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Author: Subject: Obama's War on Business

Peach Extraordinaire





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  posted on 3/10/2009 at 08:09 AM
Personally I wouldn't call BarryO a "Manchurian Candidate" because he wasn't fooling everybody, just the naive and spiteful among us. As his real agenda becomes more transparent all but BarryO's special-needs apologists are coming to realize his presidency portends disaster for the country. Over the weekend BarryO said "(he) wish(ed) he didn't have to be bothered with financial markets because (he) has better things to do" or words to that effect. This while the markets continue to tank taking over half the country's retirement investments with it. Apparently "better things to do" means focusing on wealth re-distribution and fellatiating our enemies.

Is THIS what you voted for?

# # #

‘Manchurian Candidate’ Starts War on Business
Commentary by Kevin Hassett

March 9 (Bloomberg) -- Back in the 1960s, Lyndon Johnson gave us the War on Poverty. In the 1970s, Richard Nixon launched the War on Drugs. Now that we have seen President Barack Obama’s first-year legislative agenda, we know what kind of a war he intends to wage.

It is no wonder that markets are imploding around us. Obama is giving us the War on Business.

Imagine that some hypothetical enemy state spent years preparing a “Manchurian Candidate” to destroy the U.S. economy once elected. What policies might that leader pursue?

He might discourage private capital from entering the financial sector by instructing his Treasury secretary to repeatedly promise a brilliant rescue plan, but never actually have one. Private firms, spooked by the thought of what government might do, would shy away from transactions altogether. If the secretary were smooth and played rope-a-dope long enough, the whole financial sector would be gone before voters could demand action.

Another diabolical idea would be to significantly increase taxes on whatever firms are still standing. That would require subterfuge, since increasing tax rates would be too obvious. Our Manchurian Candidate would have plenty of sophisticated ideas on changing the rules to get more revenue without increasing rates, such as auctioning off “permits.”

These steps would create near-term distress. If our Manchurian Candidate leader really wanted to knock the country down for good, he would have to provide insurance against any long-run recovery.

There are two steps to accomplish that.

Discourage Innovation

First, one way the economy might finally take off is for some entrepreneur to invent an amazing new product that launches something on the scale of the dot-com boom. If you want to destroy an economy, you have to persuade those innovators not even to try.

Second, you need to initiate entitlement programs that are difficult to change once enacted. These programs should transfer assets away from productive areas of the economy as efficiently as possible. Ideally, the government will have no choice but to increase taxes sharply in the future to pay for new entitlements.

A leader who pulled off all that might be able to finish off the country.

Let’s see how Obama’s plan compares with our nightmare scenario.

Treasury Secretary Timothy Geithner has been so slow to act that even liberal economist and commentator Paul Krugman is criticizing the administration for “dithering.” It has gotten so bad that the Intrade prediction market now has a future on whether Geithner is gone by year’s end. It currently puts the chance of that at about 20 percent.

No More Deferral

On the tax hike, Obama’s proposed 2010 budget quite ominously signaled that he intends to end or significantly amend the U.S. practice of allowing U.S. multinationals to defer U.S. taxes on income that they earn abroad.

Currently, the U.S. has the second-highest corporate tax on Earth. U.S. firms can compete in Europe by opening a subsidiary in a low-tax country and locating the profits there. Since the high U.S. tax applies only when the money is mailed home, and firms can let the money sit abroad for as long as they want, the big disadvantage of the high rate is muted significantly.

End that deferral opportunity and U.S. firms will no longer be able to compete, given their huge tax disadvantage. With foreign tax rates so low now, it is even possible that the end of deferral could lead to the extinction of the U.S. corporation.

If any firms are to remain, they will be festooned with massive carbon-permit expenses because of Obama’s new cap-and- trade program.

Importing Drugs

Obama’s attack on intellectual property is evident in his aggressive stance against U.S. pharmaceutical companies in the budget. He would force drug companies to pay higher “rebate” fees to Medicaid, and he included wording that suggests Americans will soon be able to import drugs from foreign countries. The stock prices of drug companies, predictably, tanked when his budget plan was released.

