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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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