Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search
 

Ian62

(604 posts)
13. I am saying the $400k number is a trivial red herring
Wed Dec 19, 2012, 10:04 AM
Dec 2012

designed as a sop to Democrat opinion and supporters.

The amount of revenue expected to be raised by increasing taxes for those on more than $250k was equivalent to about 8 days of government spending.
It was about $80bn annually. 2012 spending is circa $3,500bn

Obviously the tax revenue raised will be quite a bit less if it is only going to apply to those on over $400k.

Obama's own projections for his 2013 deficit during the election was about $1,100bn.

The Republicans and Democrats have created a sham argument over taxing the rich equivalent to something like $50bn a year.

There are easy ANNUAL savings of $1 TRILLION plus from government waste.
But neither the Democrats nor the Republicans are going near them. They would somewhat reduce Corporate profits, which are currently at record highs (read my full article & the links within it).
http://ian56.blogspot.co.uk/2012/11/it-is-very-easy-to-cut-1tn-from-federal.html

Why isn't Obama going after CORPORATION TAX loopholes as a revenue raising measure? That alone would raise more than the circa $50bn the sham argument is about.

Corporate profits are at record levels. But large multinationals pay next to nothing in Corporation Tax.

The solution to the current economic stagnation is simple.
The balance between record Corporate profits and real wages hitting new lows must be addressed.
You would have thought this would be a dominant Democrat meme. But it isn't.

Keeping the payroll tax cut and closing Corporate Tax loopholes whereby large Corporations siphon off US generated profits to tax havens like Bermuda (Google) to pay for it would be one small step in the right direction.

Reducing the huge amounts of government waste so that you do not need to collect so much tax from the lower and middle class taxpayers would be another step in the right direction.

Oh noes! you are letting the perfect be the enemy of the good! djean111 Dec 2012 #1
The seniors are screwed newfie11 Dec 2012 #2
Make no mistake obama is laughing at us. 'LOL!! Fooled them again!!' bowens43 Dec 2012 #3
i guess there really is`t any difference between romney and obama madrchsod Dec 2012 #4
Why own 1 party RandiFan1290 Dec 2012 #5
Not really. One set of the Bush tax cuts took Cheney to break a 50-50 tie. banned from Kos Dec 2012 #6
No deals? No grand bargain? RandiFan1290 Dec 2012 #7
Please explain which facts I have got wrong or otherwise counter Ian62 Dec 2012 #8
There was no "sell out" to those companies. That is the main gist of your post. banned from Kos Dec 2012 #10
HSBC received a fine of $1.9bn Ian62 Dec 2012 #18
The SS payroll tax cut was supposed to have been temporary Ian62 Dec 2012 #19
Why hasn't Obama at least declared that Ian62 Dec 2012 #22
Because Presidents don't "declare people unfit persons", maybe? (nt) Recursion Dec 2012 #27
This is all appalling latebloomer Dec 2012 #9
Under the fiscal cliff as it currently stands - taxes rise substantially for EVERYBODY Ian62 Dec 2012 #12
I agree on the HSBC and Monsanto alcibiades_mystery Dec 2012 #11
I am saying the $400k number is a trivial red herring Ian62 Dec 2012 #13
The latest Pro Big Banking scandal is UBS Libor fixing slap on the wrist Ian62 Dec 2012 #14
Ouch ananda Dec 2012 #15
+1! snot Dec 2012 #17
You see, it is a BIG plan. Corzine has superpowers, flies to another planet to get rare new element Safetykitten Dec 2012 #16
Yeaaaaaaah. woo me with science Dec 2012 #20
Maybe he'll get another Nobel prize n/t leftstreet Dec 2012 #21
By his own admission... Mona Dec 2012 #23
Trouble is, you're not linking to news. You're linking to opinion. MineralMan Dec 2012 #24
I am sure that if Obama proposed closing Corporate Tax loopholes Ian62 Dec 2012 #25
tons of bullshit spanone Dec 2012 #26
and why would anyone be surprised? TorchTheWitch Dec 2012 #28
The payroll tax is the social security trust fund! We need to pay it! Rocky888 Dec 2012 #29
Latest Discussions»General Discussion»Barack Obama, in a breath...»Reply #13