If tax hikes on the Rich will only raise 82 billion a year - Page 4 - TigerDroppings.com

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mmcgrath
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re: If tax hikes on the Rich will only raise 82 billion a year


quote:

Actually, the GOP has put forth several budgets that have tax increases and spending cuts.
Historically? Because a few Republicans have mused about raising taxes of late and have been threatened by their own party. I think I would have remembered an offer to increase taxes. I think the latest offer had some deductions removed, not increased taxes.






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los angeles tiger
LSU Fan
1,601 miles from Tiger Stadium
Member since Oct 2003
55976 posts

re: If tax hikes on the Rich will only raise 82 billion a year


quote:

You are apparently bad at math.
Not that I'm surprised.
Oh. And economically stupid.
Again, not surprised. You are the classic jealous liberal. You're practically the prototype market for leftist dogma


To top it off he is Jewish and how many times are Jews associated as being rich and the cause of all of societies ills? You'd think he would know a little about Jewish history but doesn't at his own detriment.






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moneyg
LSU Fan
Member since Jun 2006
18774 posts

re: If tax hikes on the Rich will only raise 82 billion a year


quote:

If you won't cut spending, what are the other options? I'm all ears.


Every conservative want to cut spending idiot.

Neither party has successfully done it. The problem is that we are clearly approaching a critical point and the only logical solution is to make spending cuts.

And yet people like you instead start by trying to raise revenue through tax increases anyway.

Start thinking. Stop feeling. You will eventually figure out what is painfully obvious to all true conservatives.






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mmcgrath
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New Jersey
Member since Feb 2010
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re: If tax hikes on the Rich will only raise 82 billion a year


quote:

Actually it does. It's called economics and i don't expect any liberal to be able to comprehend this, but i'll explain it to you.

Lower taxes mean less money one has to pay to the government. That extra money can then be used to buy goods/services or in the case of business, hire workers and expand. Hiring more workers mean more people on the taxpayer payroll. More taxpayers = more tax dollars. More taxpayers also means less people on taxpayer funded unemployment benefits. In summary, more tax receipts, less on unemployment = a positive economy.


Assuming that every dollar (or even the majority of dollars) saved from federal income taxes goes towards hiring workers or expanding businesses is bad economic policy. And the added goods and services purchased by the top 1% or 2% is minimal.






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RogerTheShrubber
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re: If tax hikes on the Rich will only raise 82 billion a year


Dems promised their voters they would soak the rich.





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los angeles tiger
LSU Fan
1,601 miles from Tiger Stadium
Member since Oct 2003
55976 posts

re: If tax hikes on the Rich will only raise 82 billion a year


quote:

Dems promised their voters they would soak the rich


They should start with their own lib supporters and libs in power like Pelosi, Feinstein, Frank, Kerry, Obama, etc. Confiscate all their money and cars, put them on a salary of $15,000 a year and a studio apartment. They need to sacrafice first before calling on others to do so.






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mmcgrath
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New Jersey
Member since Feb 2010
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re: If tax hikes on the Rich will only raise 82 billion a year


quote:

quote:

I think that it has been properly vetted that any president for the last 4 years would have been at approximately $16T in debt given the starting point of 2009.
link.

Besides the obvious recession which wasn't turning around on a dime and the lack of any alternative hindsight by the GOP which would have altered the economy I had started a thread to ask a similar question.
What would the Debt Be?






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RogerTheShrubber
LSU Fan
Juneau, AK
Member since Jan 2009
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re: If tax hikes on the Rich will only raise 82 billion a year


quote:


They should start with their own lib supporters and libs in power like Pelosi, Feinstein, Frank, Kerry, Obama, etc. Confiscate all their money and cars, put them on a salary of $15,000 a year and a studio apartment. They need to sacrafice first before calling on others to do so.



What I don't get is the ones who complain they are paying too little in taxes. You aren't forced to take deductions and can pay the highest marginal rate if you choose.








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los angeles tiger
LSU Fan
1,601 miles from Tiger Stadium
Member since Oct 2003
55976 posts

re: If tax hikes on the Rich will only raise 82 billion a year


quote:

What I don't get is the ones who complain they are paying too little in taxes. You aren't forced to take deductions and can pay the highest marginal rate if you choose.


That along with the fact that the truly rich people don't make their wealth off of income that is taxed but make it through investments. Income taxes only tax the working (middle class) the most.






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Aristo
LSU Fan
Baton Rouge
Member since Jan 2007
2839 posts

re: If tax hikes on the Rich will only raise 82 billion a year


Not sure how true, but while at work I heard a talk show host say income taxes started for the wealthy only. I guess you need a starting point for all government to grow.





