Hypocrite Obama takes almost $400K in tax deductions

[mnealtx 0]

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The right pays lip service to Reagan as if he is a saint, but nowadays he'd be rejected by the GOP as way too moderate.

Yeah, you keep thinking that.

"Well, let them be forewarned: I have my veto pen drawn and ready for any tax increase that Congress might even think of sending up. And I have only one thing to say to the tax increasers: ‘Go ahead, make my day.’” - Ronald Reagan, 1985

And then there's what he actually DID.

The Tax Equity and Fiscal Responsibility Act of 1982, then the largest tax increase in US history, scaled back corporate tax breaks, increased unemployment-insurance levies, and raised excise taxes on cigarettes, among other changes.
“The goal is simple and just: to see to it that everyone pays his fair share,” Reagan said in August 1982. He predicted the tax increase would help the economy because it would reduce the deficit, which he said would lead to lower interest rates.

There you go again. Thanks for mentioning half the budget deal, though - too bad the Dems never held up their side of the bargain and cut spending like they promised they would.

Let's see what *else* he said, shall we? How about the part directly before your quote?

"About 80 percent of the money raised by the tax bill will come from plugging loopholes and from better compliance—collecting money that is already owed to the government, but is not being reported."

Well, that certainly doesn't fit the Buffet Tax scenario, does it?

Let's see what else he had to say - how about the part directly *after* your quote?:
"And it's designed with one crucial goal in mind—to raise revenue that, along with spending reductions, will help cut the whopping Federal deficits that are keeping interest rates up and too many Americans out of work."

Spending reductions? That *certainly* isn't matching anything the Obama administration is coming up with.

And just after that.... "It's part of a larger process implementing the budget resolution. Doing so will reduce outlays by about $3 for every $1 that is raised in tax—reducing deficits by $380 billion over 3 years and continuing our progress toward less government and more economic growth."

Oh, look...there's that 3-for-1 reduction to tax thing that the Dems never implemented....imagine that.

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Highway Revenue Act of 1982, “the next year 3.5 million jobs were created. When the Republicans rhetorically say now, ‘Who would raise taxes in a recession?’ the answer is Ronald Reagan.”; David Stockman, Reagan's budget director.

Temporary 5 cent gas tax. Yup, that's ENTIRELY relevant to the discussion about income tax.

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Social Security Amendments of 1983; raised the Social Security payroll tax and, for the first time, began taxing the benefit checks of wealthier seniors.

I thought the wealthy paying their fair share was a good thing, perfesser? Of course, the 1983 amendments ALSO tried to get the social security fund taken off-budget.

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The Deficit Reduction Act of 1984; raised the estate tax, cut more business tax breaks and boosted taxes on distilled spirits, among other items.

Estate tax was 70% when Reagan took office - 55% was actually a reduction and was due to the Kemp-Roth tax reductions of 1981, which raised the exemption limits, raised gift limits and *lowered* the estate tax from 70 percent to 50 percent over 4 years.

Mike
I love you, Shannon and Jim.
POPS 9708 , SCR 14706

[kallend 2,027]

So you admit that what he DID and what he SAID weren't the same. Nice attempt at throwing dust in the air, though.

You also ignore the fact that Reagan's tax policies led to the defeat of Bush41 in 1992, when bush had to renege on the "read my lips" statement because the Reagan tax rates were inadequate. Then the idiot son undid the good work of the Clinton era .

Maybe we should just go back to the tax rates we had when revenues and expenditures were more or less aligned (1999).

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The only sure way to survive a canopy collision is not to have one.

[CMiller 1]

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There are also "black-hat" tax planning things that technically fall under the category of "taking advantage of every possible way to lower your tax liability" that people have more of a problem with.

As long as those ways are not illegal, I'm curious as to why anybody would have a problem with it. If the law says you must pay X, and you legally arrange your assets in such a way as to minimize the amount you owe, what's wrong?

Having a problem with that is like having a problem with buying the apple on sale at the supermarket instead of the one marked full price.

If it's illegal, then should be charged with a crime. If not, I see no problem. You're not obligated to pay MORE than the law allows.

[Gravitymaster 0]

When you spout off about the gross unfairness of Buffet paying a lower tax rate than his secretary and then you do the same thing yourself, that makes you very much a hypocrite. That's the point.

[gregpso 1]

Your Bill O reilly right ? We get fox news in australia too the most biased right wing crap I have ever watched.

I tend to be a bit different. enjoyed my time in the sport or is it an industry these days ??

[mirage62 0]

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Your Bill O reilly right ? We get fox news in australia too the most biased right wing crap I have ever watched.

Than don't watch it, I'm sure his rating would tank if YOU just turn the channel.

Kevin Keenan is my hero, a double FUP, he does so much with so little

[kallend 2,027]

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There are also "black-hat" tax planning things that technically fall under the category of "taking advantage of every possible way to lower your tax liability" that people have more of a problem with.

As long as those ways are not illegal, I'm curious as to why anybody would have a problem with it. If the law says you must pay X, and you legally arrange your assets in such a way as to minimize the amount you owe, what's wrong?

NOTHING is wrong with that.

The issue is that the laws allowing the very wealthy to pay lower rates of tax than the middle class were bought and paid for by the very wealthy.

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The only sure way to survive a canopy collision is not to have one.