Author Topic: Obummer, NO to pipeline may cost us over 100,00 jobs and $billions in revenues.  (Read 3456 times)

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Offline powderman

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THE ORANGE COUNTY REGISTER

By denying a permit for the Keystone XL pipeline this week, President Barack Obama may succeed in delaying until after November's election the politically difficult decision of which loyal constituency to offend, big labor or environmental activists.

What is more certain is that the political maneuvering to deny a permit for the controversial 1,600-mile pipeline from Canadian wells to Texas refineries has an immediate, deleterious effect: It costs America thousands of jobs. The president's decision is contrary to consumer needs, ultimately contributing to higher energy prices, and misses an opportunity to reduce reliance on oil from unfriendly nations.

Apparently the president is not interested in creating truly "shovel-ready" jobs. His strategic delay is all the more offensive because if Mr. Obama ends up approving the permit, he will have succeeded only in delaying job creation.

The president says TransCanada may reapply for a permit along an alternative route, bypassing the Nebraska Sandhills, which some environmentalists claim could be harmed by oil leaks. Although the firm is expected to reapply, the delay probably means a final decision won't be made until after the Nov. 6 election, according to the Washington Post.

Environmentalists allege the pipeline to transport crude extracted from Canadian oil sands would contribute to climate change, and could leak. Given current technology, leaks are unlikely, but certainly manageable if they occur, posing little ecological threat. Climate change is the all-encompassing canard invoked to deny nearly any industrial activity on a presumption of dire atmospheric consequences, which are far from proven.

"The pipeline was proven to be environmentally safe," says Karen Kerrigan, president of the Small Business & Entrepreneurship Council. While environmental harm is debatable, the White House's rejection is certain to mean delay of thousands of new jobs. "The project was set to create 20,000 immediate jobs and 118,000 spinoff jobs in businesses of all sizes," Ms. Kerrigan said.

The president's claim that the pipeline was being rushed is a limp excuse. When it suits the White House, federal officials have little trouble hastily approving much more suspect projects, particularly when they involve Obama campaign donors, such as the ill-fated Solyndra solar panel plant that failed, despite $535 million in federal loan guarantees. Clearly, the president can expedite when it suits him.

We agree with Myron Ebell, of the Center for Energy and Environment at the Competitive Enterprise Institute, who says that by blocking construction the president makes it clear "that when he says over and over again that 'we can't wait' to create jobs and economic growth, it is merely hypocritical political posturing. Contrary to his phony rhetoric, President Obama's real goals are to reduce energy supplies, raise energy prices for American consumers and destroy jobs."

Likewise, Business Roundtable President John Engler noted: "[T]he President's Council on Jobs and Competitiveness declared it imperative that the United States adopt an 'all-in' approach toward energy development. One day later, the State Department walks away from a project that would create thousands of jobs, strengthen the economy and help America move toward energy security."

Candidate Obama may have misjudged the political fallout. The Laborers' International Union of North America called his decision "politics at its worst." The International Brotherhood of Electrical Workers said the union remained hopeful the delay is temporary, but condemned "political deadlock" delaying creation of 20,000 construction and manufacturing jobs, $585 million in state and local taxes, $5 billion in property taxes and reduced energy dependence.     
  Just another step in destroying America. Be proud you obamaites, you are helping him. POWDERMAN.  >:( >:(
Mr. Charles Glenn “Charlie” Nelson, age 73, of Payneville, KY passed away Thursday, October 14, 2021 at his residence. RIP Charlie, we'll will all miss you. GB

Only half the people leave an abortion clinic alive.
http://www.youtube.com/watch?v=MAiOEV0v2RM
What part of ILLEGAL is so hard to understand???
I learned everything about islam I need to know on 9-11-01.
http://www.thereligionofpeace.com/
http://www.youtube.com/watch?v=TDqmy1cSqgo
http://www.youtube.com/watch?v=_u9kieqGppE&feature=related
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Offline mcwoodduck

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I resent the term Revinue.
Taxes, the economy killing excessive taxes that the government is extracting.
Even if you are living off of investments and you are paying 15% in taxes the company is paying 35% and total you are paying 50%+ when you consider you are an owner and collecting based on total profits.  Tell me 50% + is not excessive taxes.
 

