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Income Restribution Day

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  • Income Restribution Day

    April 17th...Tax Day.

    I can hardly wait to hear from my accountant as to how much I will give to support our government this year.

    "To take from one, because it is thought his own industry and that of his fathers has acquired too much, in order to spare to others, who, or whose fathers, have not exercised equal industry and skill, is to violate arbitrarily the first principle of association, the guarantee to everyone the free exercise of his industry and the fruits acquired by it." --Thomas Jefferson

    Obama, our unpopular president, has been having fun mocking President Reagan about taxing the rich. If Obama had listened to President Reagan and acted as he did, Obama may have had the chance of a second term.

    "Any system that penalizes success and accomplishment is wrong. Any system that discourages work, discourages productivity, discourages economic progress, is wrong. If, on the other hand, you reduce tax rates and allow people to spend or save more of what they earn, they'll be more industrious; they'll have more incentive to work hard, and money they earn will add fuel to the great economic machine that energizes our national progress." --Ronald Reagan

  • #2
    Re: Income Restribution Day

    Originally posted by Gloria View Post
    April 17th...Tax Day.

    I can hardly wait to hear from my accountant as to how much I will give to support our government this year.

    "Any system that penalizes success and accomplishment is wrong. Any system that discourages work, discourages productivity, discourages economic progress, is wrong. If, on the other hand, you reduce tax rates and allow people to spend or save more of what they earn, they'll be more industrious; they'll have more incentive to work hard, and money they earn will add fuel to the great economic machine that energizes our national progress." --Ronald Reagan
    Reagan's first sentence is absolutely right. And anyone who part-owns a company that makes gazillions in profit because it makes better widgets than anyone else is entitled to his/her full share of the results after reinvestment and other needs and obligations are met. (A bit of philanthropy would be in order but that is another matter). This includes both institutional and private stockholders, as well as founders. They all put their capital at risk.

    Where the capitalist system seems to go too frequently off the rails is in almost automatically paying senior executives of large corporations tens of millions of Dollars in annual compensation under contractual agreements with limited downside even if the business is practically run into a wall. And when I say limited downside, if a CEO's compensation package of $30 million is cut to $10 million after the company loses money the Press may shout "XYZ Co's CEO pay cut by 67%" but he/she still makes more than most people would spend in a lifetime AND may still be paid 10x or 20x what is really appropriate in the circumstances. That is not what I call "downside". And the rest of the executive committee will be similarly over-compensated through a bad period when the owners (shareholders) are losing money.

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    • #3
      Re: Income Restribution Day

      "It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion"
      ~Adam Smith, author of "The Wealth of Nations", father of Capitalism

      “To impose taxes when the public exigencies require them is an obligation of the most sacred character, especially with a free people.”
      ~James Monroe, founding father

      “Labor is prior to, and independent of, capital. Capital is only the fruit of labor, and could never have existed if labor had not first existed. Labor is the superior of capital, and deserves much the higher consideration.”
      ~Abraham Lincoln - first Republican President, established first graduated income tax.

      “I believe that there should be a very much heavier progressive tax on very large incomes, a tax which should increase in a very marked fashion for the gigantic incomes.”
      ~Theodore Roosevelt, the Republican Roosevelt

      “I like to pay taxes. With them, I buy civilization.”
      ~Oliver Wendell Holmes, Supreme Court Justice, Republican

      "A few families are fabulously wealthy, contribute far less than they should in taxes, and are indifferent to the poverty of the great masses of the people ... A country in this situation, is fraught with continual instability."
      ~Dwight Eisenhower, General, Republican

      "A highly paid executive ... wrote me in support of the tax plan, because he said, 'I am legally able to take advantage of the present tax code, nothing dishonest, doing what the law prescribes, and wind up paying a smaller … tax than my secretary pays.' And he wrote me the letter to tell me he'd like to come to Washington and testify before Congress as to how that's possible for him to do and why it is wrong."
      ~Ronald Reagan, Patron Saint of all Republicans
      Last edited by Naturist Mark; 04-16-2012, 08:10 PM.

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      • #4
        Re: Income Restribution Day

        After Reagan had cut taxes dramatically he realized that he had gone too far, and was running too large a deficit. Throughout the remainder of his time time in office he raised taxes six or seven times, something the current crop of Republicans has conveniently forgotten. I say that as a life-long but currently disillusioned Republican.

        I'm not any fonder of sending money to the government than the average person, but as I wrote a check that seemed large in relation to my bank account I did take a few moments to think about what I get in exchange for my tax money. Made it seem like a bargain.

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        • #5
          Re: Income Restribution Day

          It should also be pointed out that most income redistribution is the reverse Robin Hood policy of draining everything possible from the middle class and working poor and lavishing it on the rich. I very much hope that ends soon. I'm lower middle class and don't want my tax money going to make some oil executive richer than he already is.

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          • #6
            Re: Income Restribution Day

            Originally posted by Naturist Mark View Post
            "A few families are fabulously wealthy, contribute far less than they should in taxes, and are indifferent to the poverty of the great masses of the people ~Dwight Eisenhower, General, Republican
            Unfortunately, that's still the case today, about 60 years later.

            Comment


            • #7
              Re: Income Restribution Day

              [sarcasm]Yeah, don't you just hate it when your hard earned money goes to paying a soldiers salary.[/sarcasm]

              Comment


              • #8
                Re: Income Restribution Day

                Originally posted by nimrod View Post
                [sarcasm]Yeah, don't you just hate it when your hard earned money goes to paying a soldiers salary.[/sarcasm]
                No, but I do hate it when my hard earned money goes to building bridges, roads, water treatment plants and electric distribution facilities in another country while U.S. soldiers provide security for the contractors. For years. And years. That I dislike.

