United States Heading towards a Depression?

Don't kid yourself. 99% of politicians are liars and thieves.

 

Your too low. Its 99.89 %.

 

Buffett: I beg you to raise my taxes

Buffett said his 2010 tax bill, including income and payroll taxes, totaled $6,938,744 — or 17.4 percent of his taxable income. Most people in his office pay 33 to 41 percent, he said.

He noted 80 percent of government revenue came from personal income and payroll taxes, adding the “mega-rich pay income taxes at a rate of 15 percent on most of their earnings but pay practically nothing in payroll taxes. It’s a different story for the middle class: typically, they fall into the 15 percent and 25 percent income tax brackets, and then are hit with heavy payroll taxes to boot.”

http://www.politico.com/news/stories/0811/61370.html

 

Bushie, Buffet is a rich and powerful liberal and one of the wealthiest men in the world. I thought you said that rich people are all right-wing?

Look, if Obama was serious about fixing the economy, he would have provided Change We Can Believe In during his first two years in office with both houses of his party. If he really wanted to raise taxes on the rich (instead of just pretending), he could have done that easily. If he really wanted to go after the Wall Street crooks who committed fraud by treating junk-bond status default swaps like they were AAA+, he could have done that, too. It's not like Congress was busy - the first 100 days, Pelosi declared a holiday so Congresspeople could go watch baseball. Those two years, they spent 2/3rds of their time on vacation.

There are two types of people in politics today - those that make excuses, and those that get things done. Which is Obama?

HAHAHAHAHAHA!!!!!!!!

Breeze's lies are getting more desperate!!! That's soooooo sad!

 

*sucks teeth* dunno about that mate. After doing some careful calculations I come up with 99.74%

Maybe I was off when dividing good deeds by public scandals?

 

I read somewhere that 17% is the average amount paid by the mega wealthy, though I suspect that number is actually much lower. The average middle income family pays 20% + another 6% for their half of payroll taxes which most people forget to add in.

I suspect most people at every income level do everything they can to avoid paying taxes. There are quite simply more options available to those of means. A poor person can afford neither the time or the expense involved in starting multiple businesses to make things like vacation homes, vehicles, recreational vehicles, and even jets tax deductible. Poor people have neither the money, the knowledge, or the contacts to do some portion of their banking overseas. Gucci (famous maker of handbags) was channeling 10% of his companies gross income to a bogus design company in south east asia, which was nothing more than a front for his personal overseas bank account.

The problem is so widespread, Obama found it nearly impossible to get anyone appointed to a myriad of open political positions. In the end, he just went ahead and appointed people like Geitner, despite the fact he "forgot" to pay 10s of thousands of dollars. Charlie Rangle is still sitting in office after "forgetting" to declare hundreds of thousands of dollars of income from his Dominican Republic love shack. All this ignores the fact that the same tax loopholes that benefit the poor are used by the rich, including the mortgage interest deduction.

Candidates for office often make their financials available to public scrutiny during the election process, which provides some insight into how bad the problem is:

And these folks are supposed to be the defenders of the poor! Don't get me wrong, I am absolutely positive we would find quite a few Republicans to be equally culpable if we were to mandate annual financial disclosures from our representatives. Unfortunately for the Dems, the most recent poster children carry their brand. How many people, Democrat or Republican, think that land deal with convicted felon Rezko wasn't a tax avoidance play?

There will always be tax cheats. Getting rid of tax avoiders requires simplifying the tax code. Sorry if your job as an accountant will be impacted by such a change to the law, but we all have to sacrifice.

 

That is interesting. It is the same percentage recommended in "flat tax" proposals.

 

18% is also the pct of GDP that the federal govt. has traditionally collected in taxes to pay its bills. It is the magic number that the Tea Party reps want to limit our federal budget to. Speaking only to federal income and capital gains taxes, I suspect "rich" individuals and corporations actually pay much less between deferral, avoidance, and evasion. Speaking to flat tax, I would probably prefer a progressive tax system that goes from 12-24%, but I have a hard time getting my head around how to better distinguish legitimate deductions, which all businesses have, from loopholes, which all individuals and businesses take advantage of.

