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Understanding The Fiscal Cliff

Robert Reich lays out the Fiscal Cliff. Is this the best way out of this forced showdown in Congress?

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Understanding The Fiscal Cliff. Robert Reich lays out the Fiscal Cliff. Is this the best way out of this forced showdown in Congress?
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Hits: 6031 | Favorites: 1 | Emailed: 0 | Rating: 2.6 | Category: News & Politics | Date: 12/04/2012
 
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richanddead
Male, 18-29, Eastern US
 2075 Posts
Wednesday, December 5, 2012 3:47:54 PM
@lauriloo- Listen, if this is an economic issue for you, tax takes revenue from buyers and sellers and creates dead-weight loss.




If your just advocating a humanitarian stance of ending poverty, then honestly, donate your money to people in Liberia. Even if you made minimum wage you'd still be in the top 12% richest people on earth, in Liberia about 85% of the population lives below $1 a day that`s poorer than 91% of people. In the civilized society you mentioned, don`t these people come first?
The reason I say that is right now, the rich are the biggest donors to places like Liberia because of many of those "tax loopholes" you mentioned. Usually contributing the bulk majority of the $23,530,000,000.00 the US donates every 5 years.

HumanAction
Male, 18-29, Midwest US
 2353 Posts
Wednesday, December 5, 2012 12:01:42 PM
I don't value it less.

Yes you do. You support a bracketed system in which people who make more money pay a higher percentage of the income within that bracket to taxes. This is the definition of a progressive tax.
[quote] All people`s money is valued the same.[/quote]
No, it is not. Let us pretend that I make $1m this year and pay an effective tax rate of 25%. You, on the other hand, make $100k and pay an effective tax rate of 15%. NOTE: These are arbitrary numbers.

This means that, each dollar I make has an effective value of only $0.75 while each dollar you make has an effective value of $0.85. Quite literally, each dollar you earn is worth more than the dollar that I earn in this scenario.

[quote]you say the very rich should keep their money[/quote]
I don`t recall saying this... There is this thing called charity. Are you familiar with it or should I explain?

Cajun247
Male, 18-29, Southern US
 10317 Posts
Wednesday, December 5, 2012 11:58:34 AM
It's even in the bible




OH DON`T GRUBBLE!

Cajun247
Male, 18-29, Southern US
 10317 Posts
Wednesday, December 5, 2012 11:56:30 AM
valuable work for society than a guy who sits behind a desk making multi-millions as a CEO


Yet CEOs run companies that services thousands, if not millions of customers across the nation and the globe. Helping more people than one nurse ever could.

[quote] saying when you say the very rich should keep their money[/quote]

Money doesn't sit on a pile and stays there, even rich people`s money is being loaned out to provide capital for many positive purposes.

[quote]people with the ability to help are expected to help in a civilized society[/quote]

Carnegie and Rockefeller donated big time to charity.
Bill and Melinda gates foundation
Koch family foundation
Late Steve Jobs Project Red program
Ronald McDonald House Charities
Wendy`s has charities
Papa John`s made a donation to zoo in Louisville, KY

HumanAction
Male, 18-29, Midwest US
 2353 Posts
Wednesday, December 5, 2012 11:55:13 AM
Wow, HumanAction- you've really bought into the GOP talking points

I find these statements to be an attempt to dismiss claims that cannot be disproven. Do you not have an intelligent way to disagree with me or are you only limited to random attempts at dismissal?
[quote]are you parroting Grover Norquist, Chris Christie or just Fox News in general?[/quote]
Dismissal it is.

What`s interesting is your belief that simply doubling down on the current failing system will achieve your goals. A progressive tax does not, and will not force the rich to pay more. You see, as long as there are deductions, a bracket, credits, etc, people will hire accountants to (legally) circumvent taxes. Who out there can afford accountants? The wealthy.

You`re system benefits the wealthy and hurts the poor and middle-class. Only a simplified flat-rate tax makes sense.

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