Harry Reid Believes S&P's Downgrade Supports Dems Call For Revenue Increase

by: Les Carpenter
Rational Nation USA
Birthplace of Independent Conservatism
Liberty -vs- Tyranny

In a nutshell folks get ready for the biggest TAX increase you likely have witnessed in your lifetime. The taxing party of America will be peddling "good ole Harry's" line for sometime to come. That would be until they get the tax increases they have been salivating for since Obama extended the Bush tax cuts.

The Hill Standard & Poor's decision to downgrade the nation's credit rating reinforces Democrats' call for increasing tax revenue, Senate Majority Leader Harry Reid (D-Nev.) said Friday.

In a statement, Reid said:

The action by S&P reaffirms the need for a balanced approach to deficit reduction that combines spending cuts with revenue-raising measures like closing taxpayer-funded giveaways to billionaires, oil companies and corporate jet owners. This makes the work of the joint committee all the more important, and shows why leaders should appoint members who will approach the committee’s work with an open mind - instead of hardliners who have already ruled out the balanced approach that the markets and rating agencies like S&P are demanding. {Continue Reading}

Someone ought to design a head piece for "good ole Harry" that represents the class warfare he so readily pushes. Wait, make that three for troika of Obama, Reid, and Pelosi.

Via: Memeorandum

Comments

  1. sd211Sat Aug 06, 09:22:00 AM EDT

    The Tea party were the ones who kept on saying the deficit cuts didn't go far enough and that the spending had to be cut more.. Standard and Poors downgraded because the cuts were not deep enough.
    So I guess that the Tea Party was correct!

    ReplyDelete
  2. AnonymousSat Aug 06, 11:41:00 AM EDT

    The Tea Party was always correct, because their arguments were based on math, not Utopianist dreams.

    ReplyDelete
  3. TAOSat Aug 06, 01:53:00 PM EDT

    "Math" like referring to "income taxes" as proof of who pays the lion's share of the government's revenue? Since individual income taxes only make up 42% of the governments revenue stream then the top 10% of tax filers only make up 29.4% of the governments revenue....so the top 10% may pay 70% of the income taxes but they only account for 29.4 of the governments revenue. Since they control 87.8% of this nation's wealth it looks to me like they got themselves quite a deal....own 87.8% and only pay 70% of the income taxes....

    ReplyDelete
  4. dmarksSat Aug 06, 03:04:00 PM EDT

    Tristan: And they have the public interest in mind. Unlike the President, who acts like he only rarely considers that.

    ReplyDelete
  5. Will "take no prisoners" HartSun Aug 07, 06:28:00 PM EDT

    Tao, I assume that you're referring to the payroll tax. You do know, don't you, that the poor people are (at least theoretically) going to get most of (if not more than) that money back in the form of Social Security and Medicare.......I'm also assuming that you're referring to Federal taxes. Again, poor people pay very little in the form of state income and property taxes (yes, they do pay sales and sin taxes).

    ReplyDelete
  6. TAOTue Aug 09, 09:45:00 AM EDT

    Will, I was referring to federal taxes only. You also tend to forget that companies get tax credits to create jobs and or relocate.

    These tax credits basically allow companies to keep the state income tax that they deduct from their employees pay. At the end of the year if the employee gets a state refund the state pays the refund for taxes that were collected but never paid to them.

    Actually, in regards to social security and medicare you might be wrong! You see, poor people have lower life expectancy thus they get less back not more because they do not live as long.

    Again, if you talk just income taxes you are not seeing the full picture, if you talk government revenue then you see the whole picture.

    ReplyDelete
  7. AnonymousTue Aug 09, 09:45:00 PM EDT

    Donald in Bethel, CT says:

    Oh, screw it. I'm throwing in with the socialist America-haters and I'm going to run with the whole "Robin Hood" mentality that the rick need to be punished.

    My first financial attack will be on Hollywood and all the richie rich liberals, and...what's that?...oh...I see...sorry, folks. I'm not allowed to go after rich menstruating heart liberals, especially those in Hollywood.. I am allowed to only go after white GOP richie riches.

    Long Live the Poor Republic! Taxes on the rich! Viva Taxes!

    ReplyDelete
  8. Will "take no prisoners" HartWed Aug 10, 06:47:00 PM EDT

    Tao, how can you say that you're looking at the "whole" picture when you don't look at state and local taxes (of which the poor pay exceedingly little). And one of the reasons that the poor die earlier is because they're 4X as likely to smoke. A little bit of personal responsibility wouldn't be the worst thing in the world here.

    ReplyDelete
  9. Will "take no prisoners" HartWed Aug 10, 10:03:00 PM EDT

    Also, Tao, not every person making this magical $250,000 owns a company. A lot of them draw a salary and, if you happen to live in New York state, the top state income tax rate there is nearly 9%.

    ReplyDelete
  10. AnonymousSun Oct 09, 09:55:00 PM EDT

    (1) Source of these numbers? and (2) Put them in context: Compare and contrast taxes paid with wealth owned and controlled.

    ReplyDelete

Post a Comment

RN USA no longer accepts comments. The information presented is for reflection, contemplation, and for those seeking greater understanding and wisdom. It is for seekers and those with an open mind and heart.

Namaste


Top Posts

Gnosticism - The Gospel of Mary Magdalene - Salvation through Self-Knowledge of the Soul & Mind...