 

I answered this before but ran out of Internet credit and lost the lot. I've just switched to a $3 a day plan so now I can YouTube again. Yay!

C'mon, I meant in general, you know full well, as in every single detail about life, there's exceptions. There will be right-wingians that ARE good and there will be RICH and POWERFUL lefties too.

I believe it's the rich and powerful still reaping benefits that is leading the right-wing push to privatise the entire world, so they can increase their prices whenever they need to make money for the shareholders, and of course themselves. In the main the corporate agenda making life harder for all us peons is mainly pushed by the right-wing. The poor man's agenda is ALWAYS initiated from the lefties. BOTH SIDES will contain people of ALL persuasions. Point to 10 rich and powerful on our side and you'll find 90 more on your side. Turn it around, for every 10 poor people on your side, there's 90 poor on ours.

No there's not. There's hundreds, if not thousands of variations of "types of people in politics", try taking off your blinkers. Why is your world so black and white?

I find no argument with your entire post, though wouldn't guarantee your figures.

 

This ignores the point that Reagan also raised taxes. And more importantly, it ignores how high tax rates on super-rich people were when Reagan cut them: In 1980, the top bracket was a startling 70%. It also ignores how Bill Clinton raised taxes and then took the US from the perpetual deficits of the Reagan years to a surplus. It ignores how George Bush cut taxes, plunged the budget back into a deficit, encouraged the wild borrowing spree that inflated the housing bubble, and then oversaw the worst recession since the Depression. It ignores how the US prospered all through the 1950s and 1960s, when marginal tax rates were super-high. And so on.

Source

 

Your post kinda ignores reality. You've got some facts a bit out of place and credit placed in the wrong areas.

 

So you know more than the writer for Yahoo Finance.

 

Better to uses sources that actually support your claims. Try this one, for instance:

http://www.heritage.org/budgetchartbook/current-tax-receipts

 

I know that you have three identities here.

 

This is what the Republicans fear the most - Simple truth.....and they hide their fear for its outcome.

Bill Clinton, Reagan, Bush, Nixon, etc. were corrupt and fit your stereotype Bushranger but you fall short to include Obama. In times of need Fate has a way of placing in the way of evil what is good.

The Just are not always who win and clearly in this case Injustice is running rampant but for the effort of the last 2 1/2 years Obama will always have a place among the Nation's true leaders.

 

That is all pretty much wrong.

You are citing a blogger named Henry Blodget. he is not an economist, he is a showman who pretty much got everything wrong.

"Henry Blodget... was at Oppenheimer at the time, but his audaciousness quickly landed him at Merrill, where Blodget was expected to be a "rainmaker" for the company's investment banking efforts. In other words, Blodget's master wasn't the individual investor, it wasn't the soft science of security analysis, and it sure as hell wasn't "truth" -- it was his company's desire to attract more incredibly profitable investment banking business from Internet IPOs and secondary offerings."
Source

Blodget has tried to re-invent himself as being "suddenly honest", but there are people that think he is so dishonest he belongs in jail. He is now a hired gun for the Democratic Party and is trying to re-invent history the same way he's trying to re-invent himself. He publicly promoted stocks that in his private correspondence he called "crap" - exactly like the credit-default swaps fiasco!!!

Only someone as pathetically naive as Breeze would believe a crook like Henry Blodget. Breeze is exactly the sheep Blodget loves to fleece!

 

Breeze.. are you Henry Blodget ??


Its repugnant... $2.2 million for two government security buses .. LINK


Could that not have been used to make a small school or something ??

 

Where are your facts Corwin, other than your rhetoric you have nothing to support your claims as usual.

 

Where are your facts Breeze, other than your rhetoric you have nothing to support your claims - as usual!

 

I did not write the post.

Your Fast and Furious as your Immoral Iraqi war are the symptoms of your rhetoric whether factual or not they are baseless.