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Obama on Foreign Policy: Tax the Rich

Don't Tread On Me3 Wrote: Oct 20, 2012 12:02 PM
50 years ago, there were also MANY more deductions, exemptions, and other loopholes (especially obscure ones targeted to a politically favored few). Furthermore, IIRC, there was no AMT most of that period. (BTW, which political party dominated Washington, esp. Congress, most of that period?) Does Obama really want to bring back that environment in toto, or just the confiscatory on-paper rates that were never realized in full? I suspect Plouffe's "$350 billion" & "trillions" are based on the silly notion that entrepreneurs & investors would just keep on keeping on when 70-90% of their earnings are confiscated. They're not working for that, & you have no right to expect it. Yeah dream on. Great Depression II here we come.
Terminus in WA Wrote: Oct 20, 2012 2:13 PM
You're completely right. In fact, it's such a ridiculous assertion that let's hope that he actually tries to make that argument. Romney, as a businessman will be able to dissect it handily.
Moonbat Exterminator Wrote: Oct 20, 2012 12:13 PM
Those investors would likely follow Barry's example. He put most of those millions in trust funds for his daughters. Those trsuts invest exclusively in tax exempt instruments.
Arley2 Wrote: Oct 20, 2012 12:10 PM
You're right and the idiots in power now are wrong.

These days someone with a lot of money has access to many more ways to move dollars out of the reach of income taxation. And, that's what would happen. History proves it would happen.
Don't Tread On Me3 Wrote: Oct 20, 2012 12:10 PM
Let's say, for laughs, they did it, & there was actually significantly more revenue, at least at 1st as inertia continued & it wasn't time for investors to consider whether to invest more yet.

Would the "deficit" be reduced? Would the debt be paid down?

Of course not. The pols, esp. Demmies, would just $pend it & increase $pending & commitments to $pend, that much more. Give it to them, they'll spend it. Deficits & debt cannot be reduced except by NOT SPENDING, a scary exotic concept to Democrats & most other pols. There is not enough money in the universe to fully fund Demmie whims & rapaciousness.

As we run up to the final debate- this one on foreign policy- the establishment media hopes that it will be a defining moment in the Obama presidency.

But we already know that Obama’s speech- disguised as a debate- will contain nothing new.

His foreign policy will be based on a simple premise:

“If the rich were taxed at the same rates they were half a century ago,” said Obama senior advisor David Plouffe last year, “they’d be paying in over $350 billion more this year alone, which translates into trillions...

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