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May 18, 2013
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White House: No Tax Hikes for Middle ClassPosted on Aug 3, 2009
On Monday, after two of President Obama’s economic sidekicks, Treasury Secretary Timothy Geithner and National Economic Council Director Lawrence Summers, made noises over the weekend about the possibility that middle-class Americans may pay higher taxes in the near future, the White House went into damage control mode.
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By MarthaA, August 4, 2009 at 4:23 pm Link to this comment
Outraged,
(Part 1 of 2)
Do you make over $250,000. per year?
““The president’s clear commitment is not to raise taxes on those making less than $250,000 a year,” Gibbs told reporters”
“Gibbs added, “I hope you’ll take my reiteration of this clear commitment . . . in the clearest terms possible, that he is not raising taxes on those who make less than $250,000 a year.””
The $250,000. per year range must be the low-end of the Nobles and Nearly Nobles.
If the CONSERVATIVE EXTREMISTS in Congress do not usurp what the President said, then neither me not anyone I know or ever come into contact with will have to pay more taxes; but, I admit, it’s hard to imagine.
On Social Security, Reagan, Bush I and Bush II bought over 2 Trillion dollars of government securities with the money that was in the Social Security Trust Fund. So that money isn’t there, all that is there in the “so called” Social Security lock box is worthless U.S. Government Securities. The people who did this are all criminals, but no one as yet has gone to prison. The cause and effect of their actions establish their criminal intent.
Now, about $2.5 Trillion is OWED to Social Security by the U.S. Government; but more criminals—greedy corporate bankers and greedy insurance corporations—came first: http://brucekrasting.blogspot.com/2009/03/g20-will-certainly-discuss-matter-of.html#comment-form and http://buzzflash.com/hartmann/05/07/har05007.html. Besides debts to Social Security being ignored, what I think is an outrage is that our supposedly capitalist government used SOCIALISM to protect CAPITALISM when capitalist greed faltered the economy, while our government and most religious leaders constantly try to expound the terrors of SOCIALISM. How can SOCIALISM be a terror, when SOCIALISM just saved CAPITALISM? —What rubbish. I turn off every preacher I hear expounding upon the terrors of SOCIALISM.
Can SOCIALISM be good for the Nobles, but not good for the Common Population? There’s something very wrong with this picture, because since SOCIALISM works well for the capitalists; corporations are socialist organizations, therefore the capitalist use SOCIALISM for the few, the capitalists, and SOCIALISM/COMMUNISM is made to be a terror for the many, the Common Population, but SOCIALISM would also work well for the Common Population, the only problem for capitalists is that SOCIALISM would cut into their exorbitant profits, no longer would there be any big greedy capitalist CEO’s racking up 450 percent profits at the expense of the Common Population, because big capitalists would have to share the wealth, instead of hoard the wealth.
CAPITAL: Assets that provide a revenue stream.
Report thisBy MarthaA, August 4, 2009 at 4:20 pm Link to this comment
Outraged,
(Part 2 of 2)
Regardless of what religions and capitalists say, CAPITAL can be used just as well with SOCIALISM or COMMUNISM, as it is with CAPITALISM, at the present time China is a good example of this.
CAPITALISM: An economic system that makes land and capital, ASSETS THAT PROVIDE A REVENUE STREAM, the instruments and means of production and distribution, which are mostly owned by PRIVATE CORPORATIONS, which are PRIVATE CO-OPERATIVES for the few; with the exception of the government, and are privately operated by a CHEAPLY PAID workforce of ISOLATED PRIVATE INDIVIDUALS providing ISOLATED ACTIONS OF INDIVIDUAL EFFORT for private profit to the capitalist.
CAPITALISM: (short definition) The act, process or result of hoarding assets that provide a revenue stream.
SOCIALISM: Any theory or economic system of social organization which would abolish in part or entirely the ISOLATED ACTIONS OF INDIVIDUAL EFFORT by the many, and substitute for it CO-OPERATIVE ACTIONS OF INDIVIDUAL EFFORT by the many that would introduce a more perfect and equal distribution of the products of labor, and would make land and capital, as the instruments and means of production and distribution, the joint possession of the members of the community and all share in the profits.
COMMUNISM: Any theory or economic system of social organization, stronger than Socialism, which would abolish entirely or in great part the ISOLATED ACTIONS OF INDIVIDUAL EFFORT by the many and substitute for it greater CO-OPERATIVE ACTION OF INDIVIDUAL EFFORT by the many that would introduce a more perfect and equal distribution of the products of labor, and would make land and capital, as the instruments and means of production and distribution, the joint possession of the members of the community and all share in, the profits.
