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View Diary: Witnessing the death of the Republican Party (63 comments)

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  •  substantive - it brings in real revenue $$ (3+ / 0-)
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    Kvetchnrelease, cazcee, a2nite

    It does not totally close the gap between revenues and spending, but it significantly closes the gap.

    •  I read today the gap is almost one trillion a year (0+ / 0-)

      Do rich folk even have a trillion dollars?

      "If the past sits in judgment on the present, the future will be lost." Winston Churchill

      by Kvetchnrelease on Thu Dec 06, 2012 at 06:05:18 AM PST

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      •  Are you kidding? (3+ / 0-)
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        cazcee, a2nite, phonegery

        Really????  Have you ever looked at the top richest people in the country?  
        When the richest people in this country such as Warren Buffet are ready and willing to pay more money and have publicly declared so, you really think it wouldn't make a difference?  
        Our country's economy grew the fastest BEFORE the Bush tax cuts!  

        Visit the Iraq Memorial Quilt @

        by pollchecker on Thu Dec 06, 2012 at 06:12:42 AM PST

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        •  Warren Buffet will pay exactly $0.00 more (1+ / 0-)
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          He has personally said this several times recently in interviews, on TV, on the Radio and online.

          Mr. Buffet's total salary is $0.00/year so raising the tax rate on this will generate $0.00.  Mr. Buffet, however, makes more money in a month then I and my wife will make in our entire lives combined, and he does it via investments which yield capital gains... which are taxed at 15% and, from everything we are hearing thus far, will remain at 15% generating a net yield of new revenue of $0.00.

          (Note:  Having a ZERO salary actually causes complications with a lot of employment law, so I'd be willing to bet he actually as a salary of $1.00/year.  He also probably has a few jobs since I suspect he sits on several Boards of Directors, so all told, he may actually be pulling in $9-$12 per year but we're not raising taxes on that income bracket)

          Красота спасет мир --F. Dostoevsky

          by Wisper on Thu Dec 06, 2012 at 06:46:57 AM PST

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          •  Wisper - just a nit (1+ / 0-)
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            Buffet's salary is $100,000 and has been the same for more than 25 years. As you note his income is from capital gains. If we return to the Clinton era tax schedules the tax on capital gains rises to 20% plus there is a new Medicare tax on capital gains (all investment income) of nearly 4% for a total of about 24%. So Buffet's taxes would increase.

            "let's talk about that"

            by VClib on Thu Dec 06, 2012 at 09:09:28 AM PST

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      •  American wealth imbalance is at an all-time high (1+ / 0-)

        Translation: The rich have never been richer in this country.

        Do "the rich" have $1T? No they have far more than that. The 400 richest people (not families - people) in America were worth about $1,270,000,000,000 according to a 2010 study.

        The problem is not so much with the income tax rates but the real meat is in the capital gains and inheritance taxes.

    •  pasaburbdem - nonsense (1+ / 0-)
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      Allowing the top 2% to return to Clinton era rates (which I support) adds about $80 billion a year to the Treasury. We have a current annual deficit exceeding $1 Trillion so the change could drop the deficit by less than 10%, which is not "significant" by any standard. If all the Bush tax cuts expired it would raise nearly $400 billion a year. THAT'S SIGNIFICANT.

      "let's talk about that"

      by VClib on Thu Dec 06, 2012 at 09:06:33 AM PST

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