How to Fix the Phony Budget Crisis

[georgephillip]

Can you say Norway?

How about Wealth Tax??

"Times are tough. Someone has to pay. Why not start with those who can most afford it?...

"In Norway, for example, you pay one percent of your net worth in addition to income tax.

"What if we imposed a Norwegian-style wealth tax on the top one percent of U.S. households?

"We’re not talking upper middle class here: the poorest among them is worth a mere $8.3 million.

"This top one percent owns 35 percent of all wealth in the United States.

“'Such a wealth tax…would raise $191.1 billion each year (one percent of $19.1 trillion), a significant attack on the deficit,' Leon Friedman writes in The Nation. 'If we extended the tax to the top 5 percent, we could raise $338.5 billion a year (one percent of 62 percent of $54.6 trillion).'”

Tell the rich to pay up or pack up.

 

[Mad Scientist]

In stead of punishing people who actually earn money how about punishing those that actively work to destroy the US Dollars' value?

Let's start with the Federal Reserve.

 

[Trajan]

In stead of punishing people who actually earn money how about punishing those that actively work to destroy the US Dollars' value?

Let's start with the Federal Reserve.

 

[Midnight Marauder]

Punish success. What a novel idea.

 

[georgephillip]

In stead of punishing people who actually earn money how about punishing those that actively work to destroy the US Dollars' value?

Let's start with the Federal Reserve.

"During the past year(2009), the Fed has flooded the streets with money--distributing trillions of dollars to banks, financial markets and commercial interests--in an attempt to revive the credit system and get the economy growing again.

"As a result, the awesome authority of this cloistered institution is visible to many ordinary Americans for the first time.

"People and politicians are shocked and confused, and also angered, by what they see. They are beginning to ask some hard questions for which Federal Reserve governors do not have satisfactory answers."

It does seem like the Fed is how Wall Street manipulates the US Treasury. The latest machination involves "too big to fail/save" banks frontrunning the Fed.

The first big problem seems to be getting agreement on whether the Fed is a public or private banking institution?

 

[Charles_Main]

In stead of punishing people who actually earn money how about punishing those that actively work to destroy the US Dollars' value?

Let's start with the Federal Reserve.

ok, next on the list, George Soros

 

[georgephillip]

Punish success. What a novel idea.

If a more "hands on" kinda thug beats you like a rented mule and successfully transfers all your money and valuables into his pockets, do you want him punished?

Or are you a "bleeding heart" liberal?

 

[georgephillip]

In stead of punishing people who actually earn money how about punishing those that actively work to destroy the US Dollars' value?

Let's start with the Federal Reserve.

ok, next on the list, George Soros

Sounds good to me.

How do you feel about Poppy Bush?

 

[Immanuel]

Wanna know something?

I wouldn't mind all the rhetoric about the rich paying more in taxes if it was not formed in the manner of "blame the rich". "It is all the rich people's fault. Make them pay their fair share."

Turn it around and present it like this, "Hey you wealthy people, we the poor and middle class of the United States of America need your help. We're going to have to raise your taxes because there just is not enough in our coffers left to fix this problem."

I really hate the whining about how terrible rich people are for actually succeeding in life. Which of us wouldn't like to be in their shoes?

Immie

 

[Midnight Marauder]

Punish success. What a novel idea.

If a more "hands on" kinda thug beats you like a rented mule and successfully transfers all your money and valuables into his pockets, do you want him punished?

Or are you a "bleeding heart" liberal?

That's essentially what you're proposing, buttnozzle. Confiscation of wealth, just because they have wealth.

 

[georgephillip]

In stead of punishing people who actually earn money how about punishing those that actively work to destroy the US Dollars' value?

Let's start with the Federal Reserve.

Would this play in DC?

 

[thereisnospoon]

In stead of punishing people who actually earn money how about punishing those that actively work to destroy the US Dollars' value?

Let's start with the Federal Reserve.

"During the past year(2009), the Fed has flooded the streets with money--distributing trillions of dollars to banks, financial markets and commercial interests--in an attempt to revive the credit system and get the economy growing again.

"As a result, the awesome authority of this cloistered institution is visible to many ordinary Americans for the first time.

"People and politicians are shocked and confused, and also angered, by what they see. They are beginning to ask some hard questions for which Federal Reserve governors do not have satisfactory answers."

It does seem like the Fed is how Wall Street manipulates the US Treasury. The latest machination involves "too big to fail/save" banks frontrunning the Fed.

The first big problem seems to be getting agreement on whether the Fed is a public or private banking institution?

Yes. take it all. Give it to government and watch them throw it down a rat hole. Why change the status quo. Right georgie?
How about a greed tax. That's right. Why don't we have a tax for all the greedy whiny assed class envy pukes?

 

[georgephillip]

Wanna know something?

I wouldn't mind all the rhetoric about the rich paying more in taxes if it was not formed in the manner of "blame the rich". "It is all the rich people's fault. Make them pay their fair share."

