Nancy Pelosi

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netrox said:
Oh! Never said she's a hard working politician. :)
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I said LIKE....

lol @ your effort to make Pelosi like she's an honest hard-working politician
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big difference :)
 
TXgolfer said:
Umm......Because they earned the money???? Nobody said stop paying taxes....just tax everybody at the same rate and give a tax exemption that would cover the poorest of the poor.....say $20,000.
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We'd be in a bigger deficit with that proposal.

"These data suggest that wealth is concentrated in the hands of a small number of families. The wealthiest 1 percent of families owns roughly 34.3% of the nation's net worth, the top 10% of families owns over 71%, and the bottom 40% of the population owns way less than 1%."

Wealth Distribution

This is WHY we have progressive tax rate. It makes NO sense to have a flat tax rate when the top 10% has 71% of all the wealth.

Who invented the idea of progressive tax? Adam Smith, the father of capitalism, in his book, "The Wealth of Nations."

"The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. A tax upon house-rents, therefore, would in general fall heaviest upon the rich; and in this sort of inequality there would not, perhaps, be anything very unreasonable. It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion."
 
netrox said:
We'd be in a bigger deficit with that proposal.

"These data suggest that wealth is concentrated in the hands of a small number of families. The wealthiest 1 percent of families owns roughly 34.3% of the nation's net worth, the top 10% of families owns over 71%, and the bottom 40% of the population owns way less than 1%."

Wealth Distribution

This is WHY we have progressive tax rate. It makes NO sense to have a flat tax rate when the top 10% has 71% of all the wealth.

Who invented the idea of progressive tax? Adam Smith, the father of capitalism, in his book, "The Wealth of Nations."

"The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. A tax upon house-rents, therefore, would in general fall heaviest upon the rich; and in this sort of inequality there would not, perhaps, be anything very unreasonable. It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion."
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Bold 1: Charities deal with these matters. And much more efficently I might add.

Bold 2:Sounds like Mr. Smith suggests a property tax. Not income tax. You didn't put that part in Bold.

Forbes is no dummy. He says a flat tax will work. I believe it.
 
TXgolfer said:
Bold 1: Charities deal with these matters. And much more efficently I might add.

Bold 2:Sounds like Mr. Smith suggests a property tax. Not income tax. You didn't put that part in Bold.

Forbes is no dummy. He says a flat tax will work. I believe it.
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Forbes? LOL!

Seriously, you got no case. I mean, seriously, please come up with a better argument with hard data, not what a politician or a celebrity says.
 
netrox said:
Forbes? LOL!

Seriously, you got no case. I mean, seriously, please come up with a better argument with hard data, not what a politician or a celebrity says.
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so you using the "source" from salon.com is better than Forbes?
 
1. Charities? Problem is... during a recession, they dry up. No... we need to reinstate a strong family system.

2. Adam Smith was thinking of property taxes, which was the traditional way to levy people during his time period.

3. Forbes, Salon. Why is netrox mocking Forbes whileas using Salon as his source?
 
The Reagan Tax Cuts
In August 1981, President Reagan signed into law the Economic Recovery Tax Act (ERTA, also known as the Kemp-Roth Tax Cut). The ERTA slashed marginal earned income tax rates by 25 percent across the board over a three-year period. The highest marginal tax rate on unearned income dropped to 50 percent from 70 percent (as a result of the Broadhead Amendment), and the tax rate on capital gains also fell immediately from 28 percent to 20 percent. Five percentage points of the 25 percent cut went into effect on October 1, 1981. An additional 10 percentage points of the cut then went into effect on July 1, 1982. The final 10 percentage points of the cut began on July 1, 1983.

Looking at the cumulative effects of the ERTA in terms of tax (calendar) years, the tax cut reduced tax rates by 1.25 percent through the entirety of 1981, 10 percent through 1982, 20 percent through 1983, and the full 25 percent through 1984.

A provision of ERTA also ensured that tax brackets were indexed for inflation beginning in 1985.

To properly discern the effects of the tax-rate cuts on the economy, I use the starting date of January 1, 1983--when the bulk of the cuts were already in place. However, a case could be made for a starting date of January 1, 1984--when the full cut was in effect.

These across-the-board marginal tax-rate cuts resulted in higher incentives to work, produce, and invest, and the economy responded (See Table 7). Between 1978 and 1982, the economy grew at a 0.9 percent annual rate in real terms, but from 1983 to 1986 this annual growth rate increased to 4.8 percent.



Prior to the tax cut, the economy was choking on high inflation, high interest rates, and high unemployment. All three of these economic bellwethers dropped sharply after the tax cuts. The unemployment rate, which peaked at 9.7 percent in 1982, began a steady decline, reaching 7.0 percent by 1986 and 5.3 percent when Reagan left office in January 1989.

Inflation-adjusted revenue growth dramatically improved. Over the four years prior to 1983, federal income tax revenue declined at an average rate of 2.8 percent per year, and total government income tax revenue declined at an annual rate of 2.6 percent. Between 1983 and 1986, federal income tax revenue increased by 2.7 percent annually, and total government income tax revenue increased by 3.5 percent annually.

The most controversial portion of Reagan's tax revolution was reducing the highest marginal income tax rate from 70 percent (when he took office in 1981) to 28 percent in 1988. However, Internal Revenue Service data reveal that tax collections from the wealthy, as measured by personal income taxes paid by top percentile earners, increased between 1980 and 1988--despite significantly lower tax rates
 
Um, Obama is NOT going to raise the tax rate to 70%. He's raising it back to Clinton's rate - 39%
 
netrox said:
Higher tax on the wealthy, no question about it. Why should the rich pump their money into a "specific cause?"

I mean, just think of what consequences we will face if we just stopped taxing people and let the rich pay ONLY what they want to pay for?
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who said anything about stop taxing the people? Tax Cut does not mean zero tax. Are you kidding me? Tax Cut means REDUCTION in tax especially federal income tax. This is very usually good because it enables you to spend more mostly on business expenditures which is good for economy. Beside - not all rich people get tax cut.

Tax Cuts Offer Most for Very Rich, Study Says
Why Big Tax Cuts Are Essential
 
Pelosi is more nut and liar than being worth.
 
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