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BugAC
LSU Fan
Baton Rouge
Member since Oct 2007
18266 posts

re: If tax hikes on the Rich will only raise 82 billion a year


quote:

Assuming that every dollar (or even the majority of dollars) saved from federal income taxes goes towards hiring workers or expanding businesses is bad economic policy. And the added goods and services purchased by the top 1% or 2% is minimal.


Um, no.

Take, for example, my plans of starting my own brewery.

I start a brewery, i'm a small business owner. I start out by making a beer that everyone likes. Word is spread and demand is high, therefore i try to keep up with demand. Eventually i will have to hire helpers to keep up with demand for my 1 flagship brew. Demand continues to grow due to more and more people trying my new beer, so i must continue to hire. I have to hire part timers to clean up the brewery, and maybe a brewmaster full time. Things are going great. As things are booming, i start expanding my beer lineup and formulate several recipe's i'd like to incorporate into my brewery. I am still churning out my flagship beer, so in order to accomadate my needs for growth, i must buy more equipment, and move to a bigger space to brew. I must buy more grains, hops, yeast, etc... to ensure multiple beers are made, and expand my packaging line to get the beers out.

And then Obamacare hits, and says that if my workers work more than 32 hours/week, i must provide them health insurance. I can not afford to pay health insurance to the hourly workers whose jobs are to clean, can, bottle, package etc... Therefore i have to reduce hours to all those hourly employees, and I have to pay a penalty because i already provide health insurance to my salary guys. This increased cost on obamacare reduces the funds i have to expand my brewery and sell different beers.

Because i have begun to become successful, my business makes $250,000 or more/year. Obama's new tax plan, to tax anyone making over $250k higher rates, now affects my business. My thriving business now takes another hit, which could affect the hiring of more workers, promotions, bonuses, benefits, etc... that i would normally give out.

This is a situation that is common with most small businesses. Demand obviously drives the success of the business, but Obama's policies only hurts these businesses. They do not help them in one single way.






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hawkster
Member since Aug 2010
4997 posts

re: If tax hikes on the Rich will only raise 82 billion a year


quote:

I don't understand why so many middle class people jump up to support the top 1% and then blame the poor for their own short comings. Heck, Mitt Romney paid extra taxes just to reach 14%... although I am sure he is refiling as we speak.


Rich people keeping the money they've earned doesn't bother me at all compared to money coming out of my paycheck to fund the redistribution programs of the federal government, or the failed institutions like public schools.






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Aristo
LSU Fan
Baton Rouge
Member since Jan 2007
2839 posts

re: If tax hikes on the Rich will only raise 82 billion a year


You may need to simplify it into a doctor Seuss platform for him to understand. (Or her)





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Bard
LA-Monroe Fan
BR
Member since Oct 2008
15720 posts

re: If tax hikes on the Rich will only raise 82 billion a year


quote:

mmcgrath


When you go over your own budget, do you go to your employer and demand a raise to cover it? Why should we allow this of the federal government? Is it that you think that any federal spending increase must be worthwhile?







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SoulGlo
LSU Fan
Shinin' Through
Member since Dec 2011
3463 posts

re: If tax hikes on the Rich will only raise 82 billion a year


quote:

The GOP wants to raise taxes on 98% of Americans if the top 2% see their taxes go up any at all. Meanwhile the same GOP is all about raising the eligibility age for Social Security (a necessary measure)and all sorts of entitlement reforms but the main thing is making certain that the top 2% do not suffer any tax increase.


That's what dems say, anyway.

The republican point is that NOBODY should get a tax increase. NOBODY.

The problem with the deficit is SPENDING. Any tax increase is solely for the purpose of increased government control. There is no amount of tax hike that will come close to scratching the surface on the deficit.

You want to talk about fair? Tax increases for everybody or nobody. No picking and choosing.






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mmcgrath
LSU Fan
New Jersey
Member since Feb 2010
4032 posts
 Online 

re: If tax hikes on the Rich will only raise 82 billion a year


quote:

Um, no.

Take, for example, my plans of starting my own brewery.

I start a brewery, i'm a small business owner. I start out by making a beer that everyone likes. Word is spread and demand is high, therefore i try to keep up with demand. Eventually i will have to hire helpers to keep up with demand for my 1 flagship brew. Demand continues to grow due to more and more people trying my new beer, so i must continue to hire. I have to hire part timers to clean up the brewery, and maybe a brewmaster full time. Things are going great. As things are booming, i start expanding my beer lineup and formulate several recipe's i'd like to incorporate into my brewery. I am still churning out my flagship beer, so in order to accomadate my needs for growth, i must buy more equipment, and move to a bigger space to brew. I must buy more grains, hops, yeast, etc... to ensure multiple beers are made, and expand my packaging line to get the beers out.

