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Thread: Obama budget resurrects rejected tax increases

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    Re: Obama budget resurrects rejected tax increases

    Nice dodge, folks!
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: Obama budget resurrects rejected tax increases

    Quote Originally Posted by apdst View Post
    Nice dodge, folks!
    Dodge? I just did not feel like responding to you. Between the bonds, derivatives, dividends, and interest these people earn, they make well over the amount of taxes they pay. They make money just by having money.

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    Re: Obama budget resurrects rejected tax increases

    Quote Originally Posted by whysoserious View Post
    Thanks!

    Yeah, I am studying to be an actuary so if there is anything I understand it is probability/stats and money. They have forced more information about the ways to accumulate money, compound interest, buy derivatives, etc than I would have ever thought.

    So I am not easily fooled when it comes to charts and graphs that get thrown around to trick the average person. I am not an accountant, though, so tax codes are elusive to me, but one major thing I have been learning about is the use of derivatives and other financial means to hide taxable money.

    If people only knew how money flows they would change their tune about tax rates!
    LOL! I thought we were supposed to feel sorry for the bankers and hedge fund managers that have suffered so?
    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: Obama budget resurrects rejected tax increases

    Quote Originally Posted by whysoserious View Post
    Dodge? I just did not feel like responding to you. Between the bonds, derivatives, dividends, and interest these people earn, they make well over the amount of taxes they pay. They make money just by having money.
    You are exactly right:

    "A remarkable study (Norton & Ariely, 2010) reveals that Americans have no idea that the wealth distribution (defined for them in terms of "net worth") is as concentrated as it is. When shown three pie charts representing possible wealth distributions, 90% or more of the 5,522 respondents -- whatever their gender, age, income level, or party affiliation -- thought that the American wealth distribution most resembled one in which the top 20% has about 60% of the wealth. In fact, of course, the top 20% control about 85% of the wealth"

    "The ratio of CEO pay to factory worker pay rose from 42:1 in 1960 to as high as 531:1 in 2000"

    "Most amazing of all, the top 0.1% -- that's one-tenth of one percent -- had more combined pre-tax income than the poorest 120 million people (Johnston, 2006)."

    "Furthermore, if the top 20% have 84% of the wealth (and recall that 10% have 85% to 90% of the stocks, bonds, trust funds, and business equity), that means that the United States is a power pyramid. It's tough for the bottom 80% -- maybe even the bottom 90% -- to get organized and exercise much power."

    "only 39 of the 134 countries have worse income inequality."

    Who Rules America: Wealth, Income, and Power
    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: Obama budget resurrects rejected tax increases

    Quote Originally Posted by whysoserious View Post
    That's true. Just not extending the tax cuts, while helping, would not be a huge number. I am not opposed to slightly raising the taxes on those who make over $500,000 past the "normal level". They have had a free lunch for long enough. The country needs their help and its their patriotic duty to help keep the country that pays them such a nice salary solvent.
    Again I am not against the progressive income tax. In fact I would like to see a bracket for the "super rich". Those with incomes of 5+ million. Make that rate 70%. I am not sure which part of the country you live in but if you are in the northeast, an apartment in NY for 2 bedrooms can easily cost 2-3 million so $500K is not rich.

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    Re: Obama budget resurrects rejected tax increases

    Quote Originally Posted by Catawba View Post
    You are exactly right:

    "A remarkable study (Norton & Ariely, 2010) reveals that Americans have no idea that the wealth distribution (defined for them in terms of "net worth") is as concentrated as it is. When shown three pie charts representing possible wealth distributions, 90% or more of the 5,522 respondents -- whatever their gender, age, income level, or party affiliation -- thought that the American wealth distribution most resembled one in which the top 20% has about 60% of the wealth. In fact, of course, the top 20% control about 85% of the wealth"

    "The ratio of CEO pay to factory worker pay rose from 42:1 in 1960 to as high as 531:1 in 2000"

    "Most amazing of all, the top 0.1% -- that's one-tenth of one percent -- had more combined pre-tax income than the poorest 120 million people (Johnston, 2006)."

