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View Full Version : I Kinda like this Guy!



Buzz
02-10-2012, 09:04 AM
But I'm sure ya'll are going to hate him...


http://finance.yahoo.com/blogs/daily-ticker/millionaire-investor-calls-higher-taxes-rich-145808200.html

road kill
02-10-2012, 09:22 AM
But I'm sure ya'll are going to hate him...


http://finance.yahoo.com/blogs/daily-ticker/millionaire-investor-calls-higher-taxes-rich-145808200.html

Buzz, if you want to pay more taxes, please do!!

Some of us see the waste and think cutting spending is a good way to go.
You know, like real people do.

If a crack addict runs out of crack, do you give him more crack to solve his crack addiction?
Explain how giving more money to these people who are addicted to spending other peoples money will solve any of our spending problems?
(other than the emotion of it)

Or do you TRULY believe that all the spending is necessary?

RK

Gerry Clinchy
02-10-2012, 09:57 AM
Buzz, this fellow makes a valid point that in supporting the middle class, corporations generate more profits from greater volume. The crux of the problem seems to be that there is a difference of opinion on what constitutes the middle class. With inflation over the past 20 years, $250,000/year in income is no longer "rich".

The "original" income tax Constitutional amendment was passed by convincing people that "only the rich" would have to pay. At that time "the rich" were people who made more than $25,000 a year :-) So, should we go back to that period and equate what $25,000 would mean in today's dollars? And in so doing, let's not leave out the cost of food and energy (which are not included in the COL index today).

An S-corp owner is taxed on the profit of the corp, but may never see any of that $ in his pocket because it is rolled back into the business. Fixing that could help small business, the engine of the economy.

How low should capital gains taxes be? Hard to say. As the SS system fails to provide sufficient income for retirees, it is the favored status of capital gains that can encourage middle-class wage earners to invest to supplement their SS retirement benefits ... eventually placing less demand on govt programs.

Would it not be just as easy to say that if you earn $1 million a year, post retirement, you do not get any SS benefit? And also allow those people to withdraw from Medicaid (which they cannot do now). This would also be a tax on the "rich".

However, we absolutely cannot ignore that historically Congress overspends. The more money they have, the more they spend. Without reform and reduction of spending habits of Congress, we stay on the treadmill. They absolutely cannot be trusted to "save", as evidenced by what they have done to the original premise of SS.

It is VERY obvious that even in fiscal crisis, Congress can't find a way to cut spending! They could start by removing the automatic increases from year-to-year which practically nullifies any small spending cuts that are discussed.

If I earn $1 million a year and spend $1.5 million, that is considered irresponsible. When Congress does that, they say it's "necessary." Since so many Congress critters have never worked in the private sector, they have zero concept of living within a budget.

That is one advantage that Romney has in his favor. Did Bain tear apart companies? That is a matter of record. How was the determination made? I suspect by realistic assessments of whether those companies could continue to survive over the long-term. We could use some of that thinking in govt.

Marvin S
02-10-2012, 10:20 AM
1st - Does anyone remember Blodget???????? I certainly do.

2nd - when there are serious cuts in government programs then it will time to talk about a flat tax :).

3rd - I do agree that a prosperous middle class will be the engine that drives the economy. Unfortunately for the poorly prepared it will not be in the manufacturing sector.