Offline andy1300

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I,m glad to see President Obama is playing hard ball with the repulicans on this, I would say if you want a pipeline, give me a tax increase on the rich., and that would be it.
The less religion we have in our government, the better *

Offline powderman

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I,m glad to see President Obama is playing hard ball with the repulicans on this, I would say if you want a pipeline, give me a tax increase on the rich., and that would be it.

 
HEH. I see you too are against greatly cutting our dependence on ayrab oil, increasing revenues, and creating thousands of AMERICAN jobs too just like your great one. He's doing it to help destroy us, whats your reason?? POWDERMAN.  :o :o
Mr. Charles Glenn “Charlie” Nelson, age 73, of Payneville, KY passed away Thursday, October 14, 2021 at his residence. RIP Charlie, we'll will all miss you. GB

Only half the people leave an abortion clinic alive.
http://www.youtube.com/watch?v=MAiOEV0v2RM
What part of ILLEGAL is so hard to understand???
I learned everything about islam I need to know on 9-11-01.
http://www.thereligionofpeace.com/
http://www.youtube.com/watch?v=TDqmy1cSqgo
http://www.youtube.com/watch?v=_u9kieqGppE&feature=related
http://www.illinois.gov/gov/contactthegovernor.cfm

Offline andy1300

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The pipeline is for the rich oil companys, not us mid income workers. You can have the pipeline just tax the rich first.
The less religion we have in our government, the better *

Offline lakota

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I,m glad to see President Obama is playing hard ball with the repulicans on this, I would say if you want a pipeline, give me a tax increase on the rich., and that would be it.

Its nice to see that good democrats like you would put class warfare ahead of putting people back to work so that they could feed themselves and keep themselves from becoming homeless.
Hi NSA! Can you see how many fingers I am holding up?

Offline mechanic

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Lesson #1.  Public corporations, like oil companies, are owned by the shareholders.  Most of the shareholders are not rich, but rather have retirement accounts or mutual funds.  Profits make stocks go up, and their funds to rise.
 
If you kill the engine, the caboose stops as well.
 
Lesson over.
 
Ben
Molon Labe, (King Leonidas of the Spartan Army)

Offline andy1300

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And the shareholders are not rich , Bull ****
The less religion we have in our government, the better *

Offline lakota

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Bull ****

 I Agree... your argument is full of it
Hi NSA! Can you see how many fingers I am holding up?

Online magooch

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What possible good would come from raising the tax rate on "rich people?"  They are already taxed at a rate that is much higher than the average income person and in fact after the Bush tax cuts were implemented, the top 1 percent paid more of the total income tax revenue than previous.  And lest you have the mistaken idea that the Bush cuts were only for the rich, check your tax rate before the cuts and what your rate is now.
 
Liberals seem to think that making a high income is some kind of crime that needs to be punished.  I will guarantee you that if the tax rate is raised, the wealthy will take steps to offset the effect and the net result will probably be less revenue to the government.
 
A much better idea would be to have all of the hypocritical liberal rich folks who think they don't pay enough to go ahead and send in whatever they feel is enough--after they pay what is already required.  And by the way it would be good for the not so rich Dumycrats to do the same, so they can feel good about themselves.
Swingem

Offline lakota

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So take note folks-if you have a 401k that owns stock in an oil company you are an evil "rich" S.O.B. shareholder and Andy1300 will punish you for it.
Hi NSA! Can you see how many fingers I am holding up?

Offline mcwoodduck

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The pipeline is for the rich oil companys, not us mid income workers. You can have the pipeline just tax the rich first.
How does that work? 
Do you understand that the "rich" is every company making over 250,000 a year?  Do you remember the old tired Democrat "corperations don't pay taxes" line.  They do pay taxes but they consider then as costs.  As cost go up prices go up.
All you are asking for in this silly "tax the rich"  mantra is for your so called "mid income" to be worth less.
Tax the rich, and the price of food goes up, tax the rich and the plumber comming out to fix something costs more,.
Tax the Rich and the fuel to get to your job costs more.  Limiting your choices to do things you want to and making you more resentfull of others.
As prices increase demand falls, as demand falls fewer workers are needed, as demand falls so do profits and taxes are based on profits.   As profits fade companies will get out of a market and jobs are lost.
New jobs create higher wages as employers are willing to pay more for better people, more cost effective workers, these higher wages / incomes create disposable incomes, those disposible incomes create more jobs. 
Asking for higher taxes are only going to decrease your buying power, lower your pay and limit your choices.  If that is what you want.  Keep asking for higher taxes.
Do you understand that the seaking of profits are what create jobs and raise wages and incomes.

