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I think that the Buffet Rule is a mistake, yet to say that it is Obama not loving America as he "attempts" to close the income gap is ridiculous. 
And now, Gentle Readers, it's time for another edition of Tea Party Republicans Say the Darnedest Things. On Thursday, April 19 at a Tea Party rally in Lamoni, Iowa, Think Progress reports that Re...
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That implies Buffet doesn't love America either right? Both equally hard to believe.
I'm not trying to be antagonistic... I've been on both ends of the income spectrum. But where does it say anything about it being our government's job to close the income gap? The United States was created because of that kind of control in England. The land of the free and opportunity for all is gone... if everyone is supposed to be in the same molded structure. When you stop taking away the incentive to earn more and have a better life... you take away the incentive to invest and create jobs. Then everyone who has money says.. "Why should I risk what I've earned if there's no reward for that risk and effort?" Our economy is flat right now because there are trillions of dollars sitting "protected" from higher taxes and government control and meddling.
It doesn't need to be said - there have been a lot of examples of social unrest as the income gap increases. It also sets up an unbalanced economy where a majority of the public can't afford to support the standard of living of the top-levels.
Has the income gap really increased or has the government grown so large it's tapped the liveblood out of the economy? When you've got more than 70M people receiving foodstamps... when nearly 2/3 of the entire population is dependent on some form of government assistance... it's not a matter of there being a disparity of income, it's a matter of there not being enough jobs to go around. Jobs are created by people with money willing to invest. When you institute policies that penalize investment and earnings... who will invest? Ever been hired by a poor person?
Have a tax rate greater than 15% hardly discourages investment. When people see a way to profit, they don't say "I'm only going to get 85% profit instead of 100% - screw it!"
If the economy produces things the public can't afford, then there will be a decreased demand for those things which leads to fewer jobs and down the spiral you go..
Jobs are created more by people with an entrepreneurial spirit than by silver-spoon investors, but silver-spoon investors love for you to continue believing in their disproportionate importance.
Good call +Dan Chay ! That's what I learned in college too - loans from friends or banks and life savings.
15%? I've done sole proprietor, LLCs, S-Corps & a C-Corp... none of them have 15% tax rates. You have to remember the owner of those companies/stocks is most often being taxed twice... first the corporation, then the individual when he/she takes earnings or pay out. I started my first corporation at 16 years old... with 34 years in business I have never seen the economy as stifled and scared as it is right now. With Obamacare looming... there are potentially millions of jobs that could be created and are not. I have one friend who could create 200 jobs... a company that he is the third generation owner of. His statement (para-phrased): "Tom, how can I create jobs when I know there will be an expense mandated on me that I cannot control? I can't even budget what it will cost as nobody knows. Why should I risk the earnings that my dad and grandfather busted their balls for... and not keep my family safe for generations?" None of us have the right to tell him what he's supposed to do with his money. The day that happens... say "Hello Comrade" then look at the failure of EVERY socialized nation in history.
+Tom Rolfson Oh so you're just freaking out about the unknown by thinking the worst possible thing.
In the real world the final results are determined over a long process of negotiation and trial and error.
Don't worry, if your nightmare scenario starts to happen, then it will be fixed - just like adjustments are made every year to the tax plans to try and close loopholes etc.

Anyone who decides not to start a company because they don't know how much insurance will cost for their employees - when it will clearly be lower because there will be more people in the pool - is being ridiculous -- well unless they were planning on paying all their employees only minimum wage with no health insurance.
Yeah, cost will probably be higher for those bottom-barrel employers.
+Tom Rolfson So do you remember the tax rate of any of your many companies? You must have some number in your head to get you into such a paranoia?
+Dan Chay Since the company is a "person" - the income of that company is not the owners money - it's the company's. The income the company makes is controlled by a board of directors.
That makes sense because the LLC protects the owner from liability. To do that there has to be a distinction between your income and the companies income.
I don't know of any successfully socialized nation. I thought they were all communist with controlling ruling hierarchy?
+Bill Baran I stand corrected, I saw the 70% increase of food stamps figure yesterday. This (ironically also from CNN) shows that the 1/6 figure is about 1/2 of what George Mason Univ study found.

