France wants to slap the rich with 75% super tax

No, America would be a different place if everyone worked hard and stopped pinning every problem they have on the rich. I'm by no means rich, but I applaud people who have worked hard and become successful. I don't think "Well since you're rich...you need to give me some of your money". That's the lazy side of America that I hate.

 

So here's a quick lesson. Like I pointed out in my post. The majority of businesses incorporate in Delaware because they offer the most tax benefits. You want to know where a large portion of wealthy people have a home address...Florida. Why? No individual income tax. Where do multinational corporations keep the majority of their profits? Overseas. Why? Because they are not going to be taxed to high heaven like if they were transferred here to the US.

So when you try to overtax people, they move to a more favorable environment. This isn't just the rich, its the mentality most people have. So using my rent example. If you're renting for $1000 and then your landlord comes back and says it's now $1500, then most people just leave and go to a new place.

 

In a 14 trillion dollar economy why is it so shameful to ask those that have more to pay more? No one is asking them to just give their money away. Paying taxes at a fair share is not asking for them to just start flying money out the window and no one is asking anyone to pay near 75 percent in taxes.

And if we are going to address the issue of asking the super rich to pay a fair share, why can we not address that those making under 60,000 paid close to 22 percent while Rmoney who made in the billions paid a little bit over 14 percent.

It's unfair to ask the poor to shoulder more of the burden than those who can afford it.
That's what the argument is about. Or at least it should be.

 

1) It doesn't have a positive impact on the economy. It only funds government for 8 days. It's nothing more than a political spin for Obama.

2) Romney paid 14% because he derives all of his income from long term capital gains. So if you only made investments to live, then you would pay the same rate. But guess what? Romney wants to lower everyone's income tax bill by 20% and eliminate capital gains tax on anyone earning less than $250K. So the rich under his system would have to forego their salary to take advantage of any tax break.

3) The poor aren't shouldering any burden. The middle class is going into poverty as Obama takes all of their income and hands it over to the poor through a ridiculous number of government programs.

 

Do you watch anything other than Fox News? My guess would be no.

 

To the extent that there is a negative impact on economic activity from higher taxes (empirical studies that I have read show that the relationship is FAR more complex than simply higher taxes=less activity), it is largely driven by differential taxation regimes across borders (state or international) and rent-seeking by tax avoiding entities and individuals. A consistent tax regime would prevent this and economic activity would not suffer. If there was no where to avoid taxes everyone would have to pay, period. And as far as I'm concerned, taxes are the price of civilization. In and of themselves they are not the end of the world.

 

The middle class are the new 'poor' in this economy, so yes the poor are shouldering the burden.

If everyone's taxes are cut by 20%, how is that deficit neutral??
The conservatives have this faith based ideological belief that lowering taxes will spur economic growth. Trickle down didn't work under Reagan, it didn't work under Dubya.

But magically it's going to happen under Romney.:smt110
RIiiiight.

It's screwed up that capital gains are taxed less than labor, but that's what happens when Wall Street is writing the tax code.
Investment income = good.
Getting a paycheck from a 9 to 5 = who gives a shit??

There's a reason why over the last 20 years this country has seen a disproportionate shift in national wealth upwards toward the top 3% while middle class wages have remained stagnant for the last 30+ years.

I predict if Romney wins the election, he'll be raising taxes before the end of his first term.

 

Right. All economic activity has value. Preferential treatment for capital gains has the same effect as welfare, lol: a disincentive to work. And I don't buy the argument that the capitalist is taking the risk and somehow deserves a greater share of the spoils. Most of the capital comes from individuals whose fund managers decide where the money goes. The capitalist often has little if anything at all to do with the underlying productive activity. And with the way risk has been socialized via bailouts, capitalists don't really bear any risk.

 

Not to mention, but I will anyway, he's said straight that while he's cutting taxes by 20, he's lowering deductions. So pay less now, until he raises it, and get less at return time.

Sounds like a another economic nightmare to me. But what do I know? My offshore bank account is banging.

 

If you know of one that poor folks like me can use, please advise.

