The 2 percent rich can absorb a higher tax, the other 98 percent can't

[haymarket]

There is another problem with high taxes. It stifles growth because the very people affected will be unable to use their money to invest in job growth or otherwise expanding their businesses. This is one reason why states like New York and California are in the ****ter. High taxes and the Rolls-Royce of welfare programs, especially in NY

And I would guess that according to the way you see things Prop 13 in California had nothing to do with it?

 

[justabubba]

There is another problem with high taxes. It stifles growth because the very people affected will be unable to use their money to invest in job growth or otherwise expanding their businesses. This is one reason why states like New York and California are in the ****ter. High taxes and the Rolls-Royce of welfare programs, especially in NY

this is such a specious argument
the implication is that but for higher tax rates there would be more money to invest in job producing business expansion
the reality is there are many $trillions parked, waiting for the economic conditions to improve to make such business investment practical
we are in a credit driven economy and the availability of credit has sustained a steep decline
tax rates are at their lowest perigee in the past half century ... and we can readily observe that those low tax rates have not caused a boon in job formation
so, back up and try another explanation to justify giving tax breaks to billionaire$; unlike most other crap, this won't float

 

[TurtleDude]

My employer won't put me in that tax bracket.

then make yourself more valuable to your employer

but you can pay additional taxes rather than demanding others do so

 

[TurtleDude]

this is such a specious argument
the implication is that but for higher tax rates there would be more money to invest in job producing business expansion
the reality is there are many $trillions parked, waiting for the economic conditions to improve to make such business investment practical
we are in a credit driven economy and the availability of credit has sustained a steep decline
tax rates are at their lowest perigee in the past half century ... and we can readily observe that those low tax rates have not caused a boon in job formation
so, back up and try another explanation to justify giving tax breaks to billionaire$; unlike most other crap, this won't float

what will be the effective tax rate on someone making 400K a year if the obama/clinton tax hikes are reimposed versus the effective tax rates on that income (in current dollars) in the last 50 years

 

[TurtleDude]

Sorry Turtle but you lose yet again in your assumptions. I am not a member of the National Education Association or the Democratic National Committee. You really are not very good at this are you?

You may want to research the organizations when you talk about them

Democratic National Committee - Wikipedia, the free encyclopedia

as you can read in the above link, the DNC is made up of only a few hundred people. I would be honored to be one of those people, but alas I am not so fortunate.

you don't work for the democratic party?

 

[justabubba]

what will be the effective tax rate on someone making 400K a year if the obama/clinton tax hikes are reimposed versus the effective tax rates on that income (in current dollars) in the last 50 years

do the math

 

[cpwill]

My employer won't put me in that tax bracket.

that doesnt' stop you from sending in more money to the treasury.

 

[cpwill]

What I am saying is that there is only X amount of dollars in the economy at a given time. In order for someone to input a credit of $5, there has to be a corresponding debit of $5 somewhere.

Fractional Reserve Banking

 

[TurtleDude]

do the math

If you do the math you will find out that your silly appeals to tax rates of years gone by really don't support your BS claims that things were tougher on the rich in decades long past

 

[justabubba]

If you do the math you will find out that your silly appeals to tax rates of years gone by really don't support your BS claims that things were tougher on the rich in decades long past

you posit that claim, squire, as if you have done the math
show us your work and support your ignorant claim


i look forward to seeing the result of your very limited efforts

 

[haymarket]

you don't work for the democratic party?

The DNC is a very specific organization. I am not on the DNC as you allege. I have managed political campaigns for Democrats and have given paid advice to others including putting on campaign workshops for candidates and small numbers of key staff numbers.
In January I will put this phase of my life behind me and become the Chief of Staff in the Office of a state legislator. The title is better than what it is since the staff will consist of one other full time employee who reports to me and up to two interns. There is also a local district part time person who works hourly in the district as needed.

My new position could cause me to really cut back on posting here. I know that will break your heart. But we shall see how it works out.

