Debt Limit Deal: Almost 100% of the burden will be borne—via spending cuts—by the poor and the middle-class.

[Mr. Big Dog 10,747]

And yet, those poor folks up there have by far booked the largest after tax household income surge. Odd seeing how they were unfairly burdened with all these additional taxes they have had to pay. Isn't it? Or are we supposed to wear mourner gear because they failed to make the 200% mark because of taxes while no other group even came close to half the relative - let alone absolute - gains.

Inflation adjusted percentage increase in after-tax household income for the top 1% and

the four quintiles, between 1979 and 2005 (gains by top 1% are reflected by bottom bar;

bottom quintile by top bar).

[luckytxn 2,265]

Stop spending so much is the solution to our problems.

[Mr. Big Dog 10,747]

Stop spending so much is the solution to our problems.

You repeat that line but it doesn't make it any more valid.

[웃 910]

Stop spending so much is the solution to our problems.

How do you get "Bush Tax Cuts Helped Lower Income Earnings Most" from this chart:

Do you really believe that to be true or will you acknowledge that it is a retarded statement to make? What the chart really says is the rich got richer while the poor got poorer and the deficits got higher and the federal debt skyrocketed.... Wake up!

Edited August 1, 2011 by Lord Infamous

[IR5FORMUMSIE 850]

I take it you've not checked the latest unemployment figures.

But it's ok. Not taxing the richest will mean more jobs due to the 'trickle down' effect... Yeah right.

Why does this sounds suspiciously like a golden shower?

[IR5FORMUMSIE 850]

Stop spending so much is the solution to our problems.

Stop spending so much and close tax loopholes for the wealthy. The highest three tax brackets should be raised and loopholes should be closed. PROBLEM SOLVED!!!!!!

[mawilson 2,133]

How do you get "Bush Tax Cuts Helped Lower Income Earnings Most" from this chart

Simple. The CBO estimated the cost of extending the Bush tax cuts for

• "the rich" (people who make over $200k; $250k couples) to be $700 billion
  
• everyone else - $3 trillion
  

Total cost: $3.7 trillion

Which means the tax cuts benefitted the poor and the middle class more than the rich.

[luckytxn 2,265]

Simple. The CBO estimated the cost of extending the Bush tax cuts for

• "the rich" (people who make over $200k; $250k couples) to be $700 billion
• everyone else - $3 trillion

Total cost: $3.7 trillion

Which means the tax cuts benefitted the poor and the middle class more than the rich.

Shhh. They don't want facts to muddle their rants.

[웃 910]

Simple. The CBO estimated the cost of extending the Bush tax cuts for

• "the rich" (people who make over $200k; $250k couples) to be $700 billion
• everyone else - $3 trillion

Total cost: $3.7 trillion

Which means the tax cuts benefitted the poor and the middle class more than the rich.

You have a source for the non sense you speak?

[Bad_Daddy 2,209]

Simple. The CBO estimated the cost of extending the Bush tax cuts for

• "the rich" (people who make over $200k; $250k couples) to be $700 billion
  
• everyone else - $3 trillion
  

Total cost: $3.7 trillion

Which means the tax cuts benefitted the poor and the middle class more than the rich.

Do you have a link to this?

[Ban Hammer 13,491]

must be noobs to challenge the gecko on financial matters.

[Mr. Big Dog 10,747]

Simple. The CBO estimated the cost of extending the Bush tax cuts for

• "the rich" (people who make over $200k; $250k couples) to be $700 billion
  
• everyone else - $3 trillion

Total cost: $3.7 trillion

Which means the tax cuts benefitted the poor and the middle class more than the rich.

700BN are shared by 2.8MM taxpayers while the 3TN are shared by 137MM taxpayers. Do the math.

Honestly, I don't care much about the tax rates. Leave them be. There may be close to $4TN in revenues in reverting back to the pre-2001 tax rates. But there are well over $12TN in tax spending that should be combed through. Some of it might be hard to touch - I don't imagine lifting the health insurance exemption or even the mortgage interest exemption altogether would have a very healing effect on the economy at this point. But there's a good bit of junk in there that I have a feeling would easily bring about more revenues than letting the Bush/Obama tax cut package expire for the upper incomes only.

[luckytxn 2,265]

How do you get "Bush Tax Cuts Helped Lower Income Earnings Most" from this chart:

Do you really believe that to be true or will you acknowledge that it is a retarded statement to make? What the chart really says is the rich got richer while the poor got poorer and the deficits got higher and the federal debt skyrocketed.... Wake up!

Never made that statement. Did make the statement that the richer segments do pay most of the taxes. The few pay the most and they have the highest burden. The deficits will have to be repaid at some time and it will be by the richer segment as they will be paying as usual the most taxes. Now the Socialists are saying to soak them even more. If we take all of their income and leave them with nothing we will still have a deficit. Then if we start taxing the middle class we will still have a deficit because we spend too much. This is a huge drain on the economy and makes it hard for the economy to recover. Once the economy recovers then we will see revenues grow.

Now even if we confiscate all of the rich peoples income 100% they will still have the riches from before but they will not invest anymore as they will just be turning it over to the tax man. Now I am all for repealing the Bush tax cuts but for all and not just the rich. Also I want to get rid of the subsidizing of the poor. We can give them breaks but they should not then get money back from the Feds. If they have zero liability then they should pay nothing. They should not then get a refund on top of paying no taxes.

The only reason they will not repeal the Bush tax cuts for all is they are buying votes. They will not be reelected so that means they will have to start economic warfare against the higher wage earners. I am glad the higher wage earners invest and hire the majority of the people in this country. I am happy that because they do so they pay most of the taxes. Take away their incentives then don't be surprised if the economy stays in a funk. The only way out of this is to stop spending so much and create deficits. If the Government starts being fiscally sound then the economy will recover and zoom along.

[Bad_Daddy 2,209]

must be noobs to challenge the gecko on financial matters.

It comes down to basic English language and math.

On one extreme you have people saying tax cuts for the rich benefited the poor and middle class more than the rich.

On the other extreme you have people saying the government needs to spend more money to get back in the black.

It's like saying an apple is an orange, even though we all know an apple is an apple.

[Mr. Big Dog 10,747]

You have a source for the non sense you speak?

Those were the CBO estimates when the scenarios of extending the Bush tax cuts for all vs. only for incomes up to 200/250K were debated and scored.