For this whole debt-ceiling mess, I squarely blame the Tea Party - Stupidi-Tea, Duplici-Tea and Infantili-Tea! - and the Republicans they've dumbed down: Boehner, McConnell and Cantor. With no revenue, only cuts, and none for the rich, how is that "balanced"?
Here are two balancing ideas: 1. The Americans First Tax: When "Big Business" ships jobs overseas (which is unpatriotic), tax them those jobs' American salaries plus all benefits. 2. Gabrielle's Tax: Hike taxes on guns, bullets, clips, etc., but make gun safety devices tax-free.
J. Andrew Smith, Bloomfield, N.J.
mesateacher posted at 10:08 am on Sun, Aug 14, 2011.
When I first read this rant, I was in a state of disbelief: is this writer really this stupid? Then I saw where they're from and that explained a lot. The Tea Party is NOT the problem. In 10 years we're all going to be thanking them for not allowing the tax and spend liberals to take us over the edge. No, the current situation isn't balanced, and it won't be if you tax the rich more. Ask a tax accountant: the rich pay more, far more, than their "fair share". There are all kinds of data given, but when the top 5% of of earners pay 80% of the taxes, that's NOT fair. What's unfair? The freeloaders who pay nothing. The tax breaks given big companies. The EITC that people at the lower end get. The multinationals like GE, whose CEO is an Obama buddy who pay nothing. And you know what? Americans have been so negligent, so lazy, so uneducated that the lobbyists have had a field day for the last 30-40 years getting tax laws written just for them. Well, I'm mad as heck and I'm not going to take it anymore! I support anyone who wants to get spenders out of office. I want reform, fairness, restraint, and spending cuts of the draconian style. And I don't want Gabrielle's Law. It won't raise much at all. I want Michael Moore's Law: we tax anything with sugar, fat, starch and other fattening foods. Maybe we'd be healthier, skinnier, and it'd raise a lot of money!
Arizona Willie posted at 7:55 am on Mon, Aug 15, 2011.
Watched 60 Minutes show about the companies moving overseas to avoid taxes. The gov't talked about taxing salaries so the CEO'S MOVED TO SWITZERLAND TOO.
The solution is easy. Any company that moves it's " headquarters or production " overseas we tax the SALES of it's products in the U.S. at the spot of sale. Impose a Federal sales tax on all imported products from " American " companies. If Sears sells a Kenmore washer ( made in Mexico now ) we apply the " fugitive " tax.
Perhaps in order to avoid any loopholes and eliminate lawyer wiggle room we should just tax ALL imported goods. Most of the countries that import stuff to us subsidize the product in order to undersell us anyway. We constantly appeal to the World Court about unfair trade subsidies to no avail.
A little 3% Federal tax on all imported goods would go a LONG way to helping pay down our deficit.
If a company wanted an advantage if they could prove their headquarters were here and production was in the U.S. and they paid their U.S. taxes then they could get an exemption from that Federal sales tax.
In the past we provided incentives for companies to move out ... an exemption from a Federal sales tax would provide an exception to move INTO the U.S. Sure companies might threaten to boycott us but they can't afford to because the U.S. is the biggest retail market in the world.
With the possible exception of China.
Dale Whiting posted at 8:27 am on Mon, Aug 15, 2011.
The problem of having manufacturing and technology jobs migrate overseas is a necessary and attendant element of our free market society having gone global following the end of the cold war. Even corporations faced with 35% marginal income tax rates migrate to Switzerland where the tax rate is half of that.
If we want manufacturing and technology jobs back, we must lower our wages and standards of living or we must out innovate.
If we want corporations back to pay taxes in the US, we must lower the corporate tax rate. Right now it's tax loop holes which keep what is left of international corporations here.
Funny thing. Neo-cons complain of our welfare state and socialistic policies, demanding smaller government. Ever been to Switzerland to see how socialistic they are?
Dale Whiting posted at 8:29 am on Mon, Aug 15, 2011.
P.S. The cost of living in Switzerland is perhaps the highest in all of the Western world! Individual taxes are estoundingly high!
Rodini posted at 12:33 pm on Mon, Aug 15, 2011.
Mesateacher....reading your nonsense, I can now understand why our kids are failing in school. You are clueless. READ this editorial from one of the world's richest men....then try THINKING for a change, OK? THANKS!
The wealthy pay more taxes, because they make so much more money...from our hard work too, not just their own! And they can easily afford to pay much more...as Warren Buffett explains below:
Billionaire urges lawmakers to raise taxes on rich to help cut budget deficit
Billionaire Warren Buffett urged U.S. lawmakers Monday to raise taxes on the country's super-rich to help cut the budget deficit, saying such a move will not hurt investments.
