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Higher Taxes Will Create Jobs and Reduce the Deficit (You can't make this stuff up)
Yahoo! Finance ^ | 12-12-12 | David Cay Johnson

Posted on 12/12/2012 1:05:36 PM PST by wac3rd

President Obama hit the road this week to build national support for increasing taxes on wealthy Americans. On Monday the president addressed autoworkers in Redford, Mich., outlining his budget proposal and explaining why higher tax rates were necessary at this critical juncture.

"Our economic success has never come from the top down," Obama said. "It comes from the middle out; it comes from the bottom up."

Raising taxes on the top 2% of U.S. households has been a controversial topic as the "fiscal cliff" negotiations drag on in Washington. The "cliff" refers to the billions of dollars in spending cuts and tax increases that are scheduled to take effect early next year. Obama has not relented on his campaign pledge to let the Bush-era tax cuts expire for individuals earning at least $200,000 a year ($250,000 for families). Obama says his proposal would not affect the tax rates of 98% of Americans and his recommended tax hikes on the rich would not touch the first $250,000 of income.

(snip)

"If you're concerned about deficits, you need to bring in more money," he says. The economy may be too "delicate" to let the Bush tax cuts expire for lower income individuals right now Johnston concedes, but "as the economy gets stronger, there will need to be adjustments."

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: Business/Economy
KEYWORDS: fiscalcliff; keynesianeconomics
I think we have reached the tipping point of imbeciles running the Government and Media. There is no hope for these Socialists.
1 posted on 12/12/2012 1:05:43 PM PST by wac3rd
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To: wac3rd

Most Democrats believe this.


2 posted on 12/12/2012 1:08:30 PM PST by outpostinmass2
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To: wac3rd

Okay, everyone at the top close your business. Let’s see the economic miracle of the bottom. Let’s see that Balance Sheet. Assets = 0 Liabilities = the skies the limit.


3 posted on 12/12/2012 1:09:07 PM PST by massgopguy (I owe everything to George Bailey)
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To: wac3rd

It REALLY burns me up to think of all the time I wasted in my microeconomics classes learning the Theory of the Firm and in my macroeconomics classes learning about domestic and international fiscal and monetary policies. If I had been thinking ahead, I would have taken “Economics from the Middle Out” in undergrad and “Economics from the Bottom Up” in Grad School. Little did I know those once-obscure economic theories would one day be mainstreamed by the nation’s Intellectual in Chief. As the wise man once said, “Too soon old, too late smart.”


4 posted on 12/12/2012 1:13:08 PM PST by ProtectOurFreedom
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To: massgopguy

If the government dumping a trillion dollars in “stimulus” isn’t trying to build the economy “from the top down”, what is it?


5 posted on 12/12/2012 1:14:17 PM PST by Argus
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To: wac3rd

And they’ll make your teeth 30% whiter and get rid of those ugly bathtub stains...


6 posted on 12/12/2012 1:15:10 PM PST by Buckeye McFrog
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To: wac3rd

Higher taxes on small business owners is like ‘Arab Spring’. It’s not what the Socialists say it is.. It’s just part of 0bama’s overall strategy of killing the private sector by overburdening them (including 0bamacare) into nonexistence. 0bama’s CHANGE is a 100% government-operated nation where everyone is an employee of the government.


7 posted on 12/12/2012 1:15:17 PM PST by Obama_Is_Sabotaging_America (IMPEACH OBAMA)
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To: outpostinmass2

The Democrats and 0bama also say that the Great Recession was caused by Republican tax cuts for the rich. The fact that the gubmint forced banks to give mortgages to dead beats with bad credit had nothing to do with it. Most people believe it and the Republicans sit on their asses and don’t respond.


8 posted on 12/12/2012 1:18:02 PM PST by forgotten man (forgotten man)
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To: wac3rd

You’re right!

But every time I say this to myself, one of them steps up to a mike or answers a ‘journalist’ with an even more idiotic statement.

Liberalism has been a dead letter for too long and waiting for Americans to wise up is becoming more dangerous than ever!

There is real and certain danger in permitting people with such unworkable and ruinous ideas to have power and authority in this country…. The perfect example of this is the failure of the ‘European Union’ that is staring us in the face.

It’s one degree of idiocy to say what these Liberals say but it is another level altogether when you look at such incontrovertible and glaring examples of failure and still deny they exist!


9 posted on 12/12/2012 1:23:37 PM PST by SMARTY ("The man who has no inner-life is a slave to his surroundings. "Henri Frederic Amiel)
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To: forgotten man

Its official name was the “Community Reinvestment Act.” Banks were blackmailed. Communities destroyed. No one reinvested in anything.


10 posted on 12/12/2012 1:24:57 PM PST by Eric in the Ozarks (In the game of life, there are no betting limits)
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To: wac3rd

...so if the government took 100% of our money and property, we can all live like Bill Gates?

I’m sorry - that logic doesn’t follow....


11 posted on 12/12/2012 1:25:30 PM PST by Tzimisce (What do you do when every every branch of the government is corrupt and aligned against you?)
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To: wac3rd

Debt and taxes, taxes and debt... the Democrat’s policy ‘for the children’.


