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  #1  
Old 05-13-2015, 03:25 PM
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oBama Wants Your Success

Good idea?

Quote:
“25 hedge fund managers made more than all the Kindergarten teachers in the country. So, when I say that I’m not saying that because I dislike hedge fund managers or I think they’re evil. I’m saying that you’re paying a lower rate than a lot of folks who are makin’ 300,0000 dollars a year. You pretty much have more than you ever be able to use and your family will ever be able to use. There’s a fairness issue involved here. And by the way, if we were able to close that loophole I can now invest in early childhood education that will make a difference. That’s where the rubber hits the road. That’s, Arthur, where the question of compassion, ‘I’m my brother’s keeper,’ comes into play. And if we can’t ask from society’s lottery winners to just make that modest investment. Then really this conversation is for show.”
Obama Slams ‘Rich People’ as ‘Society’s Lottery Winners,’ Demands Their Money be Confiscated | John Hawkins' Right Wing News

First they came for the hedge fund managers money, I didn't object......

oBama made some comments recently at a function across the pond on all the money kept in banks are the banks assets and not your money......boy thats cool.
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  #2  
Old 05-13-2015, 03:49 PM
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Yall know how hard it is to get by on $300k/year? I am still trying to figure out why I am in a higher tax bracket than O?
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Old 05-13-2015, 04:19 PM
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The problem is the impact to disposable income is not equitable; especially for folks just scraping by. Higher earners will naturally have a greater disposable income.

Tax a guy making $1M annually at a rate of 20%, and he's still left with a hefty $800k. Tax a guy making $50k at 20% leaves him with a measly $40k...and so on.

Although the arguement that the guy making $1M/yr is paying more in tax is true, it however fails to recognize the lion's share of tax revenue is not obtained by taxing a few wealthy people, but rather upon the backs of the struggling guys making $50k per year.

Then there's the corporate interests which play by a different set of tax rules...but try taxing a corporation like a normal person (which they are by definition), and all of a sudden the "job creators" get upset and we must bow to their wealthy share holders and special interests.
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Old 05-13-2015, 04:28 PM
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The people who really spend to spur and sustain the economy aren't the 1, 2, or even 25 percenters . . . it's the folks at the low to middle . . . whose income doesn't include "disposable" parts because nearly all of it is going back into the economy via rent, consumables and services, and they do it every week, every month, every year.

Last edited by MTI; 05-13-2015 at 05:18 PM.
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  #5  
Old 05-13-2015, 05:17 PM
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I wonder what would happen if the prez heavily taxed actual lottery winners. Given most that play the lottery are those that can least afford it, wonder if they would still yell tax the rich?
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Old 05-13-2015, 05:18 PM
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Roger Dudesky

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  #7  
Old 05-13-2015, 05:21 PM
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Originally Posted by 97 SL320 View Post
I wonder what would happen if the prez heavily taxed actual lottery winners. Given most that play the lottery are those that can least afford it, wonder if they would still yell tax the rich?
See now, you got a couple of things going on in your post. Taxes are still the realm of the state and federal legislatures, not the executive branches of either. Then you get into the demographics of those that "play" the lottery, who are subject to state and federal taxes on the prize, not the purchase. In other words, what are you trying to say?
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  #8  
Old 05-13-2015, 05:49 PM
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Originally Posted by Dudesky View Post
Good idea?



Obama Slams ‘Rich People’ as ‘Society’s Lottery Winners,’ Demands Their Money be Confiscated | John Hawkins' Right Wing News

First they came for the hedge fund managers money, I didn't object......

oBama made some comments recently at a function across the pond on all the money kept in banks are the banks assets and not your money......boy thats cool.
Without going into a lot of detail..... A good way to fight poverty, which I have seen with my own eyes, is a program called 'Bridges out of Poverty'.

This is not a 'tax the rich' thing. In fact neither taxes or the rich play any part in it. The onus is on the person in poverty to change their behavior which is the first step in climbing out of poverty.

This is not a one size fits all program because some people it does not fit. But it fits a bunch of people and it works. Even our Tea Party Governor supports it since she is convinced it works, too.

Google it and see what is involved. The first step in solving a problem is to admit you have one, and this program lets people admit they have some problems and shows them how to overcome them.
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  #9  
Old 05-13-2015, 06:17 PM
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Quote:
Originally Posted by 97 SL320 View Post
I wonder what would happen if the prez heavily taxed actual lottery winners. Given most that play the lottery are those that can least afford it, wonder if they would still yell tax the rich?
They don't pay Federal taxes anyways.
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  #10  
Old 05-13-2015, 06:20 PM
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Originally Posted by engatwork View Post
Yall know how hard it is to get by on $300k/year? I am still trying to figure out why I am in a higher tax bracket than O?
Should be available online to compare his with yours.
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  #11  
Old 05-13-2015, 06:26 PM
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Quote:
Originally Posted by ruchase View Post
The problem is the impact to disposable income is not equitable; especially for folks just scraping by. Higher earners will naturally have a greater disposable income.

Tax a guy making $1M annually at a rate of 20%, and he's still left with a hefty $800k. Tax a guy making $50k at 20% leaves him with a measly $40k...and so on.

Although the arguement that the guy making $1M/yr is paying more in tax is true, it however fails to recognize the lion's share of tax revenue is not obtained by taxing a few wealthy people, but rather upon the backs of the struggling guys making $50k per year.

