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Trickle-down Obama

Races for the Senate, U.S. House, etc. and other issues of national importance.

Trickle-down Obama

Postby Meade » Tue Jul 10, 2012 1:00 pm

He says he'll extend the Bush tax cuts. That's $150 billion less federal revenue.

But he won't extend the Bush tax cuts for those with incomes over $250,000. That will amount to $60 billion in additional lost revenue.

It's the Obama trickle-down theory: the idea that tax breaks or other economic benefits provided by government to the upper middle class will benefit lower middle class members of society, not by improving the economy as a whole, but by making things seem more fair... by making rich people pay more taxes... which will make poor people feel better... not because they'll have jobs and income... but because Obama will be sticking it to the rich and who doesn't like to see the rich get stuck?
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Re: Trickle-down Obama

Postby Stella_Guru » Tue Jul 10, 2012 1:23 pm

Meade wrote:.... making things seem more fair... by making rich people pay more taxes... which will make poor people feel better... not because they'll have jobs and income... but because Obama will be sticking it to the rich and who doesn't like to see the rich get stuck?

I love seeing the rich get stuck. And, I am especially envious of their ability to shop from one end of the mall to the other, their endless comforts, conveniences, labor saving gadgets, trinkets, habit forming drugs, the rush, the glamour...
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Re: Trickle-down Obama

Postby snoqueen » Tue Jul 10, 2012 4:18 pm

I really, really want a Lincoln Navigator.
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Re: Trickle-down Obama

Postby Henry Vilas » Tue Jul 10, 2012 4:39 pm

Obama says he and Romney don't need tax cuts

President Obama touted his tax cut plan today by citing some people who would benefit from an extension of all the George W. Bush tax cuts -- including himself and opponent Mitt Romney.

"To give me another tax break, or to give Warren Buffett another tax break, or to give Mitt Romney another tax break -- that would cost about a trillion dollars" in the federal budget...
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Re: Trickle-down Obama

Postby Meade » Tue Jul 10, 2012 4:53 pm

"To give me another tax break, or to give Warren Buffett another tax break, or to give Mitt Romney another tax break -- that would cost about a trillion dollars" in the federal budget...

A trillion dollars. I knew Obama and Romney and Buffet were rich but I didn't know they were that rich.
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Re: Trickle-down Obama

Postby wack wack » Wed Jul 11, 2012 8:00 am

Meade wrote:He says he'll extend the Bush tax cuts. That's $150 billion less federal revenue.

But he won't extend the Bush tax cuts for those with incomes over $250,000. That will amount to $60 billion in additional lost revenue.

It's the Obama trickle-down theory: the idea that tax breaks or other economic benefits provided by government to the upper middle class will benefit lower middle class members of society, not by improving the economy as a whole, but by making things seem more fair... by making rich people pay more taxes... which will make poor people feel better... not because they'll have jobs and income... but because Obama will be sticking it to the rich and who doesn't like to see the rich get stuck?


Obama could cut taxes by 50% for the top 2% and it still wouldn't create jobs. The suggestion that business is built from the top down is the biggest lie told in America today.
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Re: Trickle-down Obama

Postby Meade » Wed Jul 11, 2012 8:31 am

Want to avoid taxes?

Don't make much money.
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Re: Trickle-down Obama

Postby wack wack » Wed Jul 11, 2012 8:36 am

Meade wrote:Want to avoid taxes?

Don't make much money.


Or make more than everyone else.
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Re: Trickle-down Obama

Postby gargantua » Wed Jul 11, 2012 11:09 am

Remember how poorly people making over $250,000 a year were doing during the Clinton years?

Neither do I.
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Re: Trickle-down Obama

Postby Meade » Wed Jul 11, 2012 1:40 pm

wack wack wrote:
Meade wrote:Want to avoid taxes?

Don't make much money.


Or make more than everyone else.


Americans in the top 5% of Adjusted Gross Income paid 58.66% of Federal Personal Income Tax in 2009. (Source: Internal Revenue Service)
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Re: Trickle-down Obama

Postby rabble » Wed Jul 11, 2012 1:50 pm

Meade wrote:Americans in the top 5% of Adjusted Gross Income paid 58.66% of Federal Personal Income Tax in 2009. (Source: Internal Revenue Service)

Yeah, I love that. They make 95 percent of the total money, but they're paying half the total taxes. What a great country.
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Re: Trickle-down Obama

Postby scratch » Wed Jul 11, 2012 2:18 pm

rabble wrote:
Meade wrote:Americans in the top 5% of Adjusted Gross Income paid 58.66% of Federal Personal Income Tax in 2009. (Source: Internal Revenue Service)

Yeah, I love that. They make 95 percent of the total money, but they're paying half the total taxes. What a great country.


Don't bother Larry with facts and figures he hasn't carefully selected for himself-- his mind's made up.
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Re: Trickle-down Obama

Postby Francis Di Domizio » Wed Jul 11, 2012 3:21 pm

rabble wrote:
Meade wrote:Americans in the top 5% of Adjusted Gross Income paid 58.66% of Federal Personal Income Tax in 2009. (Source: Internal Revenue Service)

Yeah, I love that. They make 95 percent of the total money, but they're paying half the total taxes. What a great country.


Being in the top 5% for income doesn't mean that group make 95% of the total money Rabble, just that a person in that group has a higher AGI than 95% of the country.

Most current numbers I can find are 2009 which put the share of aggregate for income at 21.7% for the top 5% income earners. It may have (and probably has) gone up some since than, but I doubt it is anywhere near 95%.
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Re: Trickle-down Obama

Postby rabble » Wed Jul 11, 2012 3:34 pm

Francis Di Domizio wrote: It may have (and probably has) gone up some since than, but I doubt it is anywhere near 95%.

Oh, goodness. You mean those poor people only make 21 percent of the total money but pay fully HALF the total tax!

That sounds logical to you?

http://en.wikipedia.org/wiki/Income_ine ... ted_States
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Re: Trickle-down Obama

Postby Meade » Wed Jul 11, 2012 3:37 pm

I'm only bothered by facts and figures that are inaccurate. rabble needs to rework his math if he wants it to be accurate.

The people in the top 5% of Adjusted Gross Income, who pay nearly 60% of the total Federal Personal Income Tax revenue, do not earn 95% of the total income.

They earn something closer to 20% of the total income. The other 80% is earned by households like mine that have incomes less than $200,000/year.

Total income in the US in 2007 was almost $8 trillion. (Source: US Census Bureau. May 2008)
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