If tax hikes on the Rich will only raise 82 billion a year | Page 5 | TigerDroppings.com

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Bard
LA-Monroe Fan
BR
Member since Oct 2008
16446 posts

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


quote:

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.


I think it is you who seems to be missing the point. All money coming into your business counts as income, that's basic accounting. What you then have is gross income (total income before expenditures) then net income (income left over after spending on bills, new widgets, whatever).

What you also seem to be missing is that businesses and individuals have budgets. If they see that their spending is starting to outpace their income, they cut their spending accordingly. They don't instantly raise their prices or demand their bosses give them a raise.

The big three expenditures of the federal government are: Social Security, Medicare/caid & Defense (with Defense being the least of the 3). Together they make up ~64% of the federal budget, this is before salaries, pensions or other mandatory spending.

To put this into an analogy, you make 100k per year and are spending an extra 64k on top of your earnings (for a total spending of 164k per year) on money to charities and buying guns.

My solution is "live within your means" and cut your spending down to only necessities until you get your debt (which is now at 1.6 million, to keep the analogy in the same ballpark) under control. Your solution is to go to your boss and demand a raise.

How does your solution make sense?



This post was edited on 12/6 at 12:29 pm


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Francis Marion
LSU Fan
Le Bossier
Member since Jul 2011
1536 posts

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


quote:

reducing itself to a regional party








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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:

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.



Do Obama and the dems follow that creed? Is going to Hawaii for Christmas at the taxpayers expense of a couple of million dollars a sacrifice? Is flying around to raise a billion for your own campaign to get re-elected, yet not having to pay for that transportation, making a sacrifice?

Obama and libs never sacrifice. They only take.






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doubleb
LSU Fan
Baton Rouge
Member since Aug 2006
6705 posts

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


quote:

My solution is "live within your means" and cut your spending down to only necessities until you get your debt (which is now at 1.6 million, to keep the analogy in the same ballpark) under control. Your solution is to go to your boss and demand a raise. How does your solution make sense?


It's like an employer that spends 1.25% of his income then goes to the boss and asks for a 2% raise so he can spend 5% more.






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ApexTiger
LSU Fan
cary nc
Member since Oct 2003
30774 posts

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


quote:

e should have raised rates in 2001 when the war was introduced then, no? 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.


We just implemented tax cuts to address the Clinton recession that Bush inherited

People seem to forget Bush inherited a recession and 911 in his first year. the Dow Fell to 7500 in 2003.

I don't think you raise taxes when middle America is feeling broke






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Reubaltaich
USA Fan
A nation under duress
Member since Jun 2006
2652 posts
 Online 

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


Reading through some of the responses of this thread has me shaking my head.

The US Government will run at least a $1.1 trillion deficit for FY2012, when the actual figure comes in, it will probably be more like $1.3 trillion.

That is $1,300,000,000,000(a 13 digit number) for just ONE year.

This is UNPRECENDENTED in the histore' of our country.

Raising taxes on those eee'ville wich fowlkes is going to raise $75-80 billion per year, if that much. People will start adjusting their incomes, looking for tax shelters and write-offs...ie the Kennedys, the Rockerfellers, the obamas, the Warren Buffets...

Using FY2012, taxing the 'wich' will still leave a deficit of $1,020,000,000,000(a 13 digit number)

They will most likely raise taxes on the 'wich fowlkes' but there is still going to be a GAINT, GAINT shortfall in revenue. We still are going to have Trillion dollar deficits for many years to come.

When interest rates go up, and they will, look for the federal deficit to explode.






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Reubaltaich
USA Fan
A nation under duress
Member since Jun 2006
2652 posts
 Online 

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


bumping this back up to the top





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NC_Tigah
LSU Fan
Member since Sep 2003
52938 posts

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


quote:

If tax hikes on the Rich will only raise 82 billion a year
Sadly, they would raise 1/4th of that.
The $82Bn represents returning to the ENTIRE CLINTON TAXCODE.

Only 1/4th of Bush's Income Tax Cuts went to "the rich".






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