 

What is a Quick lesson? That you know the basic one fix all economic theroy preached by every conservative politican. What is the purpose of a business anyway? Answer= to earn a rate of return on investment. How is done? Answer=Buy supplying a market. Where is the biggest market on earth, America genius. So guess what, if America really wants them to pay taxes they will pay taxes or they can take their supply off of our markets and move it somewhere else. Where do you propose they move it? Well the more supply in a market drops the equilibrium price, so if they move their supply out of our markets and into other markets which are going to be smaller if they go any where else on earth, then the price of their goods and services will drop because they would be in an over saturated market thus reducing their return on their investment. Taxes also reduces the rate of return on investment but this 14 trillion dollar economy is still more appealing than anywhere else on earth simply because we have bigger markets and it takes more supply to saturate those markets, so the lesson is for you here kidd, pay more attention in class. Because there is a lot more intellectual capital in this country and our government could loan them money to start businesses instead of giving the corporate welfare to a bunch of ungrateful clowns who whine about taxes.

 

I watch CNN and CSPAN. Every time I try to watch MSNBC, I want to throw up a little.

But I don't need news stations to tell me what to think. My own opinions shape my political outlook.

 

You're correct in that the middle class are the working poor. But the actual poor are not shouldering the burden because they don't even pay taxes in most instances and they draw income from government programs.

By reducing marginal tax rates by 20%, you allow the middle class to grow again. Middle class people can begin saving, investing, and spending money. So the economy can only grow when you have that group spending money, buying homes, etc. It worked under Reagan and Bush, look at job growth numbers under their terms. The reason it went bad in Bush's second term was allowing deficit spending to rise and banks poor lending practices.

Capital gains taxes are actually fair. Short term capital gains are actually taxed at 25% and long term gains at 15%. You can be a married couple earning up to $142,700 in the 25% bracket. The reason long term gains are at 15% are to encourage people to invest in companies and hold those positions for over a year. So if you have a 9-5 job to go to everyday, you should thank every single person who invested in that company.

The disproportionate shift is because it is easier to generate more wealth once you have money. So as President, your only focus should be strengthening the middle class.

 

My theory isn't to lower taxes forever. You need to adjust based on the market. In poor economic times you need to lower taxes...in good economic times you can raise taxes.

They don't need to move their supply. They can just keep the profits overseas so that it doesn't get taxed. They reinvest in those economies. Take Apple for example, they produce almost everything overseas and invest in creating more jobs in China because it is tax advantageous. So instead of giving companies a tax break so they can afford to hire and expand here in the US, we force them elsewhere with our greed.

 

Is that why you roll out conservative talking points like a good little conservative instead of actually addressing the issues in a way that is logical?

I'm sure Beck would be proud.

 

you forgot glenn beck and rush limberger...

 

Well thought and well written post?
I'd rather be caught nekkid in public pissing myself than ever go to a Romney website but my hunch is if I did..

I'd find that his post was a c and p from the home page.

 

Well of course they don't need to move their supply. They need to supply our markets or the value of their stock will go to shit. That is why America has the upperhand. If you say Fuck America, I am not going to pay more taxes America CAN say fuck you, when you change you address take your fucking business with you and find customers somewhere else, or pay tariffs, which reduce the return of investment just like taxes. NEWSFLASH=when you own a business you work for your customers or someone else will. Then your business will not exist anymore. Republican politicians have some of you guys thinking that the customers work for the business, or that a business is doing the public a favor by hiring people. I HAVE NEWS FOR YOU. If you have a job you should thank the customers of the business otherwise there is no need for you.

 

The barney style conclusion is= IF AMERICA decided to raise taxes on all corporations they would SUCK IT AND PAY THE TAX. What else could they do? Where else could they go?? WHAT IS YOUR ANSWER JAMES WILSON??? I AM ASKING ALL OF THE DIE HARD CONSERVATIVES AND CALLING ALL OF YOU OUT. WHAT IS YOUR ANSWER, DON'T WORRY I WILL WAIT!!!

 

What are you talking about? Nobody is talking about whether customers are important. The argument is that the President refuses to lower corporate tax rates which would help businesses reinvest and hire more workers here. Instead, he is actually stopping the job creators and hampering the economic recovery.