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How high should tax rates go? Obama: ĎI donít have a particular number in mindí
AEIdeas ^ | 07/25/2014 | James Pethokoukis

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 ...


TOPICS: Business/Economy
KEYWORDS: fairshare; spreadthewealth
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1 posted on 07/26/2014 8:52:45 AM PDT by Rusty0604
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To: Rusty0604

Are the EXEMPT even taxed?

They are not under Obama/DeathCARE.

They are not under SEC rules for others.

How many tax breaks do THEY, their staff and families
get unlike their hated voters?


2 posted on 07/26/2014 8:54:33 AM PDT by Diogenesis (The EXEMPT Congress is complicit in the absence of impeachment)
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To: Rusty0604
How about 100%, Zero?

Or would a little higher be better?

3 posted on 07/26/2014 8:54:44 AM PDT by E. Pluribus Unum ("The man who damns money obtained it dishonorably; the man who respects it earned it." --Ayn Rand)
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To: Rusty0604

His hedge fund / crony capitalist supporters all pay their tax on “carried interest” at cap gain rates.

I’d love to ask them on natl tv how many would like to contribute to make their rates equal to Baraq’s desired number for the rest of us....


4 posted on 07/26/2014 8:55:58 AM PDT by nascarnation (Toxic Baraq Syndrome: hopefully infecting a Dem candidate near you)
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To: Rusty0604

I can’t believe Americans have to put up with two more years of this Marxist maggot.


5 posted on 07/26/2014 8:56:10 AM PDT by FlingWingFlyer (America is not a refugee camp! It is my home!!!)
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To: Rusty0604

He’s thinking in his head “black, too much. brown, too much. White, not enough.” That’s what he’s thinking.


6 posted on 07/26/2014 8:57:40 AM PDT by Gaffer
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To: FlingWingFlyer

bump that, bro


7 posted on 07/26/2014 8:58:06 AM PDT by smokingfrog ( sleep with one eye open (<o> ---)
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To: Rusty0604
Tax rates are still lower on average for most folks.

Damnable lie. As usual.

First, 47% don't pay squat, so of course their taxes are lower.

As for the rest, the rates were higher in the past, but so were the brackets. Way higher, so much so that very few paid them. And those that did had dozens of legal ways to avoid paying them, ways that are no longer available.

The only meaningful way to measure today against the past is what percentage of income does each household pay in taxes, adjusting of course for those who currently pay nothing.

THAT, I strongly suspect, is WAY up.

8 posted on 07/26/2014 9:00:11 AM PDT by skeeter
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To: Rusty0604

“”closing loopholes that folks take advantage of.””

Like he and his wealthy friends, you know! Why do people, you know, bother to, you know, ask him, you know, questions when it’s clear, you know, that he doesn’t, you know, have a clue about anything! He, you know, wings it all day, you know, long!!!! What did we ever do to deserve this creep in our lives and in our country?????


9 posted on 07/26/2014 9:00:21 AM PDT by Thank You Rush
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To: Rusty0604
The Laffer curve tells us there is an optimal tax rate beyond which revenues diminish.

Zero has said many times in the past that taxation is not about revenue, but about making things "fair," meaning not that people should rise to the highest level of their talents, but that they should all be smashed down to the same level of misery.

It's never fair that some people have more than others, unless you are feral government apparatchik.

10 posted on 07/26/2014 9:04:46 AM PDT by E. Pluribus Unum ("The man who damns money obtained it dishonorably; the man who respects it earned it." --Ayn Rand)
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To: Rusty0604

Well apparently Obama has an exact number in mind.


11 posted on 07/26/2014 9:05:16 AM PDT by ImJustAnotherOkie (zerogottago)
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To: Rusty0604
danger zone?

as long as hussein obama is President .....we are in the danger zone.


12 posted on 07/26/2014 9:06:58 AM PDT by MeshugeMikey ( "Never, never, never give up". Winston Churchill ...)
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To: Rusty0604

Just another Obama lie. He has made it clear in his mind the Government should get ALL of it.


13 posted on 07/26/2014 9:07:09 AM PDT by MNJohnnie (Giving more money to DC to fix the Debt is like giving free drugs to addicts think it will cure them)
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To: Rusty0604

As long as it bankrupts Americans. that might be high enough.


