Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Why Taxing the Rich Does Not Work
Real Clear Markets ^ | 08/09/2011 | Louis Woodhill

Posted on 08/09/2011 8:12:31 AM PDT by SeekAndFind

President Obama has said that he wants to "spread the wealth". He proposes to raise taxes on "the rich" to get more money for "stimulus" spending, such as longer unemployment benefits. Let's look at how this "spread the wealth" thing would actually work.

Joe Lunchbox works in a factory owned by Reginald Bigbucks III, a billionaire. Obama stops at the factory during a "Jobs" bus tour through the Midwest. Joe and his coworkers assemble in the lunchroom to hear Obama speak.

"Good news," the president tells the workers. "We are going to be spreading the wealth. We are raising taxes on millionaires and billionaires-like Reginald Bigbucks III-and we are going to spend the money to benefit the middle class, people like you."

Joe raises his hand. "What do you mean?" he asks. "I mean, like, what is actually going to happen?"

Obama explains, "To pay my new taxes, Mr. Bigbucks is handing this factory over to the federal government. We are going to tear it down and sell it for scrap. Then we are going to use the money to extend unemployment benefits for another 99 weeks."

"Oh," Joe sighs. "Well, then, I guess that I'm going to be needing those unemployment benefits."

If the above example strikes you as fanciful, consider the following. To "tax" is to take away something from someone and give it to the government. "The rich" are rich because they own a lot of assets. So, what it means to "tax the rich" is to take assets away from rich people and transfer them to the government.

So, what are the assets that the rich own? The rich don't have money bins full of cash, like Scrooge McDuck. Rather, they own things like factories, office buildings, and oil wells, either directly, or indirectly via stocks and bonds.

In other words, the rich own most of the "nonresidential fixed assets" of the nation. These assets certainly count as "wealth", but what they are physically are the tools that workers use to produce America's GDP.

The government doesn't want factories, office buildings, or oil wells. It wants cash. So, taxing the rich forces them to liquidate assets. This liquidation is accomplished financially, rather than by actually tearing down factories and selling them for scrap.

CLICK ABOVE LINK FOR THE REST


TOPICS: Business/Economy; Constitution/Conservatism; Government; Philosophy
KEYWORDS: rich; taxes; wealthy
Navigation: use the links below to view more comments.
first 1-5051-100101-102 next last

1 posted on 08/09/2011 8:12:37 AM PDT by SeekAndFind
[ Post Reply | Private Reply | View Replies]

To: SeekAndFind

Doesn’t work as an economic strategy.

Works great as a political strategy.


2 posted on 08/09/2011 8:13:39 AM PDT by Steely Tom (Obama goes on long after the thrill of Obama is gone)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

Works great as a Marxist strategy


3 posted on 08/09/2011 8:18:04 AM PDT by mosaicwolf (Strength and Honor)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind
What libs think the "rich" do with their money: scrooge mcduck Pictures, Images and Photos
4 posted on 08/09/2011 8:19:07 AM PDT by ConjunctionJunction
[ Post Reply | Private Reply | To 1 | View Replies]

To: Steely Tom

I think we need to be honest with ourselves. Taxing “the rich” doesn’t seem to work but trickle down economics doesn’t completely work either. It has been tried over and over and it always has the same results. If trickle down worked we would have seen close to zero unemployment under Bush. With the tax cuts and the deregulation put into place we should have seen an influx of jobs. Taxing the crap out of the rich doesn’t work either. It sure as hell doesn’t create jobs. I honestly think we need a happy medium somehow. I think “the rich should have a minimal tax increase. I also think the Government should cut spending in all of the pet projects on both sides. I think the Rats need to be willing to cut their Liberal Entitlement programs down. I honestly think unless we find a common ground nothign will change. I know this is controversal for some but our system is broken and needs to be fixed and neither side seems to want to budge. If we are ourselves aren’t willing to budge neither will the Dems and all we have is a pissing contest that is pissing away our fine country.


