There Aren’t Enough Millionaires

[Maggie]

This is spot on:

There Aren’t Enough Millionaires - The rich can’t fund our deficits

[shock]

Re: There Aren’t Enough Millionaires

This is spot on:

There Aren’t Enough Millionaires - The rich can’t fund our deficits

:good:

[WuDrWu]

That's all fine and dandy, but what about the age old argument that the rich must pay their fair share?

Clearly they are not and we must make it fair, right?



I know this because the senior senator from New York, Chuck Schumer, says so with a smile, and he's smart and always right.

[Maggie]

That's all fine and dandy, but what about the age old argument that the rich must pay their fair share?

Clearly they are not and we must make it fair, right?



I know this because the senior senator from New York, Chuck Schumer, says so with a smile, and he's smart and always right.

Mea culpa, mea culpa, mea maxima culpa.

[ShockBand]

What are your feelings on whether or not we should start reducing various exemptions and subsidies in the tax code, both corporate and personal? I know the argument will be those subsidies and exemptions stimulate business growth, but I then hear in my head a statement made by a congressman recently regarding things like Pell grants. To paraphrase, he said such things are noble and have worthy goals, but can we afford them right now? Can the same be said for many exemptions and subsidies?

How about we blow out all the exemptions and subsidies (over time) and reset the tax rates to appropriate levels?

[ABC]

We need to get rid of most if not all credits, and any other form of corporate welfare and subsidies.

Get rid of all of the exeptions and then lower the rates appropriately.

Why does anyone think that 535 members of Congress or 165 members of the Kansas Legislature are so smart that they know what consumers want, or what the next big thing will be. They aren't and don't.

The State of Kansas did not have some visionary aviation economic development plan, or beef packing plan or GPS plan (Garmin)

The City of Wichita should get out of the business of picking winners and losers too. It's gotten absurd with all of the TIFs, CIDs and crap like Gander Mountain.

[SB Shock]

What are your feelings on whether or not we should start reducing various exemptions and subsidies in the tax code, both corporate and personal? I know the argument will be those subsidies and exemptions stimulate business growth, but I then hear in my head a statement made by a congressman recently regarding things like Pell grants. To paraphrase, he said such things are noble and have worthy goals, but can we afford them right now? Can the same be said for many exemptions and subsidies?

How about we blow out all the exemptions and subsidies (over time) and reset the tax rates to appropriate levels?

This country doesn't have the moral courage to do any of this. They are like the unions - they would rather see the jobs move out of country than give up anything. Same with the majority of our politicians. They will let the system collapse than actually to propose actual solutions.

[1979Shocker]

There are plenty of millionaires. There just aren't enough corporates paying their fair share.

Because of loopholes, some or all of these corporations paid no federal income tax in 2008, 2009 or 2010:
Bank of America
Boeing
Citigroup
Exxon-Mobil
General Electric
Wells Fargo

[wu_shizzle]

There are plenty of millionaires. There just aren't enough corporates paying their fair share.

Because of loopholes, some or all of these corporations paid no federal income tax in 2008, 2009 or 2010:
Bank of America
Boeing
Citigroup
Exxon-Mobil
General Electric
Wells Fargo

1) Corporate taxes are a myth, costs get passed along to the end consumer.

2) The current US corporate rates are the second highest in the world, after Japan.

3) Speaking of Japan, have we not learned that high corporate rates are an economic disaster that kills jobs?

4) The companies you cite paid the taxes that were due, so following the law is unfair?

[Maggie]

There are plenty of millionaires. There just aren't enough corporates paying their fair share.

Because of loopholes, some or all of these corporations paid no federal income tax in 2008, 2009 or 2010:
Bank of America
Boeing
Citigroup
Exxon-Mobil
General Electric
Wells Fargo

:o Damn you are predictable, and :blink: Why can’t people take this situation seriously?

[WuDrWu]

I've said this before, and maybe I am being naive, but don't you think the majority of the populace, or at least a big enough group to matter, is now willing to address and to some extent accept that entitlements, as the exist today, have to be addressed?

The smart ones have been telling us for years that we were on the path to failure, and admittedly 30, 20 even 10 years ago (when it would have been MUCH easier) very very few had the stomach to address the problem.

Today, I think that has changed. More people are able to get information and inform themselves and I think it's FINALLY time to deal with the $25 trillion pound gorilla that are the entitlement programs.

Yet our elected officials (outside a promising few) appear to believe that either

1)They can fix all the problems without touching entitlements (They are DEAD WRONG).

or

2)That the American public won't stand for touching our social security, medicare or medicaid.


Am I wrong?

[Maggie]

There are plenty of millionaires.

A follow up post in the Corner on NRO:

How Much Money Do the Rich Have?

Plenty of millionaires, really, and to do what exactly?

[Maggie]

I've said this before, and maybe I am being naive, but don't you think the majority of the populace, or at least a big enough group to matter, is now willing to address and to some extent accept that entitlements, as the exist today, have to be addressed?

Yes.

But as you point out, our elected representatives need to recognize this fact – some do (members of both parties) and have been acting accordingly (but this, to date, has been largely on the state level).

As for me, nationally, I am waiting to see what Paul Ryan produces from the budget committee in the House. The White House response will be as predictable as 1979’s posts. And as instructive.

[BOBB]

There are plenty of millionaires. There just aren't enough corporates paying their fair share.

Because of loopholes, some or all of these corporations paid no federal income tax in 2008, 2009 or 2010:
Bank of America
Boeing
Citigroup
Exxon-Mobil
General Electric
Wells Fargo

Flaming liberal here telling you there should be no corporate income taxes. Tax capital gains at the marginal tax rates. Eliminate all personal exemptions and credits.