Offline powderman

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Bull ****

 I Agree... your argument is full of it

 
LAKOTA. YEP, in bunches. POWDERMAN.  :D :D
Mr. Charles Glenn “Charlie” Nelson, age 73, of Payneville, KY passed away Thursday, October 14, 2021 at his residence. RIP Charlie, we'll will all miss you. GB

Only half the people leave an abortion clinic alive.
http://www.youtube.com/watch?v=MAiOEV0v2RM
What part of ILLEGAL is so hard to understand???
I learned everything about islam I need to know on 9-11-01.
http://www.thereligionofpeace.com/
http://www.youtube.com/watch?v=TDqmy1cSqgo
http://www.youtube.com/watch?v=_u9kieqGppE&feature=related
http://www.illinois.gov/gov/contactthegovernor.cfm

Offline LunaticFringeInc

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Well at least we can say he is consistent in his policies....

Offline ironglow

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And the shareholders are not rich , Bull ****
'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''
  'OL Andy is trying again...
    Andy; I don't know if you have a 401k or not, but millions of people do.  If you are not sure what they are all about, ask somebody who knows something about them.  Of the millions who do have them, you will find people who each own perha[s a few share of  GM, Ford, Exxon, Haliburton, Kraft Foods or perhaps Georgia Pacific...  They are not millionaires, perhaps many are making no more than you are. However, they choose to give up a bit now, in planning for the future. I certainly am not a rich man or even upper "middle class", but I have some of my shares in Exxon and even more in Continental Oil, and they have treated me very well.  Don't condemn those millions of your friends and neighbors who may in their 401K, own a few share of General Dynamics or Boeing..they aren't filthy rich, but most often, hard working, sacrificing-to-save folks, much like you and I.
   If you can't beat them ..join them..
If you don't want the truth, don't ask me.  If you want something sugar coated...go eat a donut !  (anon)

Offline andy1300

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Its not the little guy with their 401 k that is going to see a tax increase its the CEO's that been making hundreds of millions without braking a sweat, I know what its like when I lucked out and purchased some pharmaceutical stock some years ago, I still had to pay alot more percent % taxes then these CEO's  are paying I can tell you that.
 
 
The less religion we have in our government, the better *

Offline lakota

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oh those evil CEO's. There should be a law. They should be paid minimum wage because their jobs are so easy.
Hi NSA! Can you see how many fingers I am holding up?

Offline DakotaElkSlayer

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The pipeline is for the rich oil companys, not us mid income workers. You can have the pipeline just tax the rich first.
How does that work? 
Do you understand that the "rich" is every company making over 250,000 a year?  Do you remember the old tired Democrat "corperations don't pay taxes" line.  They do pay taxes but they consider then as costs.  As cost go up prices go up.
All you are asking for in this silly "tax the rich"  mantra is for your so called "mid income" to be worth less.
Tax the rich, and the price of food goes up, tax the rich and the plumber comming out to fix something costs more,.
Tax the Rich and the fuel to get to your job costs more.  Limiting your choices to do things you want to and making you more resentfull of others.
As prices increase demand falls, as demand falls fewer workers are needed, as demand falls so do profits and taxes are based on profits.   As profits fade companies will get out of a market and jobs are lost.
New jobs create higher wages as employers are willing to pay more for better people, more cost effective workers, these higher wages / incomes create disposable incomes, those disposible incomes create more jobs. 
Asking for higher taxes are only going to decrease your buying power, lower your pay and limit your choices.  If that is what you want.  Keep asking for higher taxes.
Do you understand that the seaking of profits are what create jobs and raise wages and incomes.
Adjusting for inflation, have not wages of workers in this country become stagnant over the last decade or so?  During the same time period, have not the wages of the top income earners GREATLY increased?  Doesn't seem the tax cuts that were pushed through during Bush has helped the average American.   Correct me if I am wrong, all I know is that I pay a higher percentage of income tax than Mitt Romney does, but I am pretty darn sure he makes a bit more money than I do.
 
Jim
He who joyfully marches in rank and file has already earned my contempt. He has been given a large brain by mistake, since for him the spinal cord would suffice.

