Mitt: Corporations ARE People My Friend!

I have been a consistent advocate of raising revenue by eliminating the Obama/Bush Tax Cuts for everyone. Even Obama's fantasy 6 figure 'Middle Income' category. The populist mantra of 'taxing the rich' - which typically means 'taxing everyone but me' because everyone thinks they are somehow 'Middle Class' - is not going to raise significant revenue. From the figures I posted in another thread, even at 50%, taxing the rich only generates 1/10th of the revenue that eliminating the Obama/Bush tax cuts for everyone does.

 

Would eliminating those tax cuts raise sufficient revenue or would other tax increases/adjustments need to be made?

I believe we need to enact some measure that brings non tax payers into the system as well. Closing loopholes is fine, revisiting exemptions is vital but everyone needs to pay.....self-employed, paid-by-cash workers, illegals, criminals, etc

 

Personally, it is all I think needs to be done on the revenue side. It would raise about 370 to 430 Billion a year (the higher number is because there was more than just the Bush Tax Cuts added to Obama's Compromise last year). That is roughly 40 percent of our approximately trillion dollar a year deficit.

Spending cuts and entitlement reform could realistically come up with the rest. 170 billion a year could come off just from ending our 3 wars. That would leave about 400 billion needed in other cuts/reforms out of about a 3.5 trillion budget. That is not unrealistic.

And, it could all be phased in over 4-5 years to reduce the immediate impact and we could get our house in much better order relatively quickly.

Sure, I think the entire tax system should be reformed. But I don't see the politicians actually doing that.

 

...then if we could bring the non-payers into the system we could restore our financial stability rather quickly.

 

ok, I am reading all of this but can I ask a few questions.
1. Is there anyone posting on this thread who would really be exicited for voting for Mitt Romey. I am not talking about voting against someone else, I mean actually loving this guy.
2. Does anyone really think that the rich have been paying thier share or that it was right for the people who got bailouts, were CEO's of oil spills, etc got multi-million dollar bonuses and buyouts.
3 Does anyone really think that the mainstream democrats or republicans would really go after the corrupt business or rich.
4.Does anyone think that all of these wars that we are involved in where everyone hates us is bankrupting the nation and is not only killing good Americans but killing the nations economics

 

1. I would be tickled pink to get Romney in there as opposed to what we have now
2. They are paying like 80% now. How much do you expect them to pay?
3. Yes.
$. Can you name a war that when it ended, we did not have an economic slow down? Maybe that will tell you what it does for us.

 

One of the ideas I floated in another thread was to eliminate all the other taxes (like gas tax, etc) and eliminate all deductions and roll everything into an income tax where everyone pays something with heavy penalties for unreported income.

The problem with that is the same as your sales tax idea, though. I just don't think something like that is ever going to happen because a simple tax system takes away the mechanism by which our politicians pay off their bribes (manipulating the tax code).

 

BINGO! I think the reason I have such a chip on my shoulder about taxes is that I fall into that middle ground (that gets smaller every day) of people who work too hard to get away without having to pay and not being "connected" enough to benefit from the loopholes.

 

1. No. I can see someone voting for him as a vote against the current President. But that is about it.

2. No. But looking at revenue as a percentage of GDP (which are 3% - 5% under the 30 year average), I really don't think, as a populace, that we have been paying a 'fair share' since the Bush Tax Cuts were enacted if you considering our current budget problems.

3. No. It is not a single party problem. The system is corrupt.

4. Yes if you mean all the wars we haven't ended yet...like Iraq, Afghanistan, Libya, Korea, WWII...

 

I sure don't get that tingy feeling up my leg for Romney but anyone would be better than what we have now...probably even a few of the Dim potentials would be an improvement.

 

What is it you hear the "cut, cut, cut" right wing say? Cut spending. We have to start somewhere. Apply that mentality here then. Tax the mega wealthy more. We have to start somewhere. I think the bigger issue that wealthy individuals fear more is them having to risk exposing how they "earned" what they have, where exactly they got it (more specifically), how much they have and where it is now. Any one of those lines of inquiry might reveal that they broke some kind of law getting what they got. The ultra wealthy have shown their interest is in them and them only...not society as a whole, or for the benefit of it. Their corporate ideals created most of this mess, so only fair that they help clean it up.

 

The problem is with your mentality. You guys think everything is yours, because you have possession of it. A nurse EARNS their money. A policeman, a fireman EARNS their money. Actually churning out work, performing actual work, is worthy of calling it "theirs". Shuffling numbers around some CEO's laptop to introduce the next round of profit taking isn't work. It's rape and it ought to be criminal. How many friggin gazillions is enough? NEVER would be the corporate republican answer. THAT is what has gotten us what we have now......it's called greed, and it's representative of the right wing and the bulk of our problems today.

 

Suppose you tell us when enough is enough...and be specific.
Personally, I like to know that when I work harder or do a better job I will be rewarded. I also would like the security to know that I can do what I want with the fruits of my labor. I shouldn't have to feel guilty because I want to provide more for my family than was provided for me. We enjoy travelling, it's educational & exposes the kids to a wider world. My kids benefit from private school as compared to the alternative of public school. We are able to do a lot of good with our income. I refuse to feel guilty simply because you are an envious little turd who isn't satisfied with the way your life has turned out.

 

Well, you continue to enjoy your lavish lifestyle while the rest of the world goes to Hell. Typical right winger disconnect mentality. The good you claim to do with your money is primarily for YOU. Don't pretend it's anything else. How do you "succeed"? Through attrition? Eventually, hopefully, it'll be you next.
You live in a fantasy world with your elitist fantasy lifestyle. You don't "work" to get what you get. You take from others and justify it as "business". You're an elitist turd and your days are numbered. The "I've got mine" and "it worked for me so FU". The "I'm special" mentality. Maybe you'll slip from a rooftop after your "portfolio" goes bye bye after the upcoming crash that will make the last one look like a training exercise. One can only hope.

 

Oh what an angry, envious little man you are. The "good I do" helps many people & I would be happy to share it with you privately...perhaps you would be willing to make a contribution? Maybe you should come see how we live. Lavish? Hardly. Comfortable? Sure. But see tom, I started waaayyyy back in high school (if not earlier) to have what I have. You know, studied hard, made good grades. Same thing in college. Saved my money over the years, invested wisely.

 

Yeah...what I said before. PRIVELEGED. Some folks don't have the resources, or are born into circumstances that allow them to go to college, etc,etc. Simply surviving...to be ALIVE and to wake up the next day is a miracle. You have no idea what you're talking about my priveleged friend. How could you? It was all laid out for you. All you had to do was follow through. So you had sense enough not to look a gift horse in the mouth, and took advantage of your circumstances. Big deal. If you grew up in my neighborhood, you'd have been deep sixed by the time your were 12. Trust me on that one. You worn born into advantage. Nothing more. Keep fiddling Nero.