5 posted on 08/09/2011 8:28:14 AM PDT by GreenvillePatriot
[ Post Reply | Private Reply | To 2 | View Replies]

To: SeekAndFind
Dear GOP,

Oh, just go ahead and tax the rich.
Eat them, even.
Give Barky the heads of America's hedge fund traders and CEOs and Hollywood moguls on silver platters. Do away with the charitable deduction loophole. Eliminate the mortgage tax deduction, drive more middle class into bankruptcy with thousands of extra in taxes, and kill the nearly dead housing industry- many real estate moguls are democrat donors anyway.

Let the rich fly coach.

Removes’”tax the rich” and “fair share” and
“shared sacrifice” as a campaign issue

Puts the economy deeper into the crapper

But there is more pain necessary to further demonstrate the bankruptcy of obama’s ideology and his lack of intellectual leadership. It will also remove a certain number of high rolling donors from the kool aid drinking progressive-causes rank and file

6 posted on 08/09/2011 8:28:42 AM PDT by silverleaf (All that is necessary for evil to succeed, is that good men do nothing)
[ Post Reply | Private Reply | To 1 | View Replies]

To: ConjunctionJunction

Strangely enough, because of the uncertainty generated by Obama’s policies, many companies are sitting on cash, rather than risking horrendous taxation and hyper-regulation on anything they would do with that money (like hire people, invest in new equipment/facilities, etc.)...


7 posted on 08/09/2011 8:28:56 AM PDT by null and void (Day 929. When your only tools are a Hammer & Sickle, everything looks like a Capitalist...)
[ Post Reply | Private Reply | To 4 | View Replies]

To: GreenvillePatriot

You owe me $1,000,000.


8 posted on 08/09/2011 8:37:16 AM PDT by Mr.Unique (The last thing I want to do is hurt you. But it's still on the list.)
[ Post Reply | Private Reply | To 5 | View Replies]

To: SeekAndFind
Tax the rich? If you doubled everyone's income taxes there would still be a deficit.


9 posted on 08/09/2011 8:40:24 AM PDT by csmusaret (The only borders Obama has closed is a bookstore.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Mr.Unique

Pardon?


10 posted on 08/09/2011 8:40:30 AM PDT by GreenvillePatriot
[ Post Reply | Private Reply | To 8 | View Replies]

To: Steely Tom

Correct. It has never been meant as an economic strategy. It makes “the poor” feel better.


11 posted on 08/09/2011 8:42:33 AM PDT by KCengineer ( Speaking the TRUTH)
[ Post Reply | Private Reply | To 2 | View Replies]

To: GreenvillePatriot

You owe me $1,000,000. How would yo like to pay?


12 posted on 08/09/2011 8:43:09 AM PDT by Mr.Unique (The last thing I want to do is hurt you. But it's still on the list.)
[ Post Reply | Private Reply | To 10 | View Replies]

To: SeekAndFind

The Fund Raiser-In-Chief has no idea how to raise revenues.

Will someone explain to him the difference between his fat cat contributors and hard working citizens?

Between greasing his palm and growing an economy?


13 posted on 08/09/2011 8:44:26 AM PDT by sodpoodle (Despair; man's surrender. Laughter; God's redemption.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: GreenvillePatriot

“but trickle down economics doesn’t completely work either”

You assume that the government can and should order everybody’s life. Freedom will not produce a perfect world just the best possible world. There will always be people who in your infinite wisdom don’t have as much as you think they should. You say that if “trickle down” (leftist speak for free or freer economies), we would have had close to zero unemployment under Bush. The size and scope of government and its spending went up under Bush. Prosperity is inversely proportional to government’s share of the economy.
Government control of our lives and economy keeps expanding. No matter who is in control. Consider that there are NO (zero, nada) spending cuts in the budget/debt deal. All lies and fraud.
Benjamin Franklin was right. “I observed that the more public provisions were made for the poor, the less they provided for themselves. And, on the contrary, the less was done for them, the more they did for themselves.”


14 posted on 08/09/2011 8:44:41 AM PDT by all the best
[ Post Reply | Private Reply | To 5 | View Replies]

To: Steely Tom

It doesn’t work because Congress is full of rich people who need rich people to help them get re-elected so they grant them tax breaks.

