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SoldierBelow
12-03-2011, 04:09 PM
Ron Paul has me a bit confused on his views regarding taxing the rich.

I read this article: http://bit.ly/tMTh8Q that stated that we should tax the rich who got govt. bailout and so on, not those who are considered "productive" and rich (like Steve Jobs, which I agree with). But on his Plan to Restore America, he states that he wants to continue extending the Bush tax cuts. This confuses me a bit, doesn't that mean that those who got the bailouts will still get the Bush tax cuts, under Paul's plan?

Hope that makes sense, looking forward to some responses. Thank you.

bluesc
12-03-2011, 04:16 PM
I would assume they would still get the Bush tax cuts. For a some of them though, it would be a tax hike. Why? You have to remember that some of them are paying zero taxes right now, due to loopholes created specifically for them. I'm sure he would cut that out too.

I'll let someone else deal with the details though, in case I missed anything.

Welcome btw!

Steppenwolf6
12-04-2011, 12:08 AM
Simple enough:
Ron Paul never voted to tax anything to anyone ever at any level and he would eliminate all federal taxes,rich included of course.

Ashhhhh
12-04-2011, 09:36 AM
Taxing the rich destroys jobs. It has an in-depth explanation though. You'd have to look into Austrian Economics if you the full answer. Or watch a Peter Schiff video

SoldierBelow
12-05-2011, 05:32 PM
Taxing the rich destroys jobs. It has an in-depth explanation though. You'd have to look into Austrian Economics if you the full answer. Or watch a Peter Schiff video

I actually disagree with that, that was the same philosophy that Bush had when he described tax cuts for the rich, didn't exactly work out the way he wanted it to though.

CaptUSA
12-05-2011, 05:35 PM
I actually disagree with that, that was the same philosophy that Bush had when he described tax cuts for the rich, didn't exactly work out the way he wanted it to though.The economics of this are way more complicated than you realize. Our downturn has nothing to do with lowering taxes and everything to do with too much spending and too much debt.

Icymudpuppy
12-05-2011, 05:36 PM
Taxing the rich destroys jobs. It has an in-depth explanation though. You'd have to look into Austrian Economics if you the full answer. Or watch a Peter Schiff video

I happen to agree with Soldier below on this. Taxing job creators like Steve Jobs, or other industry captains destroys jobs. Taxing stock market sharks and uber banks does not destroy jobs.

The difficult thing is how do you separate the two?

jkm1864
12-13-2011, 10:20 AM
Actually as per the constitution the only people that paid income tax were people that recieved 100% of their income from the government.

StilesBC
12-13-2011, 11:02 AM
Ron Paul will not raise taxes on the rich per se.

But he will certainly raise taxes on them indirectly. The wealthy have been profiting from money printing and easy credit for decades. The government and central bank effectively guarantees them that their asset prices will not be allowed to fall precipitously. So they take their good credit ratings, borrow more money and use that to buy more assets. Their prices rise and they become yet wealthier. RP would likely take those guarantees away. Asset price deflation would ensue. Potentially in spectacular fashion - as all the future appreciation, already built into the current price evaporates.

The effect of this on the poor and middle classes would be the opposite. Those still with high levels of debt (trying to catch up to the wealthy by buying assets before they can pay for them) would probably go bankrupt. But all others would be better off. Asset and consumer prices would come down - equivalent to a tax cut. If they had any savings at all, they could buy up the assets being liquidated by those above at much lower prices.

The effect this kind of a policy would have on the "wealth gap" is enormous in comparison to any possible changes in tax policy. But unfortunately, calls from the left for closing the wealth gap have little to do with a genuine desire to create a level playing field. They have deep-seeded beliefs in a perpetual polylogistic "class war" between rich and poor. According to them, there can be no such thing as a "level playing field" because the rich and the poor are wired differently - the rich to "exploit" others and the poor who only desire a "living wage" and nothing more.

Nevermind that this is the same form of logic used to justify racism, anti-semitism or a host of other illnesses. That is what they believe. And it is directly related to their calls for "taxing the rich" - and directly related to their dismissal of any other attempt to close the wealth gap by repealing the government and central bank policies that have created it.