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Thread: Going Galt

  1. #11
    Nerd King Usurper Edgar's Avatar
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    Quote Originally Posted by oberon View Post
    Am I supposed to be happy that I get to wait a year while someone who took my money at gunpoint gets to play with it?
    Yeah, now that I think about it, there might be some policy to keep 40% of your bonus check no matter how many deductions you have. I'm assuming the reasoning behind it is that since it's a bonus check, you probably don't have a pressing need to have that money on hand (and you get it back when you file your tax return). Not that I agree with it, but there you have it.
    Listen to me, baby, you got to understand, you're old enough to learn the makings of a man.

  2. #12
    Nerd King Usurper Edgar's Avatar
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    So anyway, aside from your bonus check from which 40% has been deducted (IRC, has been the standard practice before Obama got in office), do you have any other concerns about Obama's tax policy?
    Listen to me, baby, you got to understand, you're old enough to learn the makings of a man.

  3. #13
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    Quote Originally Posted by Edgar View Post
    So anyway, aside from your bonus check from which 40% has been deducted (IRC, has been the standard practice before Obama got in office), do you have any other concerns about Obama's tax policy?
    My concern is not Obama's tax policy in particular, except inasmuch as he has failed to correct the excesses of previous administrations. That makes him equally culpable as they, but not more so.

    I do have a problem with Mr. Obama's theory that the government can spend enormous quantities of money it doesn't have, incurring a debt that the electorate can't pay, and thereby create prosperity. I don't think it's an approach that can possibly be successful.

  4. #14
    Nerd King Usurper Edgar's Avatar
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    Quote Originally Posted by oberon View Post
    My concern is not Obama's tax policy in particular, except inasmuch as he has failed to correct the excesses of previous administrations. That makes him equally culpable as they, but not more so.

    I do have a problem with Mr. Obama's theory that the government can spend enormous quantities of money it doesn't have, incurring a debt that the electorate can't pay, and thereby create prosperity. I don't think it's an approach that can possibly be successful.
    I'm afraid we are stuck picking between a punch in the throat or a kick in the nuts.

    If the government doesn't start spending/lending, the economy will screech to a halt because all the banks are freaked out and the credit market is frozen.

    If the government starts spending then we are going to get deeper into the debt that will have to be paid off through more taxes and possibly currency devaluation.

    So yeah.
    Listen to me, baby, you got to understand, you're old enough to learn the makings of a man.

  5. #15
    Senior Member ptgatsby's Avatar
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    Quote Originally Posted by oberon View Post
    I do have a problem with Mr. Obama's theory that the government can spend enormous quantities of money it doesn't have, incurring a debt that the electorate can't pay, and thereby create prosperity. I don't think it's an approach that can possibly be successful.
    Certainly seems to have helped historically. US tax rates are relatively low, ATM ( Income tax in the United States - Wikipedia, the free encyclopedia )

  6. #16
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    Quote Originally Posted by ptgatsby View Post
    Certainly seems to have helped historically. US tax rates are relatively low...
    But why on earth would you supposed that's directly due to a borrow-and-spend fiscal policy?

  7. #17
    Senior Member ptgatsby's Avatar
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    Quote Originally Posted by oberon View Post
    But why on earth would you supposed that's directly due to a borrow-and-spend fiscal policy?
    Well... that's not really my argument, but economic theory and the like supports it. Regardless, the point here is that taxes are not high, they are low. History doesn't bear the OP out. Neither does the rest of the world, where taxes are much higher.

    The problem with the US isn't the tax rate, it's the service you get. Very poor return, and so it certainly feels like money is being wasted.

  8. #18
    Minister of Propagandhi ajblaise's Avatar
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    This is a serious issue.... Michelle Malkin doesn't belong anywhere near it.

    Northern Europe has very progressive taxation and also has some of the best performing economies and some of the highest standards of living in the world. The theory just isn't true.

  9. #19
    Order Now! pure_mercury's Avatar
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    Quote Originally Posted by ptgatsby View Post
    Certainly seems to have helped historically. US tax rates are relatively low, ATM ( Income tax in the United States - Wikipedia, the free encyclopedia )
    Our corporate income tax rate is very, very high.
    Who wants to try a bottle of merc's "Extroversion Olive Oil?"

  10. #20
    Senior Member ptgatsby's Avatar
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    Quote Originally Posted by pure_mercury View Post
    Our corporate income tax rate is very, very high.
    It is, in terms of the current world. It's not compared to the last 58 years in the US... not notably lower, like income tax, but lower. ( SOI Tax Stats - Historical Table 24 )

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