Posted on 07/26/2014 8:52:45 AM PDT by Rusty0604
Here is President Obama in a chat yesterday with CNBC’s Steve Liesman:
STEVE LIESMAN: Mr. President, ... You’ve said a bunch of times that getting the wealthy to pay a little bit more, and you’ve succeeded in raising that top tax rate to 39% or rolling back the tax cuts. Is there a limit there? Is there a limit to how much you believe the government should take from an individual in terms of a top tax rate?
PRESIDENT OBAMA: You know, I don’t have a particular number in mind, but if you look at our history we are still well below what, you know, the marginal tax rates were under Dwight Eisenhower or, you know, all the way up even through Ronald Reagan. Tax rates are still lower on average for most folks. And what that means is that we probably can make some more headway in closing loopholes that folks take advantage of. As opposed to necessarily raising marginal rates.
The president’s answer certainly suggests,... that he believes the US is nowhere close to the danger zone. If so, he is merely in sync with top left-leaning economists — such as Peter Diamond, Thomas Piketty, Emmanuel Saez — who argue for top rates in the 70% to 80% range, if not higher. Oh, and at the same time the high-tax crowd would close tax loopholes and increase tax enforcement to limit avoidance.
Interestingly, Obama wrote in The Audacity of Hope that the real problem with the 70% tax rate that existed when Ronald Reagan was president was not that it “curbed incentives to work or invest” but that it led “to a wasteful industry of setting up tax shelters.” So maybe Obama thinks a 70% rate with little to avoid it would be just fine.
(Excerpt) Read more at aei-ideas.org ...
he would want even higher because 100% just represents their income. He wants their property and savings
Obama doesn’t really have anything in mind ...... other than hate for whitey and Christians and Jews.
That puts them all out of business. In the US, anyway.
Much higher!
Just to be in balance now we all “have to pay a little more” since Speaker “Blank Check” Boehner’s line of credit to Obama permits Obama to spend $1.40 for every $1 taken in by hard-working US taxpayers.
FORWARD, into the death spiral of Boehner-Obama Debt!
No mention of loop holes during those high marginal rate days.
That's not the real lesson, however. The real lesson is that in all cases except one, there are two rates that generate the same revenue from tax collections. In your figure, draw a horizontal line that cuts the tax curve at 35% and extend it to the right and somewhere around 90% is a rate that generates the same revenues as does 35%. Personally, the max point at 70% is Liberal BS. Empirical studies in India and the UK show the rate to be around 32%, but varies with exemptions and deductions. Friedman suggests it's 17%, with zero deductions.
For Obozo to criticize tax payers for "taking advantage" of loopholes, who does he think wrote the tax code? You politicians put those in because you thought it would enhance your chances for reelection. A bad case of pot-kettle-black.
None of this crap would be happening if the GOP had spines.
And no, I don’t miss the baby-killing creator of RomneyCare and homo “marriage”.
Income taxes are the same thing as slavery. If the definition of slavery is a 100% income tax rate, then any lesser percentage is merely a matter of degree.
Obama needs to sign an executive order giving the IRS power to set the tax rate for individuals. That way, anyone labeled a conservative or who refuses to donate to Obama, Pelosi, and Reid, can be taxed 100%. And those who do donate get the minimum rate. Whatever the IRS decides. And this time it will be “legal.”
6 minute video on the subject!
https://www.youtube.com/watch?v=OKZsBb3PF6Y
6 minute video on the subject!
https://www.youtube.com/watch?v=OKZsBb3PF6Y
6 minute video on the subject!
https://www.youtube.com/watch?v=OKZsBb3PF6Y
I think it is 2.3%.
“White folks greed leaves a word in need”
That’s where his thinking starts and that’s where it stops.
Western/white civilization has developed at the expense of the rest of the world.
His plans don’t include anyone of any race bettering themselves, it’s just tear down whites.
Except for GE. It's OK when GE pays zero percent by taking advantage of "loopholes."
Why doesn’t he go after the tax exempt trusts that all his one percent of the one percent buddies hide their billions in?
Not only that, but the .gov ticks have another reason to like inflation: it pushes people into higher tax brackets. Win-win!
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