GDP spending becomes 20% GDP spending ), take the cliff offering.

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

    Quote Originally Posted by TheNextEra View Post
    And yet they offer no specifics on HOW they will do this. Wasn't that what conservatives were complaining about the Dems doing? All talk, yet no specifics on actually HOW they will do something.
    Specifics would help.

    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 Samhain View Post
    If Obama liked the idea of raising 1.2 trillion in taxes through reform last year, why is he so opposed to that now?
    The President is NOT opposed to that but we do not have the time to overhaul the tax code before we go over the 'Fiscal Cliff".

    from the following article:
    The president did, however, signal some flexibility on his campaign pledge to return tax rates on the top earners to 39.6 percent, which is what they were under former President Clinton.

    “I recognize I’m not going to get 100 percent,” Obama said. “But what I’m not going to do is to agree to a plan in which we have some revenue that is vague and potentially comes out of the pockets of middle-class families in exchange for some very specific and tough entitlement cuts that would affect seniors or other folks who are vulnerable. That’s not the kind of balanced plan that I think would be good for growth, good for the economy, or good for the American people.”

    The day after House Republicans sent the president a $2.2 trillion offer, the president said “unfortunately, the Speaker’s proposal right now is still out of balance.”

    The Republican proposal called for $800 billion in new revenue from closing loopholes and deductions, but would not raise tax rates.

    Obama said a comprehensive reform package will not be agreed on in the next two weeks, but expressed confidence a deal can be reached on the middle-class tax cuts.

    “What I’ve suggested is, let’s essentially put a down payment. On taxes, let’s let tax rates on the upper-income folks go up,” he said. “And then let’s set up a process with a time certain, at the end of 2013 or the fall of 2013, where we work on tax reform, we look at what loopholes and deductions both Democrats and Republicans are willing to close, and it’s possible that we may be able to lower rates by broadening the base at that point. And I’m happy to work with them.”
    read more:

    No Fiscal Deal Without Higher Tax Rates On Rich, Obama Says - ABC News
    When it comes to matters of reproduce health, Politicians and the religious dogma of another faith should never interfere with religious liberty of an individual or her faith.

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

    Quote Originally Posted by Samhain View Post
    If Obama liked the idea of raising 1.2 trillion in taxes through reform last year, why is he so opposed to that now?
    Because Obama gets more taxes either way now. The fiscal "cliff" (current law) gives him more taxes since the "Bush" rates revert to the higher Clinton rates for everybody, or a "compromise" gives him more taxes but only from "the rich". Obama just wants the republicants to tax only the rich, hurting their campaign fundraising and making them "break a promise", and the republicants are likely just dumb enough to do that, believing that Obama will then "have to" accept real spending cuts later. Obama will not do that, he will get on the news, campaign accross the land and label the repubicants "haters" of the poor for any cuts, other than defense (which they will likely not make anyway), made to the current income redistribution social programs. Yes he can!
    “The reasonable man adapts himself to the world: the unreasonable one persists to adapt the world to himself.
    Therefore all progress depends on the unreasonable man.” ― George Bernard Shaw, Man and Superman

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

    Don't be so sure. I haven't heard anything about the budget cuts referring to: Duplicate programs, foreign aid, pork spending (remember bridge to nowhere), and cutting departments. The department of education could be eliminated and schools would keep functioning since most funding is through the state.

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