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Thread: Obama to call for middle class tax cut extension

  1. #351
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    Re: Obama to call for middle class tax cut extension

    Quote Originally Posted by DaveFagan View Post
    That sounds correct. Dems want to share tax collections with the majority and the Repubs want to give it to the 1%.
    you are confused as usual. the top one percent are paying 40% of the taxes and the top 5% pay more of the fed taxes than the rest of the country combined. The dems want them to pay even more. the dems don't share tax collections with the majority, they use it to buy the votes of their pawns by increasing government

  2. #352
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    Re: Obama to call for middle class tax cut extension

    Quote Originally Posted by cpwill View Post
    From that famous right-wing rag The New York Times.
    You think Uwe Reinhardt is some kind of radical left-winger?


    The laughter was for your FDR comment. Will you be changing your lean to Libertarian as well?!?
    Last edited by MoSurveyor; 07-23-12 at 12:52 AM.
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  3. #353
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    Re: Obama to call for middle class tax cut extension

    Quote Originally Posted by TurtleDude View Post
    you are confused as usual. the top one percent are paying 40% of the taxes and the top 5% pay more of the fed taxes than the rest of the country combined. The dems want them to pay even more. the dems don't share tax collections with the majority, they use it to buy the votes of their pawns by increasing government
    Oh yet again..
    How much WEALTH does the 1% have?
    Men do what they have to when they want to, Great men do what they have to, even when they don't want to.

  4. #354
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    Re: Obama to call for middle class tax cut extension

    Quote Originally Posted by Fruityfact View Post
    Oh yet again..
    How much WEALTH does the 1% have?
    How hard have you worked and for that work, how much wealth have you accumulated? Have you started a business?
    "nah i think the way cons want to turn this into a political issue is funny though" - Philly Boss

  5. #355
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    Re: Obama to call for middle class tax cut extension

    Quote Originally Posted by DVSentinel View Post
    And exactly how do we help the housing industry? Face it, it will never return to level it was and until the glut of pre-existing homes is cleared up, there really is no way to return jobs to construction. Many of these individuals who work in that sector are just going to have to find different work. Recovery in this market sector is just going to take a very long time. This is not even a problem in all areas, in my local area, housing contruction is still going on at a pretty good pace, but we never really crashed either. The only way those areas affected are going to recover soon to any level is if they somehow recreated the conditions that caused the bubble, but creating a new bubble just means it will burst latter down the road, not a good idea.
    No, I don't want to create a bubble. But taking away the mortgage interest deduction isn't going to help matters, either.
    Mt. Rushmore: Three surveyors and some other guy.
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    Hear the echoes of the centuries, Power isn't all that money buys. -Peart
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  6. #356
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    Re: Obama to call for middle class tax cut extension

    Quote Originally Posted by OpportunityCost View Post
    The housing industry cannot get back on track until median wages and the housing price index get in better shape. The cost of a house needs to be in the 2.5 to 2.9 multiplier of median income to get sales going again. They still arent. Wages are still low, and likely to remain that way as well as hiring---IE housing prices will not be rising because there are not many buyers right now. You cant mandate something to grow, there are enough tax breake built into the housing market, the prices are still high in comparison to median wages.
    To which built-in breaks do you refer?
    Mt. Rushmore: Three surveyors and some other guy.
    Life goes on within you and without you. -Harrison
    Hear the echoes of the centuries, Power isn't all that money buys. -Peart
    After you learn quantum mechanics you're never really the same again. -Weinberg

  7. #357
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    Re: Obama to call for middle class tax cut extension

    Quote Originally Posted by TurtleDude View Post
    you are confused as usual. the top one percent are paying 40% of the taxes and the top 5% pay more of the fed taxes than the rest of the country combined. The dems want them to pay even more. the dems don't share tax collections with the majority, they use it to buy the votes of their pawns by increasing government
    While the 1% directly buy and influence the 535 votes in America that really make a difference, the votes in Congress.
    Last edited by MoSurveyor; 07-23-12 at 01:13 AM.
    Mt. Rushmore: Three surveyors and some other guy.
    Life goes on within you and without you. -Harrison
    Hear the echoes of the centuries, Power isn't all that money buys. -Peart
    After you learn quantum mechanics you're never really the same again. -Weinberg

  8. #358
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    Re: Obama to call for middle class tax cut extension

    Quote Originally Posted by AdamT View Post
    This is simply done to prevent tax avoidance.

