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Balancing the budget
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isobars



Joined: 12 Dec 1999
Posts: 14037

PostPosted: Sun Mar 17, 2013 11:50 am    Post subject: Reply with quote

stevenbard wrote:
Cyprus has proposed a law that would confiscate 10%

The Clinton administration repeatedly considered 15%. Just one of many sources,
http://www.globalpolitician.com/print.asp?id=6161 includes
"The prototype for their plan was devised in 1991 by Alicia H. Munnell, then Director of Research for the Federal Reserve Bank of Boston. She presented the idea in a paper entitled “Current Taxation of Qualified Pension Plans: Has the Time Come?” Later she was promoted to Assistant Treasury Secretary, and along with Robert Reich, Henry Cisneros and Hillary Clinton, she began to plot a raid on retirement funds. One element of the scheme was to create a Mandatory Pension System and fund it with a one-time 15% tax on retirement assets and a recurring 15% tax on retirement plan income.

I warned about this in my 1994 book, “Escape the Pension Trap”. Fortunately, the GOP election victory that same year derailed the Mandatory Pension System."

He goes on to present facts, logic, names, and events strongly supporting the threat today, which will skyrocket if the midterm elections weaken the GOP.

Tip: The government does not require any notification or registration of wide categories of precious metal purchases.
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mac



Joined: 07 Mar 1999
Posts: 5121

PostPosted: Sun Dec 08, 2013 6:15 pm    Post subject: Reply with quote

You can read the whole article here: http://www.contracostatimes.com/news/ci_24676619/deal-or-no-deal-once-again-congressional-republicans

I'll post the bit by Tom Campbell, one of the Republican legislators I respect most. Now considered a RINO by the social conservatives who aren't really conservatives.

Quote:
FORMER REP. TOM CAMPBELL

When he was a South Bay congressman, Tom Campbell always liked to call himself "the cheapest man in Congress" -- an appellation once bestowed on him by the National Taxpayers Union for being a fiscal tightwad. And years later, the maverick Republican still likes the ring of it.

"Democrats and Republicans alike are ready to throw the sequester over the side, and that would be a great mistake," Campbell said. "It's the only method for cutting spending that I've seen."

Campbell, a former California finance director who's now the dean of Chapman University's School of Law, said he would cap spending at levels lower than the growth of the gross domestic product. He also would cut farm subsidies and pursue wide-ranging reform of the tax code.

He said a grand bargain that includes changes to Medicare and Social Security "is highly needed and highly unlikely."

Democrats won't bend on those two big-money programs, and Republicans won't bend on taxes until after 2014's primary elections. "Once the Democrats don't have to worry about their left wing and the Republicans don't have to worry about their right wing," he said, "they can then compromise."

Meanwhile, he said, Congress should maintain a "laser focus on what the problem is: People are out of work."

Campbell favors expanding the Earned Income Tax credit for low- to moderate-income workers instead of increasing the minimum wage. And he would give targeted tax credits to employers who hire unemployed workers for six months or more.

"That directly gets people employed -- and from that everything else grows," he said.

There are lots of good arguments for social service programs, Campbell said, "but nothing works as well as a job."


The Tea Party and the Democrats are both wrong on this one. Campbell is right--and courageous.
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reinerehlers



Joined: 25 Jul 2001
Posts: 960

PostPosted: Sun Dec 08, 2013 7:01 pm    Post subject: Reply with quote

Why not confiscate 10%? I bet the majority of people do more then 10% cheating on taxes that should be paid. I sure see that all the time in my industry and all the cheats that I compete against in the construction industry. I would guess that many in the contracting industry probably claim less than 50% of their income. I just parted ways with one of my subs solely based upon his ethics regarding taxes and how he essentially thought it was other's responsibility to pay taxes but not his. He just lost $50K of work hand to him from me. I'd rather deal with honest people who get it.
The tax evasion and cheating in Cypress was a huge problem, no wonder they were going bust.
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mac



Joined: 07 Mar 1999
Posts: 5121

PostPosted: Sun Dec 08, 2013 7:38 pm    Post subject: Reply with quote

And just how is that on topic or constructive? Aren't you the one who complains about that?
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reinerehlers



Joined: 25 Jul 2001
Posts: 960

PostPosted: Sun Dec 08, 2013 8:01 pm    Post subject: Reply with quote

mac wrote:
And just how is that on topic or constructive? Aren't you the one who complains about that?