14 posted on 07/26/2014 9:09:28 AM PDT by vpintheak (I will not comply!)
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To: Rusty0604

The dictator has spoken. All hail the King!!!!!!!


15 posted on 07/26/2014 9:10:14 AM PDT by Logical me
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To: Thank You Rush

“What did we ever do to deserve this creep in our lives and in our country?????”

The regime that came to power after we lost the Cold War got tired of the liberty and probity of your country. So they elected a new people and are allowing you to live in their country.


16 posted on 07/26/2014 9:10:30 AM PDT by oblomov
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To: Rusty0604

“Loophole” = Congressional way of buying votes in which they now want to renege on their end of the deal.


17 posted on 07/26/2014 9:10:30 AM PDT by BwanaNdege ( "Our Emperor may have no clothes, but doesn't he have a wonderful tan" - MSM)
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To: Rusty0604
US taxpayer money goes to ... Hamas and terrorists
through the Obama family and the State Dept.

New Inconsistencies with Malik Obama’s IRS Paperwork Revealed on Eve of Hearing
the date stamped at the top of the Barack H. Obama Foundation’s 501(c)(3) approval letter
which bears Lerner’s signature, is dated June 26, 2011. That day was on a Sunday.

Lois Lerner approved tax exempt status for foundation
operated by Obama's half-brother on a Sunday

Deleted IRS Emails may be about Obama’s Brother
There is sufficient cause to believe that one of the reasons for
this digital document shredding may have something to do with
President Barack Obama’s brother, Malik Obama,
founder of the Barack H. Obama Foundation (BHOF).

Pictured: Obama’s half-brother wearing Hamas scarf that boasts ‘Jerusalem is ours—WE ARE COMING’

Obama’s Brother Joins Hamas, Wears Scarf Saying ‘Jerusalem Is Ours; We Are Coming’

Barack Obama’s Brother Malik Joins Hamas Terrorist Group

Obama appoints Hamas supporter who called Israelis Nazis to commission on religious freedom

CIA finds 1 in 5 flagged job applicants hail from Hamas, Hezbollah, al Qaeda

Al-Qaeda, Hamas operatives applied for CIA jobs, say new Snowden files

Obama Officials Met with Hamas, Discussed Removing it from Terror List

Summer Camp: Hamas Teaches Children to Kill and Kidnap Israelis

U.S. Muslim Brotherhood/Hamas Support Leader Chosen By Syrian Opposition

How the U.S. Aids Hamas Through the Palestinian Authority

Obama Approves Direct Funding For Hamas

US sends $50M to Gaza

Kerry, Obama, and the WEF’s $4 Billion Bailout Plan for PLO/Hamas

VERY IMPORTANT.. Obama’s Brother Funds Hamas (Proof Below)

Hamas 'happy' with Obama's $900 million pledge [2009 Flashback: Never Forget!!]

U.S. Selling $11B in Weaponry to Gulf State That Supports Hamas, Syrian Jihadists

Why would Hamas negotiate with John Kerry after getting $47 million from him?

Ninth Lesson From the Gaza War: Hamas Will Use Humanitarian Aid for Evil

Will Obama Snatch Defeat from the Jaws of Victory Over Hamas?

Obama to the rescue – of Hamas

The Southern Poverty Law Center Stands Up for Hamas

State Dept: U.S. Supports Palestinian Unity Government (Hamas)

Report: US Holding Backroom Talks with Hamas ‘For Months’

U.S. held secret meeting with Hamas, Terrorist regime still won't recognize Israel's right to exist

Former FBI Agent Says Leading Muslim Group a ‘Hamas Front’ (CAIR)

18 posted on 07/26/2014 9:11:19 AM PDT by Diogenesis (The EXEMPT Congress is complicit in the absence of impeachment)
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To: E. Pluribus Unum
How about 100%, Zero? Or would a little higher be better?

Actually INFLATION the cruelest tax is on all of us. Its going to be a beeotch when this excessive printing of money takes its toll.

19 posted on 07/26/2014 9:11:29 AM PDT by Don Corleone ("Oil the gun..eat the cannoli. Take it to the Mattress.")
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To: Rusty0604

make headway? That indicates his objective is to take more and more of your money.


