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  1. SiriuslyLong is offline
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    Joined: Jan 2009 Location: Ann Arbor, MI Posts: 3,560
    04-21-2011, 09:59 AM #11
    "As this thread demonstrates "taxing the rich" isnt as "inflammatory" as you are trying to suggest"

    Like I said, it may not be inflammatory, but it certainly polarizing.

    Here's something interesting; try to find a video clip of Obama's speech a week ago where he talks about taxing the rich. The only one I found was on Fox News LOL. http://video.foxnews.com/v/4651636.

    You really ought to watch the link - especially when Obama says that the rich WANT to pay more tax. Hmmm, kinda like GE I suppose.

  2. Atypical is offline
    04-21-2011, 10:49 AM #12
    Carried interest.

  3. SiriuslyLong is offline
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    04-21-2011, 04:02 PM #13
    Tax The Rich? Good Luck With That
    By WALTER WILLIAMS
    Posted 04/11/2011 06:31 PM ET

    I've often said that I wish there were some humane way to get rid of the rich. If you asked why, I'd answer that getting rid of the rich would save us from distraction by leftist hustlers promoting the politics of envy.

    Not having the rich to fret over might enable us to better focus our energies on what's in the best interest of the 99.99% of the rest of us. Let's look at some facts about the rich laid out by Bill Whittle citing statistics on his RealClearPolitics video "Eat the Rich."

    This year, Congress will spend $3.7 trillion dollars. That turns out to be about $10 billion per day. Can we prey upon the rich to cough up the money?

    According to IRS statistics, roughly 2% of U.S. households have an income of $250,000 and above. By the way, $250,000 per year hardly qualifies one as being rich. It's not even yacht and Learjet money.

    All told, households earning $250,000 and above account for 25%, or $1.97 trillion, of the nearly $8 trillion of total household income. If Congress imposed a 100% tax, taking all earnings above $250,000 per year, it would yield the princely sum of $1.4 trillion. That would keep the government running for 141 days, but there's a problem because there are 224 more days left in the year.

    How about corporate profits to fill the gap? Fortune 500 companies earn nearly $400 billion in profits. Since leftists think profits are little less than theft and greed, Congress might confiscate these ill-gotten gains so that they can be returned to their rightful owners.

    Taking corporate profits would keep the government running for another 40 days, but that along with confiscating all income above $250,000 would only get us to the end of June. Congress must search elsewhere.

    According to the Forbes 400, America has 400 billionaires with a combined net worth of $1.3 trillion. Congress could confiscate their stocks and bonds, and force them to sell their businesses, yachts, airplanes, mansions and jewelry. The problem is that after fleecing the rich of their income and net worth, and the Fortune 500 corporations of their profits, it would only get us to mid-August.

    The fact of the matter is there are not enough rich people to come anywhere close to satisfying Congress' voracious spending appetite. They're going to have to go after the non-rich.

    But let's stick with the rich and ask a few questions. Politicians, news media people and leftists in general entertain what economists call a zero-elasticity view of the world. That's just fancy economic jargon for a view that government can impose a tax and people will behave after the tax just as they behaved before the tax, and the only change is more government revenue.

    http://www.cnn.com/2011/TECH/mobile/...ss_igoogle_cnn

  4. SiriuslyLong is offline
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    Joined: Jan 2009 Location: Ann Arbor, MI Posts: 3,560
    04-21-2011, 04:29 PM #14
    How do you like my new avatar?

    1% pay 40% of all income tax
    10% pay 70% and lastly
    50% pay 97%

    Tax the rich? It's happening. Is this not good enough? Or do you want to focus on that 1% whilst the remaining 49% of us get ransacked?
    Last edited by SiriuslyLong; 04-21-2011 at 04:50 PM.

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