Posted on 11/13/2012 7:05:24 PM PST by SeekAndFind
Later this week, Obama will have his first face-to-face negotiations over the Fiscal Cliff. In a post that came out this afternoon, The Washington Post's Zachary Goldfarb nicely summarized Obama's opening offer:
Obama’s previous proposal called for raising $1.6 trillion in new taxes on the wealthy by allowing tax rates to increase, imposing a new special tax on millionaires and limiting deductions for the wealthy. He also proposed $340 billion in health-care and entitlement savings, continuing $1.1 trillion in spending cuts already passed into law and generating another $1 trillion in savings through the end of the wars in Iraq and Afghanistan.
The demand for $1.6 trillion in new taxes is far greater than Obama proposed in negotiations with House Speaker John Boehner (R-Ohio) in summer 2011. At the time, Obama wavered between $800 billion and $1.2 trillion in new tax revenue, depending on how much in entitlement cuts Republicans were demanding.
That story came out at 2:37 PM ET, and it's interesting that it was in the several minutes after the release that the market sagged through the rest of the day.
(Excerpt) Read more at businessinsider.com ...
I guess thats not working?
RE: raising $1.6 trillion in new taxes on the wealth
How is this even mathematically possible?!?!
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It’s not. According to Prof. Walter Williams...
This year, Congress will spend $3.7 trillion dollars. That turns out to be about $10 billion per day. Can we prey upon the rich to cough up the money? According to IRS statistics, roughly 2 percent of U.S. households have an income of $250,000 and above. By the way, $250,000 per year hardly qualifies one as being rich. It’s not even yacht and Learjet money. All told, households earning $250,000 and above account for 25 percent, or $1.97 trillion, of the nearly $8 trillion of total household income. If Congress imposed a 100 percent tax, taking all earnings above $250,000 per year, it would yield the princely sum of $1.4 trillion. That would keep the government running for 141 days, but there’s a problem because there are 224 more days left in the year.
How about corporate profits to fill the gap? Fortune 500 companies earn nearly $400 billion in profits. Since leftists think profits are little less than theft and greed, Congress might confiscate these ill-gotten gains so that they can be returned to their rightful owners. Taking corporate profits would keep the government running for another 40 days, but that along with confiscating all income above $250,000 would only get us to the end of June. Congress must search elsewhere.
According to Forbes 400, America has 400 billionaires with a combined net worth of $1.3 trillion. Congress could confiscate their stocks and bonds, and force them to sell their businesses, yachts, airplanes, mansions and jewelry. The problem is that after fleecing the rich of their income and net worth, and the Fortune 500 corporations of their profits, it would only get us to mid-August. The fact of the matter is there are not enough rich people to come anywhere close to satisfying Congress’ voracious spending appetite. They’re going to have to go after the non-rich.
RE: Libtards are stuck in “zero sum game” thinking mode because most of them have never created one dollar’s worth of wealth.
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Politicians, news media people and leftists in general entertain what economists call a zero elasticity view of the world.
That’s just fancy economic jargon for a view that government can impose a tax and people will behave after the tax just as they behaved before the tax, and the only change is more government revenue.
One example of that vision, at the state and local levels of government, is the disappointing results of confiscatory tobacco taxes. Confiscatory tobacco taxes have often led to less state and local revenue because those taxes encouraged smuggling.
Similarly, when government taxes profits, corporations report fewer profits and greater costs. When individuals face higher income taxes, they report less income, buy tax shelters and hide their money. It’s not just rich people who try to avoid taxes, but all of us — liberals, conservatives and libertarians.
Warren Buffet likes to complain that he pays a lower tax rate than his secretary who makes a mere six figures.
Billionaire investor Warren Buffett triggered a major debate over taxes recently when he wrote in The New York Times that he should be paying more to the federal government. He called on Washington lawmakers to up tax rates on the rich.
But it turns out that Buffett’s own company, Berkshire Hathaway, has had every opportunity to pay more taxes over the last decade. Instead, it’s been mired in a protracted legal battle with the Internal Revenue Service over a bill that one analyst estimates may total $1 billion.
Yes, that’s right: while Warren Buffett complains that the rich aren’t paying their fair share his own company has been fighting tooth and nail to avoid paying a larger share.
HYPOCRITE.
Pfl
Yep, the savings part of this deal is a scam.
It’s not the Fiscal Cliff. It is Grecian Formula.
Obama seems pretty confident. He knows Bohner and McConnell too well. At least if Pelosi was House Speaker Republicans would oppose this stuff. For some reason I think another cave is coming.
Is the 1.1 T $ the so called prior cuts (that no-one noticed) or the automatic ones that have not taken place yet? I am for letting those automatic cuts go into effect.
We're all going over the fiscal cliff anyway.
Give him everything he asks for and let him own the whole brakeless bus.
The people demand it. Stupid effing people.
I want my Obama Dollars!!”
“Four percent” or “Four percentage points”?