+Dan Chay From someone who boot-strapped his own corporation with $1,000 at age 16 to self-funding the development of the world's first global social network.. do you really think I buy into what some industry pundits of "silver-spoons" say? I've lived on "beanies and weanies" in order to keep phone lines paid to keep a large BBS running and growing, and I sold my first Internet company in '95... I 'retired' at 34 and then lost millions in the .com crash. I live in a city with one of the highest unemployment rates in the country... and have watched it wither because manufacturing has been chased overseas by excessive demands from unions and taxes. I've created hundreds of jobs and know the responsibility of making every employee's paycheck good before cashing my own. Our president has NO CLUE what that responsibility is.. .but proclaims he knows how to make business work. He's NEVER had the responsibility of running a hotdog cart... but he knows we're supposed to share the wealth. WHERE do people get this notion? When you make $300k, you won't mind if we come and take 40-50% will you?
The argument that taking away the tax benefits from the rich will stifle their ability to hire employees leads me to ask why haven't they already been hiring with the tax benefits they have now. And these are benefits they had before Obama became President and supposedly scared people people with his health care initiatives.
+Bill Baran I didn't say to not start companies. I said not take risks on investing and creating more jobs. When the government mandates you buy a product and assume liability, without ANY greater chance of success or reward... how can you call that fair? Would YOU invest in a company that has that liability or would you say.. "You know, I can make sure my kid's kids can go to college." and sock it away somewhere? Or... "If I invest and earn money in the US and have to pay 35-40% capital gains... vs. investing in China and keeping the money outside the U.S. and only pay 15-20%... which would I be smarter to do?"
+Jimmy Mayer How many new jobs have you seen created in the last 3 years? Remember the stimulus promises? The "unemployment rate" may be taking a small dip... but we've now got people running out of benefits after nearly 2 years of unemployment. (Which I can't comprehend... if I'm not working for 3-4 weeks and someone's not calling because they want my services... I better learn some new skills and prove myself capable.)
+Tom Rolfson That still sounds like a red-herring? Where will you invest your money then if you think investing in a US company that has a huge market is a bad idea because I'll get taxed 15% on my capital gains? I guess you could invest in just emerging markets that probably have no social programs you'd have to pay for (wouldn't you want to have a healthy society where you're investing tho?) - but a lot of Europe already has universal health care. For diversification I've had money pretty much all over and I don't see majorly lower returns in developed countries.
I think investing in an society that doesn't have much of a safety net has many worse risks.
+Tom Rolfson The employment issue is different isn't it? That's based on demand and we've seen both of those gradually increasing. I know quite a few people that lost their jobs that now have pretty decent ones.
You really haven't seen improvement? Sounds biased.
+Bill Baran You're correct, there are no successful socialized nations... or lasting communist countries for that matter either. Every time a government assumes control of commerce and tells people it will control and care for their lives... it has failed. But now we have a generation of Americans who somehow believe that the government was intended to provide food, shelter and clothing for everyone. That a college education is a right not a privilege. (I'm not suggesting it's not a RIGHT to be eligible to get one, but rather not a right to expect one.) When I was a kid... parents started saving for their kid's college education with savings bonds right from birth. It made the country stronger because we had the cash to invest... it made life less stressful because people knew if/when/how much college would be afforded or how much would need to be earned. It prevented people from going-out and running up $200K in student loans for an unmarketable degree in basketweaving.

Until people stop believing that the government is going to take care of them and protect them, we will only get weaker.. internally and externally as a nation. When someone is dependent on the government to give them food... do you think they're really in a position to fight to protect their rights? They become sheep and lemmings and fear for anything that will rock the applecart and take away what they depend upon through the belief they are entitled... even if they have never contributed/contributed to the best of their ability. I have seen two and three generations of families grow-up entirely on welfare. I have seen firsthand a woman giving birth to a baby and the father showing-up to demand cash for "giving her a kid" that will entitle her to 18 years of welfare.
+Tom Rolfson The economy and jobs crashed before Obama took office - yet the "Rich" had those tax benefits. Their job creation ability was not based on the tax benefits they were or were not receiving.

Obama's inability to create a slew of new jobs has to be blamed on the Senate and House's inability to work together. Everything the Democrats tried to do, the Republicans shot down and vice versa instead of compromising and working together.
+Jimmy Mayer I respect your perspective, but I'm telling you that I'm seeing it firsthand.. in the real world, not what mainstream media is telling you. My 34 years in business have included a computer company that did customized accounting systems for small to medium businesses, I consult for Fortune 100 companies on social media strategies, I have friends that work every hour possible to make ends meet, and friends who are on welfare. But the #1 thing I hear from the SMALL BUSINESS OWNERS... they are scared shitless to take-on ANY risk with so much uncertainty and the threat of further government involvement/interference in their businesses.

There is also a huge misperception behind the whole "Who the 1%" are. By definition that's people earning over $340 or $350K. All but a very small % of the people I know in that category are self-made men and women. They are the ones who busted their asses for years to build a small business, consulting practice and finally are enjoying the return on their investment of time and money. They put it all on the line for years.. when someone working "a job" has never had to or chosen to do that. Small businesses create and supply more than 80% of all jobs in the USA. If we create more disincentives than incentives for small businesses... those people will simply take their ball (cash) and go home to care for themselves and their families. America was built BY those people not mega corporations.
+Tom Rolfson Based on my experience working and living in Beijing for 4years, I'd say you're probably better off investing in the US at 35-40% capital gains (an exaggeration I'd expect of you considering that Obama is calling for a maximum rate of 20% up from 15% and you seem prone to exaggeration) than China at "15-20%" because I expect you don't have the understanding of Chinese nominal numbers to put them into proper perspective and furthermore I expect you lack the guanxi to keep from completely losing your investment. Your fear of socialism is bizarre to me although I know many right-wing ideologues who seem to share it. Btw, it seems I've also been a self-employed businessman for longer than you. You need to mix with a more diverse bunch of businessmen, I'd say, because many of us are grateful for Obama's effort to rein in the impossibly exploding, double digit, exponential growth in health care costs characteristic of the previous 20 years. Indeed, I'm afraid that if Republicans kill Obamacare as they did Clintoncare in the 90s and as they so hard are trying to do, that will be an unprecedented disaster.
+Tom Rolfson No offense, but it seems that you didn't address any of my questions or concerns and instead repeated the usual straw men that just seemed to be based on fear.
The Buffet Rule has nothing to do with big business. While I find it to be a misguided attempt at placating main street in order to get votes. Capital gains tax is a second tax on income. Income that has been taxed, invested, turned a profit and subsequently taxed again. 15% is a fair number. Even if passed it would do little to close the income gap or improve the deficit. What we need is a complete overhaul of our tax system as well of the way the federal government spends.
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