12 posted on 12/12/2012 1:27:55 PM PST by mrsmith (Dumb sluts: Lifeblood of the Media, Backbone of the Democrat Party!)
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To: wac3rd

This B.S. isn’t exactly going to fly given today’s news from the Fed:

“Fed Lowers Growth Forecast; Sees
Jobless Rate Above 6.5% Until 2015”

That would be almost the END of his second term. The voters are total idiots. Seems to me the House has a pretty good argument for staying the course and not caving in to the rat thieves.


13 posted on 12/12/2012 1:33:24 PM PST by jersey117
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To: Eric in the Ozarks

0BAMA CAUSED THE HOUSING CRISIS:

Subprime Bubble: Obama ‘Vampire Socialism’ Built It

Posted 09/04/2012 06:50 PM ET

Housing Crisis: Previously unpublished court documents reveal that as a young lawyer from Chicago, President Obama’s lawsuit against big banks started inflating the housing bubble that created the mess he says he inherited.

We have often written that the true roots of our current economic crisis lay in the excesses of the 1977 Community Reinvestment Act as redefined under the Clinton administration. We have explained how community outreach by banks, under pressure from groups such as Acorn, was transformed into the mandatory credit issuance based not of creditworthiness, but on the basis of “fairness.”

“Redlining,” the activists argued, was the antithesis of the American dream of owning a home. Moreover, they insisted, everyone had the “right” to own a home. So the banks were forced to issue loans to people who couldn’t afford to pay them back. The banking system was forced to inflate a housing bubble that set us up for a near-catastrophic economic collapse.

This did not occur by accident, but by design at the hands of disciples of the Cloward-Piven strategy of overwhelming the system, causing it to collapse, then to be replaced by a worker’s paradise of redistributed income with the individual totally subservient to the greater good.

Presidential candidate Barack Obama called it the “fundamental transformation” of America, and he was there when the seeds of collapse were planted.

The Daily Caller has obtained and analyzed previously unpublished court documents relating to a class-action lawsuit filed in 1995 by young attorney Barack Obama on behalf of three lead plaintiffs and 180 subsidiary plaintiffs against Citibank for alleged discrimination in lending practices.

As the Daily Caller relates, “Obama’s lawsuit was one element of a national ‘anti-redlining’ campaign led by Chicago’s progressive groups, who argued that banks unfairly refused to lend money to people living within so-called ‘red lines’ around African-American communities.”

The discrimination lawsuit was initiated by Chicago progressive activist Fay Clayton in 1994. Obama’s employer, lawyer Judson Miner, joined with Clayton to file a class-action lawsuit a year later. Obama later introduced himself to Clayton as an “associate” on the case.

mp3Subscribe to the IBD Editorials Podcast

Citibank would settle the case, with $950,000 going to the lawyers, including Obama. But it gave only $20,000 to each of the three named plaintiffs, and included $360,000 in benefits to be divided among the 183 other clients. Their portion of the settlement was not in cash, but in coupons. About half of the 186 African-American clients in Obama’s lawsuit have since gone bankrupt or received foreclosure notices.

According to a 1998 Chicago Sun-Times report, Obama claimed $23,000 in billable hours for his role in the lawsuit. He would also garner large campaign donations from the mortgage industry, including at least $126,349 between 1989 and 2004, in cash, not coupons.

That settlement was only the tip of the iceberg. When Citibank, in April 1998, sought federal approval for a merger with Travelers Group, it only got OK from the Clinton administration progressives after it promised in May to provide $115 billion for anti-redlining loans. Anti-redlining promises made by other financial institutions added up to $600 billion between 1993 and 1998, according to a 2000 Treasury Department report.

We have heard a lot about the “vampire capitalism” of Bain Capital and its former chief, Mitt Romney. We have heard next to nothing about the “vampire socialism” of Barack Obama in helping to plant the seeds of economic collapse that he would exploit to his own political benefit later.

It was the progressive dreams of Barack Obama that would crash the nation’s economy in 2008, wipe out at least $4 trillion in equity and help keep the unemployment rate above 8% for four years.

As president, Obama would blame his predecessor, George W. Bush, and Wall Street. But before the housing market finally collapsed, it was a young lawyer named Barack Obama who helped put the wrecking ball in motion.

http://news.investors.com/print/ibd-editorials/090412-624522-obama-launched-subprime-crisis-with-lawsuit.aspx


14 posted on 12/12/2012 1:33:33 PM PST by Uncle Miltie (BOHICA eGOP!)
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To: wac3rd

and this is why we have to bite the bullet and give this incompentent ideologue what he asks for- higher taxes on the
productive

and make him OWN the results (I know, good luck with that, no one in his life ever made him own anything he said or did, if it worked out he boasted about it, if it failed he blamed someone else)

Otherwise things will never change, never


15 posted on 12/12/2012 1:37:36 PM PST by silverleaf (Age Takes a Toll: Please Have Exact Change)
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To: wac3rd

Well tax rates have been higher and the economy was doing well. Obviously the jobs economy is not driven by tax rates. What then? Sales volume. The more you sell, the more you hire. Conservatives should split from Republicans on the tax issue and take a more family middle class position.