Image
  When you run after your thoughts, you are like a dog chasing a stick: every time a stick is thrown, you run after it. Instead, be like a lion who, rather than chasing after the stick, turns to face the thrower. One only throws a stick at a lion once. Milarepa “Just as it is known t hat an image of one's face is seen d epending on a mirror b ut does not really exist as a face, s o the conception of "I" exist d ependent on mind and body, b ut like the image of a face t he "I" does not at all exist as its own reality. Nagarjuna "Thanks to impermanence, everything is possible."       Nagarjuna
Read more

Our Biggest Creditor {China} Tells Us "The good old days of borrowing are over"

Image
by: Les Carpenter Rational Nation USA Birthplace o Independent Conservatism Liberty -vs- Tyranny As the chickens come home to roast... Unbelievable we have been this stupid. ( Reuters ) - Global leaders on Saturday arranged a round of emergency calls to discuss the twin debt crises in Europe and the United States that are causing turmoil in financial markets . After a week that saw $2.5 trillion wiped off global stock markets, they are under pressure to show political leadership and reassure markets that Western governments have both the will and ability to reduce their huge and growing public debt loads. French President Nicolas Sarkozy, who chairs the G7/G20 group of leading economies, conferred with Britain's Prime Minister David Cameron ahead of a call planned for this weekend by G7 finance ministers and central bankers. "They discussed the euro area and the U.S. debt downgrade. Both agreed the importance of working together, monitoring the situation closely
Read more

When and How Will it End?

Image
by: Les Carpenter Rational Nation USA Birthplace of Independent Conservatism This is America. We are an English speaking nation. We have distinct and traditional American cultural values. We have some Americans in our population who have difficulty speaking a coherent sentence. We have many who cannot construct a complete and proper sentence. Yet we find the time and the money to educate youth in Arabic and Arabic culture. Mind you this is a Federal Grant program and limited to only five select school districts. At least for now. At a cost of 1.3 millions dollars students on these select district will be required,  you heard {read} right, required as mandatory part of their curriculum to learn Arabic. This is a blatant abuse of taxpayer money, and it is indicative of the future course our nation has embarked upon under the fuzzy, misguided, and incredibly deceitful anti leadership of the current occupant of the Peoples House and Impostor in Chief. Excepts from CBSDFW on this
Read more

A Tonglen Meditation Practice for Sending and Receiving Compassion...

Image
  When you run after your thoughts, you are like a dog chasing a stick: every time a stick is thrown, you run after it. Instead, be like a lion who, rather than chasing after the stick, turns to face the thrower. One only throws a stick at a lion once. Milarepa   “Just as it is known t hat an image of one's face is seen d epending on a mirror b ut does not really exist as a face, s o the conception of "I" exist d ependent on mind and body, b ut like the image of a face t he "I" does not at all exist as its own reality."    Nagarjuna   "Thanks to impermanence, everything is possible."       Nagarjuna
Read more

It’s No Time to Be Neutral...

Image
  When you run after your thoughts, you are like a dog chasing a stick: every time a stick is thrown, you run after it. Instead, be like a lion who, rather than chasing after the stick, turns to face the thrower. One only throws a stick at a lion once. Milarepa   “Just as it is known t hat an image of one's face is seen d epending on a mirror b ut does not really exist as a face, s o the conception of "I" exist d ependent on mind and body, b ut like the image of a face t he "I" does not at all exist as its own reality."    Nagarjuna   "Thanks to impermanence, everything is possible."       Nagarjuna The time for accepting the results of an extremely troubling and possibly life changing election is here. It is also time to resist the authoritarian and fascist proclivities of DJT and the movement  he spawned. A movement built on divisiveness, xenophobia, hate, lies, and disrespect for our constitution, the rule of  law, and common decency for all s
Read more

Words For a Troubled Time...

Image
  When you run after your thoughts, you are like a dog chasing a stick: every time a stick is thrown, you run after it. Instead, be like a lion who, rather than chasing after the stick, turns to face the thrower. One only throws a stick at a lion once. Milarepa   “Just as it is known t hat an image of one's face is seen d epending on a mirror b ut does not really exist as a face, s o the conception of "I" exist d ependent on mind and body, b ut like the image of a face t he "I" does not at all exist as its own reality."    Nagarjuna   "Thanks to impermanence, everything is possible."       Nagarjuna Lion's Roar - One of the largest rituals this country engages in is casting votes, to make our marks, to say something. We may cast a vote, not only for oneself, but, for those who are ill or incarcerated, for those who are illiterate, for those who have lost interest. We do this knowing that the outcome of voting is actually something we cannot r
Read more

Taking Hold of Bodhicitta...

Image
When you run after your thoughts, you are like a dog chasing a stick: every time a stick is thrown, you run after it. Instead, be like a lion who, rather than chasing after the stick, turns to face the thrower. One only throws a stick at a lion once. Milarepa   “Just as it is known t hat an image of one's face is seen d epending on a mirror b ut does not really exist as a face, s o the conception of "I" exist d ependent on mind and body, b ut like the image of a face t he "I" does not at all exist as its own reality."    Nagarjuna   "Thanks to impermanence, everything is possible."       Nagarjuna   With joy I celebrate the virtue that relives all beings From the sorrows of the state of loss, Exalting i the happy states enjoyed By those who yet are suffering. I revel in the stores of virtue, Cause of gaining the enlightened state, And celebrate the freedom won By living from the round of pain. And in the Buddhahood of the protectors I delight And
Read more

Echo...

Image
  When you run after your thoughts, you are like a dog chasing a stick: every time a stick is thrown, you run after it. Instead, be like a lion who, rather than chasing after the stick, turns to face the thrower. One only throws a stick at a lion once. Milarepa   “Just as it is known t hat an image of one's face is seen d epending on a mirror b ut does not really exist as a face, s o the conception of "I" exist d ependent on mind and body, b ut like the image of a face t he "I" does not at all exist as its own reality."    Nagarjuna   "Thanks to impermanence, everything is possible."       Nagarjuna
Read more