I was commenting on your statement but on this.


isobars wrote:
stevenbard wrote:
Cyprus has proposed a law that would confiscate 10%

The Clinton administration repeatedly considered 15%. Just one of many sources,


I don't think I complain about a topic going on tangents I think that was BB......sorry.
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mac



Joined: 07 Mar 1999
Posts: 5121

PostPosted: Sun Dec 08, 2013 8:14 pm    Post subject: Reply with quote

From last St. Patrick's Day? My granddaughter has that too--but she takes medication. Very Happy
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stevenbard



Joined: 11 Nov 1993
Posts: 4045

PostPosted: Wed Dec 11, 2013 9:32 pm    Post subject: Reply with quote

Bump
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mac



Joined: 07 Mar 1999
Posts: 5121

PostPosted: Thu Dec 12, 2013 11:39 am    Post subject: Reply with quote

Could not have said it better:

Quote:
Congress is expected to vote on a budget deal this week. The good news is that Democratic and Republican negotiators have agreed on a modest deal that would avoid a governmental shutdown.

The bad news is that the proposed deal doesn't address the main issue that sparked the budget wars: how to balance growing spending on entitlement programs such as Social Security and Medicare with tax revenues.

Over the next few years, we can either continue to allow our social safety net to unravel, or we can generate new revenue.

So, I ask Congress: Please, raise my taxes.


As a percentage of total gross domestic product, the federal debt today is higher than any time since the 1950s. To address that, all options should be on the table, including higher taxes.

I am lucky enough to be part of the top 10 percent, earning more than $114,000 a year. Yet today my tax rate is lower than it would have been under Presidents Ronald Reagan, Richard Nixon and Dwight Eisenhower.

Our national debt has grown from fighting two wars and responding to the financial crisis. As we wind down wars in Afghanistan and Iraq, the highest tax bracket pays a comparatively low rate of 39.6 percent in federal income taxes.

At other times of national threat, the country has accepted far higher tax rates - up to 94 percent for the top tax bracket during World War II, and up to 70 percent at the height of the Vietnam War.

Instead, today we are balancing our federal budget on the backs of the poor and the middle class, as we cut spending on basic services and public goods such as education and infrastructure.

Over the last few decades, our economic growth has been deeply inequitable. Last year, the top 10 percent earned almost 50 percent of the country's total earnings - the highest level of income disparity since the 1920s.

It's only fair that those who have benefited the most should be asked to help our country in its hour of need. I would rather my tax rate increase by a few percent than see unemployment benefits cut for 1.3 million workers, as is part of the budget agreement.

A core American value - the idea of personal responsibility - has become warped out of all recognition. Rugged individualism has morphed into selfishness. Instead of raising their own taxes by a few percent, certain members of Congress would rather cut the basic safety net provided through programs such as Temporary Assistance for Needy Families and food stamps to our nation's poorest families.

As Americans, it is our responsibility to help our country and our fellow citizens. Those who have financially benefited the most should contribute the most. It's time our tax law reflects our nation's values - fairness and equality.

So I call on Congress: Please, raise my taxes.

Michael Bear Kleinman, a fellow of the Truman National Security Project, has worked in Afghanistan, Iraq and throughout Africa, and now works on human rights for a foundation in San Francisco.


He seems to agree with the Pope on the problems with worshiping money.
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reinerehlers



Joined: 25 Jul 2001
Posts: 960

PostPosted: Thu Dec 12, 2013 12:29 pm    Post subject: Reply with quote

What would the taxation rate / % be for someone earning $114k in the USA?
How about $250k or $500k?
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pueno



Joined: 03 Mar 2007
Posts: 2632

PostPosted: Thu Dec 12, 2013 12:38 pm    Post subject: Reply with quote

reinerehlers wrote:
What would the taxation rate / % be for someone earning $114k in the USA?
How about $250k or $500k?

Google's working today.
.
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