And then Obamacare hits, and says that if my workers work more than 32 hours/week, i must provide them health insurance. I can not afford to pay health insurance to the hourly workers whose jobs are to clean, can, bottle, package etc... Therefore i have to reduce hours to all those hourly employees, and I have to pay a penalty because i already provide health insurance to my salary guys. This increased cost on obamacare reduces the funds i have to expand my brewery and sell different beers.

Because i have begun to become successful, my business makes $250,000 or more/year. Obama's new tax plan, to tax anyone making over $250k higher rates, now affects my business. My thriving business now takes another hit, which could affect the hiring of more workers, promotions, bonuses, benefits, etc... that i would normally give out.

This is a situation that is common with most small businesses. Demand obviously drives the success of the business, but Obama's policies only hurts these businesses. They do not help them in one single way.


We are talking about personal income taxes, and 75% of your response is story and then an attack on ObamaCare. That is a separate debate from this thread.

Here is your point on the personal income tax rate:
quote:

Because i have begun to become successful, my business makes $250,000 or more/year. Obama's new tax plan, to tax anyone making over $250k higher rates, now affects my business. My thriving business now takes another hit, which could affect the hiring of more workers, promotions, bonuses, benefits, etc... that i would normally give out.
That's it. No justification or explanation as to how the salary you pay yourself out of your business is affecting your business. In your little story the business stays the same and you buy a few less options on your new car purchase. But hey, if you really want those added options I guess you can bump up your salary adding to your business expenses, but isn't that true of bad business owners under any tax plan?






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BugAC
LSU Fan
Baton Rouge
Member since Oct 2007
18266 posts

re: If tax hikes on the Rich will only raise 82 billion a year


quote:

That's it. No justification or explanation as to how the salary you pay yourself out of your business is affecting your business. In your little story the business stays the same and you buy a few less options on your new car purchase. But hey, if you really want those added options I guess you can bump up your salary adding to your business expenses, but isn't that true of bad business owners under any tax plan?


You do know that most small business owners use any money made from their small business on their small business right?

quote:

Small business owners are often unfairly grouped with the extremely affluent because of the way they file their taxes. Due to their size, most small businesses file as sole proprietors or partnerships—in fact, approximately 85 percent of small businesses file income taxes as individuals. This means that, while a small business owner's personal income may seem large, the majority of the money is actually funneled directly back into the business.


quote:

By targeting these individuals, President Obama is not only increasing taxes for nearly half of America's small businesses, he is also making it harder for the middle class to be able to find the jobs they so desperately need.

This is simply bad policy. Small businesses create 64 percent of new jobs in this country and employ almost half of all American workers. Raising taxes on them won't create a single job. The president insists that the $250,000 ceiling will only affect the rich, but the Joint Tax Committee estimates that the tax hike will affect over half of all net business income in 2013. And the nonpartisan Tax Policy Center sees an overwhelming 96 percent of middle class taxpayers paying an average of $1,800 a year as a result.


LINK

quote:

For some perspective, it's worth noting that in January of 2010, a prominent politician stated that raising taxes "when the economy remains somewhat fragile" would be "a mistake when the economy has not fully taken off" and that "potentially you'd see a lot of folks losing business, more folks potentially losing jobs." That politician was President Obama. He was right then. As the most recent employment report confirms, our economy is still fragile. Raising taxes never bodes well for job creation, but particularly when we are still recovering from the 2008 financial crisis.



This post was edited on 12/6 at 10:39 am


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mmcgrath
LSU Fan
New Jersey
Member since Feb 2010
4032 posts
 Online 

re: If tax hikes on the Rich will only raise 82 billion a year


quote:

You do know that most small business owners use any money made from their small business on their small business right?

When I worked as a private contractor I deducted my business expenses. When my dad started his business we made sacrifices at home. That's how it works.







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Bard
LA-Monroe Fan
BR
Member since Oct 2008
15720 posts

re: If tax hikes on the Rich will only raise 82 billion a year


quote:

When I worked as a private contractor I deducted my business expenses. When my dad started his business we made sacrifices at home. That's how it works.


Except when you are the government, right? In that case you just demand more money instead of cutting costs when spending increases.






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mmcgrath
LSU Fan
New Jersey
Member since Feb 2010
4032 posts
 Online 

re: If tax hikes on the Rich will only raise 82 billion a year


quote:

Except when you are the government, right? In that case you just demand more money instead of cutting costs when spending increases.

You are missing the point. If you spend money on your business, it doesn't count as income. Good business owners don't decide how much money to spend on their business after they are done buying personal things. They invest in their business first, and since those investments don't count as personal income, they aren't affected by it.

What is the first thing you hear about when a superstar athlete gets a big contract? Their agent starts investing their money to avoid taxes and build their income.






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