Raising taxes = less money for government...

[billc]

Just another example that shows raising taxes on the "Rich," or in other words, people who have used their intelligence and hard work to become successful...

http://hotair.com/archives/2012/11/28/higher-taxes-do-not-equal-more-revenue-example-85902479/

In the 2009-10 tax year, more than 16,000 people declared an annual income of more than £1 million to HM Revenue and Customs.
This number fell to just 6,000 after Gordon Brown introduced the new 50p top rate of income tax shortly before the last general election. …
George Osborne, the Chancellor, announced in the Budget earlier this year that the 50p top rate will be reduced to 45p from next April.
Since the announcement, the number of people declaring annual incomes of more than £1 million has risen to 10,000. …
Far from raising funds, it actually cost the UK £7 billion in lost tax revenue.

Whatever they want to call it, they can’t disguise the fact that the threat of more of your money being taken from you means you’re going to look for ways to avoid that fate — and when it starts to get really serious, there’s a disincentive to even try and make that much money in the first place.

 

[GrandmasterP]

Don't know about anywhere else but here in UK most of us working stiffs have income tax deducted from pay cheque then another tax on top of that for National Insurance. Once you have paid that for 30 years continuous you get full benefits BUT they still take the full whack out after you've paid your 30 years and you don't get any of that back.
The ones make my blood boil are rich sorts who pay next to no tax through legal tax avoidance schemes and trusts.
If I was allowed to keep National Insurance and pay that money into a private scheme for pension and healthcare I'd have had a better deal all round over the years and have more pension to come but you don't get that choice.
If you choose private you have to pay that on top of the state deductions.

 

[oftheherd1]

Just another example that shows raising taxes on the "Rich," or in other words, people who have used their intelligence and hard work to become successful...

http://hotair.com/archives/2012/11/28/higher-taxes-do-not-equal-more-revenue-example-85902479/

It's your last quote that really tells the story. They find ways to reduce the amount of taxible income. Look at Mit Romney and Warren Buffet. But there is no way I am going to believe that they seek ways to make less income. The rich are always looking for ways to increase income. It has been a business paradigm for a long time that if you aren't growing and quickly, you are shrinking.

 

[Tez3]

Don't know about anywhere else but here in UK most of us working stiffs have income tax deducted from pay cheque then another tax on top of that for National Insurance. Once you have paid that for 30 years continuous you get full benefits BUT they still take the full whack out after you've paid your 30 years and you don't get any of that back.
The ones make my blood boil are rich sorts who pay next to no tax through legal tax avoidance schemes and trusts.
If I was allowed to keep National Insurance and pay that money into a private scheme for pension and healthcare I'd have had a better deal all round over the years and have more pension to come but you don't get that choice.
If you choose private you have to pay that on top of the state deductions.

NI also pays for unemployment benefit, invalidity benefits etc etc so you'd have to pay into a lot of insurance scheme to cover what NI does. Plus private medicine is expensive and doesn't actually cover all illnesses and conditions for a good many of these including emergency care you are referred back to the NHS. It would actually cost you far more than you pay in NI.
http://www.which.co.uk/money/insura...nsurance/how-private-medical-insurance-works/

 

[Bill Mattocks]

This does not matter. Not at all. Whether or not revenue falls as a result of the tax rate going up on the rich is a non-starter.

Why?

Because of the upcoming fiscal cliff.

On December 31, if Congress does not act, and the President does not sign a new bill into law, the Bush tax cuts will expire. On everyone. Rich, poor, and middle class. At the exact same time, a rule adopted by Congress as a compromise the last time they voted to raise the debt ceiling, known as sequestration, will take affect, slashing 500 million dollars from every federal program except entitlements. This is called the fiscal cliff because if both hit on the same day, they're pretty much guaranteed to drive our economy back into recession.

So. If the GOP continues to argue about whether or not raising taxes on the rich actually raises revenue, and no bill is produced, and the President therefore cannot sign any bill, we're all pretty much screwed. And you know who is going to get the blame for it. The GOP. We, the taxpayers and citizens, will punish you severely in all upcoming elections for your foolish, cowardly, and frankly evil ways.

Public statement to the GOP:

Suck it up, GOP. Understand something. WE DO NOT CARE if the higher tax rate on the rich will raise revenue or not. It's a dead issue. Taxes ARE GOING UP, period. Either on those earning more than $250,000 per year (which preserves the Bush tax cuts on the rest of us, which the President will sign into law), or on all of us as the GOP continues to play ******** games.

The ball is in the GOP's court. Screw it up, and we'll screw you up. That's a promise from the entire country to the GOP. You don't have a choice in this, you are going to drop your britches, bend over, and take your ***-whupping like a man. Now get it done and stop running your soup suck. We do not care about your principled stance any longer. We want you face down, *** up, groveling. Do it now.

 

[WC_lun]

"Just another example that shows raising taxes on the "Rich," or in other words, people who have used their intelligence and hard work to become successful..."


