D?j? vu all over again?

[goofer]

He said "for purposes of fairness."
http://www.youtube.com/watch?v=WpSDBu35K-8

In any case, I think the far left aims to "level the playing field."

In the youtube clip his example was "the top 50 hedge fund managers earning $29 billion". I would be for having a surcharge on people earning more than $ 2 million $5million $ 20 million or whatever number you want. To cite 50 top earners as an example contrasted to 100 million plus stock owners is an intellectually dishonest arguement. I earn my living through cap gains, muni interest, and dividends which are also taxed at 15%. I would have no problem with that rate being raised to 20%. There needs to be an across the board reform of our out of whack tax system.

 

[traderx]

...Taxing the wealth is not "taxing the wealthy" -- some populist slogan, it's taking shared responsibility to get our deficit under control. Calling it socialist is as dishonest as calling huge, expanding government waging war on credit and running up massive deficits conservative.

Okay, I will admit to throwing the Baby Ruth bar into the pool but I am not a conservative.

The quickhand definition of socialism is "from those according to their ability; to those according to their need".

Taxing the wealthy and redistributing the money to the poor is socialism. Note: I am not against helping the poor. I grew up in extreme poverty and we got timely help from the Salvation Army and others. I am totally behind charity and prove it with my checkbook every year. With due respect to Sen. Reid, I am just opposed to the government taking my money by force and spending it.

When it comes to balancing the budget, why must the solution always be to increase taxes? What about the idea of cutting spending?

 

[Gypsea]

We can biatch and moan about the 24 hour news cycle, its need to fill time, and manufactured drama and conflict, but because of it we will not elect an ugly or inarticulate president (again).

I believe it was the movie "American President" where they said (very paraphrased) "if we had TV we wouldn't have elected a president in a wheelchair" re :FDR.

I consider articulateness, the ability to speak extemporaneously, and eloquence some pretty good indicators of intelligence, but the sheeple are certainly believing the muddy e-mails and uber out of context sound bites.

I wish I shared your optimism but why wouldn't we elect an inarticulate president again sometime in the future just like we have in the last two elections?

As far as our next president, I'm just glad he will be a grownup!

 

[goofer]

He said "for purposes of fairness."
http://www.youtube.com/watch?v=WpSDBu35K-8

In any case, I think the far left aims to "level the playing field."

In the youtube clip his example was "the top 50 hedge fund managers earning $29 billion". I would be for having a surcharge on people earning more than $ 2 million $5million $ 20 million or whatever number you want. To cite 50 top earners as an example contrasted to 100 million plus stock owners is an intellectually dishonest arguement. I earn my living through cap gains, muni interest, and dividends which are also taxed at 15%. I would have no problem with that rate being raised to 20%. There needs to be an across the board reform of our out of whack tax system.

 

[BeachSiO2]

But money in a 401K is not taxed in the beginning, and only the gains are taxed at the end, so the money is being taxed at a lower rate far below 20% or 15%, so the incentive to save remains.

Taxing the wealth is not "taxing the wealthy" -- some populist slogan, it's taking shared responsibility to get our deficit under control. Calling it socialist is as dishonest as calling huge, expanding government waging war on credit and running up massive deficits conservative.

Whatever, I'm on vacation from the Politics forum. Whoosh....off I go!

Enjoy vacation...

 

[goofer]

To the issue of fairness, Obama talked about the 50 highest paid hedge fund managers earning a total of $29 billion!!! To contrast that with 100 million shareholders is an intellectually dishonest arguement. The better arguement is to have a surcharge tax on those earning X millions of dollars and leave the cap gains tax where it is. I do not work. My income is derived from cap gains, dividends, muni interest and my wife's pension. I personally would have no problem if the rate for cap gains and qualified dividends were raised to 20%. We all need to make some concessions to get our fiscal house in order. The tax system is whacky and spending is out of control also.

 

[JustaLocal]

To the issue of fairness, Obama talked about the 50 highest paid hedge fund managers earning a total of $29 billion!!! To contrast that with 100 million shareholders is an intellectually dishonest arguement. The better arguement is to have a surcharge tax on those earning X millions of dollars and leave the cap gains tax where it is. I do not work. My income is derived from cap gains, dividends, muni interest and my wife's pension. I personally would have no problem if the rate for cap gains and qualified dividends were raised to 20%. We all need to make some concessions to get our fiscal house in order. The tax system is whacky and spending is out of control also.

I agree 100%!!!

Why punish the average invester when you are angry about the earning ability of a select few? This particularly when you have evidence it will harm overall revenue to do so. Cut off your nose to spite your face?

 

[scooterbug44]

I don't think we need a whole new tax plan, I think that we need to:

1) Take a good hard look at the current tax code and remove many ridiculous loopholes and exceptions

2) DEMAND that government at all levels stop its irresponsible and out of control spending

 

[Linda]

From Newsmax Magazine - I think this sums it up.


President Obama and
the Coming Stock Market Crash
How destructive to the U.S. economy would a Barack Obama presidency be?

An exclusive Newsmax analysis warns: There could be a very rough time ahead.

Beneath Obama's flowery rhetoric lies a dangerous economic plan that will wreak havoc on the American economy.

Obama plans to return to the failed policies of high taxation coupled with an expansion of government spending.

Worse, Obama says he is absolutely committed to almost doubling the capital gains rate ? something he will easily accomplish with a Democrat Congress.

In the coming months ? when investors realize that Obama will raise the cap gains rate ? there could be a stampede of asset sales as investors rush to take their profits now to avoid Obama's doubling of the tax rates next year.

All of these issues and more are explored in Newsmax magazine's special report "Obamanomics ? the Coming Tax-and-Spend Nightmare," by Wall Street Journal columnist John Fund.

This Newsmax magazine special report gives Americans the first in-depth look at the Democratic presidential candidate's likely strategies ? and how they will affect not just the larger economy, but your personal wealth as well.

Indeed, Obama makes no bones about his plans to go on a tax rampage. Not only would he increase the capital-gains tax rate from 15 percent to as much as 28 percent, he wants to allow the 2001 and 2003 Bush tax cuts to expire in 2010, which effectively raises taxes on Americans by tens of billions of dollars.

He also wants to do away with the $102,000 FICA payroll tax cap, which means anyone making over $102,000 would pay an additional 7 percent in taxes on earned income.

And the loan dividend tax rate George Bush implemented? Under President Obama it will be DOA!

 

[Beach Runner]

I want to go back to the good old days when credit card interest was a tax deduction. ;-)