“Tax the wealthiest Americans” is code for “tax the middle class”


15 posted on 08/09/2011 8:44:59 AM PDT by AppyPappy (If you aren't part of the solution, there is good money to be made prolonging the problem.)
[ Post Reply | Private Reply | To 2 | View Replies]

To: SeekAndFind

Let me make it simple. ONE: Thou shall not covet other people’s wealth. Two: Thou shall not steal.
All the rest is extraneous.


16 posted on 08/09/2011 8:50:45 AM PDT by all the best
[ Post Reply | Private Reply | To 1 | View Replies]

To: GreenvillePatriot

The only thing the government should be doing in regards to the “wealth” issue is preaching personal accountability. It’s not up to the government to create wealth for individuals through taxing the rich, or trickle down, or whatever. Freedom to choose is the only thing necessary.

That’s one of the founding principles of this country & we need to get back to it. As the ole saying goes “for every person that climbs the ladder of success, there are twelve waiting for the elevator”. What we need more than anything are leaders that teach the importance of the ladder, not the elevator, & the importance of climbing that ladder personally, not having someone climb it for you.

This should be the only role of the government in this regard. Period.


17 posted on 08/09/2011 8:53:36 AM PDT by Confab
[ Post Reply | Private Reply | To 5 | View Replies]

To: all the best

To be a socialist/democRat,

you simply have to try to justify coveting and theft.

And they do - “we” vote on it, so it’s OK to covet and steal from others, if you have a majority vote.


18 posted on 08/09/2011 8:54:51 AM PDT by MrB (The difference between a Humanist and a Satanist - the latter knows whom he's working for)
[ Post Reply | Private Reply | To 16 | View Replies]

To: all the best

How about instead of telling me what I “assume” you tell me what you think should be done? Our country is in a pickle and that needs to change. If we can’t be rational thinkers and try to come up with a plan we are destined for failure. I agree that the debt deal does nothing, zero, nada to answer to this countries economical problems. It’s a friggen dog and pony show. Nobody wants to piss off their base because they are worried more about their jobs than this country.


19 posted on 08/09/2011 8:58:49 AM PDT by GreenvillePatriot
[ Post Reply | Private Reply | To 14 | View Replies]

To: MrB

We could straighten this mess out right quick if Christians would see that majority rule does not overturn God’s commands. Covetousness and theft by majority vote is no better than by an individual.


20 posted on 08/09/2011 8:59:41 AM PDT by all the best
[ Post Reply | Private Reply | To 18 | View Replies]

To: GreenvillePatriot
If trickle down worked we would have seen close to zero unemployment under Bush.

We did. We had unemployment below 5%, which is close to full employment. There is not such things a zero unemployment because there is always a flux companies growing and downsizing. During part of the late 90s and part of the 2000s we were essentially fully employed.

With the tax cuts and the deregulation put into place we should have seen an influx of jobs.

We did.

There are a variety of other variables that affect the economy other than tax rates, but it is proven over and over again that a low tax burden, low regulatory burden, and less government interference produces the most economic growth and a better job market. Our tax rates are still high in this country, by the way. The Bush cuts only took about 3% off the highs during the Clinton years. It was a modest, comprised cut. In some parts of the county, people are paying out over 50% of their earnings to the Federal, state, and local governments.

21 posted on 08/09/2011 9:02:01 AM PDT by ilgipper (political rhetoric is no substitute for competence (Thomas Sowell))
[ Post Reply | Private Reply | To 5 | View Replies]

To: Mr.Unique
I'll tell you what...in order to avoid gridlock and make sure my children don't starve, let's find a "happy medium".

You owe me $500,000.

I honestly think unless we find a common ground nothing will change.

Do you want to use PayPal or a credit card?

22 posted on 08/09/2011 9:04:38 AM PDT by Mr.Unique (The last thing I want to do is hurt you. But it's still on the list.)
[ Post Reply | Private Reply | To 12 | View Replies]

To: SeekAndFind
Obama explains, "To pay my new taxes, Mr. Bigbucks is handing this factory over to the federal government. We are going to tear it down and sell it for scrap. Then we are going to use the money to extend unemployment benefits for another 99 weeks."