Obama will allow cheap and potentially counterfeit substitutes into the country and will set the U.S. price for drugs equal to the lowest price that any foreign government is able to coerce from our drugmakers.

Given this, why would anyone invest money in a risky new cancer trial, or bother inventing some other new thing that the government could expropriate as soon as it decides to?

Finally, Obama has set aside $634 billion to establish a health-reform reserve fund, a major first step in creating a universal health-care system. If you want to have health care for everyone, you have to give it to many people for free. Once we start doing that, we will never stop, at least until the government runs out of money.

It’s clear that President Obama wants the best for our country. That makes it all the more puzzling that he would legislate like a Manchurian Candidate.

(Kevin Hassett, director of economic-policy studies at the American Enterprise Institute, is a Bloomberg News columnist).

 

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As a patriot and a loyal member of the opposition I pledge to offer our new President the very same benefit of the doubt and unwavering support that the left offered George Bush over the last eight years.

 
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Ultimate Peach



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  posted on 3/10/2009 at 08:58 AM

 

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  posted on 3/10/2009 at 08:58 AM

 

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Peach Extraordinaire



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  posted on 3/10/2009 at 09:25 AM
quote:
Your jokin right ?


No. Big, kindergarten-like, pretty pictures is how the above poster ignores reality. Others use ridicule and / or profanity. The point is to avoid rebutting the writer's contentions. Why? Because there are no rebuttals.

 

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Maximum Peach



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  posted on 3/10/2009 at 09:49 AM
I think the author would stand a chance of being much more effective had he dropped the "diabolical" and "Manchurian Candidate" angle, just sticking to the facts.

As even I've noticed, just within our little WP community, any questioning of Obama's direction is met with with an awful lot of skepticism, if not outright derision, by the loyalists. Wrong-headed as his administration so far has been regarding the economy and business, few supporters seem yet willing to concede on that point. That's understandable, as many are still reveling in the afterglow of being Bush-free.

But at some point even the faithful and the compliant media will need to examine this more critically. Hopefully that won't take too long.

 

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  posted on 3/10/2009 at 09:52 AM
Is THIS what you voted for?


YUP!!!!

 

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Zen Peach



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  posted on 3/10/2009 at 09:53 AM
quote:
As even I've noticed, just within our little WP community, any questioning of Obama's direction is met with with an awful lot of skepticism, if not outright derision, by the loyalists. Wrong-headed as his administration so far has been regarding the economy and business, few supporters seem yet willing to concede on that point. That's understandable, as many are still reveling in the afterglow of being Bush-free.



Yes, those who don't think Obama is the Devil Incarnate are starry-eyed simpletons who pray for the failure of American society. You nailed it.

 

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World Class Peach



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  posted on 3/10/2009 at 09:53 AM
Tell ya what.

Because I have to pay taxes on my capital gains I'm gonna get all my money outta investments and bury them in my yard.

That'll teach 'em.

LOL

 

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Bobby from CT

 

Zen Peach



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  posted on 3/10/2009 at 09:58 AM
Is this some of that 'tax increase' boogeyman story we keep hearing so much about? 0.03 on the dollar is not a lot to get upset about.

 

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  posted on 3/10/2009 at 10:11 AM
quote:
Is this some of that 'tax increase' boogeyman story we keep hearing so much about? 0.03 on the dollar is not a lot to get upset about.


When the same .03 went the other way, all we heard about for seven years was the "massive tax-cut giveaway for the rich." Were they lying then, or are they just starting to lie now?

 

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  posted on 3/10/2009 at 11:37 AM
quote:
quote:
Is this some of that 'tax increase' boogeyman story we keep hearing so much about? 0.03 on the dollar is not a lot to get upset about.


When the same .03 went the other way, all we heard about for seven years was the "massive tax-cut giveaway for the rich." Were they lying then, or are they just starting to lie now?