                Comment


                • #9
                  Re: Income Restribution Day

                  Originally posted by Naturist Mark View Post
                  "It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion"
                  ~Adam Smith, author of "The Wealth of Nations", father of Capitalism
                  I would agree with Adam on that if those who pay more taxes have a greater say in government.

                  Originally posted by Naturist Mark View Post
                  “To impose taxes when the public exigencies require them is an obligation of the most sacred character, especially with a free people.”
                  ~James Monroe, founding father
                  I agree with that. I'm not very happy about it...specially today. But I agree with it.

                  Originally posted by Naturist Mark View Post
                  “Labor is prior to, and independent of, capital. Capital is only the fruit of labor, and could never have existed if labor had not first existed. Labor is the superior of capital, and deserves much the higher consideration.”
                  ~Abraham Lincoln - first Republican President, established first graduated income tax.

                  “I believe that there should be a very much heavier progressive tax on very large incomes, a tax which should increase in a very marked fashion for the gigantic incomes.”
                  ~Theodore Roosevelt, the Republican Roosevelt
                  Abe and Teddy were progressive liberals before their time.

                  Originally posted by Naturist Mark View Post
                  “I like to pay taxes. With them, I buy civilization.”
                  ~Oliver Wendell Holmes, Supreme Court Justice, Republican
                  I don't like to pay taxes....but I do....I buy someone else a car (Chevy Volt subsidy)

                  Originally posted by Naturist Mark View Post
                  "A few families are fabulously wealthy, contribute far less than they should in taxes, and are indifferent to the poverty of the great masses of the people ... A country in this situation, is fraught with continual instability."
                  ~Dwight Eisenhower, General, Republican
                  Dwight was a better General than a president, although, as president, he did do what he was told.
                  The mention of wealthy families brings to mind...the Kennedy's, the Kerry's, the Pilosi's, the Sorros, the Feinsteins, and of course Warren Buffet, who is being sued by the IRS for over a BILLION in back taxes.

                  Originally posted by Naturist Mark View Post
                  "A highly paid executive ... wrote me in support of the tax plan, because he said, 'I am legally able to take advantage of the present tax code, nothing dishonest, doing what the law prescribes, and wind up paying a smaller … tax than my secretary pays.' And he wrote me the letter to tell me he'd like to come to Washington and testify before Congress as to how that's possible for him to do and why it is wrong."
                  ~Ronald Reagan, Patron Saint of all Republicans
                  Obama blundered, big time, when he used that quote to compare himself to Ronald Reagan. As with most "quotes", one must look at the whole speech.

                  President Reagan went on to say:

                  Well, right is right, and fair is fair, and it's time for all of us to put on our American citizen hats and do the right thing for America. By closing the loopholes, we can bring tax rates down for the vast majority of Americans. Our tax proposal is the opposite of trickle down; it's bubble up.

                  This is a tax plan for a growing, dynamic America. Lower, flatter tax rates will give Americans more confidence in the future. It'll mean if you work overtime or get a raise or a promotion or if you have a small business and are able to turn a profit, more of that extra income will end up where it belongs—in your wallets, not in Uncle Sam's pockets.

                  With lower personal and corporate rates and another capital gains tax cut, small and entrepreneurial businesses will take off. Americans will have an open field to test their dreams and challenge their imaginations, and the next decade will become known as the age of opportunity. American industry will benefit, too, because the billions that are presently being squandered on the loopholes—things like jojoba bean shelters, racehorse write-offs, windmill farms, and luxury lunches for business executives-will be reinvested in the productive economy, where it will build new factories and businesses, create new jobs, and finance the new inventions that will keep America number one in the world market.
                  ....and Regan did it. He lowered tax rates for all and gave us the longest period of prosperity in history.

                  Comment


                  • #10
                    Re: Income Restribution Day

                    Originally posted by Gloria View Post
                    I would agree with Adam on that if those who pay more taxes have a greater say in government.
                    LOL. If taxation was based on political influence, then the super wealthy - the "Romney Rich" - should be paying 99% tax rates.

                    ....and Regan did it. He lowered tax rates for all and gave us the longest period of prosperity in history.
                    I see you are giving Reagan credit for Clinton's prosperity. Conveniently ignoring a recession or two.

                    Comment


                    • #11
                      Re: Income Restribution Day

                      Originally posted by Gloria View Post
                      I would agree with Adam on that if those who pay more taxes have a greater say in government.
                      But don't those who have the money to buy politicians have those politicians make laws so that they can pay less and less in taxes?

                      Comment


                      • #12
                        Re: Income Restribution Day

                        Originally posted by LamontCranston View Post
                        No, but I do hate it when my hard earned money goes to building bridges, roads, water treatment plants and electric distribution facilities in another country while U.S. soldiers provide security for the contractors. For years. And years. That I dislike.
                        Yes, god forbid we help rebuild a country that we went in and destroyed.

                        Comment


                        • #13
                          Re: Income Restribution Day

                          Originally posted by Gloria View Post



                          ....and Regan did it. He lowered tax rates for all and gave us the longest period of prosperity in history.

                          Actually Reagan raised taxes more than any Pres. of the modern era and Clinton gave us our longest period of prosperity.

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                          • #14
                            Re: Income Restribution Day

                            What is "restribution"?

                            Comment


                            • #15
                              Re: Income Restribution Day

                              Paid my taxes today and proud to do it. If we could get those unpatriotic, American in name only, corporations to pay their taxes on the billions they stash overseas, maybe we would not have to borrow from China to cover our bills. I pay 25-30% on a mid six figure income and believe that is my fair share. How about corporate America.

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