Conservatives always seem to forget that plenty of Joes think this is a good deal, because they hate their jobs and hate Mr. Bigbucks even more. Joes aren't noted for long-term thinking nor any ability to defer gratification.

23 posted on 08/09/2011 9:05:45 AM PDT by Mr. Jeeves ( "The right to offend is far more important than any right not to be offended." - Rowan Atkinson)
[ Post Reply | Private Reply | To 1 | View Replies]

To: all the best

I teach my kids this very thing - it doesn’t matter how many people say it’s right if God says it’s wrong.

It’s not right for one person to steal from another.
It’s not right for 5 people to vote to steal from another.
And it’s STILL not right if 100 million people vote to steal from another person.


24 posted on 08/09/2011 9:06:06 AM PDT by MrB (The difference between a Humanist and a Satanist - the latter knows whom he's working for)
[ Post Reply | Private Reply | To 20 | View Replies]

To: SeekAndFind

Taxing the rich doesn’t even work. First, they (and to the IRS and Democrats, that includes me) restructure their finances to avoid taxes, which means they allocate their wealth in a manner that is not optimal for themselves or for the country from a business perspective but that cuts their tax bill. When they do that, their workers lose. Second, they don’t see their business rates in terms of pre-tax income. They’re smart enough to do the numbers on the fly and figure their after tax income at any given pay rate. When I set my rate for my services, my goal is to receive a specific after-tax income in return for my time. The individuals and companies that employ me pay that plus whatever it takes to cover my taxes. The grocery store we shop at charges “the little people” more so they can afford the pre-tax charge that their lawyers set to cover their desired after-tax income. The same is true for our doctors and medical insurance, and for the rest of the rich. Venture capitalists know what they have to make to cover taxes plus a profit that balances teh risk, and those who buy new products are paying for the risk plus the tax rate. Taxes get passed on to the general middle-class population - it’s inevitable. The problem is that voters think “the other guy” is paying those taxes, so they aren’t picky about spending that money wisely. The result is that ordinary people pay for extravagant government and then watch that money get wasted.


25 posted on 08/09/2011 9:08:49 AM PDT by Pollster1 (Natural born citizen of the USA, with the birth certificate to prove it)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Mr.Unique

Will you take it in lead and copper?


26 posted on 08/09/2011 9:09:23 AM PDT by Redleg Duke ("Madison, Wisconsin is 30 square miles surrounded by reality.", L. S. Dryfus)
[ Post Reply | Private Reply | To 22 | View Replies]

To: GreenvillePatriot

Given that there are always “some” people between jobs, full employment is about 4.5% unemployed. It was pretty close to this number during most of Bush’s two terms. That’s damn near “full employment”.


27 posted on 08/09/2011 9:09:34 AM PDT by Republic of Texas (Socialism Always Fails)
[ Post Reply | Private Reply | To 5 | View Replies]

To: Redleg Duke
Will you take it in lead and copper?

I'm all about compromise. Starting payments to me will move this country forward.

28 posted on 08/09/2011 9:11:58 AM PDT by Mr.Unique (The last thing I want to do is hurt you. But it's still on the list.)
[ Post Reply | Private Reply | To 26 | View Replies]

To: GreenvillePatriot
If trickle down worked we would have seen close to zero unemployment under Bush

Average unemployment rate for Bush and the GOP Congress was under 5%. Anything less then 5% is considered full employment by Economists since a certain % of people are either unemployable (druggies, mental handicapped etc) or in the process of switching employment. Trickle down has worked every time it been tried. Where it breaks down is that it is eventually abandoned by the DC political class for Progressive political dogmas.

Comparing Bush and the GOP economic record with that of Bush and the post 2006 Democrat Congress proves just how well it works.

29 posted on 08/09/2011 9:20:51 AM PDT by MNJohnnie (Giving politicians more tax money is like giving addicts free drugs to cure their addiction)
[ Post Reply | Private Reply | To 5 | View Replies]

To: GreenvillePatriot
if you think the gov’t should get more money to spend, give them yours.
30 posted on 08/09/2011 9:30:08 AM PDT by paul51 (11 September 2001 - Never forget)
[ Post Reply | Private Reply | To 5 | View Replies]

To: GreenvillePatriot
The only way to get out of this "debt pickle" is to grow the economy while cutting Fed spending.

