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Morning Safety Dance

[Jul 20, 2012, 10:35 am ET] - Share - Viewing Comments

Mitt Romney Will Filter Your Porn. Thanks Acleacius.

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35.

Re: Differences

Jul 20, 2012, 22:20

Prez

Do you think people benefiting from loopholes will be okay with the government closing the loopholes?

They didn't mind too terribly when Reagan did it from what I remember. In one instance that I recall he was able to cut taxes and raise revenue all at the same time by simply closing a few loopholes. The trouble with relying on this methodology is that rich people often got that way because they are smart. You close one loophole and they will generally find another, or at least an alternate means of maximizing their earnings. That's how they got rich - being smart and creative with their money in order to make more money. Or, they'll be like that gal who just decided to denounce her citizenship altogether (Denise Rich is her name I think, but she is just the latest. **EDIT** Yep that's her: http://blogs.wsj.com/washwire/2012/07/09/denise-rich-gives-up-u-s-citizenship/) and now instead of the 35% or so you were getting of her billions in assets you are getting nothing. Raise taxes on the rich too much and don't be surprised when you get the completely opposite effect from the one you were looking for. Mayor Bloomberg grudgingly acknowledged this after his city's revenue dropped like a rock after tax increases - all the rich people just took their money elsewhere. Everyone said good riddance (especially when Rush Limbaugh was one of them) until the budget woes NYC was facing got that much worse because of the huge losses in revenue.

The problem with the tax and spend ideology is that those advocating it are never happy - they always want more of someone else's money. There's a breaking point somewhere and they always end up crossing it. The only way that I see this scheme of taxing the rich more and more to make up for the massive (and growing) budget shortfalls can work the way everyone wants it to is by making it impossible to leave the U.S. first. Can you say "Berlin Wall" and "Communism"?

Cutter wrote on Jul 20, 2012, 20:33:
And no, I am not into midget donkey porn...much.

Can I have what you're not using? Where do they get the midget donkeys I wonder?

This comment was edited on Jul 20, 2012, 22:31.




Prez on Soundclick http://www.soundclick.com/bands/pagemusic.cfm?bandID=604888

Subject

Comment [quote="Prez"Jul 20, 2012, 22:20]q[Do you think people benefiting from loopholes will be okay with the government closing the loopholes? ]q They didn't mind too terribly when Reagan did it from what I remember. In one instance that I recall he was able to cut taxes and raise revenue all at the same time by simply closing a few loopholes. The trouble with relying on this methodology is that rich people often got that way because they are b[smart]b. You close one loophole and they will generally find another, or at least an alternate means of maximizing their earnings. That's how they got rich - being smart and creative with their money in order to make more money. Or, they'll be like that gal who just decided to denounce her citizenship altogether (Denise Rich is her name I think, but she is just the latest. **EDIT** Yep that's her: http://blogs.wsj.com/washwire/2012/07/09/denise-rich-gives-up-u-s-citizenship/) and now instead of the 35% or so you were getting of her billions in assets you are getting i[nothing]i. Raise taxes on the rich too much and don't be surprised when you get the completely opposite effect from the one you were looking for. Mayor Bloomberg grudgingly acknowledged this after his city's revenue dropped like a rock after tax increases - all the rich people just took their money elsewhere. Everyone said good riddance (especially when Rush Limbaugh was one of them) until the budget woes NYC was facing got that much worse because of the huge losses in revenue. The problem with the tax and spend ideology is that those advocating it are never happy - they always want more of someone else's money. There's a breaking point somewhere and they always end up crossing it. The only way that I see this scheme of taxing the rich more and more to make up for the massive (and growing) budget shortfalls can work the way everyone wants it to is by making it impossible to leave the U.S. first. Can you say "Berlin Wall" and "Communism"? [quote="Cutter"Jul 20, 2012, 20:33] And no, I am not into midget donkey porn...much. [/quote] Can I have what you're not using? Where do they get the midget donkeys I wonder? :) [/quote]

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