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Fox Business' solution to financial crisis: Tax the poor more

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posted on Jun, 27 2010 @ 02:29 AM
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Fox Business' solution to financial crisis: Tax the poor more


rawstory.com...

A recent report from the Congressional Budget Office shows that the gap between the richest one percent of earners in the US and the middle class has more than tripled since 1979.

But that didn't stop Fox Business host Cheryl Casone from using the report as the basis of her proposed solution to the US's mushrooming budget deficit: Increase taxes on the poor.
(visit the link for the full news article)


Related News Links:
en.wikipedia.org

[edit on 27-6-2010 by ~Lucidity]




posted on Jun, 27 2010 @ 02:29 AM
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Fair and balanced?

To be fair myself, she is a host of a business show in a very stressful time. You know...a time where the rich and think-they-are rich are trying to figure out creative ways to squeeze every last penny out of our dwindling lower class.

You'll find Chery's bio at the link below.

"The fact that most [sic] Americans are not paying any income tax at the end of the day kind of shows the imbalance," Casone said on Cashin' In Saturday."What if everyone pays just a little bit -- we're out of debt in this country."

That's the quote, I think!

The video at the source link is more informative.

I'm a bit speechless. How about you?


rawstory.com...
(visit the link for the full news article)



[edit on 27-6-2010 by ~Lucidity]



posted on Jun, 27 2010 @ 02:46 AM
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oh great
there goes my lunch money.
well maybe I can survive on 1 meal
a day.



posted on Jun, 27 2010 @ 03:06 AM
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is it not true that the rich pay most of the taxes while most people pay little to none? instead of taxing the rich almost 50% of their income or more, you can add a few % to the other classes. seems fair



posted on Jun, 27 2010 @ 03:10 AM
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reply to post by Helghast1
 


Trying to start a convo by adding a controversial standpoint? At least thats what I think you're doing.. nobody in their right mind could propose something like that, and mean it...



posted on Jun, 27 2010 @ 03:17 AM
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Originally posted by ~Lucidity
"The fact that most [sic] Americans are not paying any income tax at the end of the day kind of shows the imbalance," Casone said on Cashin' In Saturday."What if everyone pays just a little bit -- we're out of debt in this country."


Dear friends,
That's not saying TAX the poor more. That's saying take money from everyone breathing inside the US regardless if they have income or not. It's calling for a flat fee to be levied against every American as an emergency measure to grease the proverbial engine.

Get ready for it... census workers going door to door with collection plates..



posted on Jun, 27 2010 @ 03:24 AM
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This is what the uk is doing, they put up vat afterall.

Vat is a tax on the poor more than any isn't it?



posted on Jun, 27 2010 @ 03:26 AM
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Guys I just noticed that the link is messed up. Trying to fix.

Here it is for now...

Okay fixed. The video is probably clearer than my OP.

[edit on 27-6-2010 by ~Lucidity]



posted on Jun, 27 2010 @ 03:38 AM
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I want to start a business (granted, I'm not in the US, but still) but have to estimate the business's annual income and prepay the tax every month. I have not been issued a crystal ball though so I'm really not sure how to go about this.

Now, if things go really well at the end of the year but, obviously, there is a start-up period where I'm going to be scraping gum off the sidewalk for my evening meal, how do I pay this tax? How do I get the business to grow? This particular thing I do requires that I sterilize the instruments after every use. That's pretty expensive in itself.

There's another, more important twist here: I don't want to overcharge my customers. I know. I suck at business. It's just the way I am though. So you know what? The tax officials already have a cure for people like me. That is, they tax you as though you were charging the same as those business people who don't mind gouging their clients. So in effect, though I would ask only about 40% of what the others deem to be a fair price (but I don't - in my view, they are criminals!), I will still have to pay the same tax as others. Nice, eh?

Does anyone think taxation has gone into otherworldly realms now? Does anyone else think it's time to understand that either we reject taxation altogether now or we die under the strain? Does anyone remember the ages old stories about taxation in our past? Of kings who killed the underclasses with the burden of their opulent lifestyles? Can you not see that that is exactly what we've got here?

Seriously. Everybody quit your jobs and go underground. Give/trade your services - unlicensed and unregistered - to others who need them. Don't worry about getting one for one. There are people with no useful skills. They will learn them shortly. We have to find a better way now. We don't need money. They clearly do. Let them have it all.



posted on Jun, 27 2010 @ 03:44 AM
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I agree with PayMeh. She is suggesting equal tax. I bet it sounds bad to some. It's quite funny actually. Equality is usually a rallying cry for many in the US, but combine equal and taxes and WHOA! Economic Blasphemy!

