Romney tax plan helps rich most

Romney tax plan helps rich most

PostBy: xaos On: Wed Aug 01, 2012 1:29 pm

The report by the centrist Tax Policy Center found that Romney's tax cuts would boost after-tax income by an average of 4.1 percent for those earning more than $1 million a year, while reducing by an average of 1.2 percent the after-tax income of individuals earning less than $200,000.

http://www.reuters.com/article/2012/08/01/us-usa-taxes-romney-idUSBRE8700PC20120801?irpc=932
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Re: Romney tax plan helps rich most

PostBy: jpete On: Wed Aug 01, 2012 1:46 pm

Because rich people have more money so on a percentage basis, it amounts to more?

Did the article mention it won't make a piss hole in the snow difference with the insolvency of the country?
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Re: Romney tax plan helps rich most

PostBy: xaos On: Wed Aug 01, 2012 2:14 pm

Just the insolvency of the middle class & with out a robust middle class there will be no recovery.
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Re: Romney tax plan helps rich most

PostBy: jpete On: Wed Aug 01, 2012 2:20 pm

I got news for you. As long as the Federal Reserve keeps printing money, there will be no recovery.

Just another bubble to pop down the road.
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Re: Romney tax plan helps rich most

PostBy: xaos On: Wed Aug 01, 2012 2:46 pm

I will have to agree with you on that..
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Re: Romney tax plan helps rich most

PostBy: samhill On: Wed Aug 01, 2012 8:13 pm

We have a catch 22, without a middle class that has money to spend we have no growth. There has to be a demand for products to create need to produce them & that's what creates jobs, it works hand in hand we have become a consumer based economy.
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Re: Romney tax plan helps rich most

PostBy: lsayre On: Wed Aug 01, 2012 9:45 pm

samhill wrote:We have a catch 22, without a middle class that has money to spend we have no growth. There has to be a demand for products to create need to produce them & that's what creates jobs, it works hand in hand we have become a consumer based economy.


Actually without production (seeing as it has all gone to China, Mexico, etc,,,) we have no potential for "real" growth or "real" wealth. We are left only with paper masquerading as wealth, and with beggars with their hands in the air groping and wailing for their fix of paper while the government blesses them with shards of it on occasion.
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Re: Romney tax plan helps rich most

PostBy: samhill On: Thu Aug 02, 2012 7:17 am

But who made it lucrative for business off shore, that's one of the things that has to be fixed first. The way I see it there is way too much profit being held off shore by "American"s & they want another tax forgiveness holiday routinely provided so they can bring some back.
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Re: Romney tax plan helps rich most

PostBy: jpete On: Thu Aug 02, 2012 8:39 am

samhill wrote:But who made it lucrative for business off shore,.


Congress?

You know, those rich guys you expect to "tax the rich"!
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Re: Romney tax plan helps rich most

PostBy: franco b On: Thu Aug 02, 2012 12:11 pm

Things are produced where costs are least. This is as it should be and follows the natural law of evolution.

Evolutionary change is inevitable and just as irresistible as the laws of weather and like weather can have so many small events that effect the whole in a profound way that prediction becomes very difficult. Evolutionary law is just as applicable to economy's and politics as it is to biology. You can survive change, or not, but not stop it.

For example, remember the so called Japanese *censored* boxes of 50 years ago? They are now the premium cars. Japanese workers no longer are paid starvation wages and the price point of cars is such that American cars can compete again. Things evolve. I think most Japanese cameras are no longer built in Japan.

A small Chinese metal lathe that was $400 is now $600. Workers in China are getting more so here again things will gradually be brought into balance.

Survival depends on working with change, not fighting it which will guarantee loss.

Societies also evolve and as technology evolves it is only right that all should benefit, but that benefit can only keep pace with technological evolution; push too fast and ignore market forces and the whole thing crashes, which we have just witnessed. Political action can change markets for a time, but not market forces which are just as irresistible as climate.
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Re: Romney tax plan helps rich most

PostBy: lsayre On: Thu Aug 02, 2012 12:59 pm

franco b wrote:A small Chinese metal lathe that was $400 is now $600. Workers in China are getting more so here again things will gradually be brought into balance.


The Christian Science Monitor reported just recently that since 2001 Chinese wages have been going up annually at a whopping clip of from 15% to 20% (call it 17.5% on average). If their 17.5% annual rate of gain continues going forward they will reach full parity with US wages within as few as 10 and a many as 15 years (depending upon average annual wage increases here). Beyond that they will exceed our wages.
Last edited by lsayre on Thu Aug 02, 2012 1:12 pm, edited 1 time in total.
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Re: Romney tax plan helps rich most

PostBy: jpete On: Thu Aug 02, 2012 1:05 pm

Economic evolution in progress. This is what happens when you make things other people want to buy.

http://business.financialpost.com/2012/ ... s-an-ipad/

There are now 1,020,000 millionaires in China–a national record–and 63,500 “super-rich” Chinese.

To be classified as a millionaire, the report stated the individual must possess more than RMB 10-million, or US$1.6-million, while a “super-rich” individual required RMB 100-million (US$16-million) or more.
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Re: Romney tax plan helps rich most

PostBy: jpete On: Thu Aug 02, 2012 1:07 pm

Here's what happens when you DON'T make things people want to buy.

http://www.nytimes.com/2011/11/16/us/mi ... .html?_r=1

In 2007, the last year captured by the data, 44 percent of families lived in neighborhoods the study defined as middle-income, down from 65 percent of families in 1970.


It's really pretty simple.
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Re: Romney tax plan helps rich most

PostBy: homecomfort On: Wed Aug 08, 2012 9:00 pm

jpete wrote:Because rich people have more money so on a percentage basis, it amounts to more?

Did the article mention it won't make a piss hole in the snow difference with the insolvency of the country?

13% tax rate sounds like less to me !! although romney and other rich people pay more in actual dollars, their sacrifice in percentage of income is usually much less. they laugh at you middle class folks paying upward of 38% on what they consider , meager incomes, then you go and campaign and vote for them. ha.
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Re: Romney tax plan helps rich most

PostBy: lsayre On: Wed Aug 08, 2012 9:10 pm

Since Obama is most assuredly a 'Romney-class' individual (being a member of the 1%), what percentage of his wealth is annually paid back to the gov. in taxes?

Income is totally different from wealth. Neither Obama or Romney (despite being very wealthy, as is the case for both of them) may actually have much income.

Perhaps a better gauge would be the measure of their contributions to charity.
Last edited by lsayre on Wed Aug 08, 2012 9:25 pm, edited 3 times in total.
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