- Albert Einstein

Offline DakotaElkSlayer

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So take note folks-if you have a 401k that owns stock in an oil company you are an evil "rich" S.O.B. shareholder and Andy1300 will punish you for it.
Ummm...doesn't the top 10% of income earners control OVER 80% of the stock market?  Sorry, but 401k holders don't really have squat in the stock market.
 
Jim
He who joyfully marches in rank and file has already earned my contempt. He has been given a large brain by mistake, since for him the spinal cord would suffice.

- Albert Einstein

Offline DDZ

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Its not the little guy with their 401 k that is going to see a tax increase its the CEO's that been making hundreds of millions without braking a sweat, I know what its like when I lucked out and purchased some pharmaceutical stock some years ago, I still had to pay alot more percent % taxes then these CEO's  are paying I can tell you that.

So CEO's make hundreds of millions without breaking a sweat. You have a choice Andy. You can strive to become a CEO for a company, or you can continue doing whatever you do, and stop being envious of what CEO's make.
I'm sure a CEO pays more in taxes than you do. What makes you think that they owe even more of their money in taxes? Maybe you should be railing against the people that are riding on the CEO's backs and paying no taxes.
Those people who will not be governed by God will be ruled by tyrants.    Wm. Penn

Offline ironglow

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  The real tragedy here is that Obama hates to see anyone EARN much money...while he loves to hand out money to those who don't earn it !
  Now his hatred goes so far, he'd rather see China get the multi-thousands of jobs and reap the benefits of billions of dollars of crude...just to keep one or two possible "fat cats" from earning any extra bucks..
 
    Envy knows no bounds...
If you don't want the truth, don't ask me.  If you want something sugar coated...go eat a donut !  (anon)

Offline ironglow

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  The real tragedy here is that Obama hates to see anyone EARN much money...while he loves to hand out money to those who don't earn it !
  Now his hatred goes so far, he'd rather see China get the multi-thousands of jobs and reap the benefits of billions of dollars of crude...just to keep one or two possible "fat cats" from earning any extra bucks..
 
    Envy knows no bounds...
.
Just Wait a minute:
...who is suppose to pay for this Pipeline?
...what is going into this pipeline and where is it going, and why?
...the Canadians claim the pipeline would not produce long term jobs for them...isn't that true?
... why is the pipeline a good idea and what is the alternative?
...............................
Well, I can answer some of these questions...people will pay for the pipeline, the contents are low grade petroleums know as DILBIT, I think it is called. Yes, the Canadians would realize no real job growth as the pipeline is to feed low grade petroleum to old or outdated Texas and Southern refineries.  THE ALTERNATIVE is to build modern refineries in the location of the petroleum and ship refined product instead of bulky lowgrade stuff....more jobs for Canadians and USA, less $$ and environmental costs. There is actually no shortage of liquid petroleum in the world anyway and Canadians should consider the impact of this tar sand enterprise in the first place...
.
Whats really funny is now we have self-styled conservative "drill baby drill baby" types in step with the union job creators...at least according to the article in post #1... ???
 
 
..TM7
oooooooooooooooooooooooooooooooooooooooooooooooo
OK TM;
   1) Who pays for the pipeline ? The Canadians already said they will; they have a product to sell and they understand BUSINESS.
   2) What's going into this pipeline, where is it going and why ?  I can't believe you're asking that question ! Obviously, as explained, a crude form of oil will go into it to be transported.   Where will it go ?   ...Duh..it will go where the pipeline goes ! :P    Why ? Well, to drive the wheels of industry and commerce !  Even if some leaves this continent, it will have furnished thousands upon thousands of jobs in American pipelines, refineries, restaurants, hotels, construction, manufacturing and..must I go on ?
3)  The Canadians claim the pipeline wouldn't produce long term jobs for them...isn't that true ? I haven't heard that claim and doubt that it is true.  There is no reason anybody would build a major pipeline just so they could shut it down.  Their oil fields are vast and will last for decades and beyond. Crude doesn't jump up out of the ground and into a pipeline and transport itself..the fields obviously will provide thousands of jobs well into the future. If the Canadians make a good buck..hooray for them !  They are good neighbors and I am NOT GREEN with "class envy".
4) Why is the pipeline a great idea and what is the alternative ?  It's a great idea for many reasons!
A) It will provide upwards of half-million jobs (directly & peripherally) .
B) It will keep a non-Muslim president from bowing  to Muslim dictators.
C) It will negate the power of mideast tyrants who threaten to upset the flow of needed energy.   
D) The alternative is for the prez to play "crony capitalism" game and hand part of the job to a rich & helpful buddy...
        http://www.bloomberg.com/news/2012-01-23/buffett-s-burlington-northern-among-winners-in-obama-rejection-of-pipeline.html
   