The IRS recently published the fact that $235,000 Americans make $1 million or more in income. If you take EVERY penny of that income you can fund the Fed Govt for....about 30 days. And that assumes that if you take all the money, it has no impact on economic growth.

The only way to get out of this debt crises is economic growth coupled with spending cuts. The only way to get real sustained economic growth is to push serious efforts to massively increase domestic energy production

High energy prices are the fundamental drag on the US economy.

Part of the cause of high energy prices is our insane fiscal policies which weaken the dollar but also by the “green” energy dogmas the Obama Democrats have foisted on us the last 3 years.

High Energy prices have an radically negative effect on the economy. High energy prices destroy US Consumer Confidence and they eat up US Consumer’s discretionary spending dollars.

US Consumer spending is the engine that drives the World Economy. Without it any economic recovery will be anemic at best.

US Consumer have seen, in just the last year 40% inflation in the cost of energy. High energy prices effect not only the price of gasoline, but also the price of every good and service the consumer buys. It also drives up the price of the energy the consumer buys to power their homes. It drives up the costs for producers to produce the goods US Consumers buy.

Until the cost of energy is addressed the US, and the world, economic recovery is going to be stagnant at best.

31 posted on 08/09/2011 9:38:46 AM PDT by MNJohnnie (Giving politicians more tax money is like giving addicts free drugs to cure their addiction)
[ Post Reply | Private Reply | To 5 | View Replies]

To: SeekAndFind
President Obama has said that he wants to "spread the wealth".

A division of labor society is necessary to live a life proper to a rational being.Two of the institutions necessary for a division of labor society is private property rights and freedom of economic inequality.Egalitarianism and redistributionism is an assault on both private property and freedom of inequality.

32 posted on 08/09/2011 9:44:12 AM PDT by mjp ((pro-{God, reality, reason, egoism, individualism, natural rights, limited government, capitalism}))
[ Post Reply | Private Reply | To 1 | View Replies]

To: Mr.Unique
"I'm all about compromise. Starting payments to me will move this country forward."

BANG!

BANG!

BANG!

33 posted on 08/09/2011 10:13:17 AM PDT by Redleg Duke ("Madison, Wisconsin is 30 square miles surrounded by reality.", L. S. Dryfus)
[ Post Reply | Private Reply | To 28 | View Replies]

To: Mr.Unique
"I'm all about compromise. Starting payments to me will move this country forward."

BANG!

BANG!

BANG!

34 posted on 08/09/2011 10:14:42 AM PDT by Redleg Duke ("Madison, Wisconsin is 30 square miles surrounded by reality.", L. S. Dryfus)
[ Post Reply | Private Reply | To 28 | View Replies]

To: GreenvillePatriot

I’ll tell you what...in order to avoid gridlock and make sure my children don’t starve, let’s find a “happy medium”.

You owe me $500,000.

I honestly think unless we find a common ground nothing will change.

Do you want to use PayPal or a credit card?


35 posted on 08/09/2011 10:19:53 AM PDT by Mr.Unique (I would be happy to share my thoughts in person. Care to meet? --TSgt, 8-9-11)
[ Post Reply | Private Reply | To 10 | View Replies]

To: Mr.Unique

I think you totally missed my point. How is me paying you $500,000 common ground? That is in no way what I meant by middle ground. I stated that NEITHER idea seems to work when put in place. It is time to come up with a whole new strategy. Just yelling cut spending!! Democrats fault!! Obama sux!! Tea Partys fault, Bush did it!! does nothing but create discourse and gridlock. Neither side is going to come to any agreement in that matter. This isn’t a friggen sporting event we are watching this is our country going into the shitter.

You have added nothing to this conversation other than your ability to be a smartass.


36 posted on 08/09/2011 11:29:24 AM PDT by GreenvillePatriot
[ Post Reply | Private Reply | To 35 | View Replies]

To: MNJohnnie

I agree whole heartedly with this. Domestic Energy production is definitely one of the ways we can get on the right path to fixing the economy.


