MSNBC Cenk Attack: Just Raise Taxes!
Cenk Uygur on his weekly Daily Rant segment on the Dylan Ratigan show explains why the Republican plan to cut the deficit is terrible (ie slashing programs that benefit the middle class and poor while giving tax cuts to the rich and corporations). Watch Cenk weekdays on MSNBC at 6pm Eastern, 3pm Pacific. On Facebook: www.facebook.com On Twitter: twitter.com TYT Mobile: bit.ly Subscribe: bit.ly www.theyoungturks.com Read Ana’s blog and subscribe at: www.examiner.com Read Cenk’s Blog: www.huffingtonpost.com
@UncontestedTruth CRA is the problem. I work in lending. If we don’t loan to people in certain low income areas, it becomes very hard to open a branch because compliance won’t allow it. Not to mention how Fannie and Freddie are supposed to buy all of these loans and how we weren’t supposed to lose money on them. It’s called FHLB and HMDA. So don’t give me that “politicizing” crap.
@DavidChou1 Its politics. CRA isnt the problem. People try to connect subprime lending to low income areas with the act which is strange because in 06 70% of subprime lending was in upper to mid class areas. Oh the irony. it seems weird that this problem didnt arise in the 80s or 90s doesnt it? The CRA isnt a new thing. 06-Massachusetts lenders not subjugated by the CRA made almost 100% of subprime loans. Overall nonsubjugated lenders made 50%+ of subprime loans. CRA is not the cause
@UncontestedTruth Yup, so what good is it when the president pussyfoots around the subject giving CG tax breaks when they hardly do anything. The Community Reinvestment Act got us into this recession. Saying the “CEOs did it” is asinine. Without them, you’d have nothing. No job, no goods, no economy. Look at what the liberal policies of Obama has done to the economy. It’s been 2 years so don’t give me this “it’s Bush’s fault crap.” The failure of Liberalism is on display for all to see.
@DavidChou1 Yep. A large majority of small business dont pay CG. How many rich people have NO type of income? Not the CEOs who got us into the recession. What “lie” did I “know” without a grain of truth? And speaking of lie, when adjusted for inflation, Reagan raised revenue by 15%. The first year of tax cuts revenue dropped dramatically but as the economy adapted more money was made subsequent years. Thats natural economic growth. Its like you arer feeding off the Republican talking points.
@UncontestedTruth The really rich people do not need to work. They can sit there with CDs and investments living off of interest. Reagan lowered tax rates, and doubled tax revenue. I don’t understand how you can “know” all of these lies without a grain of truth. It’s like you are feeding off the Democrat talking points.
@UncontestedTruth Rich people pay income tax if they make income. They do not pay income tax on capital gains including interest income. They pay capital gains tax on capital gains. Small business makes income. They pay income tax. Capital gains for small business would be sale of non-inventory goods. Small businesses do not sell non-inventory goods often. Obama did that for positioning without actually reducing tax rates. Back then, there were all sorts of deductions, like credit card interest.
@DavidChou1 Thats not the way the economy works. 5% increase on tax does not mean 5% decrease in output. That is wholly ridiculous. Tax comes from NET gain but does not effect net gain until taxes are collected. Even then, the percent taken is not 5% of the entire economy. And tax effects output In 0 ways. plus If no gain is made then there is no tax. There comes tax reductions on capital loss. Capitalism is in constant evolution. how much profit a company makes each year is not a set amount.
@DavidChou1 Rich DO pay income tax. Everyone with an income does. They also pay capital gains. Small business do not pay CG (thanks to Obama) but larger ones do. Hope you know that less than 10 years ago Obamas “new” taxation was the norm. The tax cut didnt really seem to help the economy very much in the long run did it? The only large business with a net gain that low is airlines at 5%. Even then a 5% higher tax on net gain is not that much. And if they take a loss they get a tax reduction.
@UncontestedTruth Even if income tax is increased 5%, this means a decrease in capital of the entire economy of 5%. The private sector creates all wealth. Government does not. More money in the private sector means more innovation, more productive jobs, higher wages, more choice and higher quality of goods. Government can not mandate any of these things. It’s the reason why our country in 240+ has become the largest economy in the world. Economic freedom is being destroyed by democrats.
@UncontestedTruth Like I said, rich people don’t pay income tax, they pay capital gains tax from interest income. Businesses pay income tax, not capital gains. When a business has to cut, it cuts everywhere it can, not only could it mean wage reduction across the board, but it can mean layoffs and more work for those remaining. Even if income tax was raised 5% that could be the difference between breaking even and a loss. With the economy as it is, many make a loss to stay afloat.
@DavidChou1 All individuals pay personal income tax. Short term CG are personal income. The CG net tax will be increased by 5% per bracket postGWB tax cuts.Think that figure is going to kill too many businesses or cause lower wages? If the business cant spare 5% then its going to fail anyway. That tight of a budget is unsustainable. Must be room for loss. Capital loses are taken out of the tax equation as a fail safe. Seems unreasonable to say it alone will cause any significant wage reduction.
