Taxed Enough Already, bullshit!

Ive been arguing the point that the Tea Party has not 1 thing to do with taxes and us being taxed too heavily....most Tea Partiers scoffed at my argument. well here ya go :

"Americans are paying the smallest share of their income for taxes since 1958, a reflection of tax cuts and a weak economy, a USA TODAY analysis finds. The total tax burden — for all federal, state and local taxes — dropped to 23.6% of income in the first quarter, according to Bureau of Economic Analysis data. By contrast, individuals spent roughly 27% of income on taxes in the 1970s, 1980s and the 1990s"

Link to the complete story: http://www.usatoday.com/money/perfi/taxes/2011-05-05-tax-cut-record-low_n.htm

So my question is what exactly is the Tea Party going to do now that is a FACT that :
1. We are paying the lowest taxes in over 1/2 a century
2 The POTUS really is an American and was born in the USA


Whats left guys?

I'm pretty sure that the Tea Party has been over for some time now. You don't hear about them much anymore and that's a good thing. They all went the way of Glenn Beck. FIRED!

Nah, they are still around.....they're just keeping quiet in the shadows until the next conspiracy or absolute bullshit theory that they try to pass of as truth comes around

I can understand them being quiet...If EVERYTHING i protested against politically turned out to be a lie (high taxes, death panels, secret Muslim, weak on defense) Id probably be quiet too.

Seriously, i wanna know whats the next bullshit position they are gonna take?

I am pretty sure they realized they were the laughing stock of American Politics. That's what everyone I know thinks anyway.

Not sure what next position. The only thing the seemed to care about was not passing on debt to our grandchildren. Maybe, hopefully they will take up other issues that we should pass on to them too. Like:

A robust Education System. I'm sure our grand kids would appreciate that.

A Healthcare System they can afford and not be excluded from. Who doesn't want that for the kids?

How about NOT passing on our addiction to oil to the grand kids? I sure bet they would love that.

A healthy environment with clean air to breathe and water to drink. Don't you think the kids would like to have that too?

It became clear to everyone that the Tea Party was comprised of Simpletons who are incapable of thinking beyond their bumper sticker slogans.

If they cared about future Americans they would be talking about all of these things. The fact that they aren't tells me they are selfish cry babies and nothing more.

But I do appreciate the Golden Silence as of late.

From the article:

The fall in taxes is almost entirely caused by a weak economy rather than lower rates, says Curtis Dubay of the conservative Heritage Foundation. "It's easy to draw the wrong conclusion," he says.

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The Teabaggers are about smaller government. Smaller government means less tax. It also means less spending.

Ah, yes. The spending.

Since 2008, however, deficits have increased dramatically. As a result, Tax Freedom Day may give the impression that the burden of government is smaller than it is. If the federal government were planning to collect enough in taxes during 2011 to finance all of its spending, it would have to collect about $1.48 trillion more, and Tax Freedom Day would arrive on May 23 instead of April 12-adding an additional 41 days to the nation's work for government. This date for a deficit-inclusive measure is the latest since World War II.

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http://www.taxfoundation.org/publications/show/93.html
http://www.taxfoundation.org/taxfreedomday/

Federal Income and Social Security were the taxes highlighted in the article. The cumulative tax burden is much more worrisome.

Let's not forget about the Inflation juggernaut heading our way that will be a direct result of Quantitative Easing.

Inflation is an invisible tax.

The Teabaggers won't be going anywhere any time soon.

Didn't tea baggers get boner as house majority leader?

Tax Cuts are Government Spending.

Bush cut taxes because he projected a SURPLUS and thought it would be nice to give money back to those who were being overcharged.

That justification does not exist anymore so the tax cuts need to be repealed. It really is that simple.

THERE IS NO INFLATION JUGGERNAUT



Everyone seems to be ignoring the unemployment rate. Economics 101 says inflation and employment have an inverse relationship - hence the Feds dual mandate keeping full employment and keeping inflation low.

Gas prices have already hit their price ceiling and dropped nearly 9% yesterday and another 2.6% today. Food and energy prices will trend towards what core inflation numbers suggest(which are below target inflation anyway).

