Skip to comments.How high should tax rates go? Obama: ĎI donít have a particular number in mindí
Posted on 07/26/2014 8:52:45 AM PDT by Rusty0604
Here is President Obama in a chat yesterday with CNBCs Steve Liesman:
STEVE LIESMAN: Mr. President, ... Youve said a bunch of times that getting the wealthy to pay a little bit more, and youve 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 dont 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 presidents 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 ...
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?
Or would a little higher be better?
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....
I can’t believe Americans have to put up with two more years of this Marxist maggot.
He’s thinking in his head “black, too much. brown, too much. White, not enough.” That’s what he’s thinking.
bump that, bro
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.
“”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?????
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.
Well apparently Obama has an exact number in mind.
Just another Obama lie. He has made it clear in his mind the Government should get ALL of it.
As long as it bankrupts Americans. that might be high enough.
The dictator has spoken. All hail the King!!!!!!!
“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.
“Loophole” = Congressional way of buying votes in which they now want to renege on their end of the deal.
New Inconsistencies with Malik Obamas IRS Paperwork Revealed on Eve of Hearing
the date stamped at the top of the Barack H. Obama Foundations 501(c)(3) approval letter
which bears Lerners signature, is dated June 26, 2011. That day was on a Sunday.
Deleted IRS Emails may be about Obamas 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 Obamas brother, Malik Obama,
founder of the Barack H. Obama Foundation (BHOF).
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.
make headway? That indicates his objective is to take more and more of your money.
he would want even higher because 100% just represents their income. He wants their property and savings
Obama doesn’t really have anything in mind ...... other than hate for whitey and Christians and Jews.
That puts them all out of business. In the US, anyway.
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!
No mention of loop holes during those high marginal rate days.
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.
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”.
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.
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.”
I think it is 2.3%.
“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.
Except for GE. It's OK when GE pays zero percent by taking advantage of "loopholes."
Why doesn’t he go after the tax exempt trusts that all his one percent of the one percent buddies hide their billions in?
Not only that, but the .gov ticks have another reason to like inflation: it pushes people into higher tax brackets. Win-win!
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.
“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.
Raising minimum wage to $15 per hour will help Social Security for a little while.
He has admitted he doesn’t care if it raises less revenue, because it is more “fair”.
That is why they hate 401(k)s, all that “lost revenue”.
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.
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.
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.
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.
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