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To be fair, I'll bet plenty of Republicans are willing to go to the table with Obama. It's the Tea Party Terrorists who are the reason why its at a stand still.
Obama put his cards on the table... either tax cuts expire for everyone, or they expire for the rich. Which scares the Republicans more? We'll find out soon. Republicans playing the "we're all in this together, for rich and for poor!" card probably won't work on the majority of Americans. So how do they spin this in their favor?
To be fair, I'll bet plenty of Republicans are willing to go to the table with Obama. It's the Tea Party Terrorists who are the reason why its at a stand still.
The problem is the election of over and there is no reason to make peace for at least two years for either side. Both feel they are mandated by the people that elected them, so off the cliff we go.
The issue is the moron republicans who took the Norquist pledge, which is basically every republican member of congress. If they raise taxes Norquist will destroy them financially in their next primary which is why they all want to close loopholes instead of raising rates, praying that will be sufficient in the eyes of lord Norquist.
I don't think they can. Obama has the upper hand on this and the House republicans are going to get stomped in 2014 if they don't cave. I still can't understand why Obama didn't take this position 2 years ago.
The best move for Republicans is to give Obama whatever tax hikes he wants. If the economy tanks then it's all on the Dems.
Um, what's the best move for the country?
I don't know. I tend to agree with the President Obama that says raising taxes on anyone in times of such slow economic growth will be harmful to the economy. However the President Obama that says raising taxes on upper income people in times of such slow economic growth will help the economy could be right. I guess we will find out.
I'm all for the all or nothing ultimatum. It will be Obama's loss.
Anyone who agrees with Obama in my opinion is just jealous of those making a high income. They have no desire, or belief that America is a free nation whereas they can accel to such a status.
I'll go one step farther. I think such people are either ignorant, or losers.
Really now. How does raising the marginal rate help? You don't catch the really rich in that snare. Professional sports players, Hollywood stars, some doctors and lawyers, etc. will pay higher taxes. But not the really rich, which have the majority of their income an capital gains.
Barry should not allow any reduction in Medicare, medicaid, and NEVER allow opting out or privatization of SS
He should "fix" (the unbroken, non-urgent) SS by raising the cap to $5M, to remove its extreme regressiveness
capital gains rate/carried interest abolished and taxed as earned income.
ACA is the best way to help medicare, but paying less to greedy, gouging, fraudulent providers, NOT by Ryan's plan of protecting providers and ing patients.
Last edited by boutons_deux; 11-15-2012 at 05:54 AM.
Yeah that must be it. I'm an undergrad who's a few more good interviews away from getting hired by a bulge bracket investment bank out of school. I must be jealous of high income people for wanting to tax them more.
Eliminating the tax cuts on the "rich" will reduce the deficit by $1 T over 10 years.
A Trillion dollars is a of a lot of money; but it is not much more that a drop in the bucket spread over 10 years at the pace our country is racking up debt.
And yet, that was a cornerstone of the President's reelection; it IS true, I believe that the country voted for that - that is what it wants.
Will it hurt the economy? IMO, not really.
Will it help the economy? IMO not really.
It will reduce the deficit, but again, not significantly.
It will cause the rich to pay "their fair share". Whatever that is; they already pay the lion's share of income taxes - because they make the lion's share of income.
Will taxing them more raise the income of anyone else? No. In fact, the Rich will make the exact same income - they will just send more of it to the government. If they want their take home pay to remain the same, they will increase their incomes; and many probably have the means to do that (I could do this myself - simply by raising my own salary; take some away from my company to make up the difference. I won't do this, however, I always keep my personal income below the point that I would be paying the top rate - or I could just bonus myself through a dividend; paid at the capital gains rate).
The net result is the Rich will still be Rich, and the Poor will still be Poor; if the economy doesn't begin to improve at a (much) faster clip; there will probably me more poor.
Will the Democrats run on a "soak the rich" platform again in two, and four years? I wouldn't bet against it.
Should we just do away with all pretenses of SS consisting of individual accounts (I get my statement every couple of years)? That is, presumably, the reason for the cap; the benefit is capped, so the amount "set aside" is capped as well.
'the benefit is capped"
not in time. Live to 95, and indexed to COL. the payout depends on your payin.
...and the payin is capped; are you suggesting this be extended to a $5M cap on tax; so that people would receive vastly different SS checks?
Also, if SS benefit is not capped; I'm getting some potentially ty return on my investment.
So it'll reduce the deficit and have no negative effect on the economy.
Seems like a no-brainer idea to me.
shameful
Thanks for the contribution.
Just curious, btw; What do you think the top marginal tax rate ought to be? (not picking a fight, just wondering what an undergrad, whose really never known anything but a crappy economy would think)
Why do you stop at $5M? Just curious? If you don't tax ALL income, doesn't the "regressive" nature of the SS tax remain?
I think 40% so right around what it was with slick willy. My bigger issue is with a cap gains and qualified dividends tax at 15% as well as other exemptions/deductions (some of which aren't exemptions/deductions the rich take advantage of). This country's tax code is a mess and I think most would agree it needs to be overhauled.
I do think the corporate tax rate in this country is too high and its the one example where I truly think lowering it would help the economy.
I agree. Clinton, btw, lowered the cap gains rate - there is often bipartisan support for this. The cynic in me figures it's to help their (mutual) friends; the non-economist in me wonders if there is a real substantial reason to keep it low. I do know, as I illustrated above, that it is an easy way for business owners to transfer money to themselves to keep personal income tax low (however dividend income DOES come out of profits, therefore corporate taxes are paid on it, as well). The investors are the ones who (relatively) make out like bandits, it would appear.
I'm by no means one of those liberals who praises everything Clinton does. I think Clinton has his own bevy of contributions to the current mess this country is in.
I think there used to be real economic reason behind a low cap gains rate but the nature of most capital gains in today's economy isn't what it used to be. If the most common form of capital gains in this country was a business owner adding value to his company with investments that involve hiring labor and making capital expenditures, then selling his company after working his ass off, then a low cap gains rate would make perfect sense to me, but nowadays that's a very very small portion of what cap gains are.
I know dividends are double taxed, the way I see it is high dividends mean less economic growth. Dividends being taxed at the normal rate means investors would rather a company reinvest its earnings in new ventures than pay them out as dividends.
The non partisan CBO and Moody's Analytics are jealous of those making a high income!
Warren Buffet and Bill Gates are jealous of those with high income!
repugs assert that a higher tax % for the rich will make negative effects on investment which in return will cause even further shrinkage to the economy n hurt the poor even more as a result
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