Turn it around and present it like this, "Hey you wealthy people, we the poor and middle class of the United States of America need your help. We're going to have to raise your taxes because there just is not enough in our coffers left to fix this problem."

I really hate the whining about how terrible rich people are for actually succeeding in life. Which of us wouldn't like to be in their shoes?

Immie

I don't think they're listening, Immie.

Over the last half century tax rates for the lowest 80% of workers have remained virtually static while the richest 0.01 % have seen rates slashed from 70% to 35%.

That's about 10,000 Americans and many of those pay taxes at a capital gains rate of 15%. A small minority are calling publicly for their peers to pay more taxes; however, the amount of money flowing into Republican AND Democratic campaign coffers from the richest 1% of Americans seems to trump any genuine desire to share the nation's tax burden.

Finally, I think it's possible that some of the most terrible psychopaths on this planet are filthy rich AND will never get enough money.

Until they hear the cell door CLANG shut behind them.

 

[georgephillip]

Punish success. What a novel idea.

If a more "hands on" kinda thug beats you like a rented mule and successfully transfers all your money and valuables into his pockets, do you want him punished?

Or are you a "bleeding heart" liberal?

That's essentially what you're proposing, buttnozzle. Confiscation of wealth, just because they have wealth.

You didn't answer the question, Bleeding Heart.

Much of their wealth was obtained through fraud.

Is that any less of a crime than wealth obtained by force?

 

[Immanuel]

Wanna know something?

I wouldn't mind all the rhetoric about the rich paying more in taxes if it was not formed in the manner of "blame the rich". "It is all the rich people's fault. Make them pay their fair share."

Turn it around and present it like this, "Hey you wealthy people, we the poor and middle class of the United States of America need your help. We're going to have to raise your taxes because there just is not enough in our coffers left to fix this problem."

I really hate the whining about how terrible rich people are for actually succeeding in life. Which of us wouldn't like to be in their shoes?

Immie

I don't think they're listening, Immie.

Over the last half century tax rates for the lowest 80% of workers have remained virtually static while the richest 0.01 % have seen rates slashed from 70% to 35%.

That's about 10,000 Americans and many of those pay taxes at a capital gains rate of 15%. A small minority are calling publicly for their peers to pay more taxes; however, the amount of money flowing into Republican AND Democratic campaign coffers from the richest 1% of Americans seems to trump any genuine desire to share the nation's tax burden.

Finally, I think it's possible that some of the most terrible psychopaths on this planet are filthy rich AND will never get enough money.

Until they hear the cell door CLANG shut behind them.

Actually, I am not so sure that they are not listening. I don't want to dig up the links for it, but I remember reading that Warren Buffet has stated that he has no problem with having his taxes increased. Same for Bill Gates if I am not mistaken. I imagine that there are an awful lot of the well to do in this country that would not have a problem with their taxes being increased.

Truthfully, I think the big issue that is interfering with such a thing is that politicians use this as a wedge issue like they do abortion and immigration among others.

I may be wrong, but that is my opinion.

I just get so sick of hearing that all of our troubles are because of those evil rich people and I hear that mostly, if not entirely, from liberals.

Immie

 

[Midnight Marauder]

If a more "hands on" kinda thug beats you like a rented mule and successfully transfers all your money and valuables into his pockets, do you want him punished?

Or are you a "bleeding heart" liberal?

That's essentially what you're proposing, buttnozzle. Confiscation of wealth, just because they have wealth.

You didn't answer the question, Bleeding Heart.

Much of their wealth was obtained through fraud.

Is that any less of a crime than wealth obtained by force?

Your OPINION that "much" of their wealth was obtained by fraud doesn't hold water. It's just class warfare bullshit, you can't back it up or even begin to try.

Imbecile.

 

[Midnight Marauder]

Much of their wealth was obtained through fraud.

You're stupid and gullible enough to send a free forum board your money, and want to preach to the rest of us about fraudulent gaining of wealth?

It's idiot suckers like you who GIVE your wealth willingly to the Madoff's of the world. Why not put your money where your mouth is, and just send it to the IRS? Fucking dolt.

 

[georgephillip]

Wanna know something?

I wouldn't mind all the rhetoric about the rich paying more in taxes if it was not formed in the manner of "blame the rich". "It is all the rich people's fault. Make them pay their fair share."

Turn it around and present it like this, "Hey you wealthy people, we the poor and middle class of the United States of America need your help. We're going to have to raise your taxes because there just is not enough in our coffers left to fix this problem."

I really hate the whining about how terrible rich people are for actually succeeding in life. Which of us wouldn't like to be in their shoes?

Immie

I don't think they're listening, Immie.

Over the last half century tax rates for the lowest 80% of workers have remained virtually static while the richest 0.01 % have seen rates slashed from 70% to 35%.

That's about 10,000 Americans and many of those pay taxes at a capital gains rate of 15%. A small minority are calling publicly for their peers to pay more taxes; however, the amount of money flowing into Republican AND Democratic campaign coffers from the richest 1% of Americans seems to trump any genuine desire to share the nation's tax burden.