You do realize there are people who work thier tails off and aren't rich? Lot of people are really intelligent and not rich. In fact, there are lazy, stupid, rich people. I can think of two of those I've known personally. Also, most of the rich today did not get that way through hard work, intelligence, or initiative. They got there by inheritence. We can have an honest discussion about what is fair to tax the rich, but don't make them, or those that aren't rich by extension, out to be something they aren't.

 

[cdunn]

One does note that 2010 was the first year that austerity policy was inflicted upon the United Kingdom.

When the antelope starves, the lion starves, too...

 

[Tez3]

One does note that 2010 was the first year that austerity policy was inflicted upon the United Kingdom.

When the antelope starves, the lion starves, too...

That's not austerity measures that's the Tories screwing the nation again. they do it everytime they get elected, it's just that people forget that when the Labour Party messes upand are voted out we get the Tories in. As for austerity measures we've had them regularly over the centuries so 2010 is hardly the first lol!
Don't put yourselves down though, the antelope is a nice beastie not everyone can be English lions!

 

[cdunn]

That's not austerity measures that's the Tories screwing the nation again. they do it everytime they get elected, it's just that people forget that when the Labour Party messes upand are voted out we get the Tories in. As for austerity measures we've had them regularly over the centuries so 2010 is hardly the first lol!
Don't put yourselves down though, the antelope is a nice beastie not everyone can be English lions!

Not putting anyone down. Just pointing out that the wealthy need the lower and middle classes to be spending money in order to have large incomes. When you slaughter government spending in the wake of a massive economic downturn, there's simply no money moving for the big fish to feed on.

 

[Steve]

This does not matter. Not at all. Whether or not revenue falls as a result of the tax rate going up on the rich is a non-starter.

Why?

Because of the upcoming fiscal cliff.

On December 31, if Congress does not act, and the President does not sign a new bill into law, the Bush tax cuts will expire. On everyone. Rich, poor, and middle class. At the exact same time, a rule adopted by Congress as a compromise the last time they voted to raise the debt ceiling, known as sequestration, will take affect, slashing 500 million dollars from every federal program except entitlements. This is called the fiscal cliff because if both hit on the same day, they're pretty much guaranteed to drive our economy back into recession.

So. If the GOP continues to argue about whether or not raising taxes on the rich actually raises revenue, and no bill is produced, and the President therefore cannot sign any bill, we're all pretty much screwed. And you know who is going to get the blame for it. The GOP. We, the taxpayers and citizens, will punish you severely in all upcoming elections for your foolish, cowardly, and frankly evil ways.

Public statement to the GOP:

Suck it up, GOP. Understand something. WE DO NOT CARE if the higher tax rate on the rich will raise revenue or not. It's a dead issue. Taxes ARE GOING UP, period. Either on those earning more than $250,000 per year (which preserves the Bush tax cuts on the rest of us, which the President will sign into law), or on all of us as the GOP continues to play ******** games.

The ball is in the GOP's court. Screw it up, and we'll screw you up. That's a promise from the entire country to the GOP. You don't have a choice in this, you are going to drop your britches, bend over, and take your ***-whupping like a man. Now get it done and stop running your soup suck. We do not care about your principled stance any longer. We want you face down, *** up, groveling. Do it now.

This post is why Bill is so highly regarded around here. It's honest and true, but it's also very funny. I laughed out loud at the visual of Bill standing like Mr. Smith before Congress demanding that they take their *** whuppins like men.

 

[oftheherd1]

This post is why Bill is so highly regarded around here. It's honest and true, but it's also very funny. I laughed out loud at the visual of Bill standing like Mr. Smith before Congress demanding that they take their *** whuppins like men.

He is indeed properly highly regarded. But I think Bill missed something this time. I grant the GOP is being stupid out of season. However, imho, any punishment needs to be shared by the democrats. The GOP is somewhat intractable about serving big business; it's where where they get their support (read money). The democrats are no different. They want higher taxes so they can spend more money to buy votes. They also accept money from lobbyists just like the GOP. The democratic controlled senate violated the spirit if not the letter of the law in the constitution with the new health law.

There is plenty of blame to go around. I used to be amused by the tag line of a member of a photo forum I used to frequent. It went something like, "Vote all the scoundrels out of office. They will be replaced by new scoundrels, but it will take them longer to organize." It seems to me most in Congress are self-serving, with no intent to serve the people other than as it serves the members. I hope someday someone can convince me that a particular congress is different.

 

[granfire]

He is indeed properly highly regarded. But I think Bill missed something this time. I grant the GOP is being stupid out of season. However, imho, any punishment needs to be shared by the democrats. The GOP is somewhat intractable about serving big business; it's where where they get their support (read money). The democrats are no different. They want higher taxes so they can spend more money to buy votes. They also accept money from lobbyists just like the GOP. The democratic controlled senate violated the spirit if not the letter of the law in the constitution with the new health law.

There is plenty of blame to go around. I used to be amused by the tag line of a member of a photo forum I used to frequent. It went something like, "Vote all the scoundrels out of office. They will be replaced by new scoundrels, but it will take them longer to organize." It seems to me most in Congress are self-serving, with no intent to serve the people other than as it serves the members. I hope someday someone can convince me that a particular congress is different.

shove all of them in a big sack and beat on it. I guarantee you, you won't hit the wrong person ever.