"My friends and I have been coddled long enough by a billionaire-friendly Congress. It's time for our government to get serious about shared sacrifice," The 80-year-old "Oracle of Omaha" wrote in an opinion article in The New York Times.
Buffett, one of the world's richest men and chairman of conglomerate Berkshire Hathaway Inc , said his federal tax bill last year was $6,938,744.
"That sounds like a lot of money. But what I paid was only 17.4 percent of my taxable income - and that's actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33 percent to 41 percent and averaged 36 percent," he said.
Vote: Is Congress coddling the super-rich, like Buffett says?
94.3%
Yes, and they should be taxed more.
58,411 votes
5.7%
No, everyone pays too much in taxes already.
3,506 votes
Lawmakers engaged in a partisan battle over spending and taxes for more than three months before agreeing on August 2 to raise the $14.3 trillion U.S. debt ceiling, avoiding a U.S. default.
"Americans are rapidly losing faith in the ability of Congress to deal with our country's fiscal problems. Only action that is immediate, real and very substantial will prevent that doubt from morphing into hopelessness," Buffett said.
Buffett said higher taxes for the rich will not discourage investment.
"I have worked with investors for 60 years and I have yet to see anyone - not even when capital gains rates were 39.9 percent in 1976-77 - shy away from a sensible investment because of the tax rate on the potential gain," he said
"People invest to make money, and potential taxes have never scared them off."
...................................................................................................................................
Amen and thank-you for telling America the TRUTH Warren!! And the polling numbers clearly show the VAST MAJORITY AGREE!!
onerebel posted at 4:39 pm on Mon, Aug 15, 2011.
Here we go again blaming the Tea Party. That's like blaming the cop that shows up to stop the crime. Then in typical fashion Mr Smith and his fellow Lib-cons want to impose a tax that won't effect them, I know lets tax MSNBC but not FOX ,see how that works. Many Americans I believe would not mind paying a little more in taxes if: 1. The Government stops wasting so dam much money, if you deny that your in denial or stupid. 2. To many people and COMPANIES do NOT pay their fare or any share of taxes, impose a flat tax. The problem is not a taxing to little problem, it's a SPENDING TO MUCH PROBLEM.
reddi27 posted at 5:32 pm on Mon, Aug 15, 2011.
Actually, onerebel, the problem is BOTH taxing the rich too little AND spending too much. And, if you are going to insult the intelligence of others, you should probably learn to spell first.
Good post, Rodini! :)
onerebel posted at 7:18 pm on Mon, Aug 15, 2011.
Why Reddi27, That is soooo nice that while our country is falling apart you are deeply concerned about others spelling, I am touched. Perhaps that is the reason the health care bill is such a cluster, the Liberals were busy checking the spelling of all 2000 plus pages instead of checking what was IN IT. As I said before, ALL should pay their fare, including the 48% that pay NOTHING. It you really impress yourself by checking others spelling knock yourself out on this one too, however one question, since Onerebel is a name should you have capitalized it ? Just asking the self implied expert !
Slabside posted at 7:44 pm on Mon, Aug 15, 2011.
Taxes by class:
Top 1% pay
38.02%
Top 5% pay
58.72%
Top 10% pay
69.94%
Top 25% pay
86.34%
Top 50% pay
97.30%
Bottom 50% pay
2.7%
PatrioticPerson posted at 8:43 pm on Mon, Aug 15, 2011.
Let's think about this. Why do companies move jobs to different locations? High taxes, high wages and high material costs drive them from their current locations (whether from state to state or country to country). Does increasing the tax really solve the problem?
Now about the Tea Party. They got elected by saying they were going to reduce government spending and reduce the size of government. They are being blasted for "Doing what they said they were going to do".
I would guess that it is the 50% that don't pay taxes that want to increase the taxes on the other 50%. How about a flat tax of 10% on your gross income with zero deductions? And that would be on EVERYONE. More people would be concerned about how Congress spends the money.
Speaking of Taxes and Congress.....My problem with a tax increase (no matter what it looks like) is that Congress is like a kid in a candy store when it comes to "new money". Rather than paying down our debt they would find something new to spend it on.
Slabside posted at 8:53 pm on Mon, Aug 15, 2011.
Very well said PatrioticPerson.
Dale Whiting posted at 7:07 pm on Tue, Aug 16, 2011.
Slabside,
So I take it from your list that you do not care for the Bush tax cuts!
VofReason posted at 12:48 pm on Wed, Aug 17, 2011.
It is easy to see who trusts themselves and who does not. Those who do feel they should get to keep more of their money and take on more responsibility for themselves and their families. Then there are those who largely don't pay taxes who want those who do to pay more so that some politician or government agency can assure that their family is taken care of. Guess you just have to choose your side.