20 posted on 07/26/2014 9:11:32 AM PDT by plain talk
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To: E. Pluribus Unum

he would want even higher because 100% just represents their income. He wants their property and savings


21 posted on 07/26/2014 9:12:48 AM PDT by plain talk
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To: Rusty0604

Obama doesn’t really have anything in mind ...... other than hate for whitey and Christians and Jews.


22 posted on 07/26/2014 9:12:58 AM PDT by boycott
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To: Rusty0604
By the way, miss Romney yet. None of this shi! would be happening. Make the same mistake in 2016 and the wedge between the Constitution and Hell will surely be in place. Hell will win.
23 posted on 07/26/2014 9:13:56 AM PDT by Logical me
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To: plain talk
He taxed the medical device manufacturers at 1% of REVENUES, not profit.

That puts them all out of business. In the US, anyway.

24 posted on 07/26/2014 9:15:03 AM PDT by E. Pluribus Unum ("The man who damns money obtained it dishonorably; the man who respects it earned it." --Ayn Rand)
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To: E. Pluribus Unum

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!


25 posted on 07/26/2014 9:20:06 AM PDT by Graewoulf (Democrats' Obamacare Socialist Health Insur. Tax violates U.S. Constitution AND Anti-Trust Law.)
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To: Rusty0604

No mention of loop holes during those high marginal rate days.


26 posted on 07/26/2014 9:22:30 AM PDT by CommieCutter ("For an idea to be too simplistic, it must first be proven wrong" --Thomas Sowell)
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To: E. Pluribus Unum
The Laffer curve tells us there is an optimal tax rate beyond which revenues diminish.

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.

27 posted on 07/26/2014 9:22:52 AM PDT by econjack (I'm not bossy...I just know what you should be doing.)
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To: Logical me

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”.


28 posted on 07/26/2014 9:28:33 AM PDT by bimboeruption (REMEMBER MISSISSIPPI!)
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To: Rusty0604

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.


29 posted on 07/26/2014 9:30:24 AM PDT by abb ("News reporting is too important to be left to the journalists." Walter Abbott (1950 -))
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To: Rusty0604

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.”


30 posted on 07/26/2014 9:34:40 AM PDT by Cicero (Marcus Tullius)
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To: Rusty0604

6 minute video on the subject!
https://www.youtube.com/watch?v=OKZsBb3PF6Y


31 posted on 07/26/2014 9:38:31 AM PDT by Dick Bachert (Ignorance is NOT BLISS. It is the ROAD TO SERFDOM! We're on a ROAD TRIP!!)
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To: FlingWingFlyer

6 minute video on the subject!
https://www.youtube.com/watch?v=OKZsBb3PF6Y


32 posted on 07/26/2014 9:40:05 AM PDT by Dick Bachert (Ignorance is NOT BLISS. It is the ROAD TO SERFDOM! We're on a ROAD TRIP!!)
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To: Graewoulf

6 minute video on the subject!
https://www.youtube.com/watch?v=OKZsBb3PF6Y


33 posted on 07/26/2014 9:40:43 AM PDT by Dick Bachert (Ignorance is NOT BLISS. It is the ROAD TO SERFDOM! We're on a ROAD TRIP!!)
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To: Rusty0604
the question should have been posed; how much of their hard earned money should the citizens be allowed to keep?
34 posted on 07/26/2014 9:44:10 AM PDT by drypowder
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To: E. Pluribus Unum

I think it is 2.3%.


35 posted on 07/26/2014 9:46:42 AM PDT by Rusty0604
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To: Gaffer

“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.


36 posted on 07/26/2014 9:49:36 AM PDT by IMR 4350
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To: econjack
For Obozo to criticize tax payers for "taking advantage" of loopholes...

Except for GE. It's OK when GE pays zero percent by taking advantage of "loopholes."

37 posted on 07/26/2014 9:50:44 AM PDT by E. Pluribus Unum ("The man who damns money obtained it dishonorably; the man who respects it earned it." --Ayn Rand)
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To: FlingWingFlyer
0bummer countdown.
38 posted on 07/26/2014 9:52:08 AM PDT by carriage_hill ( Some days you're the windshield, and some days you're the bug.)
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To: Rusty0604

Why doesn’t he go after the tax exempt trusts that all his one percent of the one percent buddies hide their billions in?