I don't want to see a VAT, but I wouldn't mind a consumption tax. Of course, that would require eliminating the income and virtually all other taxes.



posted on Jun, 27 2010 @ 03:48 AM
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Originally posted by Helghast1
is it not true that the rich pay most of the taxes while most people pay little to none? instead of taxing the rich almost 50% of their income or more, you can add a few % to the other classes. seems fair


In terms of income I do believe the rich have to pay more. I read it somewhere but currently on my phone so it would be interesting to find it and link it here.

But from the atand point of putting more taxes on the poor how much can the poor really take when its becoming harder to get by.



posted on Jun, 27 2010 @ 03:50 AM
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reply to post by ~Lucidity
 


You provided the quote:

"The fact that most [sic] Americans are not paying any income tax at the end of the day kind of shows the imbalance," Casone said on Cashin' In Saturday."What if everyone pays just a little bit -- we're out of debt in this country."

‘That's the quote…I'm a bit speechless. How about you?’

Of course, this notion of extracting further taxes from lower tax brackets is necessitated by the government’s profligate spending. Cutting spending is not an option because that would diminish TPTBs’ power [it also puts the lower tax bracket into > serfdom].

Do you think Fox is so much different from MSNBC or CNN? They’re espousing two slightly different iterations of the same progressive statism [called dem and rep].


www.taxguru.net...

There is, however, an enlightened version of this schema where the income [personal/corporate], estate, capital gains, soc sec, etc taxes are eliminated and replaced with a progressive retail tax so only purchases [corporate/personal] are taxable. Investment capital would rush to the US, people would be able to keep the entirety of paychecks, value of capital in markets is acknowledged and not manipulated, etc.

Recall that gov’t revenue to taxation isn’t 1:1. There has to be equilibrium between the ability of the government to function and citizens to thrive.



posted on Jun, 27 2010 @ 03:54 AM
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As a Brit, I have always been fascinated by the machinations of your two political houses.

As I understand it, there are professional lobbyists who have the unenviable job of wining and dining your politicians and try to get them to change their political views in favour of whatever or whichever group they represent.

That they do so by fair means or foul is well documented and beyond reproach unless of course the press sets up a sting.

In that way, huge corporations or rich individuals can avoid paying tax, zoning laws can be changed to favour a particular building project etc. The list goes on.

Then, to my utter horror, I discover that we Brits also have people like that besmirching the Mother of all Parliaments.

They are called pressure groups which, I must admit, sounds nastier than lobbyist.

But they have one thing in common. Both groups try to get governments to give their masters a break. Whether its through the non-payment of taxes (personal or corporation) or obtaining government grants for some project to allowing them to be non-domicile but retaining their vote on local councils or its US equivilent.

Whatever is the case, when people are excluded from contributing to their country's running costs, other people must pick up the bill and, more often than not, it is the poor people who foot the bill.

Why? Because they cannot hire lobbyists or form pressure groups to exclude themselves from a system that is designed to keep them poor and thus in their place.



posted on Jun, 27 2010 @ 03:59 AM
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Would love to see that when you get off the phone.

Well the really poor pay no taxes because they're barely making it as it is. They can't afford to be taxed.

I need to rewatch the video, because didn't one of the guys make a statement something like, "Some people even get money back?" What did he mean by that?

That they might have X amount withheld and get X+Y back? I am not familiar with people getting back more than they earn but someone in another topic the other day made reference to this. And a few of the charts that I saw had the bottom two quantiles had negative amounts.

Also, I believe it said that the bottom three quantiles comprised 60% of all taxpayers.

I think this is new...

Middle Class--Not the Rich or the Poor--Pay Majority of Federal Taxes, Says CBO Data



posted on Jun, 27 2010 @ 04:03 AM
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reply to post by CosmicEgg
 


What I recommend that you do is to consult a very clever accountant who specializes in non-profit corporations and or trust funds. The secrets of the rich is that they have passed laws that enable them to remain profitable while their competition remain constrained to the laws of business. The other avenue is to create two businesses, one that fails, and one that succeeds. By proxy, the one that fails sells all its assets to your other company for pennies on the dollar before collapse. In short, there is more to business success, than meets the eye. You must be clever, and use the law to the utmost advantage.