37 posted on 08/09/2011 11:32:41 AM PDT by GreenvillePatriot
[ Post Reply | Private Reply | To 31 | View Replies]

To: GreenvillePatriot

Depends on your definition of “fix”.

To them, “fixing” the economy means converting it to socialism.


38 posted on 08/09/2011 11:38:45 AM PDT by MrB (The difference between a Humanist and a Satanist - the latter knows whom he's working for)
[ Post Reply | Private Reply | To 37 | View Replies]

To: SeekAndFind

Even if we took all the wealth from all the rich it would not equal $1 trillion. The debt congress and Obama just authorized is $2.4 trillion of rjust this year and that grows every year. So how is taxing the rich their $1 trillion, which is a one time tax as they are broke after that, going to pay for the $2+ trillion each and every year?

Hissy Chrissy and the rest of the dingbat liberals can’t do simple math.


39 posted on 08/09/2011 11:41:12 AM PDT by CodeToad (Islam needs to be banned in the US and treated as a criminal enterprise.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: GreenvillePatriot
How is me paying you $500,000 common ground?

It's half way between the $1,000,000 I think you owe me and the $0 that you are willing to pay.

What could be more fair? It's for my children. You don't hate children, do you?

You have added nothing to this conversation other than your ability to be a smartass.

It's just a little exercise in critical thinking for those that want a "happy medium" and "common ground."

Look, I can see that you are irritated. Let's make it an even $300,000 and end this grid lock.

Now, you've saved $700,000 that you can spend elsewhere and I can feed my hungry kids. Win-win. Eh?

40 posted on 08/09/2011 11:46:17 AM PDT by Mr.Unique (Very generic, non-offensive, tagline.)
[ Post Reply | Private Reply | To 36 | View Replies]

To: MrB

I am obviously not talking about the dems fixing a damn thing with there ideas especially socialism. See, everyone goes to the finger pointing here without seeing the broader picture. This really isn’t a left or right issue. The actual blame for all of this mess goes across party lines over and over ten fold. We haven’t had a fiscal conservative in the truest form for quite some time. If neither side is willing to make some concession then we will get nowhere. It’s a fact.

Do I know where those concession should be made? I have no clue. I just know that gridlock never gets you anything.


41 posted on 08/09/2011 11:53:47 AM PDT by GreenvillePatriot
[ Post Reply | Private Reply | To 38 | View Replies]

To: Mr.Unique

Nice strawman. It is people like you that see no fault in your logic that hurts more than it helps. No real answers of your own just made up scenarios in your mind.


42 posted on 08/09/2011 11:58:39 AM PDT by GreenvillePatriot
[ Post Reply | Private Reply | To 40 | View Replies]

To: GreenvillePatriot
I just know that gridlock never gets you anything.

Unless the other side is making unreasonable or ruinous demands. Then gridlock is the preferred state.

Do you need my mailing address? I take money orders. ;)

43 posted on 08/09/2011 12:00:19 PM PDT by Mr.Unique (Very generic, non-offensive, tagline.)
[ Post Reply | Private Reply | To 41 | View Replies]

To: GreenvillePatriot

It can’t be “concession”,

these socialists have to be DEFEATED.

When you compromise, or make consessions with socialism, you always get more socialism, it only goes in that direction.


44 posted on 08/09/2011 12:01:56 PM PDT by MrB (The difference between a Humanist and a Satanist - the latter knows whom he's working for)
[ Post Reply | Private Reply | To 41 | View Replies]

To: GreenvillePatriot
Nice strawman.

You might want to look up "strawman" and figure out how to use the term properly.

Well, I lost you, but others can see.

45 posted on 08/09/2011 12:02:57 PM PDT by Mr.Unique (Very generic, non-offensive, tagline.)
[ Post Reply | Private Reply | To 42 | View Replies]

To: SeekAndFind

Mr. Bigbucks will also lay off employees before going home to Mrs. Bigbucks and telling her to give up her caddy or move to a smaller house...