It all gets down to whether or not we all want to be isolated as individuals or whether or not a community means anything. In the United States we are currently using a hybrid of SOCIALISM and CAPITALISM for the few at the expense of the many and community is being done away with.
Greed is a problem of political control, not a problem of either system, as greed exists in all three systems. The would be capitalists, if they are not already in political control, don’t have a revenue stream from the assets of COMMUNISM.
It is a problem of political control, that would allow the assets of COMMUNISM that provide a revenue stream to be dispersed in an equitable manner, that creates resistence to COMMUNISM; however, this same problem exists with CAPITALISM. If we can find a solution to the problem of political control that will allow equitable distribution of the assets that provide a revenue stream for both CAPITALISM and COMMUNISM, both can be joined together to provide greater good for all, not just the few.
All the corporate banks and the corporate insurance companies that got the collosal amounts of bail out money because they were too big to fail were CO-OPERATIVES [socialism/communism] for the few that were saved by the communal resources of the many [socialism/communism]; this amounts to CORPORATE COMMUNISM for the few at the expense of the many and should not have been legal, but apparently they have got away with it.
All of the United States’ capitalists and major corporations have been denouncing the horrors of COMMUNISM since 1917, and now the American people are suffering under the yoke of CORPORATE COMMUNISM. When I was a kid, the capitalists said “Better Dead Than Red”, as regards to COMMUNISTS, while using socialism/communism co-operatives to form their corporations. Since CORPORATE COMMUNISM was used to bail out the corporate banks and the corporate insurance companies, this would make the CORPORATE LEADERS of these corporate companies CORPORATE COMMUNISTS; these people set the standard of “Better Dead Than Red” for COMMUNISTS; therefore, this same standard should be applied to them.
Report thisBy WeMadeAmistake, August 4, 2009 at 2:31 pm Link to this comment
(Unregistered commenter)
If your spouse spent more money than you both make and bring home, would you stay married to this person? I your spouse was responsible for your job loss would you stay married to this person? If your spouse never kept their promises about spending and creating problems with your employment, would you stay married to this person? If your spouse spent four times what you earned and you found out that day that your income was reduced by 22% would you stay married to that person. Now substitute the word ‘spouse’ above with the word ‘government’ and substitute the word ‘married’ with the word ‘supportive’.
Report thisBy WeMadeAmistake, August 4, 2009 at 2:16 pm Link to this comment
(Unregistered commenter)
President Narcissist, the cat is already out of the bag. It’s called a tobacco tax and it’s called the Cap & Tax Scam (aka Cap & Trade) which is part and parcel to the Global Warming….ooops, you liberals re-invented that to Climate Change. I wonder what re-inventive term you socialist Stalinists will come up for the Health Care….oops, you already did…Health Insurance reform. I wonder why we don’t hear the re-inventive term for ‘terrorist’ from you anymore. I thought Man-made Disaster worked well with it’s accronymic M.A.D.
Report thisBy DScott, August 4, 2009 at 9:34 am Link to this comment
(Unregistered commenter)
And Cap and Trade is not a tax increase on EVERY person, even those under $250k? Remember both the President and VP are attorneys first and will twist their words so much that no can really determine what they “promised” or even what they are “promising” now… Sad…
Report thisBy James, August 4, 2009 at 8:38 am Link to this comment
(Unregistered commenter)
The difference is Obama will have his bad cop ( Biden ) break the news. Anyone notice this routine? Obama comes out when there is good news and then he has Bad News Biden come out and “slip” the bad news.
Report thisBy JeffNYNJ, August 4, 2009 at 8:26 am Link to this comment
(Unregistered commenter)
Even withought the Wall Street financial debacle, the middle class is STILL paying for EVERYONE and that shouldn’t be! The rich are still getting richer and the middle class keeps paying for the poor. Raising taxes people making under $250K, would be a major blow to thhis country and Obama’s approval rating would slip by 20 points easily.
Report thisBy Brian, August 4, 2009 at 5:14 am Link to this comment
(Unregistered commenter)
Mentioning anything about raising taxes in reference to “The FairTax Act (HR 25, S 296)” is obviously coming from someone who has no idea what they are talking about. Go read HR 25 (in the House) or S 296 (in the Senate), they are both only 133 pages (an easy read). If passed they would eliminate income tax, capital gains tax, capital gains tax as well as other federal taxes.
So by mentioning a “near doubling” of any tax when talking about “The FairTax Act (HR 25, S 296)” is a silly statement…. A near doubling of a (proposed) 0% tax? Sounds good to me…
Report thisBy Outraged, August 4, 2009 at 12:06 am Link to this comment
As an afterthought BRIAN (Mr. unregistered commenter), what this amounts to is:
THE BABY BOOMERS, paid for the generation before them, then paid for themselves as far as Social Security was concerned…. THEN, then….. MANY, many lost their pensions in Wall Street criminalities!
