OT: Overheard at breakfast this morning

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He also likes to ignore that many of the tax breaks phase out about a certain level. I have about 15 years when I couldn't deduct my IRA (I still funded it), there were others. There were quite a few years when I was writing out checks for $5K or so to the feds SOLELY to pay taxes that I owed because I couldn't take full deductions for all these "rich people" tax breaks.

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On 8/3/2011 6:13 PM, HeyBub wrote:

Reminds me of what a wise old sage once said:
"Mr. Geithner, May I Borrow Your TurboTax?"
--
Jack
You can't legislate the poor into prosperity by legislating the wealthy
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I hear that often, but I don't believe it. If a company think's it going to make money, the taxes it pays on that investment are an afterthought as long as they don't neutralize all the profit. A rich person could simply borrow to hire new people if he thought he had demand and profit potential.
And yes, I know the Hunt quote and I know how those SOB's brothers tried to corner the silver market and created havoc to gain enormous profit. They failed. What Hunt said was self-serving and indicates he was a greedy mutha.
I will take the chance that by getting Daddy Megabucks to disgorge some of his wealth back to the government via taxes is a good thing for the rest of us taxpayers. Small business create the most new jobs in America, so I am very iffy on this "tax the rich and lose a job" mumbo-jumbo. Got any economists to back you up on that claim?

a
did
You'd lose that wager because I knew some of the admin staff quite well. In the DC area housing is SO expensive that a lot of these kids out of college couldn't make it without parental "kick-ins." The economy is carefully structured to keep the people in their current bracket or lower. I watched a divorced mother of two try to make ends meet on a secretary's salary. I was determined to convince her that she needed to take that matching money but after I looked at her expenses very closely, she just couldn't afford to do it. She was on the border every month and if she managed to save some money, some disaster would eat it up. I lived like that once, and was able to bootstrap myself up eventually, but if you have enough dependents or accidents or medical problems or any kind of bad luck, serious problems are in store. One bounced check (not even her fault) cost her $400 in fees because of how are banks have become not lenders, but fee-seeking demons.

That's specious. What good is a tax break to someone at the poverty level who isn't paying taxes anyway? It's important in a capitalist society that wants to grow to have very clearly defined paths upward. Time and time again I hear economists and others say "It is no longer certain in America that if you are willing to work hard and save, you will prosper." I believe that's true and it's a serious, serious issue.
-- Bobby G.
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Or to put it in Warren buffet's words http://www.nytimes.com/2011/08/15/opinion/stop-coddling-the-super-rich.html "I have worked with investors for 60 years and I have yet to see anyone not even when capital gains rates were 39.9 percent in 1976-77 shy away from a sensible investment because of the tax rate on the potential gain. People invest to make money, and potential taxes have never scared them off. And to those who argue that higher rates hurt job creation, I would note that a net of nearly 40 million jobs were added between 1980 and 2000. You know whats happened since then: lower tax rates and far lower job creation. "
Jim
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YOu aren't really serious? The taxes paid are after thought? Heck they are a major part of the equation. Probably more so in the rich than others because it makes a bigger difference. WHen Clinton passed HIS tax cuts (mostly having to do with cap gains) there was an immediate increase in cap gains receipts because people did not have to get as big of gain on their investments before hitting the after-tax profits they were looking for.
The economy is carefully

I have many economists (or at least IRS statisticians) who would argue that point. In 2000 they took a sample of tax payers from all places along the spectrum and compared their actual 1990 returns with their 2000 ones. They found that around 1 in 3 had changed their position (don't remember right off it was quintiles) over the decade. Most of it was just one rung higher or lower but quite a few jumped two or more and quite a few dropped two or more. A few even went from one extreme to the other.. both ways. The talked about doing the same survey in 2010, but I haven't heard for sure if it happened.

These are the guys that get the ultimate break in credits and thus the negative rate.
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responding to http://www.homeownershub.com/maintenance/OT-Overheard-at-breakfast-this-morning-644379-.htm End_of_an_Error wrote: Han wrote:
Well, IMNSHO it is just fine to be progressive, if you're responsible and fiscally conservative as well. I also like to gamble a little, so I am going to buy a few thou of an SP500 index fund tomorrow ...
_____
Just curious... how's that "progressive" investment you made? The S&P500 shed 4.78% of its value just today alone, and has given back almost everything it managed to gain for the year to date.
Until we can fumigate the White House and rid ourselves of the Moron-in-Chief who's pretending to be our current "president," and the nation can get REAL leadership that is nation-friendly, the S&P500, Dow, and all of the other market funds are simply going to languish.
My 401(k) is in Government, corporate, and mortgage-backed bonds, and I MADE 0.5% today, instead of losing 4.78 in the S&P500, or losing 6.2% in the DOW. THAT is being fiscally conservative!
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Still only in the "correction" territory. A perfectly natural occurence.
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Nonsense. The surplus had already peaked and indeed his last budget year (FY 2001, which would have been passed by October of 2000) was back in the red. The recession began in March of 2001, less that 8 weeks after Bush took over and long before he could have done anything to the economy (and in fairness to Clinton, most of that recession was related to the Fed being late to the party on interest rate changes). The Dow lost about 75% of what it was going to (that time) by January of 2001.
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On 8/6/2011 8:30 AM, Kurt Ullman wrote:

Don't you just love goofballs who think that The President belonging to either political party controls the economy? I don't think that's one of his powers according to the way our government is organized. The President can't snap his fingers or sign an order to fix everything or break it for that matter. The President signs the bills sent to him by the legislature and he can delay a fix by refusing to sign a bill but the legislature can bypass him with enough votes if they want to. I don't care for Obama but I can't blame him for the countries' troubles without acknowledging the simple fact that there about 500 other idiots in the government who have something to do with it. ^_^
TDD
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On 8/25/2011 5:14 PM, The Daring Dufas wrote:

535 actually. But careful, they can't handle the truth.
POTUS actually has amazingly little power, as you noted. And until Teddy Roosevelt came up with the Bully Pulpit leadership model, few people noted or cared what the White House said.
--
aem sends...

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He was right. Your teabags have a lot to answer for. They want the poor to pay for the mistakes of the rich. All a bit like Nero fiddling whilst Rome burns. The begining of the end of an empire. US citzens better get prepared for third world status and becoming a second class power. I hear places like Detroit are already third world, is this true? You'll know it's the begining of the end when you lose your AAA credit rating. Interest rates will rise (to finance the banks) More people will lose their homes. You need a new revolution comrades. America is now in the same state as pre-communist Russia. Not long 'til October!
http://en.wikipedia.org/wiki/October_Revolution
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I seem to remember it was Regan who "freed" the banks and allowed them to lead America into disaster/destruction. Republicans started the war of lies costing trillions of dollars. Logically they/ the rich who benefitted should pay for recovery. If recovery is possible at all.
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harryagain wrote:

SOMEBODY'S got to pay for it. There are a LOT of poor people.

End of an empire? Shortly after Nero fiddled, he was replaced by Vespasian, arguably a great reformer and military leader. Heck, he even built the Coliseum! (Reminder: It was Vespasian that conquered Britain.)

Yes, it's true. Very many cities controlled by Democrats are basket cases.
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I don't know. How do you classify Tottenham?
Luckily we have the GB monkeyarchy empire to look to to see how a failed empire copes.
R
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