16 posted on 12/12/2012 1:40:16 PM PST by ex-snook (without forgiveness there is no Christianity)
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To: wac3rd
"It comes from the middle out; it comes from the bottom up."

Why, just the other day I was talking to Billy...you know, the kid that bags my groceries, and he was saying that he was going to create a hundred jobs all by himself.

And, don't EVEN get me started on what Jim the gas station attendant said......

17 posted on 12/12/2012 1:48:10 PM PST by Puppage (You may disagree with what I have to say, but I shall defend to your death my right to say it)
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To: wac3rd

Sure, and it’s also possible to dig yourself out of a hole.


18 posted on 12/12/2012 1:50:56 PM PST by Huskrrrr
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To: wac3rd

Bump


19 posted on 12/12/2012 1:53:22 PM PST by lowbridge (Joe Biden: "Look, the Taliban per se is not our enemy.")
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To: wac3rd

“Our economic success has never come from the top down,” Obama said. “It comes from the middle out; it comes from the bottom up.”

This is the stupidest fucking thing I have ever heard. The only thing worse than reading this kind of idiotic incompetency is knowing that the majority of Americans voted for this jackass.

If you truly honestly believe that our greatness comes from the average american, you’re ignorant. The average american is lazy, stupid, selfish and totally uniformed. Consumer sheep that pay ridiculous amounts of money for garbage commercial items.

I can’t tell you how deeply, honestly, truly I wish that Barack Obama was a nightmare, instead of reality.

Our country is as close to gone as ever.


20 posted on 12/12/2012 1:56:50 PM PST by Bronco_Buster_FweetHyagh (I cling to guns and religion.)
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To: wac3rd

Since we have record numbers of Americans now at the bottom and struggling in the middle, our economy must be booming the most it has ever boomed. I didn’t realize that.


21 posted on 12/12/2012 1:59:28 PM PST by mom.mom
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To: Bronco_Buster_FweetHyagh
“Our economic success has never come from the top down,” Obama said. “It comes from the middle out; it comes from the bottom up.”

Just a cleverly restated way of saying "You Didn't Build That".


22 posted on 12/12/2012 2:07:19 PM PST by Buckeye McFrog
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To: wac3rd

We need to tax those millionaires and billionaires who make who make more the $50,000.


23 posted on 12/12/2012 2:20:23 PM PST by Paladin2
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To: wac3rd

Flippin idiots.

I guarantee you if I’m taking home less then someone or somethings gonna get cut. Might be lawnmower man or the maid or the dry cleaneroor fast food but, somethings get cut....


24 posted on 12/12/2012 2:33:57 PM PST by Vendome (Don't take life so seriously, you won't live through it anyway)
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To: Buckeye McFrog

ROFL..!!!!


25 posted on 12/12/2012 2:38:25 PM PST by Vendome (Don't take life so seriously, you won't live through it anyway)
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To: wac3rd

Economic growth comes from one source only, aside possibly from population growth: capital formation. Capital can be built up by any class of person, but most often and on the biggest scale it comes from people who already have significant capital. That is the rich.


26 posted on 12/12/2012 3:26:02 PM PST by Tublecane
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To: wac3rd
"Our economic success has never come from the top down," Obama said. "It comes from the middle out; it comes from the bottom up."

said the boy not smart enough to understand the business model of a lemonade stand...

27 posted on 12/12/2012 3:32:07 PM PST by Chode (American Hedonist - *DTOM* -ww- NO Pity for the LAZY)
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To: wac3rd
You must be smoking crack to believe this BS. Obama's tax increase on those making over $200,000 will raise about $68 billion in new tax revenue per year, but we are borrowing $4.6 billion per day to fund our current budget. That works out to slightly less than 2 weeks of just paying the deficit. So what is the point???
28 posted on 12/12/2012 3:32:42 PM PST by The Great RJ
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To: ex-snook

“Sales volume. The more you sell, the more you hire.”

No, the more productive you are the more you hire. Selling the end product obviously has something to do with it, but what’s required for growth is not spending all we have to buy what’s out there now. It is to lengthen the productive period through investment in more roundabout means of production.

They know this, even though they won’t come out and say it. Otherwise why would the Fed be holding down the interest rate with all their might? What they want is not growth but growth on their terms, as an extension of their power, which is naturally because they think they can do it better than the people who actually earned the wealth. But they can’t. They suck at everything.

By the way, the sort of short-term memory history that leads to your one to one comparison of higher tax rates in the past coinciding with a better growth rate and confusing it with causation is exactly the halfbaked thinking that keeps us stuck in recessions.


29 posted on 12/12/2012 3:39:02 PM PST by Tublecane
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To: Bronco_Buster_FweetHyagh

I think you are reading my mind! Took the words right out of my mouth. Well said ~


30 posted on 12/12/2012 9:47:10 PM PST by AllAmericanGirl44 (Fluck this adminstration of misfits.)
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