Posted on 04/23/2011 7:07:31 PM PDT by mandaladon
Reno, Nevada (CNN) — Over and over Thursday, President Barack Obama told workers at a renewable energy company that he is like them.
He remembers pumping gas when high oil prices ate a hole in his budget, he said. He knows he wouldn’t have made it through college without scholarships and loans.
And now as president, he promised that he won’t let the current debate on deficit reduction deny others the chance for the American dream he has lived.
“We can’t ignore future deficits, but just as ignoring deficits would mortgage our future, failing to invest in our kids and our infrastructure and our basic research and clean energy, that would be mortgaging our future, as well,” he said to applause. “And I’m not willing to do it.” Ads by Google
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[...]
Repeating past calls for ending subsidies for oil companies and restoring higher tax rates for the highest-income Americans, Obama defended what he called his balanced approach to deficit reduction and depicted the Republican stance as favoring the well-to-do.
“I’m rooting for everybody to get rich,” he said. “But I believe that we can’t ask everybody to sacrifice and then tell the wealthiest among us, well, you can just relax and go count your money, and don’t worry about it. We’re not going to ask anything of you.”
(Excerpt) Read more at dailycaller.com ...
We did good in the fifties not because of the top marginal rates, rather because we did not spend the trillions a year for low lifes who do not lift a finger to pull the wagon.
Well when “at some point I’ve made enough money” I intend to close up shop and fire everyone. Then there will be no tax revenue at all from anything I do. I mean why work for nothing? I’m working to retire and do nothing anyways so why not start early.
Sarc on/off - ??? I don’t know!!!
He creates the illusion that everybody is Mr. Howell and doesn’t have anything to do with the success afforded by freedom. He is in “slave” mode and will push it to the hilt.
They had all kinds of tax deductions back then. Nowadays we have AMT. Go look it up.
You still have some money?
Taxes are totally fiscally unnecessary when you have a fiat money system that allows banks to create money out of thin air via fractional reserve lending policies.
Even former Fed chairmen have said there’s no need to tax people, that the tax code today is totally punitive. To keep people in line and reduce their personal power by taking their money.
I think we can compromise on this. You can ask anything you want if I can tell you to go pound sand!
“.. there is no way to increase the tax burden of the “rich”.”
Actually there is. If “the rich” have idle money in accounts not earning interest to speak of, is it “safe?”
No.
Obama and Bernanke decided to begin printing money last year, meaning an invitation for inflation to knock on the door of your savings. Inflation (a tax, especially if intentional which this is) will dilute your savings costing you x% of its original value.
Better to just invest it all in Securities and ride things out as best you can.
You don’t write a check on April 15th for devalued currency. Sure, the purchasing power may be dissolved, but that is not a direct tax.
Yeah saw my pimp today
he siphons man goo
I would tell not ask that should read..sorry it is very late..
even if the rich did nothing with their money, they would still have to store it somewhere. usually that would be a bank or the market. in either case, the cash is in the system being used and helping grow the economy.
the only situation where the rich are not participating would be when they take physical dollars and stack them in their basement safes. no one would actually do this (not with millions). even if they held gold in their basement safe, the dollars that bought it would be back in the system.
how people like 0bama are given any credibility is beyond me. it’s like i’m watching a live version of idiocracy.
Yours has got to be the most economically ignorant post I’ve ever seen on FR. I expected a /sarcasm tag somewhere it was so ridiculous.
You want tax rates of 0% for some people and 50% for others ? Why should anybody freeload and get their government services for free ?
Do you even know any of the numbers involved ? Here are a few:
1) Total personal income is roughly $13T.
2) Total Federal income tax receipts including individual filers and corporate filers is $1.3T
3) The average Federal income tax rate is 9.9%
4) The other $900B is coming from SS/M taxes and miscellaneous fuel & sin taxes, and import duties.
So ... you want some people to pay taxes at 50% just so other people from paying a mere 10% ? Because that is all it would take to raise the same revenue — 10% on individuals and 0% of Corporations.
Here’s what we need to do:
1) Flat tax on individual income of 10% with no exemptions, deductions, or credits
2) Eliminate Corporate taxation
3) Zero-base budgeting with separate budgets for SS/M and DOT that have their own tax bases
4) Give all Federal lands back to the states to manage
5) Eliminate all welfare, food stamps, foreign aid, housing assistance, Medicaid, and Obamacare
Eliminating the overhead and drag of Corporate taxes and letting high earners keep 90% of the fruits of their labor would make America the most attractive place in the world to operate a business. The economy would grow at 7% per year until unemployment was non-existent. Eliminating unemployment alone would add $200B to revenues and cut spending by $150B in the first year. The economic growth would push income tax revenues to $2T within five years and SS/M + misc revenues to $1.3T. In addition, the low tax rates on doctors would reduce the cost of healthcare.
The rich cant just relax and count their money...unless they are the CEO of GE, then he can relax and not worry about anything because he bought the POTUS.
We pay more and more taxes, in return for which we get less and less of what we elect them to do, and more and more of what looks increasingly like tyranny.
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