If you don't want the truth, don't ask me.  If you want something sugar coated...go eat a donut !  (anon)

Offline ironglow

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IG.....why the attitude for asking a few simple questions? Yes, the Canadians have claimed there won't be any net increase in jobs after the pipeline is constructed....The oil-tar sand petroleum is low grade and only cost effective as long as crude barrel pirices are above $80 or some inflated specualtive price--which may be difficult as there is presently a glut of petroleum on the market and no shortages of high grade crude. The environmental costs with this kind of mining operation is huge. The cost of the pipeline seems to be a 'socialized' scheme of American and Canadian monies.....Big Oil always thinks about using OPM for their projects...OPM= Other People's Money, in fact, all corps do....called crony capitalism whomever is in office!....Fact is the shipping of crude dilbert  petroleum long distances is ridiculous and makes little economic/business sense. If Canada and Big Oil want to exploit tar sands then just process it near to the source and SHIP FINISHED PRODUCTs....stop your endorsement of "socialization of costs and privatization of profits" schemes.....and crony capitalism, one of your big bugabooes, will subside.
 
..TM7
oooooooooooooooooooooooooooooooooooooooooooooooooooo
   No "attitude" here, I simply took each of your questions and answered them factually..one by one..  I cannot see how in the world they can remove milllions of tons of the sand, extract the crude and transport it a couple thousand miles without any employment involved
   Yes, corporations operate on OPM (other people's money) in a remote sense, but it is money voluntarily invested...not money forcefully wrested from the people and squandered on such things as SOLYNDRA . In fact in a truer sense, corporate money isn't even OPM..it is money from the stockholders, who ARE the corporation..even if they have only 5 shares or 1 share..they ARE the corporation.
  At least, with the corporations, the people who put money in are reasonably assured of getting something back, unlike the govt, who takes the money forcefully, "invests" it.. and the ones who paid for the investment , get zilch in return.
If you don't want the truth, don't ask me.  If you want something sugar coated...go eat a donut !  (anon)

Offline mcwoodduck

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The pipeline is for the rich oil companys, not us mid income workers. You can have the pipeline just tax the rich first.
How does that work? 
Do you understand that the "rich" is every company making over 250,000 a year?  Do you remember the old tired Democrat "corperations don't pay taxes" line.  They do pay taxes but they consider then as costs.  As cost go up prices go up.
All you are asking for in this silly "tax the rich"  mantra is for your so called "mid income" to be worth less.
Tax the rich, and the price of food goes up, tax the rich and the plumber comming out to fix something costs more,.
Tax the Rich and the fuel to get to your job costs more.  Limiting your choices to do things you want to and making you more resentfull of others.
As prices increase demand falls, as demand falls fewer workers are needed, as demand falls so do profits and taxes are based on profits.   As profits fade companies will get out of a market and jobs are lost.
New jobs create higher wages as employers are willing to pay more for better people, more cost effective workers, these higher wages / incomes create disposable incomes, those disposible incomes create more jobs. 
Asking for higher taxes are only going to decrease your buying power, lower your pay and limit your choices.  If that is what you want.  Keep asking for higher taxes.
Do you understand that the seaking of profits are what create jobs and raise wages and incomes.
Adjusting for inflation, have not wages of workers in this country become stagnant over the last decade or so?  During the same time period, have not the wages of the top income earners GREATLY increased?  Doesn't seem the tax cuts that were pushed through during Bush has helped the average American.   Correct me if I am wrong, all I know is that I pay a higher percentage of income tax than Mitt Romney does, but I am pretty darn sure he makes a bit more money than I do.
 