About taxes, prior to the 08 recession when the economy was bubbling, Corporate tax revenue, for example, hasn't been this low since the before the Great Depression:

The top 1% holds 42% of the wealth and pays 38% of the taxes. Those two numbers should at least be equal.

ink the world said:

Ive been arguing the point that the Tea Party has not 1 thing to do with taxes and us being taxed too heavily....most Tea Partiers scoffed at my argument. well here ya go :

"Americans are paying the smallest share of their income for taxes since 1958, a reflection of tax cuts and a weak economy, a USA TODAY analysis finds. The total tax burden — for all federal, state and local taxes — dropped to 23.6% of income in the first quarter, according to Bureau of Economic Analysis data. By contrast, individuals spent roughly 27% of income on taxes in the 1970s, 1980s and the 1990s"

Link to the complete story: http://www.usatoday.com/money/perfi/taxes/2011-05-05-tax-cut-record-low_n.htm

So my question is what exactly is the Tea Party going to do now that is a FACT that :
1. We are paying the lowest taxes in over 1/2 a century
2 The POTUS really is an American and was born in the USA


Whats left guys?

Click to expand...

I pay 25% to the feds alone! If you feel like you don't pay your fair share, CUT THEM A CHECK!

BendBrewer said:

Tax Cuts are Government Spending.

Bush cut taxes because he projected a SURPLUS and thought it would be nice to give money back to those who were being overcharged.

That justification does not exist anymore so the tax cuts need to be repealed. It really is that simple.

Click to expand...

Tax cuts are most assuredly NOT government spending.

That talking point is Progressive hogwash.

A policy which seizes less of something that belongs to someone else does not a spending program make. You cannot GIVE something to someone that is theirs in the first place.

47% of filers pay no Federal Income tax. None. Zero.

Why don't we ask the free-loaders to get out of the cart and help pull for a change?

mame said:

THERE IS NO INFLATION JUGGERNAUT



Everyone seems to be ignoring the unemployment rate. Economics 101 says inflation and employment have an inverse relationship - hence the Feds dual mandate keeping full employment and keeping inflation low.

Gas prices have already hit their price ceiling and dropped nearly 9% yesterday and another 2.6% today. Food and energy prices will trend towards what core inflation numbers suggest(which are below target inflation anyway).

About taxes, prior to the 08 recession when the economy was bubbling, Corporate tax revenue, for example, hasn't been this low since the before the Great Depression:
View attachment 1587334
The top 1% holds 42% of the wealth and pays 38% of the taxes. Those two numbers should at least be equal.

Click to expand...

Heading our way? Absolutely.

The CEO of Wal-Mart agrees with me.
http://www.usatoday.com/money/industries/retail/2011-03-30-wal-mart-ceo-expects-inflation_N.htm

Once QE2 ends the Juggernaut will be close behind.

Hide and watch, Motherfucker!

Note: I'm not calling you an MF. It's a phrase used for effect only.

BendBrewer said:

Tax Cuts are Government Spending.

Bush cut taxes because he projected a SURPLUS and thought it would be nice to give money back to those who were being overcharged.

That justification does not exist anymore so the tax cuts need to be repealed. It really is that simple.

Click to expand...

Yep, if we repeal the tax everything will be OK again. Markets will be fixed, 84 Million jobs would get created overnight, China would stop manufacturing cheap stuff and we would stop buying it. USDX would go from 74 to 120 overnight, gold would go from $1500 to $5 and gasoline will only cost pennies. All we have to do is tax the rich a little bit more.

Im not against the rich paying taxes, but you can't possibly realistically expect to think its going to fix one single thing other than to make you feel better about how much YOU are paying.

Heading our way? Absolutely.

The CEO of Wal-Mart agrees with me.
http://www.usatoday.com/money/indust...nflation_N.htm

Once QE2 ends the Juggernaut will be close behind.

Hide and watch, Motherfucker!

Note: I'm not calling you an MF. It's a phrase used for effect only

Click to expand...

I'd believe you except as I've said before, the CEO of Walmart is fear mongering. Just like WSJ, and several *shock* conservative propaganda outlets like the Heritage Foundation and Fox news who have been screaming about runaway inflation, possibly even hyperinflation - for three years now. And get this, they aren't arguing that it will happen in the future, they're arguing that it's happening already (while pointing to the CPI and oil prices as proof!).

