Raising Taxes On The Wealthy...What Are They Really Doing? | TigerDroppings.com

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DeltaDoc
LSU Fan
The Delta
Member since Jan 2008
8617 posts

Raising Taxes On The Wealthy...What Are They Really Doing?


Strictly from a numbers perspective, the revenue generated from letting Bush tax cuts expire on those making above $250K will be the equivalent of pissing in the MS River and expecting to see a rise as compared to current spending and debt.

quote:

Letting tax rates rise to Clinton era levels for those families making over $250,000 a year would only raise $824 billion over ten years. That is not even enough revenue to undo the sequester that Obama promised “will not happen” during his final debate with Mitt Romney.
- Conn Carroll from Washington Examiner.

This is also in view of an administration, that like the previous administration, simply prints the money it needs to pay its bills...which include massive entitlements, massive payrolls for federal employees, military action abroad and now Obamacare too.

So, what is the play?

I personally think a reasonable person has to conclude that there has to be, among the reasons, an element of wealth redistribution involved on the part of this administration. You have to arrive at this conclusion when the democrats are not making any real efforts to reel in entitlement spending and are making no promises that revenue raised from tax hikes will be strictly earmarked for debt reduction (that I have seen).







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ehidal1
New Orleans Saints Fan
Chief Boot Knocka
Member since Dec 2007
16268 posts

re: Raising Taxes On The Wealthy...What Are They Really Doing?


I have wondered what the Obama tax plan has been besides expiring Bush tax cuts on the rich. (not counting the raises in taxes from ACA)

Anyone know?






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Tiger55
LSU Fan
Gretna, LA
Member since Aug 2004
1134 posts

re: Raising Taxes On The Wealthy...What Are They Really Doing?


quote:

I have wondered what the Obama tax plan has been besides expiring Bush tax cuts on the rich. (not counting the raises in taxes from ACA) Anyone know?


How dare you ask that question. Don't you think if it was important the media would have asked it before the election???

So sad that the media can turn things any way they want and people just follow and believe.






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constant cough
LSU Fan
Lafayette
Member since Jun 2007
35407 posts

re: Raising Taxes On The Wealthy...What Are They Really Doing?


They know the taxes on the wealthy won't pay for the size of their government. They don't care it's just something for them to demagogue.

Politics, that's what they're doing.






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TrueTiger
LSU Fan
Chicken's most valuable
Member since Sep 2004
9951 posts

re: Raising Taxes On The Wealthy...What Are They Really Doing?


Apparently its not working as planned in merry old England.

England tax the rich


But the Cubans are going to try taxing the poor.

Cubans tax all

We'll see how it all sorts out.








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lsu13lsu
LSU Fan
Member since Jan 2008
1863 posts

re: Raising Taxes On The Wealthy...What Are They Really Doing?


It is hilarious how Liberals say Romney's plan was vague. Yet, a plan that takes 10 to 20 years to realize hardly any benefits is so specific.





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IceTiger
USA Fan
OKC
Member since Oct 2007
9170 posts

re: Raising Taxes On The Wealthy...What Are They Really Doing?


It's a successful play to keep idiots on the plantation





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tigeraddict
LSU Fan
Baton Rouge
Member since Mar 2007
4699 posts

re: Raising Taxes On The Wealthy...What Are They Really Doing?


quote:

Raising Taxes On The Wealthy...What Are They Really Doing?


1) making everyone "feel" better
2) continuing to build on class envy. Politics 101 - create a scapegoat and put all blame on them to detract from your negative policies
3) throw big numbers out (10 year numbers) so you can give the impression you are doing something to address the debt
4)









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Newbomb Turk
Navy Fan
perfectanschlagen
Member since May 2008
9961 posts

re: Raising Taxes On The Wealthy...What Are They Really Doing?








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RogerTheShrubber
LSU Fan
Juneau, AK
Member since Jan 2009
89623 posts

re: Raising Taxes On The Wealthy...What Are They Really Doing?


quote:


Politics, that's what they're doing.



Soaking the rich is a symbolic gesture the average Democrat likes to see, whether they admit it or not. It's effectiveness is optional.






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TrueTiger
LSU Fan
Chicken's most valuable
Member since Sep 2004
9951 posts

re: Raising Taxes On The Wealthy...What Are They Really Doing?


How many years out is that 100 trill?

40? 50?