Jim
When you consider the total taxes a Company pays on the profits and then the taxes are paid again as you accept them the 45% is what he is really paying not the 15%.  OK he paid 14% but he had to give away 3.5 Million a year to save the other 1%.
As far as the bush tax cuts, I never saw it as My state raised it's taxes higher than the cut. I also remember Pelosi playing down the tax cut to a muffler for your car but she then did not want to increase the rate across the board.
The more money someone like Romney has in hand the more he will invest and create jobs. 
On the contrary to what you wrote the Uber rich are actually loosing more percentage wise than the average.  And with fewer rich they are not able to be bailed out by selling items as no one has the $ to buy their - mansion, jewlery, yacht, plane..... and those items are selling for fewerr and fewer dollars.

Offline scootrd

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On the contrary to what you wrote the Uber rich are actually loosing more percentage wise than the average.  And with fewer rich they are not able to be bailed out by selling items as no one has the $ to buy their - mansion, jewlery, yacht, plane..... and those items are selling for fewerr and fewer dollars.
Absolute Bunk.

There are two very separate and two very unequal tax systems in America. And no matter how you slice it , a construction  worker or waitress WORKING for a paycheck pays 25 - 35% in payroll tax. Then pays taxes on monies of interest (if they can possible save anything) Payroll taxes are the highest taxes in America.

Someone who earns monies off dividends from monies invested in wallstreet are taxed less (separate tax system and unequal).

As far as reinvesting in America  -  please -  The uber wealthy as you called them (including Mitt) all off-shore $$ in Cayman , Burmuda, Ireland, and Switzerland because they find it Beneficial using these "legal" loopholes they lobbied, received ,and now vigorously fight to keep) not for re-investment purposes (as you suggest) but to hang on too away from uncle Sam for tax avoidance.

We have had years of these so called reinvesting "Job Creators" and their bastardization of this separate and unequal tax system that benefits only them. Try and take away a few of their loopholes  -  remember the  corp jets example this past year ? The Uber wealthy scream class warfare and oh poor us.

The fact is  - the uber rich have peddled their  influential lobbyist stink throughout all of Govt levels to insure True tax Reform never happens to disrupt the separate and unequal tax system that benefits only them  -  the UBER wealthy.

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Offline Cuts Crooked

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What is with y'all?

Don't you get it? Doesn't matter what rate we tax the middle class/poor/rich. The reality is the middle class end up paying for it!!!!!! Increase taxes on the rich and they just pass it on to the rest of us in the form of higher prices for us and higher saleries for themselves! Y'all ain't gonna get nowhere raising taxes on the wealthy and corporations............DUH!!!!!!!!!!!!

Best bet? Cut taxes fer everyone and reduce the size of the *&(%&%^ GOVERNMENT!!!!!!!!!
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Offline mcwoodduck

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On the contrary to what you wrote the Uber rich are actually loosing more percentage wise than the average.  And with fewer rich they are not able to be bailed out by selling items as no one has the $ to buy their - mansion, jewlery, yacht, plane..... and those items are selling for fewerr and fewer dollars.
Absolute Bunk.

There are two very separate and two very unequal tax systems in America. And no matter how you slice it , a construction  worker or waitress WORKING for a paycheck pays 25 - 35% in payroll tax. Then pays taxes on monies of interest (if they can possible save anything) Payroll taxes are the highest taxes in America.

Someone who earns monies off dividends from monies invested in wallstreet are taxed less (separate tax system and unequal).

As far as reinvesting in America  -  please -  The uber wealthy as you called them (including Mitt) all off-shore $$ in Cayman , Burmuda, Ireland, and Switzerland because they find it Beneficial using these "legal" loopholes they lobbied, received ,and now vigorously fight to keep) not for re-investment purposes (as you suggest) but to hang on too away from uncle Sam for tax avoidance.

We have had years of these so called reinvesting "Job Creators" and their bastardization of this separate and unequal tax system that benefits only them. Try and take away a few of their loopholes  -  remenber the jets example this past year ? The Uber wealthy scream class warfare and oh poor us.

