In Senate, Republicans Block Debate on ‘Buffett Rule’ - Page 2

WallyWager · #11 (**permalink**) 04-16-2012, 10:06 PM

Quote:

Originally Posted by Comet

The national deficit is increasing approximately four billion each day.

Seems to me, and everyone else with an IQ north of baseball glove, instead of worrying about and wasting time attempting to pass a measure that will net you peanuts, we should get down to brass tacks and commence slashing departments, programs, agencies, etc... until we are no longer hemorrhaging money like a pampered Beverly Hills housewife on a shopping spree on Rodeo Drive.

Honestly, passing this Buffet Rule would be like an individual who is millions in debt to fore-go a plan to balance their finances and reduce their out of control spending and lavish lifestyle, and instead pawn their microwave.

Let us balance the budget in a manner where we have a surplus each year and then we can discuss possibilities on the taxation of the rich.

This would only be accurate if the Buffett Rule is the singular idea everyone has for paying down the deficit and was touted as a cure-all.

Anyone with a brain knows that this would be a little help with the deficit, but there's mathematically a lot more to do than just that.

Comet · #12 (**permalink**) 04-16-2012, 10:15 PM

Quote:

Originally Posted by WallyWager

Anyone with a brain knows that this would be a little help with the deficit

A little help? Minuscule would be a better word. Each year it would cover about one day of the rate the deficit is increasing.

It is the equivalent of giving a man with a shotgun wound in his chest an aspirin.

Priorities, Wally, priorities. Instead of worrying about giving the shotgun victim an aspirin, let us take him to the hospital first and then worry about his headaches.

No one is saying we cannot discuss raising taxes on the rich. It does however make much more sense to balance the budget first so we are in the black each year instead of bleeding a slow death.

That is what you call logic, Wally.

saltwn · #13 (**permalink**) 04-16-2012, 10:24 PM

Quote:

Originally Posted by Comet

A little help? Minuscule would be a better word. Each year it would cover about one day of the rate the deficit is increasing.

It is the equivalent of giving a man with a shotgun wound in his chest an aspirin.

Priorities, Wally, priorities. Instead of worrying about giving the shotgun victim an aspirin, let us take him to the hospital first and then worry about his headaches.

No one is saying we cannot discuss raising taxes on the rich. It does however make much more sense to balance the budget first so we are in the black each year instead of bleeding a slow death.

That is what you call logic, Wally.

Raises some revenue, equal to what the Republicans want to spend. Relatively speaking, the prefered plan is the Buffett one. And yes as Wally pointed out this is not the only item on the grocery list.

rjaz · #14 (**permalink**) 04-16-2012, 10:28 PM

I am just baffled by how much people don't know about tax.

First off, if you are getting a really low tax rate, you either do not make much money to begin with or you are being taxed on capital gains.

Capital gains is a tax on returns from principle which has already been taxed. And in the case of dividends already double taxed. It is risk investment, and the tax laws are very unfavorable if you happen to be unfortunate and make a wrong call (which I have done many times). If you are lucky, you get taxed 15% on it (if you hold it for over a year).

Second, the way to increase tax revenue is NOT to focus on tax rates, but increase the taxpayer base. Meaning make laws that encourage private sector hiring and cut out stupid regulation that handcuffs business.

saltwn · #15 (**permalink**) 04-16-2012, 10:44 PM

Quote:

Originally Posted by rjaz

I am just baffled by how much people don't know about tax.

First off, if you are getting a really low tax rate, you either do not make much money to begin with or you are being taxed on capital gains.

Capital gains is a tax on returns from principle which has already been taxed. And in the case of dividends already double taxed. It is risk investment, and the tax laws are very unfavorable if you happen to be unfortunate and make a wrong call (which I have done many times). If you are lucky, you get taxed 15% on it (if you hold it for over a year).

Second, the way to increase tax revenue is NOT to focus on tax rates, but increase the taxpayer base. Meaning make laws that encourage private sector hiring and cut out stupid regulation that handcuffs business.

What regulations that you are aquainted with handcuff businesses ?

rjaz · #16 (**permalink**) 04-16-2012, 10:53 PM

Quote:

Originally Posted by saltwn

What regulations that you are aquainted with handcuff businesses ?

Sarbanes-Oxley is a cluster-fart non-value add piece of legislation for starters.

saltwn · #17 (**permalink**) 04-16-2012, 11:11 PM

Quote:

Originally Posted by rjaz

Sarbanes-Oxley is a cluster-fart non-value add piece of legislation for starters.

brief definition says : "The bill was enacted as a reaction to a number of major corporate and accounting scandals including those affecting Enron, Tyco International, Adelphia, Peregrine Systems and WorldCom. These scandals, which cost investors billions of dollars when the share prices of affected companies collapsed, shook public confidence in the nation's securities markets."

"The act contains 11 titles, or sections, ranging from additional corporate board responsibilities to criminal penalties, and requires the Securities and Exchange Commission (SEC) to implement rulings on requirements to comply with the law. Harvey Pitt, the 26th chairman of the SEC, led the SEC in the adoption of dozens of rules to implement the Sarbanes–Oxley Act. It created a new, quasi-public agency, the Public Company Accounting Oversight Board, or PCAOB, charged with overseeing, regulating, inspecting and disciplining accounting firms in their roles as auditors of public companies. The act also covers issues such as auditor independence, corporate governance, internal control assessment, and enhanced financial disclosure. The nonprofit arm of Financial Executives International (FEI), Financial Executives Research Foundation (FERF), completed extensive research studies to help support the foundations of the act."

What would you have done differently to insure accounting scandals don't wreck the havoc they did during Enron etc. ?

rjaz · #18 (**permalink**) 04-16-2012, 11:24 PM

Not buy stock in Enron for one.

If you have ever been thru a SOX audit (and I think I have posted it before)

It basically goes like this:

22 yr old kid with an accounting degree calls you up.

Kid: "Can you tell me about these numbers?"

rjaz: "Yes they tie"

Kid: "Do you have controls in place to make sure?"

rjaz: "Yes"

Kid: "Ok you've passed the audit, thanks!"

saltwn · #19 (**permalink**) 04-16-2012, 11:29 PM

Quote:

Originally Posted by rjaz

Not buy stock in Enron for one.

If you have ever been thru a SOX audit (and I think I have posted it before)

It basically goes like this:

22 yr old kid with an accounting degree calls you up.

Kid: "Can you tell me about these numbers?"

rjaz: "Yes they tie"

Kid: "Do you have controls in place to make sure?"

rjaz: "Yes"

Kid: "Ok you've passed the audit, thanks!"

I don't understand. I thought you said it was a reg that hampered business.

Oftencold · #20 (**permalink**) 04-16-2012, 11:30 PM

Quote:

Originally Posted by saltwn

Stupid muther @#$%

http://www.nytimes.com/2012/04/17/us...publicans.html

A lousy 30% and they block it. What does that tell ya?
Owned by Wall Street.
I so hope their azz is grazz in November.

As a stress, relief, why not go rob a wealthy local businessman at gunpoint, then send the money to the government?

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode

The Following 2 Users Say Thank You to WallyWager For This Useful Post:
off the porch, saltwn

The Following 2 Users Say Thank You to rjaz For This Useful Post:
AZRWinger, GottaGo

The Following User Says Thank You to saltwn For This Useful Post:
off the porch