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jamboybarry
LSU Fan
I Putt Out
Member since Feb 2011
10384 posts

re: Raising Taxes On The Wealthy...What Are They Really Doing?


quote:

How many years out is that 100 trill? 40? 50?


That's unfunded fedgov liabilities, not debt (as it's discussed here)






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TrueTiger
LSU Fan
Chicken's most valuable
Member since Sep 2004
9951 posts

re: Raising Taxes On The Wealthy...What Are They Really Doing?


Gotcha, so that 100 trill is assuming that generation after generation is going to keep voting to continue programs like SS, Medicare, etc. Of course in the real world, there is no guarantee of what people who don't exist yet will decide. They could wipe out that 100 trillion in one election.





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a want
LSU Fan
North America
Member since Oct 2010
9334 posts

re: Raising Taxes On The Wealthy...What Are They Really Doing?


quote:

only raise $824 billion over ten years.


I'm not suggesting that raising taxes is necessarily the right move, but it all counts. $824 B is not exactly small potatoes. NPR's yearly budget is about $150 million (m not b). Eliminating NPR would generate/save (over ten years) around 1/600th of the revenue that would come from the increase.

Just sayin'.






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Patrick O Rly
New Orleans Saints Fan
y u do dis?
Member since Aug 2011
36814 posts

re: Raising Taxes On The Wealthy...What Are They Really Doing?


quote:

I'm not suggesting that raising taxes is necessarily the right move, but it all counts. $824 B is not exactly small potatoes.


It would be IF the federal government had ever in recent history decreased spending with increased revenue. If they managed to pass tax increases, or let tax breaks expired, they'd spend the money before they ever got it.

Do you not understand that the Feds are like addicts, and they begging for more drugs with the promise that somehow it'll help them get clean.






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constant cough
LSU Fan
Lafayette
Member since Jun 2007
35407 posts

re: Raising Taxes On The Wealthy...What Are They Really Doing?


quote:

Soaking the rich is a symbolic gesture the average Democrat likes to see, whether they admit it or not. It's effectiveness is optional.


Exactly. It's purely political and not solution oriented.






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davesdawgs
Georgia Fan
Georgia
Member since Oct 2008
16482 posts

re: Raising Taxes On The Wealthy...What Are They Really Doing?


quote:

They know the taxes on the wealthy won't pay for the size of their government. They don't care it's just something for them to demagogue.

Politics, that's what they're doing.


Yep, just ongoing distraction strategy by the Dems. It's all a political chess match. They got their 4 more years so now the game is to delay the inevitable long enough for the Pubs to be assigned credit for the next debacle.

Honestly, since liberals control most of the MSM, it would probably have been better for the Pubs to have lost control of the House and let the Dems run the whole show for the foreseeable future. That way there would be no excuses; their path either improves the economy and balances the budget or it doesn't. One thing for sure, as long as the Pubs have any power at all, they will be assigned blame for anything that is wrong.






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a want
LSU Fan
North America
Member since Oct 2010
9334 posts

re: Raising Taxes On The Wealthy...What Are They Really Doing?


quote:

It would be IF the federal government had ever in recent history decreased spending

period (regardless of increased revenue). They haven't cut anything in 30 years.

I'm hopeful that we'll have a Simpson/Bowles-esque grand bargain with this debt cliff negotiation. My overall opinion of the Obama presidency will be largely based on the outcome of this.



This post was edited on 11/28 at 11:20 am


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lsu13lsu
LSU Fan
Member since Jan 2008
1863 posts

re: Raising Taxes On The Wealthy...What Are They Really Doing?


quote:

$824 B is not exactly small potatoes.


Does this number take into account the lost revenues due to this money being removed from the economy and given to the government? If it were used to buy things and hire people it would seem those things would have a negative impact.






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Anodyne
LSU Fan
Member since Oct 2011
2162 posts

re: Raising Taxes On The Wealthy...What Are They Really Doing?


A Want, no one is saying that the $824B is small potatoes. What people are saying is why do it at all relative to the fact that there is no intention to use it to reduce the debt...i.e., as the OP stated, earmark every penny to pay off debt.

I too have not seen any plan by the democrats to seriously address the real issues outside of wanting to cut defense spending, which needs to happen. We have to make the tough decision to issue pink slips to federal workers in mass and cut entitlement spending.

So, as the OP said, there is no reasonable conclusion to draw other than politics and wealth redistribution.



This post was edited on 11/28 at 11:24 am


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