It's funny how you guys have been screaming about crude prices going through the roof for the last couple months and you all ignore half a months gains being wiped away -nearly all of it in one day(AND many investors/economists are predicting it'll stay down)! Are you just blantantly ignoring the evidence at this point? No surprise. It doesn't matter though, as you wont believe me until this time next year when this disaster you keep talking about still hasn't happened, will you?

Can you eat a house? Fill your cars gas tank with a television set? Run a lightbulb with a Chinese made Pot Holder?

In 2006, the price of crude oil fell by 40%, only to then go up 200% by 2008. Half a months gains being wiped away is NOTHING, they will be gained back and surpassed in no time, it is 100% assured.

NoDrama said:

In 2006, the price of crude oil fell by 40%, only to then go up 200% by 2008. Half a months gains being wiped away is NOTHING, they will be gained back and surpassed in no time, it is 100% assured.

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But it's not assured, at least not in the near-medium term. Literally every sign points towards demand as the main barrier keeping prices from going up into infinity(see recent EIA report citing increased supplies and diminished demand, a shitty U.S. economy and multiple expert opinions betting prices have reached their peak). You kind of cherry picked those stats anyway, as gas prices fell dramatically after 2008, rebounded partially and still aren't as high as they were in 2008... Crude peaked around $147 in 08 and hit nearly $114 in this recent boom, crude settled under $98 today.

What do you mean by near medium term? A week? A Month? 100 years?

My cherry picking is the equivalent of yours, keep bringing it up cuz I don't see you looking at gasoline prices from 1920 to prove points.

The following graph was modified via paint... The purple and red is what has happened in recent months. Green is what I think is going to happen, Brown seems to be where you think prices are heading. Think of the black line as the clearing price - where all available supplies match demand and everything is sold. I marked it starting at the clear start of price increases near 2001 and I end at the expected price ceiling of this year ($104) ending(the important part of) my line at 2012. It's meant to paint a long term picture of where prices should be headed. Hope that makes a bit of sense... Keep in mind that the point at which we recently peaked, at ~114, produced a national average gasoline price of ~$4. I'm basically betting along with the EIA that prices will end up averaging around $3.80 on the year as opposed to further increases up to $5+ prices. Those prices just aren't sustainable in the world of supply and demand.

Yours looks like the same as mine, just out 2 more years in the future.

NoDrama said:

Yours looks like the same as mine, just out 2 more years in the future.

Click to expand...

no, because mine follows the market clearing price(black line!) and yours completely ignores the entire principle(which is like ignoring gravity!). The green line trends with the black line as it should. This is important because under your scenario real gasoline prices - as in, the percentage of income spent on gasoline - goes up sharply. Under my scenario the percentage of income spent on gasoline increases much slower, if at all, and is more consistent with historical price increases based on supply and demand. Your scenario banks on high inflation, which isn't happening....

Sorry bud, you don't know the future of the market clearing price, so your little black line is just a little black line, its made up, a guess at best. Technical analysis is only for the past, not the future. We already have inflation, perhaps you do not understand what inflation is. Inflation is NOT the rise in prices, that is the EFFECT of inflation. Inflation is money printing, pure and simple...graph....

NoDrama said:

Sorry bud, you don't know the future of the market clearing price, so your little black line is just a little black line, its made up, a guess at best.

Click to expand...

This is true, I can only attempt to predict what market clearing will be in the future. The past however, shows a pretty consistent trend overall. If that trend continues for only two years, than my hypothesized market clearing price can end up pretty close to reality (again, I'll be checking this in a couple years to see if I was right or to laugh at myself at how wrong I was).

Technical analysis is only for the past, not the future. We already have inflation, perhaps you do not understand what inflation is. Inflation is NOT the rise in prices, that is the EFFECT of inflation. Inflation is money printing, pure and simple...graph....

Click to expand...

I understand this. My argument continues to be that core inflation remains low and that we are not in danger of hyperinflation... I mean, in order for the U.S. to end up in hyperinflation, unemployment would have to be at the NAIRU(6%) and then MORE expansionary policy would have to follow (which would never happen, Bernanke would be the worst Fed chairman in history if he pursued expansionary policies beyond the Nairu). Any and all inflation happening right now is good, again, I'll be keeping us both honest in the next couple years when I dig these threads out.

The only way your scenario plays out is if the U.S. NAIRU is closer to 10% which just isn't the case - empirical evidence has continually suggested it's at ~6%.