Finally, I think it's possible that some of the most terrible psychopaths on this planet are filthy rich AND will never get enough money.

Until they hear the cell door CLANG shut behind them.

Actually, I am not so sure that they are not listening. I don't want to dig up the links for it, but I remember reading that Warren Buffet has stated that he has no problem with having his taxes increased. Same for Bill Gates if I am not mistaken. I imagine that there are an awful lot of the well to do in this country that would not have a problem with their taxes being increased.

Truthfully, I think the big issue that is interfering with such a thing is that politicians use this as a wedge issue like they do abortion and immigration among others.

I may be wrong, but that is my opinion.

I just get so sick of hearing that all of our troubles are because of those evil rich people and I hear that mostly, if not entirely, from liberals.

Immie

You're right about Buffett and Gates, but I'm not so sure about GE?

From Phil's Stock World:

"Warren Buffett, the third richest man in the world (behind Gates and Slim) paid 17.7% tax and made a point of checking and found out his employees paid an average of 32.9%.

"God bless Buffett becuase he made this point in a speech that was given to 400 of the 10,000, who were gathered at a Hillary Clinton fund raiser in 2007. It got a little attention at the time but then was swept under the rug – as if that didn’t matter.

"But it DOES MATTER and it matters a lot – the life of this country depends on it!

"If this were just a case of 10,000 people not paying $100Bn in taxes, maybe we could move on and forget it but it’s not.

"US corporations, who are (according to to the Supreme Court) also citizens of this country, paid just $300Bn in taxes last year on $6 TRILLION in income (5%).

"That’s right, if US corporations simply paid the same amount of tax as Mr. Buffett – that would, by itself, be enough to wipe out our deficit.

"But, things have gone decidedly the other way in the past 30 years:"

 

[skeptic]

“'Such a wealth tax…would raise $191.1 billion each year (one percent of $19.1 trillion), a significant attack on the deficit,' Leon Friedman writes in The Nation. 'If we extended the tax to the top 5 percent, we could raise $338.5 billion a year (one percent of 62 percent of $54.6 trillion).'”

Tell the rich to pay up or pack up.

But the annual deficit is 4-5 times as great as what you could raise taxing the richest 5% a 1% tax on their wealth.

So should we tax the richest 5%, 5% on their wealth every single year? Or should we simply make them pay the ordinary 14% FICA tax that everybody else pays on their entire income?

Because if we did that we could have a $trillion budget surplus.

 

[Immanuel]

I don't think they're listening, Immie.

Over the last half century tax rates for the lowest 80% of workers have remained virtually static while the richest 0.01 % have seen rates slashed from 70% to 35%.

That's about 10,000 Americans and many of those pay taxes at a capital gains rate of 15%. A small minority are calling publicly for their peers to pay more taxes; however, the amount of money flowing into Republican AND Democratic campaign coffers from the richest 1% of Americans seems to trump any genuine desire to share the nation's tax burden.

Finally, I think it's possible that some of the most terrible psychopaths on this planet are filthy rich AND will never get enough money.

Until they hear the cell door CLANG shut behind them.

Actually, I am not so sure that they are not listening. I don't want to dig up the links for it, but I remember reading that Warren Buffet has stated that he has no problem with having his taxes increased. Same for Bill Gates if I am not mistaken. I imagine that there are an awful lot of the well to do in this country that would not have a problem with their taxes being increased.

Truthfully, I think the big issue that is interfering with such a thing is that politicians use this as a wedge issue like they do abortion and immigration among others.

I may be wrong, but that is my opinion.

I just get so sick of hearing that all of our troubles are because of those evil rich people and I hear that mostly, if not entirely, from liberals.

Immie

You're right about Buffett and Gates, but I'm not so sure about GE?

From Phil's Stock World:

"Warren Buffett, the third richest man in the world (behind Gates and Slim) paid 17.7% tax and made a point of checking and found out his employees paid an average of 32.9%.

"God bless Buffett becuase he made this point in a speech that was given to 400 of the 10,000, who were gathered at a Hillary Clinton fund raiser in 2007. It got a little attention at the time but then was swept under the rug – as if that didn’t matter.

"But it DOES MATTER and it matters a lot – the life of this country depends on it!

"If this were just a case of 10,000 people not paying $100Bn in taxes, maybe we could move on and forget it but it’s not.

"US corporations, who are (according to to the Supreme Court) also citizens of this country, paid just $300Bn in taxes last year on $6 TRILLION in income (5%).

"That’s right, if US corporations simply paid the same amount of tax as Mr. Buffett – that would, by itself, be enough to wipe out our deficit.

"But, things have gone decidedly the other way in the past 30 years:"

Well, I didn't say everyone would agree! But, we have to pay taxes. My point was not that I felt that the rich would just jump on the bandwagon to pay more in taxes.

My point was more personal. I just hate everyone's whining and blaming the rich when most of us would love to be in their shoes no matter how we got there. I do not believe taxes are too high on the rich, not if you look at historical rates, but the thought of the left blaming people for succeeding is... well, just plain nauseating! Yeah, that's the word.

Immie