WinkyDink
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Fri Jan-21-11 03:00 PM
Original message |
"America must brace itself for turbulence" |
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http://www.ft.com/cms/s/0/10612eec-24cc-11e0-a919-00144feab49a.html#ixzz1BhYdaulz Most fundamentally it is difficult to see how the medium-term federal deficit can be reduced to sustainable levels without additional tax revenues from those earning less than $250,000 a year. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Any opticians here?
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MannyGoldstein
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Fri Jan-21-11 03:03 PM
Response to Original message |
1. Wealthy Americans used to pay more than 50% in federal taxes |
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Now it's down below 20%.
That's the problem.
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Brilliantrocket
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Fri Jan-21-11 03:05 PM
Response to Reply #1 |
2. They never paid that much |
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Only on paper- in reality there were many loopholes and ways to hide income.
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nadinbrzezinski
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Fri Jan-21-11 03:06 PM
Response to Reply #2 |
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when the rate was at 90% you can bet your sweet ass that they did pay 50%
It is time to go back to THAT.
Oh and it is NO FUCKING coincidence that one way they hid income was to REINVEST in US BASED companies.
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yodermon
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Fri Jan-21-11 03:16 PM
Response to Reply #3 |
7. "REINVEST in US BASED companies." |
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That's the *whole point* of high personal income tax rates. The owners can either take money out of their companies for themselves, and give 90%(marginal) to the Gov't ... OR... They can keep that money in the company for R&D, equipment, expansion, STAFF(!).. you know... stuff that actually stimulates the economy.
The "Point" isn't for government to increase revenue (although that would occur too).. It's to force money into the economic cycle instead of just hoarding it. *NO ONE* -- left, right or center -- frames it this way. :banghead: (at least not in the mainstream)
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nadinbrzezinski
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Fri Jan-21-11 03:50 PM
Response to Reply #7 |
11. Of coures not, if we did... |
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but it is time we start framing it that way.
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MannyGoldstein
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Fri Jan-21-11 03:09 PM
Response to Reply #2 |
4. 91% top tax rate. After loopholes, capital gains, etc it was more than 50%. |
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See http://wealthforcommongood.org/shifting-responsibility/My Dad used to make a lot of money. He got creamed on taxes. Absolutely creamed.
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boomerbust
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Fri Jan-21-11 03:49 PM
Response to Reply #4 |
10. I feel your pain Manny |
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That would explain a lot of your anti Obama posts.
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tabatha
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Fri Jan-21-11 03:11 PM
Response to Reply #2 |
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That makes no sense, and is not correct.
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PBS Poll-435
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Fri Jan-21-11 03:13 PM
Response to Original message |
6. The captain has turned the fasten seatbelt sign on. |
MannyGoldstein
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Fri Jan-21-11 03:19 PM
Response to Reply #6 |
8. Shared sacrifice for coach |
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Foie gras and sumptuous wines in first class.
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nadinbrzezinski
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Fri Jan-21-11 03:43 PM
Response to Original message |
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that is what is coming. There is a limit, before things get... ahem...interesting
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RT Atlanta
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Fri Jan-21-11 03:52 PM
Response to Original message |
12. Cut the God-damned military budget in half |
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That's a darn good way to start reducing medium, short and long term deficit.
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onethatcares
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Fri Jan-21-11 03:55 PM
Response to Original message |
13. I guess we'll have to move the less wealthy |
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down to the bilge area for ballast while we rearrange the flight deck chairs.
there is no way to pay this deficit off without a manufacturing base which in turn provides a standard of living for clerks, laborers, and the entire working stiff column.
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WinkyDink
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Fri Jan-21-11 04:29 PM
Response to Reply #13 |
14. Most of Titanic's dead WERE in steerage. It is ever thus. |
gratuitous
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Fri Jan-21-11 04:31 PM
Response to Original message |
15. When the banksters faced some turbulence, they got billion$ |
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When it's the hoi polloi, well, you can't really expect the wealthy to pitch in, can you?
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Fri May 03rd 2024, 05:13 PM
Response to Original message |