 

[phattonez]

this is such a specious argument
the implication is that but for higher tax rates there would be more money to invest in job producing business expansion
the reality is there are many $trillions parked, waiting for the economic conditions to improve to make such business investment practical
we are in a credit driven economy and the availability of credit has sustained a steep decline
tax rates are at their lowest perigee in the past half century ... and we can readily observe that those low tax rates have not caused a boon in job formation
so, back up and try another explanation to justify giving tax breaks to billionaire$; unlike most other crap, this won't float

People are afraid to invest because they can't predict how much value they actually currently have. When the Fed is pumping trillions upon trillions of dollars into the economy, how can you estimate how much your bills are worth? If you can't predict what you have, how can you even attempt to invest?

 

[TurtleDude]

The DNC is a very specific organization. I am not on the DNC as you allege. I have managed political campaigns for Democrats and have given paid advice to others including putting on campaign workshops for candidates and small numbers of key staff numbers.
In January I will put this phase of my life behind me and become the Chief of Staff in the Office of a state legislator. The title is better than what it is since the staff will consist of one other full time employee who reports to me and up to two interns. There is also a local district part time person who works hourly in the district as needed.

My new position could cause me to really cut back on posting here. I know that will break your heart. But we shall see how it works out.

Not really, your posts aren't all that entertaining but I am glad you found something you like to do. You really haven't been here all that long and honestly I won't miss it. But good luck in your new position

 

[imagep]

People are afraid to invest because they can't predict how much value they actually currently have. When the Fed is pumping trillions upon trillions of dollars into the economy, how can you estimate how much your bills are worth? If you can't predict what you have, how can you even attempt to invest?

Does it matter how much value investments actually have when that value is based upon the US dollar which also has the same issue and is the currency that most investors hold?

Lets say that Investment A will cost $10,000 but is actually only worth $5,000 (or will be in the future due to the issues that you brought up). So what when your $10,000 is only actually worth $5,000 (or will only be worth that). Hold onto the cash or invest it, either way you are loosing half your money. Even if you invest the $10,000 in gold, you have still already lost half your money because gold is currently priced at double or triple it's historical value - your $10,000 will only buy a third the number of ozs that it would have a few years ago.

Someone recently mentioned that people who wanted to see inflation increase because they were debtors and wanted to "rip off" the bank. Bullcrap. The bank doesn't care, banks are loaning you someone elses money, they make money on the difference between what they pay and what they charge. They could care less if the depositors deposit became less valuable due to inflation, thats not there problem, the bank can still make a buck, and the depositor, as long as he held cash, was going to loose anyway. Financial management is like a monopoly game, it involves a little skill and a whole lot of luck.

 

[phattonez]

Does it matter how much value investments actually have when that value is based upon the US dollar which also has the same issue and is the currency that most investors hold?

Lets say that Investment A will cost $10,000 but is actually only worth $5,000 (or will be in the future due to the issues that you brought up). So what when your $10,000 is only actually worth $5,000 (or will only be worth that). Hold onto the cash or invest it, either way you are loosing half your money. Even if you invest the $10,000 in gold, you are still loosing half your money because gold is currently priced at double (or more) of it's historical value.

It matters. Even if you believe that gold is overvalued, there are other assets that you can invest in as a hedge against inflation. There's oil, silver, platinum, copper, etc. These aren't really productive things to invest in, though, people are only doing it to protect themselves from what they see as a coming of price inflation.

Someone recently mentioned that people who wanted to see inflation increase because they were debtors and wanted to "rip off" the bank. Bullcrap. The bank doesn't care, banks are loaning you someone elses money, they make money on the difference between what they pay and what they charge. They could care less if the depositors deposit became less valuable due to inflation, thats not there problem, the bank can still make a buck, and the depositor, as long as he held cash, was going to loose anyway.

If they get all their money back that's great, but the profit they expected, though nominally will be the same, in real value will be much lower. That hurts banks.