Nice strawman. It was and has been far more than .3 on the dollar being given away to big business. If you were at all familiar with this issue, you would recognize that the tax rate is moving 3% to the same rate it was under Clinton and far less than it was under Reagan and Nixon. In otherwords, all the businesses and people like you crying about taxing the poor millionaires (the Atlas Shrugged fantasy) are really not being affected with an extra 3 cents on the dollar.

 

____________________
Missing- 245 spines. If found, please send one to 1600 Pennsylvania Ave and the rest to the Capitol building care of the Democratic Party.

 

Ultimate Peach



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  posted on 3/10/2009 at 11:51 AM
quote:
quote:
Your jokin right ?


No. Big, kindergarten-like, pretty pictures is how the above poster ignores reality. Others use ridicule and / or profanity. The point is to avoid rebutting the writer's contentions. Why? Because there are no rebuttals.


I don't ignore reality.

I ignore YOU. Tried having a debate with you on the merits of your ... um... "arguments" during the campaign, and you behaved like a troll. So, Sugar for sugar and salt for salt, bee-yatch. I've had substantive exchanges in the last week with others on the WP who are far to the right of me and who have been critical of the President. I posted the pix because your track record precedes you and you're not worth trying to substantively engage with.

May I recommend a book for you?

 

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Maximum Peach



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  posted on 3/10/2009 at 01:00 PM
quote:
Is this some of that 'tax increase' boogeyman story we keep hearing so much about? 0.03 on the dollar is not a lot to get upset about.
I had written some brilliant response to this, but it got lost when the site just crashed earlier.

Anyway, the $.03 thing is a vast simplification of a much bigger problem. If the only change in policy was an increase on the personal income tax rate of a few percentage points, then I doubt so much criticsm would be growing. But that's just the tip of the iceburg.

The increase in capital gains tax is absolutely the wrong direction. We need more investment in productive enterprise, not less. Whatever you tax, you get less off. We certainly do not need less investment.

The decrease in mortgage decuctions for the wealthy smacks of that economic genius - Jimmy Carter. Just like his luxury tax, which mainly put middle income folks out of work, this move reduces incentives to buy a new home by the people who are best positioned to do so. If we need to restart home building and save construction jobs, why penalize the people who have the money to make that happen? Who's really gonna get hurt in that equation?

The whole cap-and-trade idea for energy is insane. The administration wants to force green energy initiatives that can't currently compete economically with traditional sources. What it will do is make our products more expensive and force higher costs on all citizens - rich or poor. If you're a large business, where would you locate your next plant? This will raise cost of living and hurt jobs in the overall economy.

The reduction in charitable deductions is poorly considered. Many of these charities do good work for the poor. If this administration is looking out for the little guy (nonesense, IMO) why place limits on those who would help the poor?

But the biggest problem is our old friend: business taxes. As we've discussed here many times; businesses don't pay taxes. They act as a transfer agent for the IRS, taking income from their customers and passing it on to the gov't. Any increase in their tax burden is reflected in higher prices. Cost of living goes up for everyone, but most of the citizens don't understand the connection to the gov't and taxes. Politicians love this technique. They fuel the citizen's mistrust and unease with business, while collecting the citizen's money without them understanding the equation.

This administration's policies might have the wealthy in the crosshairs, but the effects will hit all citizens. They are doing many things that are anti-business, which will result in anti-job outcomes. At the same time, their frantic activities to enact a broad social agenda are defocusing what should be a full-court press on fixing the economy. Instead they are trying to avert attention to non-issues like Rush Limbaugh.

In just the last few days, many business leaders are starting to talk out. Warren Buffet, Jack Welsh, Jim Rogers, Jim Cramer and others are starting to peek out of the Obama love bus and ask "what the heck is he doing?". Most seem to feel that so far, its not very positive for business, and hence jobs and the economy.

 

____________________
Obamacare: To insure the uninsured, we first make the insured
uninsured and then make them pay more to be insured again,
so the original uninsured can be insured for free.

 

True Peach



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  posted on 3/10/2009 at 01:16 PM
quote:
quote:
The decrease in mortgage decuctions for the wealthy smacks of that economic genius - Jimmy Carter. Just like his luxury tax, which mainly put middle income folks out of work, this move reduces incentives to buy a new home by the people who are best positioned to do so. If we need to restart home building and save construction jobs, why penalize the people who have the money to make that happen? Who's really gonna get hurt in that equation?


Ronald Reagan also seriously - more seriously than Carter - considered repealing the mortgage deduction.

And speaking as a GE employee, Jack Welch was no friend of your typical GE worker. He cut more jobs - ruthlessly and in many cases unnecessarily, than possibly any CEO in history. Shareholders loved him, though - until Enron and Sarbanes-Oxley forced him to change the way he cooked the books.

 

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Zen Peach



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  posted on 3/10/2009 at 01:21 PM
quote:
quote:
Is this some of that 'tax increase' boogeyman story we keep hearing so much about? 0.03 on the dollar is not a lot to get upset about.
I had written some brilliant response to this, but it got lost when the site just crashed earlier.

Anyway, the $.03 thing is a vast simplification of a much bigger problem. If the only change in policy was an increase on the personal income tax rate of a few percentage points, then I doubt so much criticsm would be growing. But that's just the tip of the iceburg.

The increase in capital gains tax is absolutely the wrong direction. We need more investment in productive enterprise, not less. Whatever you tax, you get less off. We certainly do not need less investment.


All fine and good, but these folks have had it really good for a long time. Wheres all this investment and hiring and expansion when the times were great?

quote:
The decrease in mortgage decuctions for the wealthy smacks of that economic genius - Jimmy Carter. Just like his luxury tax, which mainly put middle income folks out of work, this move reduces incentives to buy a new home by the people who are best positioned to do so. If we need to restart home building and save construction jobs, why penalize the people who have the money to make that happen? Who's really gonna get hurt in that equation?


Certainly not the poor millionaires. The middle class is getting some nice deductions coming up this tax year. Why is everyone against (seemingly) their own interests in this? Yeah, I want Mr. Millionaire to get yet another tax break while I struggle and work several jobs just to make it by and be able to put some money aside...

quote:
But the biggest problem is our old friend: business taxes. As we've discussed here many times; businesses don't pay taxes. They act as a transfer agent for the IRS, taking income from their customers and passing it on to the gov't. Any increase in their tax burden is reflected in higher prices. Cost of living goes up for everyone, but most of the citizens don't understand the connection to the gov't and taxes. Politicians love this technique. They fuel the citizen's mistrust and unease with business, while collecting the citizen's money without them understanding the equation.


With my business, Im a sole proprietorship and I pay 15.3% self employment tax on what I earn after expenses. I pay plenty of tax.

This administration's policies might have the wealthy in the crosshairs, but the effects will hit all citizens. They are doing many things that are anti-business, which will result in anti-job outcomes. At the same time, their frantic activities to enact a broad social agenda are defocusing what should be a full-court press on fixing the economy. Instead they are trying to avert attention to non-issues like Rush Limbaugh.

quote:
In just the last few days, many business leaders are starting to talk out. Warren Buffet, Jack Welsh, Jim Rogers, Jim Cramer and others are starting to peek out of the Obama love bus and ask "what the heck is he doing?". Most seem to feel that so far, its not very positive for business, and hence jobs and the economy.


Well again, I think a lot of these milliionaires are just upset that their gravy train is losing a bit of traction and they might have to cough up a bit more, so they are threatening to punish everyone by not being as productive or not "making as much" so they dont have to pay the taxes. Thats all fine and good. Someone should compile a list of these people so that I can direct my money elsewhere for my business needs.

 

____________________
Missing- 245 spines. If found, please send one to 1600 Pennsylvania Ave and the rest to the Capitol building care of the Democratic Party.

 

Peach Extraordinaire



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  posted on 3/10/2009 at 01:31 PM
quote:
quote:
As even I've noticed, just within our little WP community, any questioning of Obama's direction is met with with an awful lot of skepticism, if not outright derision, by the loyalists. Wrong-headed as his administration so far has been regarding the economy and business, few supporters seem yet willing to concede on that point. That's understandable, as many are still reveling in the afterglow of being Bush-free.



Yes, those who don't think Obama is the Devil Incarnate are starry-eyed simpletons who pray for the failure of American society. You nailed it.


Of course no one said anything of the sort. Feeling a little self-conscience are we?

 

____________________
As a patriot and a loyal member of the opposition I pledge to offer our new President the very same benefit of the doubt and unwavering support that the left offered George Bush over the last eight years.

 

True Peach



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  posted on 3/10/2009 at 01:43 PM

Of course no one said anything of the sort. Feeling a little self-conscience are we?


*Sigh* Yet another misspelling by our resident genius, RBK....the correct spelling is self-CONSCIOUS.

 

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Ultimate Peach



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  posted on 3/10/2009 at 02:02 PM
quote:
quote:
quote:
As even I've noticed, just within our little WP community, any questioning of Obama's direction is met with with an awful lot of skepticism, if not outright derision, by the loyalists. Wrong-headed as his administration so far has been regarding the economy and business, few supporters seem yet willing to concede on that point. That's understandable, as many are still reveling in the afterglow of being Bush-free.



Yes, those who don't think Obama is the Devil Incarnate are starry-eyed simpletons who pray for the failure of American society. You nailed it.


Of course no one said anything of the sort. Feeling a little self-conscience are we?


Here's the template of every RBK post:

I'M GONNA NEEDLE YOU

I'M GONNA ASSERT SOMETHING AND NOT BACK IT UP.

HERE'S SOMETHING THAT DEFINITELY IS NOT COOL.

Rowland, is there any way to deny RBK access to emoticons?

 

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True Peach



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  posted on 3/10/2009 at 02:06 PM
quote:
quote:
quote:
quote:
As even I've noticed, just within our little WP community, any questioning of Obama's direction is met with with an awful lot of skepticism, if not outright derision, by the loyalists. Wrong-headed as his administration so far has been regarding the economy and business, few supporters seem yet willing to concede on that point. That's understandable, as many are still reveling in the afterglow of being Bush-free.



Yes, those who don't think Obama is the Devil Incarnate are starry-eyed simpletons who pray for the failure of American society. You nailed it.


Of course no one said anything of the sort. Feeling a little self-conscience are we?


Here's the template of every RBK post:

I'M GONNA NEEDLE YOU

I'M GONNA ASSERT SOMETHING AND NOT BACK IT UP.

HERE'S SOMETHING THAT DEFINITELY IS NOT COOL.

Rowland, is there any way to deny RBK access to emoticons?


He is also quite possibly the most negative person in North America.

Politics aside, can you imagine being stuck next to this buzzkill at a cocktail party - or at an ABB concert?

 

____________________
"Love Like You've Never Been Hurt"-Satchel Paige

 

Maximum Peach



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  posted on 3/10/2009 at 02:35 PM
Squatch; some responses -

quote:
All fine and good, but these folks have had it really good for a long time. Wheres all this investment and hiring and expansion when the times were great?
Well, we did have one of the lowest unemployment rates in the industrialized world. And let's define terms like "these folks" and "really good". If you're talking about the finance barons with their paper profits, then I'm with you in terms of overall lack of sympathy. But that's not the bulk of businesses or employers. Most that I know have not been having a cakewalk over the past decade.


quote:
Certainly not the poor millionaires. The middle class is getting some nice deductions coming up this tax year. Why is everyone against (seemingly) their own interests in this? Yeah, I want Mr. Millionaire to get yet another tax break while I struggle and work several jobs just to make it by and be able to put some money aside...
Why is it an even-sum arrangement? That's not how the economy works, and you know that. Taxes not paid by millionaires doesn't mean you (the collective "you") pick up the balance. The point was the Mr. Millionaire buys a new, big house and by doing so employs a number of skilled craftsmen. I thought that's what we wanted - growth in middle class jobs. How does punishing him in this way help that?


quote:
With my business, Im a sole proprietorship and I pay 15.3% self employment tax on what I earn after expenses. I pay plenty of tax.
That your SS payments as a sole proprietor, correct? I'm sure you pay lot's of taxes. It shouldn't be so. But the more they raise them on you, the more you have to raise your prices to cover it, right?


quote:
Well again, I think a lot of these milliionaires are just upset that their gravy train is losing a bit of traction and they might have to cough up a bit more, so they are threatening to punish everyone by not being as productive or not "making as much" so they dont have to pay the taxes. Thats all fine and good. Someone should compile a list of these people so that I can direct my money elsewhere for my business needs.
Whether its these people, or frustration about what happened in the past, that's not gonna help us right now. My only point in reviewing these topics was to highlight the administrations anti-business initiatives.

If we were at full employment, revenue flowing into the Treasury, profits aplenty, then it would be a different discussion. We're going exactly in the opposite direction, and this administration's proposals so far are not going to improve any of those factors. Its gonna be tough for them to redistribute wealth if there isn't much to steal. Even they should be smart enough to understand that.

 

____________________
Obamacare: To insure the uninsured, we first make the insured
uninsured and then make them pay more to be insured again,
so the original uninsured can be insured for free.

 

Zen Peach



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  posted on 3/10/2009 at 02:44 PM
quote:
Of course no one said anything of the sort. Feeling a little self-conscience are we?


WTF? You consistently and at every opportunity say, imply, infer and propose that any number of people here (and all the Democratic politicians) are communists, socialists or worse. Ive yet to see anyone here or on the Democratic side of things "say anything of the sort" yet its never stopped you.

 

____________________
Missing- 245 spines. If found, please send one to 1600 Pennsylvania Ave and the rest to the Capitol building care of the Democratic Party.

 

Zen Peach



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  posted on 3/10/2009 at 02:53 PM
quote:
quote:
--------------------------------------------------------------------------- -----
The decrease in mortgage decuctions for the wealthy smacks of that economic genius - Jimmy Carter. Just like his luxury tax, which mainly put middle income folks out of work, this move reduces incentives to buy a new home by the people who are best positioned to do so. If we need to restart home building and save construction jobs, why penalize the people who have the money to make that happen? Who's really gonna get hurt in that equation?
--------------------------------------------------------------------------- -----



Certainly not the poor millionaires. The middle class is getting some nice deductions coming up this tax year. Why is everyone against (seemingly) their own interests in this? Yeah, I want Mr. Millionaire to get yet another tax break while I struggle and work several jobs just to make it by and be able to put some money aside...



The taxp[ayers are paying the bulk of your income?

By the way, Fuj, it was the Squatch-like Dick Gephart who came up with the brilliance of the "luxury tax" against the rich, which resulted in a huge loss of jobs. Rich folk don't make the luxury items they buy.

 

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  posted on 3/10/2009 at 02:57 PM
quote:
quote:
Of course no one said anything of the sort. Feeling a little self-conscience are we?


WTF? You consistently and at every opportunity say, imply, infer and propose that any number of people here (and all the Democratic politicians) are communists, socialists or worse. Ive yet to see anyone here or on the Democratic side of things "say anything of the sort" yet its never stopped you.


A typical liberal deflection when challenged is to accuse the opponent of something they didn't say and then chastise them for saying what they didn't say. I was merely pointing out that the poster above is typical.

As for any 'implication' and 'inference' on my part I think I'm pretty loud and clear in my more than accurate assessments. People are what they are.