    "Furthermore, if the top 20% have 84% of the wealth (and recall that 10% have 85% to 90% of the stocks, bonds, trust funds, and business equity), that means that the United States is a power pyramid. It's tough for the bottom 80% -- maybe even the bottom 90% -- to get organized and exercise much power."

    "only 39 of the 134 countries have worse income inequality."

    Who Rules America: Wealth, Income, and Power


    While those are good statistics, what do they tell us. The founders of these social media companies are worth billions each. In a global world where we can sell an idea not just to americans but all over the world there is a great payday for folks who can create this sort of value. Corp CEOs are a different scenario. Here we do need to be able to put more pressure on the boards of directors to do their jobs and pay these execs more reasonably. You could also change the taxes on stock options where most of the money comes from.

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    Re: Obama budget resurrects rejected tax increases

    Quote Originally Posted by whysoserious View Post
    Dodge? I just did not feel like responding to you. Between the bonds, derivatives, dividends, and interest these people earn, they make well over the amount of taxes they pay. They make money just by having money.
    And I bet they still pay waaaaay more taxes than you do.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: Obama budget resurrects rejected tax increases

    Quote Originally Posted by Catawba View Post
    Poppycock! In order to maintain a budget, you must have enough income to pay your debts. Very few of us get through life without incurring debts. The key is having enough income to pay your bills. If your debt exceeds your income then you have a problem. You can balance your budget in two ways. Increasing income and cutting spending. Beginning with Reagan, the new paradigm in Washington has been to both increase spending and decrease income, by slashing taxes for the top income earners. Our two unfunded wars (over $3 trillion) and the unfunded tax cuts for the rich (almost i trillion over just two years) while we simultaneously cut our income by cutting taxes for the super wealthy are glaring examples of this new paradigm.
    No the problem is Obama's out of control spending

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    Re: Obama budget resurrects rejected tax increases

    Quote Originally Posted by whysoserious View Post
    That's a talking point. Cut spending means what? What spending are they going to cut? Hell, Boehner did not even want to cut spending on an engine that was going to cost 3 billion to make, and everyone admitted was not necessary in anyway.

    Why? Because it would cut jobs in Ohio. Everyone wants to cut until it's their program being cut.



    Do what? Raise taxes? I wish. I am still not sure to this day why the democrats agreed to extending the tax cuts.
    Talk to Obama he is upset about the Gov of Wisconsin going against Obama's cash cow unions

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    Re: Obama budget resurrects rejected tax increases

    Quote Originally Posted by Catawba View Post
    As previously posted:

    "Obama's new budget puts forward a plan to achieve $1.1 trillion in deficit reductions over the next decade, according to an administration official who spoke to the Associated Press on condition of anonymity in advance of the formal release of the budget.

    Those reductions -- averaging just over $100 billion each year -- are achieved mainly by squeezing social programs. A deal struck to extend the Bush tax cuts for just two years, meanwhile, increased the deficit by $858 billion dollars. More than $500 billion of that bargain constituted tax cuts, with billions more funding business tax breaks and a reduction in the estate tax. Roughly $56 billion went to reauthorize emergency unemployment benefits.

    The president's budget was expected to mostly target "non-defense discretionary spending," which makes up less than one-quarter of the overall budget, making balancing the budget with such cuts mathematically impossible.

    Indeed, the driver of the deficit is tax cuts. The Wall Street Journal is reporting that as a result of the tax cut deal, the projected deficit in Obama's budget will reach a "record" level of $1.6 trillion this year, though that figure, relative to the size of the American economy, is far lower than many other governments around the world, according to data compiled by the Central Intelligence Agency. And the relative deficit is well below the levels of the 1940s, a time of economic prosperity. "President Barack Obama's 2012 budget proposal projects this year's deficit will reach $1.6 trillion, the largest on record, as December's tax-cut deal begins to reduce federal revenues, a senior Democrat said Sunday," the Journal reported Sunday evening. (The deficit is only a record if it is neither adjusted for inflation nor considered relative to the size of GDP.)"
    Obama Budget Proposal: Cuts To Target Working Poor, Middle Class & Students (LIVE UPDATES)
    Will not happen and you know it. Looks good on paper but will not happen that way in reality

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