Posted on 09/19/2011 10:38:29 AM PDT by george76
The take from UBS floor guy Art Cashin probably perfectly sums up the Wall Street take on the new millionaire tax.
The Millionaire’s Tax - Three Observations - The expected proposal by the President to tax annual income above a million dollars may be too cute by half. It clearly looks like a “populist” initiative and a clever political maneuver
...
it looks so much like an “in your face” political challenge to his opponents, that may have evaporated all that talk about “constructive compromise”
...
Third, the proposal flies in the face of the lessons of history. According to the Tax Foundation, after the 1929 crash, Congress proceeded to raise the top marginal tax rate from 25% to 63% by the end of Hoover’s term ... As you may recall, hiking those rates may have made folks feel that rates were more equitable but it sure didn’t help the economy
(Excerpt) Read more at businessinsider.com ...
P>And...the money fled the country at the speed of light. Millionaires are not dumb. They know how to and will protect their fortunes. Its the 'little guy' who is Obama's target once again. Marxists NEVER give up. They will persist until the end of time or until they are all converted. Guess which will occur first.
During the FDR Dictatorship, his brain trust decided that no one needed more than $25K to live. Thus those that made more must pay their fair share, sound familiar?
I am strongly in favor of raising taxes on individuals (not couples) making a million a year or more.
And I am in favor of significantly raising taxes on capital gains, if the capital sum is large enough.
And taxes on the super rich must be raised to a draconian level.
But leave the rest of us—those who really work for a living—alone.
In fact, reduce the income tax on those making less than a million a year.
But one more thing: inlfation needs to be provided for—no longer should the government raise taxes on a certain bracket, and then not elevate that bracket when inflation puts more taxpayers into that bracket.
I think the height of stupidity is people who think that they work harder to make $50k than an entrepreneur works to make $1,000,000, and yet, they, for some strange reason, don't take the easy way out and just make the simple $1,000,000.
So, you think God got the covetousness thing wrong, do ya'?
Do not blather on how your attitude is not based in greed, look instead into your own heart for the truth.
Why? How much of their income do you feel you are entitled to take? And why are you entitled to their money?
“And taxes on the super rich must be raised to a draconian level.”
Why again are you entitled to someone else’s property?
“And I am in favor of significantly raising taxes on capital gains, if the capital sum is large enough.”
Again why?
Define the “rest of us”. Are you not in favor of people owning a business and building that up?
I'm shocked to see someone post a very left of center opinion here on FR.
I don't get it.
Conservatives are for a smaller government. We want to be left alone. And we don't covet others property. And we don't believe in “spreading the wealth around”.
The hardest working people in America are among those who clean other people's toilet bowls for minimum wage.
The class warfare group fails to understand that the wealthy spend their money and provide employment for us poor schmucks. Tax the wealthy and if they don't take their money overseas they quit buying luxury cars, eating in high end restaurants, staying at posh hotels, hiring people to mow their yards etc. This means a loss of jobs for a lot of common people.
There is a whole TV show on “dirty jobs” all of which need to be done. Lots of important, but thankless jobs are done by lots of people - some pay little others a lot. What does that have to with anything?
In a market economy, it is supply and demand. The market place determines to pay for jobs. But again, not sure what this has to do with greedy Americans coveting other people’s wealth and using the force of government to steal it.
BINGO!!
>>> The hardest working people in America are among those who clean other people’s toilet bowls for minimum wage. >>>
NO, the hardest working people in America are entrepreneurs who work 100 hour weeks in the early stages of their business - often with ZERO pay - in hopes that one day they’ll have enough money to make you jealous.
$25K in the 1930s might be roughly equivalent to $250K now (I haven’t checked the Consumer Price Index), the figure Obama constantly throws out. Of course he doesn’t threaten to take 100% of income over $250,000 since Democrats and tax lawyers would be disproportionately affected.
I've had my own business for forty years--which I started from scratch.
I am not super rich, but I do make more money than the vast majority of Americans.
I sit behind a desk in a climate controlled office telling other people what to do.
People who clean toilets work harder than me.
So bug off.
Bug off? This thread is weeks and weeks old.
But no one believes your BS anyway.
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