Then there's the corporate interests which play by a different set of tax rules...but try taxing a corporation like a normal person (which they are by definition), and all of a sudden the "job creators" get upset and we must bow to their wealthy share holders and special interests.
No, something like roughly half of the government revenue comes from less than 10% of the top earners.
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Old 05-13-2015, 06:44 PM
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Nearly 50% of those receiving potentially taxable income, pay no Federal taxes, because of how Obama's Government has written the Law. He's the causation AND part of the problem on both ends of which he bleats.
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Old 05-13-2015, 06:47 PM
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Originally Posted by Air&Road View Post
No, something like roughly half of the government revenue comes from less than 10% of the top earners.
Really?



Over recent decades, the share of federal revenues coming from individual income plus payroll taxes has grown, while the share coming from corporate taxes and other revenues has fallen. The Great Recession -- one of the worst economic downturns since the Great Depression -- and the policies enacted to combat it, including temporary tax cuts, have depressed federal revenues below the typical levels of recent decades. Revenues fell from 17.9 percent of gross domestic product in 2007 (the last fiscal year before the recession) to 14.6 percent in 2009 and 2010. Revenues have recovered with the economy and were 17.5 percent of gross domestic product in 2014.

Who Doesn't Pay Taxes:

http://www.washingtonpost.com/blogs/wonkblog/wp/2012/09/18/who-doesnt-pay-taxes-in-charts/

1) About 46.4 percent of U.S. households didn't pay federal income taxes in 2011. Mitt Romney's right about that.
2) That number is abnormally high right now in part due to the recession and slow recovery.
3) The vast majority of households that don't pay federal income taxes are either elderly or paying payroll taxes.
4) Many low-income workers don't pay federal income taxes thanks, in part, to a series of tax cuts endorsed by Republicans over the years.
5) The number of people who don't pay federal income taxes tends to jump every time there's a big tax cut bill, as after the 1986 tax reform or the 2001 Bush tax cuts.
6) About 30 percent of workers had a negative income tax in 2011, thanks to the Earned Income Tax Credit (EITC), which gives them a big refund. But these beneficiaries tend to leave the program fairly quickly.
7) Over their full lifetime, the vast majority of workers end up paying income taxes and federal taxes.
8) Federal taxes are just part of the picture. Most Americans also pay state and local taxes, such as sales taxes. These tend to be more regressive and hit lower-income groups harder.
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  #14  
Old 05-13-2015, 07:25 PM
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Quote:
Originally Posted by Idle View Post
Without going into a lot of detail..... A good way to fight poverty, which I have seen with my own eyes, is a program called 'Bridges out of Poverty'.

This is not a 'tax the rich' thing. In fact neither taxes or the rich play any part in it. The onus is on the person in poverty to change their behavior which is the first step in climbing out of poverty.

This is not a one size fits all program because some people it does not fit. But it fits a bunch of people and it works. Even our Tea Party Governor supports it since she is convinced it works, too.

Google it and see what is involved. The first step in solving a problem is to admit you have one, and this program lets people admit they have some problems and shows them how to overcome them.
Spot on Idle.......

Quote:
Originally Posted by MTI View Post
Really?



Over recent decades, the share of federal revenues coming from individual income plus payroll taxes has grown, while the share coming from corporate taxes and other revenues has fallen. The Great Recession -- one of the worst economic downturns since the Great Depression -- and the policies enacted to combat it, including temporary tax cuts, have depressed federal revenues below the typical levels of recent decades. Revenues fell from 17.9 percent of gross domestic product in 2007 (the last fiscal year before the recession) to 14.6 percent in 2009 and 2010. Revenues have recovered with the economy and were 17.5 percent of gross domestic product in 2014.

Who Doesn't Pay Taxes:

Who doesn’t pay taxes, in eight charts - The Washington Post

1) About 46.4 percent of U.S. households didn't pay federal income taxes in 2011. Mitt Romney's right about that.
2) That number is abnormally high right now in part due to the recession and slow recovery.
3) The vast majority of households that don't pay federal income taxes are either elderly or paying payroll taxes.
4) Many low-income workers don't pay federal income taxes thanks, in part, to a series of tax cuts endorsed by Republicans over the years.
5) The number of people who don't pay federal income taxes tends to jump every time there's a big tax cut bill, as after the 1986 tax reform or the 2001 Bush tax cuts.
6) About 30 percent of workers had a negative income tax in 2011, thanks to the Earned Income Tax Credit (EITC), which gives them a big refund. But these beneficiaries tend to leave the program fairly quickly.
7) Over their full lifetime, the vast majority of workers end up paying income taxes and federal taxes.
8) Federal taxes are just part of the picture. Most Americans also pay state and local taxes, such as sales taxes. These tend to be more regressive and hit lower-income groups harder.
I believe he is referring to the 46% figure and who pays the brunt of that.
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  #15  
Old 05-13-2015, 07:31 PM
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Quote:
Originally Posted by Skid Row Joe View Post
Nearly 50% of those receiving potentially taxable income, pay no Federal taxes, because of how Obama's Government has written the Law. He's the causation AND part of the problem on both ends of which he bleats.
Obama invented the IRS. I freaking KNEW IT.
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