Tax The Rich? December 3, 2010
Posted by Michael in Economics.trackback
Sounds like a great way to deal with the deficit.
Except, it doesn’t work. The rich people have actually learned how to deal with this, in ways that do not help our economy. The top rate we can collect over time is around 19 percent.
oops
More here: The futility of tax hikes in pictures.
The bottom line:
Our federal deficit problem can not be solved by raising taxes. The expected revenues will never materialize. Cutting spending, shrinking government, and allowing for more economic growth is the only way we can climb out of the hole we are in.
What about this is so hard for the MarkInNJs of the world to understand?
Imagine how much more efficiently firms could engage in long term planning if that damned red line didn’t bop around with the prevailing class-warfare sentiments.
It’s not about how the numbers actually work, it’s about justice.
It’s immoral for some people to have so much when there is still poverty and suffering in the world, see? Why can’t you see that, you mean mean selfish greedy fatcats?
/libtard
They have so much already, they won’t miss it. And look at all the good things we can do for it, things they won’t do.
/libtard
Greed is when you keep what you earn. Charity is when I take what you earned and give it to someone who did nothing for it but deserves it more, according to my personal code of merit.
Which, oddly, also involves labor unions and organized crime.
oops, forgot
/libtard
You racist wingnuts will never comprehend how deep my feelings of empathy and guilt are – so deep that just giving the poor my money won’t assuage them. I must give them your money as well. You don’t mind if I call you names while I do it, do you?
/libtard
You rich people owe me!
I want muh Obama-cash an’ I wannit now!
I only needed a few things at the store, some raw veggies so that I could feel good about eating habits (boooorrrring). It was mid day. I was the only one in line using my own money. Everyone else had vouchers, actually several vouchers. My sensitive side said maybe they need a little help and are having a tough time. All had foreign accents (I’m such a biggot). My sensitive side got a little pissy when I walked out of the store and saw everyone who I had seen using vouchers driving a much, much, nice car than me.
Come on Feds. Take a little more of what I earn so I feel better.
/libtard jerks
I have a family member who works in a grocery store, OBF. It’s his second job because his professional job doesn’t pay much. He has told me almost the exact same sort of experiences to the one you shared… the nice cars, foreign accents, etc. And also that they are frequently buying steaks, lobster, fancy foods, and such which he simply cannot afford for himself.
Since Obama took office he has done a great many things to close more ”loopholes” than ever before….even foreign banks accounts are out.
I am not creative enough to keep fighting him on that basis.
So, instead we have gone 1/2 Galt.
I quit working (early retirement) and we took a ~45% loss in income.
But our pensions are what are taking the big hit.
Our savings not only took a 1/4 loss in value since he took office BUT this recent rise in the capital gains tax hits our pension fund so that we will be getting ~$600/year less…..money the government will get instead.
Ideas?
I’m wide open for creative solutions.
I’m wide open for creative solutions.
Does it have to be legal?
Nan G, you should get 3 or 4 9-5 guvmint jobs with good union benefits. And take advantage of every Federal, State and city aid program you can convince them you qualify for.
/libtard
Liberals are so darn generous with other people’s money.
Liberals are so darn generous with other people’s money.
Or money that doesn’t even exist.
That’s the real problem. They don’t seem to understand that every new dollar is debt, multiplied about seven times through the banking system.
But doesn’t the chart also show that we can raise taxes and not expect any *negative* effect on GNP? So why not raise taxes and just do a better job of collecting, especially from the people in the top tier?
Based on common sense, and my own microeconomic struggles w/ debt, I don’t think we can have a reality-based discussion of how to resolve the deficit if raising revenue (incl tax increases) isn’t part of the equation — even at the risk of being lumped in with those libtards like Warren Buffet and David Stockman.
The super-rich lobby and vote to protect their interests. Who can blame them? I do the same. And when middle class interests conflict with those of the super-rich, I gotta go with my own (middle) class. Sounds sensible enough, right? But why middle-class republicans continually put the interests of the super-rich above their own is something I’ve never understood.
I always think back to this conversation I had in the mid-80s with a conservative chum as, between bong hits, he tried to explain how much he admired Nancy Reagan. And I’m like, “Dude – if Nancy Reagan saw the way you live, she’d wanna put you in jail!”…Hey, I love my friend, and, believe me, he’s highly intelligent, but how much more disconnected from reality can a person be?
Well, anyway, at least the tax cuts have been extended, so I’m gonna kick back and enjoy two more years of the prosperity we’ve all seen since they were enacted.
/contard
>> So why not raise taxes and just do a better job of collecting, especially from the people in the top tier?
Because that doesn’t irritate the redistributionists like this does.
This is more fun.
I propose replacing Parker/Spitzer with Dave in TX/Mark in NJ
Intro Jingle:
Dave’s Near Plano
Wants to Feed Mark Drano
Marks from Hoboken
Thinks Dave needs a chokin’ . . .
When your goal is growing the economy and shrinking the size and scope of government, there is no economic conflict between high income earners and middle income earners.
When they can’t figure out how to legally steal others’ money, lefties are always drawing these completely arbitrary money-lines between groups of people and fomenting class warfare. As if a dollar I EARN does a dollar’s worth of damage to other people. Not so. That’s not how wealth works and grows. Quite the opposite, in fact.
Letting the middle class keep more of their income grows the economy, but letting high-income earners keep theirs does not? Really?
How does that work, exactly?
>> I propose replacing Parker/Spitzer with Dave in TX/Mark in NJ
Ok, but I get the hookers.
http://is.gd/ivpC3
http://is.gd/ivqcw
^ Um… Ouch!
hahaha!
Dick Cheney calls that “Thursday.”
Well, he’s not bored anymore.
But doesn’t the chart also show that we can raise taxes and not expect any *negative* effect on GNP?
No – if anything it shows the opposite. Look at it again. When taxes were raised, federal income didn’t go up. That means that GNP most likely went down, though there are other effects at work.
Actually I take it back – you can’t tell at all. If you increased the tax rate and the proportion of federal income to national income didn’t increase, either increasing taxes on the rich made the GNP for everybody else go up, or the fraction of taxable income of the rich went down.
^^^
As a matter of arithmetic, that is correct.
Based on historical experience, we know which is happening.