39 posted on 07/26/2014 9:56:30 AM PDT by Lurkina.n.Learnin (It's a shame nobama truly doesn't care about any of this. Our country, our future, he doesn't care)
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To: Don Corleone

Not only that, but the .gov ticks have another reason to like inflation: it pushes people into higher tax brackets. Win-win!


40 posted on 07/26/2014 10:04:24 AM PDT by bkopto (Free men are not equal. Equal men are not free.)
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To: Rusty0604

In leftist theory, the tax rate is always 100%.

It’s just that the government spends some on “tax expenditures,” which is essentially how they define any money you have that they don’t take from you at any given moment.


41 posted on 07/26/2014 10:11:49 AM PDT by Maceman
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To: E. Pluribus Unum

“How about 100%, Zero?
Or would a little higher be better?”

He would love that. Then he and his cronies could take their cut and redistribute the rest.


42 posted on 07/26/2014 10:16:29 AM PDT by Parley Baer
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To: bkopto

Raising minimum wage to $15 per hour will help Social Security for a little while.


43 posted on 07/26/2014 10:22:26 AM PDT by Rusty0604
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To: Rusty0604

He has admitted he doesn’t care if it raises less revenue, because it is more “fair”.


44 posted on 07/26/2014 10:23:53 AM PDT by Defiant (4 main US grps: conservatives, useless idiots (aka RINOs), marxists and useful idiots (aka liberals))
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To: Maceman

That is why they hate 401(k)s, all that “lost revenue”.


45 posted on 07/26/2014 10:24:09 AM PDT by Rusty0604
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To: Rusty0604

In essence, take from the productive members of society who tend not to vote for dems, and give to the parasitic members of society who will eagerly vote for dems in order to receive more handouts.


46 posted on 07/26/2014 10:43:09 AM PDT by Pox (Good Night. I expect more respect tomorrow.)
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To: Rusty0604
He's not good with numbers. Doesn't know how old he or his daughters are or their birthdates. Thinks there are 57 states. Has no clue on the unemployment rate. His definition of free! costs billions of dollars. Before he heard on the news about the widdle children who trudged totally unassisted a thousand miles through the scorching desert and slipping past cartels and sex traffickers he claimed there were practically zero illegals crossing the border.
47 posted on 07/26/2014 10:53:38 AM PDT by bgill
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To: Rusty0604
That is why they hate 401(k)s, all that “lost revenue”.

I think Congress and the White Hut will go for the 401(k)s and IRAs before Jug Ears leaves office.

Both the Dems and Pubbies want that money to play with and they have taken so much of our freedoms and liberties I think they know the time is ripe to go all the way, and that will include starting a VAT tax as well as keeping the terrible system we have now.

By the time Obambi leaves there will be nothing left and white people will literally be enslaved by the Government, blacks, and Latinos, even though they are the minorities.

There are too many white people who are too lazy or scared to stand up for freedom and liberty. We may just be toast within two years.

48 posted on 07/26/2014 11:14:48 AM PDT by OldMissileer
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To: OldMissileer

I fear the same thing. Now that the Fed is tapering QE, they have to get the money for their big spending programs from somewhere.


49 posted on 07/26/2014 11:46:21 AM PDT by Rusty0604
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To: E. Pluribus Unum
Except for GE. It's OK when GE pays zero percent by taking advantage of "loopholes."

Actually, in some cases the consumer pays the entire tax anyway, depending on the elasticity of demand. The more ineleastic the demand, the greater the percent of the tax that is paid by the consumer. For example, if the feds tacked a $50 tax on each heart operation, there would probably be no change in the number of people who have heart operations and the consumer would have the entire tax passed onto them.

People have to get away from the idea that the gov't "makes" money through taxes. No, the gov't takes money away from someone and gives it to someone else...often themselves. The valid reasons for gov't spending are 1) the policing of property rights (e.g., a legal system, a standing military) and 2) provision of social overhead capital (e.g., public roads). Now you tell me where free cell phones comes in, other than to get yourself reelected.

50 posted on 07/26/2014 12:52:17 PM PDT by econjack (I'm not bossy...I just know what you should be doing.)
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