Big 4 accounting firm says obama tax proposal could cost 700,000 jobs

[whork]

More like years of keeping the TV and radio shut off and reading economics and political philosophy.

Now answer me - why raise taxes when your approach of increasing spending and raising taxes has failed (see: Great Depression, Japan's Lost Decade, the current Great Recession) while the alternative approach of slashing spending, cutting taxes, and allowing the money supply to shrink has worked (see: the Depression of 1920)?

Because we are nr. 64 when it comes to income equality in the world. And we are the richest country in the world.

Raise taxes on the rich we need the cash

[Soul Crusher]

Because we are nr. 64 when it comes to income equality in the world. And we are the richest country in the world.

Raise taxes on the rich we need the cash

So your goal is to make rich poorer while doing nothing for the business environment? 

[whork]

So your goal is to make rich poorer while doing nothing for the business environment? 

Nope use the money to give the middle class tax cuts

and cut spending of course.

[Soul Crusher]

Nope use the money to give the middle class tax cuts

and cut spending of course.

50% pay nothing at all now 

[tonymctones]

the proposed tax raises would only fund the govt for a few weeks.

even if we took all the rich made we would still be in debt.

We need to cut spending much much much more than we need to raise taxes.

lets get the spending under control first and then worry about trying to take money away from ppl who have earned it

doesnt that sound like a good plan andre?

bump for whork

[howardroark]

Because we are nr. 64 when it comes to income equality in the world. And we are the richest country in the world.

Raise taxes on the rich we need the cash

Have you ever thought about how wealth is created?

There's no static income pie you can simply slice up differently in order to redistribute wealth. The more you raise taxes on ANY group, the more you punish the productive activities that create more wealth - activities like working, saving, investing, starting a new business, creating new products, conducting research, etc.

The reason why we have high income inequality is precisely because of our wealth. People like Bill Gates and Steve Jobs create a lot of wealth and thus get really rich. If you were to raise taxes on wealth-creation, then you'd get less wealth created and thus have less to redistribute.

And here's an example of how fucked up things are today - if you start a company with three other friends and that company brings in $1 million per year in profits but you guys keep reinvesting the profits for continued growth - you and your friends will be paying nearly a 40% tax rate on your income taxes because those profits count as being distributed to you (even though they were reinvested). And that doesn't count all of the other absurd taxes - like payroll taxes, property taxes, sales taxes - that your business would have to pay.

It should be rather obvious that government needs to cut spending in order to balance the budget while being able to cut the ridiculously burdensome level of taxation.

People are seriously hurting because of the way the left, the interest groups, and the Democrats advocate running the country. The government needs to be seriously shrunk and scaled back across the board if we want to see economic growth and job creation get back on track.

[tonymctones]

http://news.yahoo.com/obama-gop-continue-confrontation-taxes-100610050.html

I guess obama and his admin know better than Ernst and Young one the most respected accounting/consulting firms in the world.

[Soul Crusher]

http://news.yahoo.com/obama-gop-continue-confrontation-taxes-100610050.html

I guess obama and his admin know better than Ernst and Young one the most respected accounting/consulting firms in the world.

Obama does not care!     He already is on record as much w regard to the capital gains tax.

[Kazan]

[whork]

50% pay nothing at all now 

http://www.tnr.com/blog/jonathan-chait/89076/the-tax-freeloader-myth


You live on a lie homie

[whork]

In reply to Howard:


I dont agree.

What has happened the last 20 years is that the rich have gotton richer and the poor poorer.

A main contributor to this is the outsourcing that moves american jobs overseas.

Therefore the poor doesnt have the jobs to feed themselves and the rich stops being jobcreators.

I get your point and it was valid once but globalization has changed things

[tonymctones]

http://www.tnr.com/blog/jonathan-chait/89076/the-tax-freeloader-myth


You live on a lie homie

50% pay no federal income tax whork thats not a lie...yes some pay other forms of taxes like payroll etc but so does everyone else who works...

[tonymctones]

the proposed tax raises would only fund the govt for a few weeks.

even if we took all the rich made we would still be in debt.

We need to cut spending much much much more than we need to raise taxes.

lets get the spending under control first and then worry about trying to take money away from ppl who have earned it

doesnt that sound like a good plan?

bump for andre or whork, why are you two ignoring this?

[whork]

50% pay no federal income tax whork thats not a lie...yes some pay other forms of taxes like payroll etc but so does everyone else who works...

•Most of the people who pay neither federal income tax nor payroll taxes are low-income people who are elderly, unable to work due to a serious disability, or students, most of whom subsequently become taxpayers. (In a year like 2009, this group also includes a significant number of people who have been unemployed the entire year and cannot find work.)
•Moreover, low-income households as a whole do, in fact, pay federal taxes. Congressional Budget Office data show that the poorest fifth of households as a group paid an average of 4 percent of their incomes in federal taxes in 2007 (the latest year for which these data are available), not an insignificant amount given how modest these households’ incomes are — the poorest fifth of households had average income of $18,400 in 2007. The next-to-the bottom fifth — those with incomes between $20,500 and $34,300 in 2007 — paid an average of 10 percent of their incomes in federal taxes.
•Even these figures understate low-income households’ total tax burden, because these households also pay substantial state and local taxes. Data from the Institute on Taxation and Economic Policy show that the poorest fifth of households paid a stunning 12.3 percent of their incomes in state and local taxes in 2010.
•When all federal, state, and local taxes are taken into account,the bottom fifth of households paid 16.3 percent of their incomes in taxes, on average, in 2010. The second-poorest fifth paid 20.7 percent.