Pfft...a mere trifle when you’re The Won.
Remember, he said a couple weeks ago “Math is Hard” and admitted he can’t help his daughter with her 7th grade math problems.
Rev Jesse Jackson: Black Voters Deserve A Return On Election ‘Investment’
WBBM-AM ^ | November 10, 2012 / FR Posted by 2ndDivisionVet
The Rev. Jesse Jackson on Saturday said that President Obama’s reelection was “a great victory,” but that it would be incomplete with a reconstruction of urban America and an investment in the communities where the blacks who voted overwhelmingly for the president live.
“We’re happy and full of pride,” in the president’s reelection, Jackson told the crowd at the Saturday morning forum at Rainbow/PUSH headquarters, 930 E. 50th St., “but our houses remain raggedy … our schools remain closed.”
Despite attempts at voter suppression in states such as Ohio, Pennsylvania and Florida, Jackson said, blacks turned out en masse to vote, enduring waits that stretched into hours in many places. “We waited, we voted, we believed,” Jackson said. “Now we want to get well.
“We voted early, we voted long. Our votes won,” he said. Rev. Jackson, who spoke longer, louder, and more forcefully than he has in some time at the Saturday morning Rainbow/PUSH meeting, asked the crowd, “What do we want? We want, we want, we want, we deserve, we deserve … a return on our investment. “What’s good for us is good for everybody. What’s good for blacks is good for everybody,” he said. “We bled too much, we died too young, we cried too much, we prayed too long, now we want a return on our investment.”
Referring to those voter suppression efforts, he said, “these acts of meanness had unintended consequences.” Rather than keeping blacks and Latinos away from the polls, voter ID measures and the curtailing of access to the voting booths made people more determined to vote. “Suppression became stimulation and people fought back,” he said.
“We fought back,” and the battle was won, but the war still remains, he said. “If we vote and don’t bargain we get nothing. A Jacuzzi filled with stagnant water will not get you well,” Jackson said. “You have to stir the water.” Jackson said blacks, who voted for Barack Obama for state senator, for U.S. Senator, and now twice as President of the United States, should demand, bargain, and march if necessary, for an end to “patterns of race discrimination, (for) our share of jobs. We want faster public transportation to connect us to where the jobs are.”
He said black American also needs “access to capital,” noting, “It’s cruel to say. ‘jump in the pool,’ when there is no water. “
He also called for “fair trade,” a “domestic trade zone. We need a domestic OPEC,” he said. “In Chicago, for example, there are 100,000 vacant homes or abandoned lots; 40,000 in Baltimore. If we were to rebuild 25 percent, if we take down the boards and put in window panes, fix the broken sidewalks, cut the grass, fix the roofing, we’d create more jobs than there are people, just rebuilding where we live.”
Jackson said, “there must be a plan for reconstruction” of urban America. Saying that automobile companies and banks got bailouts, “we’re the people who provided the votes — we want to be bailed out. We need jobs, education, healthcare now. If we can be targeted for voter registration and voter turnout, target us for reconstruction, now.
“We are the new mainstream,” Jackson said. “We are the America of shared hopes and shared dreams. We have the power, we have the votes. “We waited, we voted, we believed, now we want to get well.” He then asked the crowd, “Do you want to get well? Are you willing to fight to get well?
“It’s time to sing a new song, of joy and hope,” Jackson said. “It’s time to march again. March for healthcare, march for jobs. When we march great things come our way. “
Throw in the extra 3.8% for Obamacare, and increased Medicare taxes on high-earning self-employed, and it's 4.7% on top of the 4%. That makes it more like 25%, more or less.
And then, if the well-off die, what they've managed to save on the first go-round of taxes will get creamed by dramatically increased estate taxes. And, no, other taxes, like state and sales taxes aren't going down, either.
What he really means, is "access to capital they don't care about paying back."
Name one prominent liberal politician or enabler among their scores of millionaires and billionaires who have ever demonstrated anything more than token generosity with their own money.
No, Mitt Romney doesn't count because the liberals disowned him for relatively minor deviations from their party line.
Taxes and the Economy: An Economic Analysis of the Top Tax Rates Since 1945
” “We are the new mainstream,” Jackson said. “We are the America of shared hopes and shared dreams. We have the power, we have the votes. “We waited, we voted, we believed, now we want to get well.” He then asked the crowd, “Do you want to get well? Are you willing to fight to get well? “
“GANGSTA CAPITALISM” 2012
I don’t care who gets blamed. I don’t care if they blame ME personally for it.
Just as long as they get to experience the consequences for their choices in electing and depending on people who continue the handouts.
That 1.6 trillion is over ten years. An average of 160 billion a year. Inflation will do the heavy lifting.
Rev Jackson wants O minority voters to get “access to capital” they have no intention of paying back.
NOTE: That’s Bank of Kabul capitalism——The US deposits billions for the “war”——connected Afghans withdraw billions with no “silly” requirement to pay it back.
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