@UncontestedTruth The Democrats could extend the Bush tax cuts forever if they wanted to. Don’t tell me the government needs the money when they fund artists. Also, really rich people do not pay income tax, they pay capital gains. To take income from people with revenue of over $250,000 is to take away from the private sector economy, where all wealth is created. That’s coming out of your paycheck whether you like it or not. You do not understand basic economics or how to run a business.
@UncontestedTruth You’re wrong on so many levels. First of all, it’s a progressive income tax, therefore we are taking “from those according to their ability to those according to their need.” Marxism. If the federal government confiscated 100% of the income from people making over $100,000 a year, it would not be enough to fund the government. GWB tax cuts are set to expire because the Democrats never would have approved it otherwise so blame the Democrats.
@DavidChou1 Communistic redistribution is the government takes EVERYONES money (poor, mid class, rich). No personal money. Then the government gives people what they must have to survive and nothing more. THATS communism. And of course it works on a larger scale than just income. The same happens to private property. “From each according to his ability, to each according to his need.” As you can see, tax raises (which have been used by multiple presidents) and communism have profound differences
@DavidChou1 You cant tell the difference? And ive been arguing with you this entire time. Tax raises has been used since the installation of income tax. It gives the government extra money where needed (and we need it). For the richest in America they wont even notice any difference because they arent taking all their money, just a few percent numbers more. We are just removing the Bush tax cuts which are suppose to expire anyway so truly, you must complain to GWB.
@UncontestedTruth Okay, what is the difference between raising the tax rate on only “rich” people for the “common good”, and wealth redistribution?
@DavidChou1 The fairness you are referring to is in tax rate percentage and not socialistic fairness of redistribution. It wasnt what he was talking about AT ALL. They just arent the same. Its not redistribution. Its tax raises which cant be called communistic. How can you not understand? Its not that I deny enlightenment its that you are just wrong. Tax rate percent is not communism if its not 100%. And if this is his policy then WHY HASNT HE TRIED REDISTRIBUTED WEALTH YET? He has done nothing.
@UncontestedTruth Nobody in the world can enlighten someone who does not want to be enlightened and instead wants to hold on to lies despite being shown overwhelming evidence. If you actually read my previous posts specifically about the president’s associations and what he has done specifically, you could have verified the info. Instead you want to be ignorant, and I’m not wasting any more time typing to a self-inflicted ignoramus.
@UncontestedTruth That analogy was perfect and you know it. I gave you a bunch of evidence already. If you want me to have solid proof by recording Barack Obama in a closed door meeting you’re out of luck. Not a damned thing i’ve told you is “false” I gave you a freakin video of the guy admitting raising taxes was for “fairness.” You have to be living under a rock not to hear about Joe the Plumber. If you refuse to see the evidence and continue to ignore the facts, I can not convince you.
@DavidChou1 Your last statement would be great if it wasnt a bad analogy and improper for the moment but ill let it go. And instead of saying things just to say them again why dont you tell me what communistic policies the democrats want to enact. I mean you keep screaming of how communist democrats are. You MUST have proof if youre so sure of yourself no? Proof is the brother of truth. Enlighten me because everything you have shown so far has been false (IE Obama and redistribution; “fairness”)
@UncontestedTruth Democracy is where 2 wolves and a sheep decide what’s for dinner… It’s majority mob rule. There would be no laws. Democratic control of the 3 branches would allow them to implement their ideal policies, which is no less than Communism. I hope I am being clear enough am saying what you think I’m saying. You like to say “without proof.” That’s like saying “my house is burning down, but there is no proof that it won’t be charred ruins tomorrow.”
@DavidChou1 .My “connect the dots” statement was said due to your inability to connect the phrase “democratic control” to the democrat party. I have not made an equal mistake. And I did not assume anything. Politifact looked at what he said he was going to do and what he did. They even have proof. Even then if he says he is going to do something and does it that counts as the truth. Funny how you deny and reject things when they dont fit your hypothesis. Put away bias and look at what he does
@UncontestedTruth You are are assuming that everything he says is a promise to do something. When clearly it is not. He lies about political opponents, he lies by setting a false premise to his statements. These are not promises. You do have a logic problem and you don’t connect the dots properly. If someone handed you a connect the dots picture, you’d try to draw your own and incorporate as many dots that were on the page as you could.
@DavidChou1 Politifact gives proof. I dont advocate an adverse idealogy you just believe I do. How many times do I have to say that “fairness” and socialistic “fairness” ARE COMPLETELY DIFFERENT. And how does using a word make you socialist? You draw illogical conclusions again. What scheme have democrats ever come up with that would redistribute wealth? Never said you were an idiot. I said dont be idiotic. Word choice. Dunn is the only 1. What is communications director going to do? Shes gone
@DavidChou1 You said he lies in every other sentence. His promise percentage proves otherwise. When I said “Democratic control” I meant by the Democrat party. Come on. Connect the dots. And you talk of me drawing conclusions. Then you draw an illogical one without proof. “Everyone gets equal amounts of stuff” is SOCIALISM. But I havent seen my party back that view point. And how has Obama damaged America any more the GWB? I dont have a logic problem you just cant connect the dots.