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Thread: What purpose did the tax cut for the wealthiest serve?

  1. #311
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    Re: What purpose did the tax cut for the wealthiest serve?

    Quote Originally Posted by TurtleDude View Post
    I suspect there are many other parts that you despise
    I agree with none of their other positions except National Defense, never claimed to. And it is amusing watch faux libertarians be exposed when they support our military spending and ME wars.

    As a libertarian, I'm sure you support their platform on National defense, right?
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    Re: What purpose did the tax cut for the wealthiest serve?

    Quote Originally Posted by Catawba View Post
    I agree with none of their other positions except National Defense, never claimed to. And it is amusing watch faux libertarians be exposed when they support our military spending and ME wars.

    As a libertarian, I'm sure you support their platform on National defense, right?
    I don't pretend to be a member of the party but I generally agree with them on that. I have opposed having massive military presence in nations that don't require it for our own safety



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    Re: What purpose did the tax cut for the wealthiest serve?

    Quote Originally Posted by Catawba View Post
    Why the Bush tax cut for the wealthy must go

    "From a strictly economic standpoint – as if economics had anything to do with this – it makes sense to preserve the Bush tax cuts at least through 2011 for the middle class. There’s no way consumers -- who comprise 70 percent of the economy -- will start buying again if their federal income taxes rise while they’re still struggling to repay their debts, they can’t borrow more, can no longer use their homes as ATMs, and they’re worried about keeping their jobs.

    But the same logic doesn’t apply to people at the top, earning over $250K, who represent roughly 2 percent of tax filers. Restoring their marginal tax rates to what they were during the Clinton administration (36 and 39 percent) won’t inhibit their spending. That’s because they already save a large portion of what they earn, and already spend what they want to spend. (During the Clinton years the economy created 22 million net new jobs and unemployment dropped to 4 percent.)

    But restoring those top marginal tax rates will help bring down the long-term debt, pulling in almost a trillion dollars of revenues over next ten years. That’s not nearly enough to make a major dent in the nation’s projected deficits, but it’s not chicken feed either. It would at least signal to financial markets we’re serious about cutting that long-term deficit -- and the rest of us will chip in when the economy strengthens.

    So-called supply-side economists don’t like raising taxes on anyone, of course, and argue that raising them on the well-off will slow economic growth. They say people at the top will have less incentive to work hard, invest, and invent.

    Unfortunately for supply-siders, history has proven them wrong again and again. During almost three decades spanning 1951 to 1980, when America’s top marginal tax rate was between 70 and 92 percent, the nation’s average annual growth was 3.7 percent. But between 1983 and start of the Great Recession, when the top rate was far lower – ranging between 35 and 39 percent – the economy grew an average of just 3 percent per year. Supply-siders are fond of claiming that Ronald Reagan’s 1981 cuts caused the 1980s economic boom. In fact, that boom followed Reagan’s 1982 tax increase. The 1990s boom likewise was not the result of a tax cut; it came in the wake of Bill Clinton’s 1993 tax increase.

    A final reason for allowing the Bush tax cut to expire for people at the top is the most basic of all. Although Wall Street’s excesses were the proximate cause of the Great Recession, its fundamental cause lay in the nation’s widening inequality. For many years, most of the gains of economic growth in America have been going to the top – leaving the nation’s vast middle class with a shrinking portion of total income. (In the 1970s, the top 1 percent received 8 to 9 percent of total income, but thereafter income concentrated so rapidly that by 2007 the top received 23.5 percent of the total.) The only way most Americans could continue to buy most of what they produced was by borrowing. But now that the debt bubble has burst – as it inevitably would – the underlying problem has reemerged."
    Liberals are greedy parasites.
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    Re: What purpose did the tax cut for the wealthiest serve?

    Quote Originally Posted by American View Post
    Liberals are greedy parasites.
    What a well-reasoned response. Want to back that up with some evidence?

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    Re: What purpose did the tax cut for the wealthiest serve?

    Quote Originally Posted by U.S. Socialist. View Post
    What a well-reasoned response. Want to back that up with some evidence?
    we could start with the idiotic claims that those who make 22 percent of the income yet pay 39% of the income tax and all the death tax (aka a surcharge tax on the rich) don't pay their fair share.



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    Re: What purpose did the tax cut for the wealthiest serve?

    Quote Originally Posted by U.S. Socialist. View Post
    What a well-reasoned response. Want to back that up with some evidence?
    Damn right it's well reasoned, and absolutely true. Why else would you want other people's money, unless you are greedy. It's not YOUR ****ing money, you didn't earn it.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

  7. #317
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    Re: What purpose did the tax cut for the wealthiest serve?

    Quote Originally Posted by TurtleDude View Post
    we could start with the idiotic claims that those who make 22 percent of the income yet pay 39% of the income tax and all the death tax (aka a surcharge tax on the rich) don't pay their fair share.
    Thanks for that solid definition of fair share. I don't think anyone could quibble with something laid out in such detail and supported by such analytical reasoning in a carefully constructed step by step case.
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    Re: What purpose did the tax cut for the wealthiest serve?

    Quote Originally Posted by American View Post
    Damn right it's well reasoned, and absolutely true. Why else would you want other people's money, unless you are greedy. It's not YOUR ****ing money, you didn't earn it.
    The capitalist class would have no money if it wasn't for the working class. So it is really the capitalist class that is taking other people's money. To quote Lincoln on this: "Labor is prior to, and independent of, capital. Capital is only the fruit of labor, and could never have existed if labor had not first existed. Labor is the superior of capital, and deserves much the higher consideration." The bold part is the most relevant to our conversation.

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    Re: What purpose did the tax cut for the wealthiest serve?

    Quote Originally Posted by TurtleDude View Post
    You mean your solution

    the rich have the money-it needs to be taken for the good of society?
    Perhaps you could convince us that the solution is to take large amounts of money from those who do not have large amounts of money to take?
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    Re: What purpose did the tax cut for the wealthiest serve?

    Quote Originally Posted by haymarket View Post
    Perhaps you could convince us that the solution is to take large amounts of money from those who do not have large amounts of money to take?
    Large amounts of money shouldn't be taken from anyone.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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