Because Boehner's buddies need some more yacht money

But see... (0.00 / 0)

...that would add to the deficit, and we're very, very serious about reducing the deficit.

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by: ntoddpax @ Thu Dec 09, 2010 at 03:28:51 AM UTC

Deficits do NOT matter! (4.00 / 1)

Darth Cheney and Saint Reagan said so!

But, yes me must not add to the deficit, which is why we MUST have the tax cuts for the obscenely wealthy!  Only when the Rich pay no income taxes, noe estate taxes and no taxes on their UNEARNED income (because they didn't earn it, it shouldn't be taxable!), only then will America prosper!

Just look at the 1950s!  We had a tax rate on the top richest Americans of 90% and a corporate tax rate of 38%, and just look at what a disaster the '50s and '60s were!  America was in the worst shape in history in the 1950s, with mass economic ruin and mass unemployment!  

Because the tax rate was 90%, that automatically means that unemployment was over 50%, no one wanted to work because welfare was far more lucrative.  We totally lost the arms race and space race to the Soviets because we did NOT hock our future to the Communist Chinese!

It's basic math, as promulgated by Fox News: high taxes results in no jobs.  Far-left Socialist-Democrat General President Eisenhower personally tried to hand America to the Soviets by having a huge tax rate!  His avowed Communist Vice-President Richard Nixon used his hard-left connections in ACORN to rig the elections in 1968 so he could travel to China to bow before their leaders and he took the US off the Gold Standard!

Never argue history with a right-winger, because recorded history is no match for Fox News and Rush Limbaugh!

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by: Comrade Rutherford @ Thu Dec 09, 2010 at 19:09:29 PM UTC

[ Parent ]

Or (4.00 / 3)

as John Stewart put it, this makes about as much sense as being lazy and eating bacon to lose weight.

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by: bmike @ Thu Dec 09, 2010 at 19:14:16 PM UTC

[ Parent ]

"Sputnik Moment" (4.00 / 1)

I had to laugh when Obama said that.  So, like, where's our Eisenhower tax rates (or even the reduced JFK top rate of 70%)?  And our increased investment in education?  And our Apollo equivalent for renewables (Project Helios, maybe)?  

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by: ntoddpax @ Thu Dec 09, 2010 at 22:02:26 PM UTC

[ Parent ]

Wait (4.00 / 4)

until after the next congress meets.
Look at some of the possible incoming Republican house committee chairman.The Senate is tied up in procedural knots and the house is poised for grade A madness.

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by: BP @ Thu Dec 09, 2010 at 11:02:22 AM UTC

I was stunned (0.00 / 0)

to see that it looks like dems rejected it. Wow!

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by: stardust @ Thu Dec 09, 2010 at 20:04:41 PM UTC

Maybe the rich just don't need us anymore (0.00 / 0)

They Gave Us A Republic...

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by: ntoddpax @ Fri Dec 10, 2010 at 01:21:25 AM UTC

eventually (0.00 / 0)

They will outsource their consumer base to 'emerging' markets, much like the outsourcing of manufacturing...

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by: bmike @ Fri Dec 10, 2010 at 03:13:07 AM UTC

[ Parent ]

There's a basic philosophical issue here. (0.00 / 0)

I don't concern myself with whether people buy yachts or reinvest their money or use it as toilet paper.  The fact is it's THEIR money.

Estates have already been taxed.  The money that people leave their children is what's left over after a lifetime of paying taxes.  Capital gains money has already been taxed also.  I support having automatic stabilizers and a safety net.  I support people paying their fare share.  But I cannot support the confiscatory double jeopardy that many of the commenters here do.

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by: hierc @ Fri Dec 10, 2010 at 20:21:36 PM UTC

Wealth concentration... (4.00 / 1)

...is anathema to a democratic republic.  Fortunately, the Legislature is granted explicit power to tax so it may provide for the General Welfare, not just to protect the disproportionate wealth some have been able to extract from the system.  These days our tax burden is so not confiscatory compared to the boom times under Clinton, let alone Eisenhower.

Fair share = having an estate tax, a high top marginal rate, cap gains taxed at least as much as wages, etc.

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by: ntoddpax @ Fri Dec 10, 2010 at 20:43:35 PM UTC

[ Parent ]