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Lloyds Bank hit by Obama tax purge

tlmorg02 said:
How so? That is what evidence do you have that the goal of progressive taxation is to make everyone equals?
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Not that it will, but that it helps since it treats people differently.

I argue that the idea of progressive taxation is to place more free-capital in the hands of the consumers (Middle Class), with the knowledge that these people drive the economy and keep the rich, rich by spending money. In conservative taxation you see the economy as it is today-Recession and loss of jobs. Why? The consumer base is weak as the tax burden was eased on the wealthy and shifted more to the Middle Class. What did the wealthy do with this extra-capital? Not create jobs, but invest in commodities like oil, which increase the Middle Class plight and furthers the recession of the economy.
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The problem is that we grow rich by production, not by spending. "Production creates its own demand."
 
Frodly said:
PS. Almost all people want to be "rich rich rich one day" The reality is very few ever will be.
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Richer than most of society? Yes, most will not reach that. Richer than our grandparents? Everyone can achieve that if we advance and produce enough.
 
Frodly said:
You know what is cheesy!! Excusing the immoral behaviors of rich people, because of the ridiculous and naive notion that "I will be rich some day." I am currently a student, and have no money. I know for a 100% fact that I will be rich some day. I know, because my grandfather is very wealthy, and I will eventually inherit his money. That doesn't change my views on allowing people to break the law, if they do not like the law. If a law is truely unjust, then break it. Expecting rich douche bags to pay their taxes, when we already have some of the lowest taxes in the western world, is just common sense.


PS. Almost all people want to be "rich rich rich one day" The reality is very few ever will be.
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The immoral behavior of rich people???? :mrgreen:
 
The problem is that we grow rich by production, not by spending. "Production creates its own demand."
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Production of manufactured goods in this country is a thing of the past. Services and technology may still be within the sphere of the U.S., but with children doing ever poorer in science and mathmatics, and less entering into the fields, we will most certainly lose these areas of economic growth as well. Ultimately, machines will produce goods rather than people, therefore innovation is needed to grow our economy and to find new jobs.

I think at this point, without a war or some other catstrophy, China is on course to be the next economic leader of the world. The U.S. is falling behind and I do not see how we shall retake the throne anytime soon.
 
talloulou said:
The immoral behavior of rich people???? :mrgreen:
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Yes, if you have millions of dollars, and yet you still work as hard as you can to avoid taxes, you are an immoral person. Your priorities are WAY out of whack. My grandfather has millions, and he is miserable old prick. My father is a construction worker, and he is one of the best men in the entire world. I have no desire to be rich rich rich one day. All I desire is to be a decent human being!!
 
tlmorg02 said:
Production of manufactured goods in this country is a thing of the past. Services and technology may still be within the sphere of the U.S., but with children doing ever poorer in science and mathmatics, and less entering into the fields, we will most certainly lose these areas of economic growth as well. Ultimately, machines will produce goods rather than people, therefore innovation is needed to grow our economy and to find new jobs.
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Machines have always pushed out jobs. They make us more productive so we can make more and better things. With all those machines though, you need people who know how to fix and run them. There will still be a ton of manufacturing jobs.

I think at this point, without a war or some other catstrophy, China is on course to be the next economic leader of the world. The U.S. is falling behind and I do not see how we shall retake the throne anytime soon.
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Very true, they have handled their economy much better than the US because they have handled it less.
 
Frodly said:
Yes, if you have millions of dollars, and yet you still work as hard as you can to avoid taxes, you are an immoral person. Your priorities are WAY out of whack. My grandfather has millions, and he is miserable old prick. My father is a construction worker, and he is one of the best men in the entire world. I have no desire to be rich rich rich one day. All I desire is to be a decent human being!!
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I don't agree with this. I think it is natural to work within the rules to avoid paying as much in taxes as you can. I don't find that immoral. However, I also have no problem with closing those loopholes.
 
tlmorg02 said:
The nerve of the president! Telling rich people that they have to pay their taxes!!! This never would have happened under George W.
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I detested George too - but did he appoint a tax evader as Secretary of the Treasury?:roll:
 
azura28 said:
I detested George too - but did he appoint a tax evader as Secretary of the Treasury?:roll:
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Who knows what Paulson is guilty of. Economists hailed him as the person to handle the economic crisis, yet when he was CEO of Goldman Sachs, Paulson directly lobbied for the weakening of the regulatory bodies that allowed the economic meltdown to occur.
 
tlmorg02 said:
Who knows what Paulson is guilty of. Economists hailed him as the person to handle the economic crisis, yet when he was CEO of Goldman Sachs, Paulson directly lobbied for the weakening of the regulatory bodies that allowed the economic meltdown to occur.
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Yet he didn't argue against the Fed's obscenely low interest rates. That caused the problem more than deregulatoin.
 
phattonez said:
Yet he didn't argue against the Fed's obscenely low interest rates. That caused the problem more than deregulatoin.
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Of course not, cheap money leads to more money for business. The problem was that the lack of oversight created the environment for the pitiful lending practices that brought the whole cheap credit, house of cards down.
 
tlmorg02 said:
Of course not, cheap money leads to more money for business. The problem was that the lack of oversight created the environment for the pitiful lending practices that brought the whole cheap credit, house of cards down.
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Cheap money is artificial though. It makes everyone think that they have more wealth then they really do and causes malinvestment.

In a free market, with little savings, you'd have high interest rates. This would mean that companies would invest in today's production instead of investing for the future. Good thing too since people aren't saving for that future. It works vice versa too. However, right now, we have the Fed artificially lowering interest rates despite almost 0 savings. This means that we are still investing in a future that we have no money for and are we don't have the capital to back those loans. It's a terrible method since it always creates a bubble. We want sustainable growth, not business cycle growth.
 
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