If we make it tough enough on Mr. Bigbucks he will simply take his bucks to another country...

I try to tell younger people all the time that you can only tax the rich as much as they are willing to pay. The rich have options that others don’t have... I cannot imagine why politicians can’t figure this out.

The other issue is there simply aren’t enough rich people to bail us out, that is why when something is done to the “rich” it always ends up including the middle class as well.


46 posted on 08/09/2011 12:27:34 PM PDT by Tammy8 (~Secure the border and deport all illegals- do it now! ~ Support our Troops!~)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Tammy8

RE: If we make it tough enough on Mr. Bigbucks he will simply take his bucks to another country...

Ahhh... but here’s the rub, it isn’t as easy to open an account in another country any longer. Offshore banking is not what it once was since the advent of the Obama administration.

There used to be a time when Mr BugBucks could open a secret Swiss account in Switzerland. No longer.

This administration has hired divisions of IRS agents to hunt the money of the Mr BigBucks of America worldwide and by threatening the two bug Swiss banks who do business here -— UBS and Credit Swisse, they were able to cause Switzerland to CAPITULATE.

Last Year, the Swiss Parliament agreed to let banks disclose the names of American account holders in Switzerland.

Switzerland is no longer a safe money deposit haven.

If the USA can by virtue of her size and influence, bully a strong neutral country to change its banking policy, how much more the other offshore safe havens like the Cayman Islands or Bahamas?

Mr. BugBucks will from now on have a hard time taking his bucks away from the United States. He is being tracked by the IRS.


47 posted on 08/09/2011 12:43:29 PM PDT by SeekAndFind (u)
[ Post Reply | Private Reply | To 46 | View Replies]

To: GreenvillePatriot
In 1986, 1991 and 1993 the same promises were made by Congress to the American people. “Give us more revenue NOW and we will cut spending later.”

In 1986, 1991 and 1993 the US Taxpayers gave the DC political machine more tax money and they turned right around an exponentially grew spending faster then revenue came in.

And Democrats propaganda bots in the Junk Media, can drop the stupid lie about Clinton's tax hikes balancing the budget. Just prior to the Republicans taking over Congress in 1994, the Clinton regime presented a budget plan that projected $200 billion plus budgets thru the year 2000. It was the GOP Congress's restraining spending over the strident, hysteric demagoguery of the Democrat party's media machine, that created the appearance of a balanced budget in the late 1990s.

So how about this ONE time Democrats, we do this a different way? How about we significantly cut spending now. We make real cuts, not merely trimming the rate of growth and calling it a cut. Then once we have had balanced budgets for 5 years or so, wholly by restraining spending, then we can start talking about the revenue side.

48 posted on 08/09/2011 1:06:00 PM PDT by MNJohnnie (Giving politicians more tax money is like giving addicts free drugs to cure their addiction)
[ Post Reply | Private Reply | To 5 | View Replies]

To: Mr.Unique

A straw man is a component of an argument and is an informal fallacy based on misrepresentation of an opponent’s position.[1] To “attack a straw man” is to create the illusion of having refuted a proposition by replacing it with a superficially similar yet unequivalent proposition (the “straw man”), and refuting it, without ever having actually refuted the original position

That is exactly what you did. I never claimed nor would I claim that you should or any should give “me” half of what you owe. I never said that. I said that there needs to be a happy medium. You took that to mean I am for taxing you into the poor house.


49 posted on 08/09/2011 2:13:12 PM PDT by GreenvillePatriot
[ Post Reply | Private Reply | To 45 | View Replies]

To: MrB

Rah Rah... Go team! Even if that means destroying the country just enough to get our team elected.

Even if OUR team gets elected nothing changes. They give us all lip service and throw out things like gay marriage to divert us from their positions. Name one Republican nominee that has come forth with a plan that will work for you. WTF are the ones we did put into office doing. Whining and not putting forth viable plans. Not good enough.


50 posted on 08/09/2011 2:18:29 PM PDT by GreenvillePatriot
[ Post Reply | Private Reply | To 44 | View Replies]


Navigation: use the links below to view more comments.
first 1-5051-100101-102 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson