Obama to announce increase in taxes for businesses and wealthy

AlpineTrout · Feb 23, 2009

Quote from patchie:

Business taxes vs. tax breaks. My opinion is that we should maintain our tax breaks to businesses to bring in foreign companies but we should likewise penalize those companies that do not reduce top level compensation prior to going into layoffs.

This is America, not Russia. Where are you from? You want government to start telling companies how much they can pay their CEO's? What next, everybody gets the same amount in their paycheck?

fearless9 · Feb 23, 2009

Quote from AlpineTrout:

I find this website to be a very strange place for wealth envy, but yet here it is............very odd.

Not as strange as you think AT, but I am sure you already know this.

regards
f9

patchie · Feb 23, 2009

BSAM, I think your supporters list needs to be cleansed.

Rep. Richard Baker
Louisiana
District: 6

Baker is no longer a Congressman but does work as a lobbyist protecting several crooks of Wall Street. He is the president of MFA protecting the rights of hedge funds who use their wealth and connections to lobby Congress in protecting their activities. Baker has worked closely with James Chanos, the very same James Chanos who was reportedly receiving non-public information on analysts ratings and trading on that information prior to the rating releases.

AlpineTrout · Feb 23, 2009

Quote from patchie:

A little better economics class - Who do you think adds more to the economy on a regular basis, the 100 people employed at $50K/year each putting most of that back into the economy or the single person making $5 Million a year and spending some of it foolishly on some overpriced luxury items? My bet is that the 100 employed people would provide the economy with a far greater overall boost than the lone soldier at $5 Million who laid off the 100 people. I'll even bet that teh lone soldier is out traveling overseas and spending money outside this country where the 100 people are putting most of that money right back into the good old U S A.

Those 100 people wouldn't have a job in the first place without the requirement for those products and services.

BSAM · Feb 23, 2009

Quote from patchie:

So BAM, do you pay taxes on stocks or bonds you buy? How about when you sell? Most of the wealthiest people in this nation pay only 15% on their income because profits are considered capital gains and not considered income. How would you offset your losses or don't you? Are capital gains now taxed at the new rate and if so, who collects it? Do you pay a tax on the house you purchase? If so, when and how? What is to prevent people from buying out of country since such purchases would not be taxed making such purchases cheaper. Advantage: The wealthy who would travel more easily overseas.

Under the FairTax, there would be no capital gains tax.

patchie · Feb 23, 2009

Quote from AlpineTrout:

This is America, not Russia. Where are you from? You want government to start telling companies how much they can pay their CEO's? What next, everybody gets the same amount in their paycheck?

Gee Alpine, when the CEO's rape the companies and then terminate lower level employees to maintain their lavish lifestyles I definately have a problem with it. I have no problem paying people what they are due but you can't tell me that present day CEO's are worth 10 times that of the CEO's of the 70's. In the 70's the CEO pay was 40:1 that of the average wage earner. Today it is 433:1. What does that tell you?

As I see it, today's CEO's took huge risks to generate huge personal wealth and our nation is suffering because of it. if these same CEO's want aid of the federal government by way of tax breaks to regain strength in their company such tax breaks should come with caveats that the tax breaks are not used to simply pay off their overpriced compensation packages. As a tax payer do you want to bail out some CEO who screwed up or would you rather have that money going into employing more people so that the economy will turn around?

patchie · Feb 23, 2009

Quote from BSAM:

Under the FairTax, there would be no capital gains tax.

So a guy making $1 Billion in profits last year and who spends a small fraction of it in goods and services will help this economy how? Looks to me like a way to grow the upper end very nicely.

pepper_john · Feb 23, 2009

welcome to socialism.

The bailout of the sub-prime borrowers, the rise of tax on the wealthy/business, are just of part of Obama's plan of moving US to socialism. I actually think this is the beginning, the tip of iceberg.

AlpineTrout · Feb 23, 2009

Quote from RichardRimes:

this WAS the theory of "trickle down" economics but somehow it just didn't work that well imo, the basis of both sides of the argument is the "filthy" rich and "dirty" poor. The great "middle" class is not benefited by trickle down nor higher taxes, and it seems to me that the plan doesn't tax the middle and certainly the rich CAN afford higher taxes. They paid them in the past and we had good economic times.

Entirely false. Capitalism (with low taxes) is by far the BEST economic system EVER created in the history of mankind. It has created better lives for more people, than any other system. It is not perfect, but is still the best.

Mnphats · Feb 23, 2009

Quote from patchie:

A little better economics class - Who do you think adds more to the economy on a regular basis, the 100 people employed at $50K/year each putting most of that back into the economy or the single person making $5 Million a year and spending some of it foolishly on some overpriced luxury items? My bet is that the 100 employed people would provide the economy with a far greater overall boost than the lone soldier at $5 Million who laid off the 100 people.

Who are you to decide what a foolish overpriced luxury purchase is? Next overpriced purchase he should get your advice.