Posted on 11/17/2012 4:56:15 PM PST by moneyrunner
Then base on 3200 billion a year 400 billion will give us 1.5 months of operating capital.
To put this in perspective if you stack $1000 bills on top of each other like a ream of paper 1 trillion dollars would be 67.9 miles high.
If we shoveled money into a furnace we couldn’t go through it this fast.
Let’s discuss raising us some revenue without hurting the little people.
Didn’t make it past that. Raise any ones taxes and it will in turn affect “the little people”
Im familiar with the intangibles tax. They had one in NC. My point is that if taxes are going to be debated, lets talk about all taxes, not just the ones that keep people from becoming wealthy but taxes on wealth. I was shocked to see the number of foundations with hundreds of millions in assets, even tens of billions that are totally exempt from taxes. Gates and Buffet set one up together and received an incredible tax benefit for doing so. And a lot of these foundations are set up to give very high incomes to the children of the ultra-wealthy, and at the same allowing them to use these assets to affect social policy hidden behind tax shelters. The Yale and Harvard endowments would allow them to operate their universities without charging any tuition to any of their students; thats obscene! Lets go after them! Keep in mind that no congress is bound by the laws of their predecessors.
Nuptials? Probably not because most of them seem wedded to the status quo.
Raise the Capital Gains Tax on any gains over $10 million per year, and you'll hit Soros while leaving small businesses untouched.
Slap a 75% tax on entertainment-derrived income over $10 million per year, and you'll get the rock stars and A list movie stars as well.
Perhaps its time to cut the pay of the part time politicians and set term limits. Don’t guess that’ll ever happen so I’m out of Ideas.
Let’s keep the GOP’s feet to the fire during this tax raising season. The first “tax loophole” that should be put on the table is the tax advantages to any governmental taxes and debt. This means:
1) there should be taxes levied on all government bonds, local, state, and federal. Governments compete with private enterprise for financing, but they get the unfair advantage that interest on their bonds is tax free. Why in the world should conservatives, libertarians, and the GOP want to allow that?
2) why should local and real estate taxes be tax deductible? Just because local taxes are high in California, why should that reduce the tax revenue to the federal government? Residents of high tax states should feel the squeeze for living in such states.
Im not suggesting this is a replacement for current revenue, but as a supplement. Im not sure what your issue is. Do you object to any of these tax proposals? If you think that these $400 billion is not enough, feel free to make other suggestions. Im just saying that the president and congress will be talking about revenue enhancement. These are the ones that will hurt the average person least. At least thats if you live like me. I dont make a million dollars a year, rarely go to movies, I dont buy CDs, I dont have a foundation or an endowment, I dont buy magazines and would enjoy seeing the Virginian Pilot have to charge a 100% sales tax on subscriptions and advertising, I think that the movie industry cheats on its taxes big time. You?
Sure, let’s be FAIR....
All those in the 47% have to pony up too...
No pass on taxes for YOU!!!
Perfect timing for this post. A Wisconsin University system English professor Bradley Butterfield just wrote an opinion piece regarding this topic in our local liberal paper.
Here is Bradley Butterfield’s opinion (mega barf alert):
Todays conservatives have succeeded in turning a myth invented by The Heritage Foundation and President George W. Bushs budget director, Joshua Bolten, into a commonly accepted reality, namely: that entitlements are the principle cause of our nations financial problems, and that raising taxes on the rich and cutting military spending wouldnt even come close to solving these problems.
As Bruce Bartlett, adviser to president Ronald Reagan and George H. W. Bush has pointed out, this supposed reality is factually wrong.
In the words of economist Jeff Madrick, Americas biggest fiscal problem is not spending on Social Security, Medicare and Medicaid; it is our almost complete unwillingness to tax ourselves sufficiently to maintain a modern state.
Meanwhile, as Joel Slemrod and Jon Bakija write in Taxing Ourselves, there is no relationship between high taxes and reduced rates of economic growth. U.S. citizens are taxed at an average of 26 percent of their income, while prosperous Sweden, Norway and Denmark have tax rates of 49 percent and higher.
Given their anti-government ideology, conservatives have long had it in for entitlement programs, hence the myth of Social Securitys insolvency. But Social Security could be made solvent either by raising the payroll-tax cap, which limits withholding to incomes below $110,000, or by eliminating the cap altogether.
The same holds for our other entitlement programs, including Obamacare. Americas budget shortfalls are due to the Bush tax cuts and unfunded wars, not our entitlement programs. We have a revenue problem, not a spending problem.
Link:
I oppose taxes on principle but I would love to see this being proposed. lol.
I hear what youre saying. But Im suggesting we go for the tax breaks that affect the wealthy, not the average homeowner or small investor. Lets focus our efforts on the class that have been telling us that we need to be taxed more: the billionaires like Warren Buffet, the Hollywood fat cats, the tax exempt foundations and endowments that give the ultra-wealth an unfair advantage, the media that stand ready to support every tax increase that any Democrat proposes. Lets have them pay their fair share.
I oppose taxes on principle but I would love to see this being proposed. lol.
Now you’re getting in the spirit. I’m thinking that the value of an ObamaPhone, unemployment benefits, public housing assistance, food stamps, etc. could be counted as income and taxed. Probably would have to be some kind of withholding since I would not trust the recipients to keep good records.
Tax on Movie tickets, DVD’s. Newspapers, magazines, wealth tax over 100 million, cars over 40K, TV network ads, all high end clothes stores, end retirement funds for elected federal officials, remove provided vehicles for elected federal officials, end special health plans for all federal officials
Since the liberals love to tax guns and ammo let tax printing presses, books, movies, computers and printers used by registered media agents, access to the whitehut, etc. They wanted a $1 a round for ammunition, so let’s make it $1 a page for every magazine and newspaper, $1 for every movie ticket, etc.
I will - my critter is Chris Smith and although pro-life, there’s very little Conservative in him.
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