[whork]

bump for andre or whork, why are you two ignoring this?

I cant keep up sorry:)

What was the question?

[tonymctones]

•Most of the people who pay neither federal income tax nor payroll taxes are low-income people who are elderly, unable to work due to a serious disability, or students, most of whom subsequently become taxpayers. (In a year like 2009, this group also includes a significant number of people who have been unemployed the entire year and cannot find work.)
•Moreover, low-income households as a whole do, in fact, pay federal taxes. Congressional Budget Office data show that the poorest fifth of households as a group paid an average of 4 percent of their incomes in federal taxes in 2007 (the latest year for which these data are available), not an insignificant amount given how modest these households’ incomes are — the poorest fifth of households had average income of $18,400 in 2007. The next-to-the bottom fifth — those with incomes between $20,500 and $34,300 in 2007 — paid an average of 10 percent of their incomes in federal taxes.
•Even these figures understate low-income households’ total tax burden, because these households also pay substantial state and local taxes. Data from the Institute on Taxation and Economic Policy show that the poorest fifth of households paid a stunning 12.3 percent of their incomes in state and local taxes in 2010.
•When all federal, state, and local taxes are taken into account,the bottom fifth of households paid 16.3 percent of their incomes in taxes, on average, in 2010. The second-poorest fifth paid 20.7 percent.

so you agree now that 50% of households pay no FEDERAL INCOME TAX?

I dont believe I ever said they dont pay taxes at all did I?

if not then why are you bringing this up? to deflect from the fact that 50% of households pay no federal income tax?

[howardroark]

In reply to Howard:


I dont agree.

What has happened the last 20 years is that the rich have gotton richer and the poor poorer.

A main contributor to this is the outsourcing that moves american jobs overseas.

Therefore the poor doesnt have the jobs to feed themselves and the rich stops being jobcreators.

I get your point and it was valid once but globalization has changed things

What you claim is factually incorrect:

[andreisdaman]

bump for andre or whork, why are you two ignoring this?

Not ignoring this as at all..as I stated in another thread, no one is saying that just taxing the rich alone can run the federal gov't....what happens however is that all of that lost revenue that the rich should be paying has to be made up somehow....and guess how thats done???,,,through BORROWING...with millions upon billions of interest payments....thats the toll that underfunding the gov't takes on the treasury

[Soul Crusher]

Not ignoring this as at all..as I stated in another thread, no one is saying that just taxing the rich alone can run the federal gov't....what happens however is that all of that lost revenue that the rich should be paying has to be made up somehow....and guess how thats done???,,,through BORROWING...with millions upon billions of interest payments....thats the toll that underfunding the gov't takes on the treasury

What about overspending ? 

[tonymctones]

Not ignoring this as at all..as I stated in another thread, no one is saying that just taxing the rich alone can run the federal gov't....what happens however is that all of that lost revenue that the rich should be paying has to be made up somehow....and guess how thats done???,,,through BORROWING...with millions upon billions of interest payments....thats the toll that underfunding the gov't takes on the treasury

you do realize that even if we took all their assets it would only fund the govt for like half a year?

The MAIN PROBLEM is spending, not lack of revenues!!!

you agree with that andre?

If so why not act to severly cut spending?

[andreisdaman]

you do realize that even if we took all their assets it would only fund the govt for like half a year?

The MAIN PROBLEM is spending, not lack of revenues!!!

you agree with that andre?

If so why not act to severly cut spending?

actually I DO AGREE that spending needs to be cut...but I'm realistic enough to not spend too much time on this.....because it is very difficult to cut spending......inflation,....a growing population which means more and more people need to be taken care of ....and the politicians who keep spending going up because they promise the moon to the voters when they are trying to get elected and must fulfill those promises (which cost money) in order to be re-elected.....

[tonymctones]

actually I DO AGREE that spending needs to be cut...but I'm realistic enough to not spend too much time on this.....because it is very difficult to cut spending......inflation,....a growing population which means more and more people need to be taken care of ....and the politicians who keep spending going up because they promise the moon to the voters when they are trying to get elected and must fulfill those promises (which cost money) in order to be re-elected.....

so your answer is to keep increasing and increasing the amount we tax ppl?

you do know that sooner or later we will run out of ppl to tax right?

[andreisdaman]

so your answer is to keep increasing and increasing the amount we tax ppl?

you do know that sooner or later we will run out of ppl to tax right?

YES ..of course....but the politicians do not care and they can't control themselves....look how they are now trying to find away around the automatic spending cuts that will take place by the end of the year.....

[howardroark]

YES ..of course....but the politicians do not care and they can't control themselves....look how they are now trying to find away around the automatic spending cuts that will take place by the end of the year.....

So instead of putting a stop to the wild spending of politicians by adopting the Romney-Ryan-Wyden budget plan, or better yet the Rand Paul budget plan, you simply propose increasing spending more and more because that's what's easy for politicians? You do realize that the more tax money the politicians get the more they'll spend right?!? That's why Obama's budget plan NEVER balances the budget, whereas Romney's does.

[whork]

What you claim is factually incorrect:

Not really. He says the poor and the rich have gotten richer individually because we all have gotten richer. However the rich is sitting on more and more of the total income. That means that % wise the rich sit on a bigger part of the cake than before. So why should they not pay more of that in taxes?