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Thread: Obama budget resurrects rejected tax increases

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    Re: Obama budget resurrects rejected tax increases

    Quote Originally Posted by apdst View Post
    And I bet they still pay waaaaay more taxes than you do.
    Perhaps. Honestly, I did not pay any taxes this year. As a fulltime student who lives below the poverty line, I received all the taxes I paid back (and I received a grant as well so I may have netted out positive).

    I, obviously, am extremely happy about this as it is making my education more affordable and viable. Unfortunately, many of the advantages I have now are going to be cut in the upcoming budget. Hopefully people like me will have successful futures and pay back into the pot so that those in the years to come will have the same opportunities.

    I will be graduating this fall and with a major in mathematics and a focus in actuarial science. With Exam FM passed and Exam P to be taken this summer, I think you'll find that I will be paying plenty of taxes in the near future.

    The best part... you won't hear me bitching about it. If I ever make enough to pay millions in taxes, you won't hear a peep out of me. In fact, I'd probably pay that much and give more in charity.

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    Re: Obama budget resurrects rejected tax increases

    Quote Originally Posted by whysoserious View Post
    The best part... you won't hear me bitching about it. If I ever make enough to pay millions in taxes, you won't hear a peep out of me. In fact, I'd probably pay that much and give more in charity.
    Very good way of thinking about it. I got my degree in civil engineering due in most part to the louisiana TOPP's program paying for most of my tuition along with a federal pell grant covering the rest plus text books. I essentially only payed for my last semester. I don't mind if now I pay a good bit in taxes seeing as how my household makes more than most ( I need to look up what percentile we would be in). I think other's should have the same opportunities I got. I'm not for over taxing people but as a nation even if we were to roll back taxes to what they were in the 90's we wouldn't be what i consider "over taxed".
    Last edited by roughdraft274; 02-17-11 at 03:47 PM.
    Quote Originally Posted by TurtleDude View Post
    uh that is so small as to be stupid. Do you want registration? given less than 3% of criminals get their guns from private sales, its pretty much a waste of resources
    **Thirty Minutes Later**
    Quote Originally Posted by TurtleDude View Post
    you are confused. I never denied that many criminals get guns in private sales.

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    Re: Obama budget resurrects rejected tax increases

    Nobody is stopping rich democrats from giving more to the IRS if they think they are not paying enough

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    Re: Obama budget resurrects rejected tax increases

    Quote Originally Posted by washunut View Post
    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.
    The study tells us that, "Americans have no idea that the wealth distribution (defined for them in terms of "net worth") is as concentrated as it is." The statistics show the result of the undermining of our progressive tax system that began with Reagan and continued by Bush and the new Congress.
    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 ptif219 View Post
    Nobody is stopping rich democrats from giving more to the IRS if they think they are not paying enough
    That's a mindless red herring. Frankly, even if they did, it wouldn't be enough. That's why we impliment systems.

    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: Obama budget resurrects rejected tax increases

    Quote Originally Posted by Boo Radley View Post
    That's a mindless red herring. Frankly, even if they did, it wouldn't be enough. That's why we impliment systems.
    No it shows it is politics not a personal conviction

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    Re: Obama budget resurrects rejected tax increases

    Quote Originally Posted by washunut View Post
    Tax cuts for the "rich" cost $70 billion a year at most. This year's deficit is about $1.6 trillion. Want another try on why we have a deficit. Debating is a lot less fun when one side uses such inept arguments.
    .... $70B is 5% of the problem. Given how much they are struggling to come up with $100B though cuts, it seems like its more than a drop in the bucket, its almost 50% of a realistic solution ($70B tax cut repeal + $100B in cuts). It will be very difficult to actually come up with $100B in cuts, given so much of the annual deficit is either fixed or firmly entrenched. Given that, people walked away from a huge down-payment of significant deficit reduction without serious discussion.

    The fact that people were so nonchalant about extend tax cuts to the wealthy shows there really is no serious interest in cutting the deficit. Virtually every serious economist will tell you that the budget can not be balanced without tax increases..... and I hate to break it to people, but the whole think is a charade....

    BTW... $500B of the fix will come by merely fixing the economy.
    Last edited by upsideguy; 02-17-11 at 07:24 PM.

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    Re: Obama budget resurrects rejected tax increases

    Obama's budget unsustainable

    http://www.youtube.com/watch?v=WdcQGJF_jmY

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    Re: Obama budget resurrects rejected tax increases

    Quote Originally Posted by upsideguy View Post
    .... $70B is 5% of the problem. Given how much they are struggling to come up with $100B though cuts, it seems like its more than a drop in the bucket, its almost 50% of a realistic solution ($70B tax cut repeal + $100B in cuts). It will be very difficult to actually come up with $100B in cuts, given so much of the annual deficit is either fixed or firmly entrenched. Given that, people walked away from a huge down-payment of significant deficit reduction without serious discussion.

    The fact that people were so nonchalant about extend tax cuts to the wealthy shows there really is no serious interest in cutting the deficit. Virtually every serious economist will tell you that the budget can not be balanced without tax increases..... and I hate to break it to people, but the whole think is a charade....

    BTW... $500B of the fix will come by merely fixing the economy.
    I would have been fine if congress had allowed all of the Bush tax cuts to expire and also not lower the social security contribution by 2%. Not sure where you get this fantasy $500 billion by fixing the economy.

    You really have to be rocky mountain high to think that running a budget deficit is only a charade and not a problem.

    As to what economists say about balancing the budget all depends on many assumptions. To say we are not spending more than we can afford should be obvious.

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    Re: Obama budget resurrects rejected tax increases

    Quote Originally Posted by Catawba View Post
    The study tells us that, "Americans have no idea that the wealth distribution (defined for them in terms of "net worth") is as concentrated as it is." The statistics show the result of the undermining of our progressive tax system that began with Reagan and continued by Bush and the new Congress.
    OK so what if they know it. Now what, what changes? What would any changes to tax laws do to lower the wealth of gates or buffet. Their wealth is mostly stock. Same for the guy who created facebook.

    When you complain about tax rates don't forget to include Obama who signed the extension of the bush rates.

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