The fact is  - the uber rich have peddled their  influential lobbyist stink throughout all of Govt levels to insure True tax Reform never happens to disrupt the separate and unequal tax system that benefits on them  -  the UBER wealthy.
Where to start, Payroll taxes are not the highest.  At 7 to 9% how can they be when the top marginal rate is 35%?  They do not pay into SS as they do not collect it.  The means test excludes them totally.  Taxed for most of their working life and not allowed to collect (if it were an insurance company who took your payments and then said you make too much we arenot paying your claims you would be suing)
Why would a Millionaire or billionaire park the bulk of thier money in a savings account for 2% when they could invest it in the world stock markets for 5 to 10%.  These people are rich for a reason, they are not stupid or they do not hire stupid people to manage their money.  The myth of billions hidden in Carabean  or Swiss banks is a myth.  In the 70' and 80's it was done to hide  over seas profits from the IRS.   The Top marginal rate was 76%  For every $100 dollars you earned you got to keep 24 of it.  The Banks allowed access to those funds easily to invest in the Forgien markets in Japan and Europe, those profits were sent back to the islands to hide from the excessive taxes.  It became a joke for Drug lords to launder monies through them by sailing millions into an island and depositing the $ and then bringing it on shore and paying taxes to show an income.  With the Income they did not send up red flags as to why they were driving a 200K sports car.
Stop taking your financial advice from Miami Vice reruns or is that where OBAMA is getting his.
As to someone that has saved money and invested in companies like a  portfolio of stocks or a 401K, Ira, or pension program why should they be punnished with 20 or 30% taxes made off of POST TAX MONEY!
I agree that we need to get rid of the influence accepting morons in congress that write the tax laws and complicate them.  As I stated earlier I would love to see a progressive system that is simple and lowers rates actross the board and is based on the poverty level.  If 10K for a family of 4 is poverty then you do not pay taxes on 40K if you are a family of four.  Allowing more people to keep money will allow for more spending as people want stuff.  As profits are realized more products will come on the market.  Capital investors will move moeny to where they think they will get better returns and offer start up capital for companies with great ideas for products.
 

Offline scootrd

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Another fun filled fact  -

"When you consider the total taxes a Company pays on the profits and then the taxes are paid again as you accept them the 45% is what he is really paying not the 15%." Also Bunk


S corporations and partnerships pay no income tax but pass through all their income, losses and credits directly to the tax returns of their individual owners. There is currently no limit on how big a company can be organized as a Sub S.

Koch Industries, tied for  fifth on the Forbes 400 list, is likely run as a Subchapter S.

Two totally separate and unequal tax systems.

I don't fault them for their wealth  -  I applaud it , but lets get real , it's time for True fair balanced and equitable Tax reform close the loopholes and ensure we all play by the same tax rules.

lets not forget corps like GE paid zero Taxes.
"if your old flathead doesn't leak you are out of oil"
"I have strong feelings about gun control. If there is a gun around I want to be controlling it." - Clint Eastwood
"Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote." - Benjaman Franklin
"It's better to be hated for who you are , then loved for who your not." - Van Zant

Offline mcwoodduck

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Another fun filled fact  -

"When you consider the total taxes a Company pays on the profits and then the taxes are paid again as you accept them the 45% is what he is really paying not the 15%." Also Bunk


S corporations and partnerships pay no income tax but pass through all their income, losses and credits directly to the tax returns of their individual owners. There is currently no limit on how big a company can be organized as a Sub S.

Koch Industries, tied for  fifth on the Forbes 400 list, is likely run as a Subchapter S.

Two totally separate and unequal tax systems.

I don't fault them for their wealth  -  I applaud it , but lets get real , it's time for True fair balanced and equitable Tax reform close the loopholes and ensure we all play by the same tax rules.

lets not forget corps like GE paid zero Taxes.
GE Paid Zero taxes because of huge losses the year before.
The employees all paid their taxes.
GE has over the years paid Billions in taxes.  But with that said the CEO has given Millions ot Obama's campaign, and is now working for him in the White house. 
But that is all part of the most transparent administration ever right?  The E ring of the pentagon is more open the Obama administration.

Offline scootrd

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Interesting , Mitch Daniels in his redress to the state of the union Just stated the same thing.

Tax reform is needed and loopholes need to be closed.

Hope you listened to it tonight. I didn't embellish a thing . That's what he said.

Actually he sounded more like the fair old time mid western common sense conservative republican
that is sorely lacking as of late within this crop of latest GOP candidates. Perhaps he should have
thrown his hat in the ring.
"if your old flathead doesn't leak you are out of oil"
"I have strong feelings about gun control. If there is a gun around I want to be controlling it." - Clint Eastwood
"Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote." - Benjaman Franklin
"It's better to be hated for who you are , then loved for who your not." - Van Zant