Fuck Greenspan and his ilk.
This is not a case of the Baby Boomers being “fucked over”, this is a case of the Baby Boomers being RAPED.
Report thisBy Outraged, August 3, 2009 at 11:50 pm Link to this comment
“Gibbs also was asked whether other administration officials would be “on message” from now on.
“Promising that everybody is going to be on message may be a bar that is too high for me to leap over,” he said with a smile.”
Kinda funny….huh. Some have “another message”..... what does that reek of?
Re: Brian
Your comment: “The FairTax Act (HR 25, S 296). This bill has been quoted by Alan Greenspan, as well as others,”
Sounds like a load of bull to me. Check it out:
“Reagan got Daniel Patrick Moynihan and Alan Greenspan together to form a commission on Social Security reform, along with a few other politicians and economists, and they recommend a near-doubling of the Social Security tax on the then-working Boomers. That tax created - for the first time in history - a giant savings account that Social Security could use to pay for the Boomers’ retirement.
This was a huge change. Prior to this, Social Security had always paid for today’s retirees with income from today’s workers (it still is today). The Boomers were the first generation that would pay Social Security taxes both to fund current retirees and save up enough money to pay for their own retirement. And, after the Boomers were all retired and the savings account - called the “Social Security Trust Fund” - was all spent, the rabbit would have finished its journey through the python and Social Security could go back to a “pay as you go” taxing system.
Thus, within the period of a few short years, Reagan dramatically dropped the income tax on America’s most wealthy by more than half, and roughly doubled the Social Security tax on people earning $30,000 or less. It was, simultaneously, the largest income tax cut in America’s history (almost entirely for the very wealthy), and the most massive tax increase in the history of the nation (which entirely hit working-class people).
But Reagan still had a problem. His tax cuts for the wealthy - even when moderated by subsequent tax increases - weren’t generating enough money to invest properly in America’s infrastructure, schools, police and fire departments, and military. The country was facing bankruptcy.
No problem, suggested Greenspan. Just borrow the Boomer’s savings account - the money in the Social Security Trust Fund - and, because you’re borrowing “government money” to fund “government expenditures,” you don’t have to list it as part of the deficit. Much of the deficit will magically seem to disappear, and nobody will know what you did for another 50 years when the Boomers begin to retire 2015.
Reagan jumped at the opportunity. As did George H. W. Bush. As did Bill Clinton (although Al Gore argued strongly that Social Security funds should not be raided, but, instead, put in a “lock box”). And so did George W. Bush.
The result is that all that money - trillions of dollars - that has been taxed out of working Boomers (the ceiling has risen from the tax being on your first $30,000 of income to the first $90,000 today) has been borrowed and spent. What are left behind are a special form of IOUs - an unique form of Treasury debt instruments similar (but not identical) to those the government issues to borrow money from China today to fund George W. Bush’s most recent tax cuts for billionaires (George Junior is still also “borrowing” from the Social Security Trust Fund).”
http://buzzflash.com/hartmann/05/07/har05007.html
Greenspan….. phhfft. Fuck Greenspan, his bankster friends and accomplices in Washington.
Report thisBy BlueEagle, August 3, 2009 at 8:25 pm Link to this comment
@NYCartist - I’m afraid you will soon see that kind income. When the Fed quadruples the money supply, you should also be making 4x as much. So if your salary is 70K, you will soon be making 280,000 FRNs /year. Of course apples will also be 8 FRNs / lbs.
Welcome to inflation nation. The dollar of 1913 is now worth 4 cents.
Report thisBy Brian, August 3, 2009 at 4:45 pm Link to this comment
(Unregistered commenter)
When will the current leadership in this country do something useful for all citizens and for the American economy and pass The FairTax Act (HR 25, S 296). This bill has been quoted by Alan Greenspan, as well as others, to be just what America needs to fix many of the current issues which bring America down in the global economy.
Report thisBy NYCartist, August 3, 2009 at 3:18 pm Link to this comment
Wow! Middle class is some wide span: up to $250,000!!!
Report thisNever saw that kind of income in my life and never will.
By skulz fontaine, August 3, 2009 at 3:16 pm Link to this comment
Right. And the Obama promised “change” and the Obama promised “to bring the troops home” and the Obama promised “to close Guantanamo” and the Obama seems to have promised loads of stuffs. Ain’t none of that happened yet. “No tax hikes for the Middle Caste?” Don’t you believe it!
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