 

____________________
As a patriot and a loyal member of the opposition I pledge to offer our new President the very same benefit of the doubt and unwavering support that the left offered George Bush over the last eight years.

 

Zen Peach



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  posted on 3/10/2009 at 02:58 PM
quote:
quote:
Here's the template of every RBK post:

I'M GONNA NEEDLE YOU

I'M GONNA ASSERT SOMETHING AND NOT BACK IT UP.

HERE'S SOMETHING THAT DEFINITELY IS NOT COOL.

Rowland, is there any way to deny RBK access to emoticons?


He is also quite possibly the most negative person in North America.

Politics aside, can you imagine being stuck next to this buzzkill at a cocktail party - or at an ABB concert?
Or at one of the Dead shows he's got planned this year. Deadheads everywhere are having nightmares about this one - LOL!

 

____________________
"Come on down to the Mermaid Cafe and I will buy you a bottle of wine, and we'll laugh and toast to nothing and smash our empty glasses down..."

 

Zen Peach



Karma:
Posts: 16174
(16174 all sites)
Registered: 10/6/2004
Status: Offline

  posted on 3/10/2009 at 03:01 PM
quote:
Well, we did have one of the lowest unemployment rates in the industrialized world. And let's define terms like "these folks" and "really good". If you're talking about the finance barons with their paper profits, then I'm with you in terms of overall lack of sympathy. But that's not the bulk of businesses or employers. Most that I know have not been having a cakewalk over the past decade.


These folks are the people complaining about a 3% rise in the tax base as being the end of productivity when in fact its only returning to the rate it was under Clinton.


quote:
Why is it an even-sum arrangement? That's not how the economy works, and you know that. Taxes not paid by millionaires doesn't mean you (the collective "you") pick up the balance. The point was the Mr. Millionaire buys a new, big house and by doing so employs a number of skilled craftsmen. I thought that's what we wanted - growth in middle class jobs. How does punishing him in this way help that?


So, I should be working to ensure that Mr. Millionaire can afford his houses in hopes that I might get a job out of working for him? Bullshiat. And Im not advocating an even sum arrangement...Im advocating that the middle class get the tax breaks for a while. Its a simple formula.... Does $100 mean more to you and your family than it does to a guy that makes several million a year? Who needs it more? Who actually "works" for it?


quote:
That your SS payments as a sole proprietor, correct?


No, thats my self employment tax. I dont do SS or withholding as anyone who works for me does so as an independent contractor. My other business (nascent right now) is also a sole proprietorship and that rate will also be in effect then too.

quote:
I'm sure you pay lot's of taxes. It shouldn't be so. But the more they raise them on you, the more you have to raise your prices to cover it, right?


Or the more I find to write off... Im not talking about being 'creative' with the tax forms, but tracking every penny spent on the business and using a professional tax preparer to help me find the best situation for what Im doing. The problem is that when you are an independent contractor, they get you for the self employment tax. To me, I would like to see that lowered to where if you are working at least one bona fide job (or more) your rate is lowered some amount by each job you have. Im sure theres a problem with that, but it sounds good at the moment :-)


quote:
Whether its these people, or frustration about what happened in the past, that's not gonna help us right now. My only point in reviewing these topics was to highlight the administrations anti-business initiatives.

If we were at full employment, revenue flowing into the Treasury, profits aplenty, then it would be a different discussion. We're going exactly in the opposite direction, and this administration's proposals so far are not going to improve any of those factors. Its gonna be tough for them to redistribute wealth if there isn't much to steal. Even they should be smart enough to understand that.


Rich, its the stuff like "redistribute the wealth" that takes away from your otherwise thoughtful discussion. Nobody is advocating that....I find it strange that when its tax breaks for millionaires, thats capitalism, but when the tax situation starts to benefit the little guy for a change, all of a sudden its Socialism and redistributing the wealth.

 

____________________
Missing- 245 spines. If found, please send one to 1600 Pennsylvania Ave and the rest to the Capitol building care of the Democratic Party.

 
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