    True but not the point. The point is that estate taxes are in fact a tax upon death, or in that tax avoidance area contemplation of death. So while I do not like the term death taxes, they are in estate taxes are in fact just that.

    As you know the truly wealthy have many ways to escape this tax at least for some generations who understand the need and have the resources to set up trusts with the help of the best lawyers and accountants. People like Buffett, who wants others to be taxed more has set up trusts to insure that most of his wealth is NEVER taxed, either estate or personal income taxes. He also makes sure his shareholders do not get doubletaxed and thus pays no dividend.

    So as usual the people who will get hit by this tax are people like farmers whose factory (their land) has appreciated greatly. I don't have the statistics but it is reasonable to assume that when high estate taxes are in place many family farms will have to be sold off.

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    Re: Obama to call for middle class tax cut extension

    Quote Originally Posted by washunut View Post
    True but not the point. The point is that estate taxes are in fact a tax upon death, or in that tax avoidance area contemplation of death. So while I do not like the term death taxes, they are in estate taxes are in fact just that.

    As you know the truly wealthy have many ways to escape this tax at least for some generations who understand the need and have the resources to set up trusts with the help of the best lawyers and accountants. People like Buffett, who wants others to be taxed more has set up trusts to insure that most of his wealth is NEVER taxed, either estate or personal income taxes. He also makes sure his shareholders do not get doubletaxed and thus pays no dividend.

    So as usual the people who will get hit by this tax are people like farmers whose factory (their land) has appreciated greatly. I don't have the statistics but it is reasonable to assume that when high estate taxes are in place many family farms will have to be sold off.

    Really?

    In the 1990s, the Chicago office began a lucrative practice of offering tax shelter advice to a variety of wealthy corporate and individual clients, primarily by drafting opinion letters stating that certain tax schemes were compliant with the Internal Revenue Code. The Chicago tax group earned $267 million from 1998 to 2003. The group worked in coordination with tax advisers at Ernst & Young.
    The Internal Revenue Service began investigating Ernst & Young and several taxpayers in 2002. Eventually, it audited many Jenkens clients, who subsequently filed malpractice suits against the firm. In 2003, the IRS itself sued Jenkens & Gilchrist. Facing a crushing potential liability, the firm began to unravel.[2]
    As negotiations about settling with the government and other plaintiffs dragged on, partners with portable business began to depart. In 2005, the 90-attorney New York City office from legacy Parker Chapin defected to Troutman Sanders. In 2007, the Los Angeles office decamped to Baker & Hostetler. The remaining partners in the Chicago office switched to Nixon Peabody. Some 100 attorneys in Dallas, Austin and Houston found a new home at Hunton & Williams. The San Antonio office moved to Texas firm Winstead.
    Finally, the firm agreed to settle its liabilities with the IRS, pay a $76 million fine, and to cease practicing law effective March 31, 2007.
    On May 24, 2011, four lawyers with the firm were found guilty of tax evasion, conspiracy, and related charges stemming from a ten-year tax shelter scheme that prosecutors said generated more than $1 billion in fictive losses.[3] The defendants are currently seeking a new trial after learning one of the jurors lied about her background in order to be selected.[4]

    Jenkens & Gilchrist - Wikipedia, the free encyclopedia

  10. #360
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    Re: Obama to call for middle class tax cut extension

    Quote Originally Posted by TurtleDude View Post
    you are confused as usual. the top one percent are paying 40% of the taxes and the top 5% pay more of the fed taxes than the rest of the country combined. The dems want them to pay even more. the dems don't share tax collections with the majority, they use it to buy the votes of their pawns by increasing government
    I apologize for not realizing that you lived in an information vacuum. Obamacare, for example, is a program for a broad-based population of the Nation. Tax cuts for the wealthy would usually be self explanatory, but due to your vacuity, I shall explain. It is a break for the people with the money. Mostly inherited. Mostly Republicans with large smattering of genuine morons and trogolodytes. If these terms seem familial, don't be offended, certainly not your fault, don't you think?

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