You must utilize your local government and study the shady business deals of the past. Look into IP's sale of lumber mills to West Frazer. Use creative pricing that is not taxed. Create your company, and that of a non profit as well. Put yourself as a paid employee of the non profit and for all your regular business customers, lower the price you charge them to only a palty amount if they in effect make equal contributions to your non-profit. Give them tax credit reciepts so that they can deduct the donation. Have your non profit sell coupons for your other companies servieces equal to the difference of the services cost.

You must be clever, and utilize the law as the rich do. Remember, if it is in the law, then it can be used. The law was not written for the rich, but only for the masses who are too lazy and foolish to utilize the law and bend it to thier will.



posted on Jun, 27 2010 @ 04:04 AM
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reply to post by tetrahedron
 


I'm speechless was sarcasm.

I believe my statement about squeezing every penny out of us covered TPTB.

How does my posting a story from FoxNews in any way imply that I would believe MSNBC or CNN or whoever it was you mentioned would be different. Spare me.

I am well aware of the progressive retail and flat tax alternatives but happen to lean toward a consumption or consumer tax, or some variant thereof. I even drew up a proposal about 4 years ago for that stand.

I'm sure I missed something.

Oh and thanks for the chart. I couldn't find one I was happy with!


[edit on 27-6-2010 by ~Lucidity]



posted on Jun, 27 2010 @ 04:09 AM
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reply to post by ~Lucidity
 


I'll see if I can find a wireless connection and begin my search for It.


Of the 42 states (counting the District of Columbia as a state) with an income tax in 2009, only nine other states imposed income taxes on four-person families with less income.


www.blueoregon.com...

Sorry still on my phone trying to get the url but the information is from blueoregon will add statistics a.s.a.p

[edit on 27-6-2010 by Gigantea Rosa]

[edit]
Finally found a "rogue" wireless, not sure how long it will last though.

[edit on 27-6-2010 by Gigantea Rosa]



posted on Jun, 27 2010 @ 04:23 AM
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I cannot believe my ears. You fools! Do you honestly for one second attempt to make the claim that any new kind of tax law will be just and equal? Have you learned nothing of history? There is no tax structure that is equal and there never will be. The nature of politics and business is to strive not for equality and fairness, but only to further the interests of its owners over its competition. There is only one thing that you can do under any tax laws in any government, and that is to rise above the foolish notions of equality and fairness in government and to struggle to utilize the very laws that those in power do to further their interests.

Our struggle is not to fight against the current laws in the naive, and foolish hope that new ones will be equal. No! Our struggle, in all times, is to strive to discover the laws that others utilize for their own advantage. The system will never change, no matter what the name! To use the system for your own benefit will always be the only universal law of governance and taxes. The strong lord it over the weak, and so it is always best to gain the strength and knowledge that those who lord over you have gained and utilize.

[edit on 27-6-2010 by Hot_Wings]



posted on Jun, 27 2010 @ 04:42 AM
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It really doesn`t matter one bit where the money comes from to equal things out. In the end, it is only a prop to keep a failed system going, so why prolong it`s death?

In the end, raising taxes on anyone will not fix the problem we really have. This monetary system is broken and failed, and to keep it going will only hurt us more in the end when we do finally let it die. Instead of worrying about who we should raise the taxes on, we need to start thinking about a new monetary system that will be fair to, and for everyone.



posted on Jun, 27 2010 @ 04:58 AM
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Originally posted by ~Lucidity
Would love to see that when you get off the phone.

Well the really poor pay no taxes because they're barely making it as it is. They can't afford to be taxed.

I need to rewatch the video, because didn't one of the guys make a statement something like, "Some people even get money back?" What did he mean by that?

That they might have X amount withheld and get X+Y back? I am not familiar with people getting back more than they earn but someone in another topic the other day made reference to this. And a few of the charts that I saw had the bottom two quantiles had negative amounts.

Also, I believe it said that the bottom three quantiles comprised 60% of all taxpayers.

I think this is new...

Middle Class--Not the Rich or the Poor--Pay Majority of Federal Taxes, Says CBO Data



Actually that was something interesting I found while searching, even some of the extremely poor were getting taxed especially in Oregon. Here is a picture of some of the states that tax the working poor.




Like in the link I made above their are some states that have a negative tax for poor in which the worker just gains more on their check rather than having to give up to the state.



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