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Fox News: Millionaires who want higher taxes are 'despicable'

Following the re-election of President Obama, the American people validated the policy of raising taxes on the wealthiest Americans to help pay down the national debt. While the majority of the American people are on board with raising taxes on the top two percent, the right-wing media and Fox News aren't giving in so easily.

With the national debt eclipsing $16 trillion, a long-term solution is needed. President Obama has put proposals on the table that start with compromise, asking the wealthy to pay their "fair share" while also tinkering with entitlement programs such as Social Security, Medicare and Medicaid. During the debt ceiling debacle last summer, the president and Republican Speaker of the House, John Boehner, were set to unveil their "grand bargain" deal which would have reduced the deficit by over $4 trillion dollars over the next decade. With pressure coming from the far right Tea Party, Boehner reneged on the deal and the grand bargain was shot down.

With pressure on Washington to come to a deal, the right-wing media is continuing to play partisan politics and stick with the hard-line of "no new taxes." This past week on "Your World with Neil Cavuto" on Fox News, Charles Payne of the Fox Business Channel stated that millionaires who advocate for higher taxes are "despicable."

"Why would we, people who are self-made, not trillionaires, not even multi-millionaires, but successful in America, have to be punished for it? ... I find these to be the most despicable people on the planet, I really do. ... They're not being honest."

When the American people use their constitutional right to re-enforce policies, media pundits should recognize the outcome and report accordingly. According to a New York Times/CBS News poll, over 70 percent of Americans support raising taxes on people making over $250,000 a year. The biggest problem with the Republican party and the modern conservative movement is that they just can't seem to let go of the past. Until right-wing America embraces the path the country wants to go down, they will be handicapped and anchored to a past that no longer exists.

by Anonymousreply 2101/06/2013

I'll just say this: I have, among my immediate family and closest friends, a total of six who are millionaires. ALL OF THEM are Democrats and do not mind raising the highest nominal 35% federal taxation rate to 38%, and NONE of them feel like they're being "robbed" of their "hard-earned earnings," since all of them are well-aware that, like Mitt Romney, they enjoy tons of tax advantages lower-income people do not, particularly a 15% tax rate on long-term investment dividends and income.

by Anonymousreply 611/25/2012

And doesn't this "huge tax hike" on the 250+ crowd amount to only 1K a year? A lousy thou?

by Anonymousreply 711/25/2012

[quote]The reason why many millionaires cry out, raise my taxes because they know loopholes to protect ,most of their wealth so if their taxes get raised, it won't effect them in the very least.

Then why is Fox News protesting so much? If this won't have any impact, then there is no reason not to do it. In any case, you're wrong, of course, as those who can are already using those loopholes and letting the tax cuts expire doesn't introduce new ones.

[quote]At the same time they come off really caring to so many people in the lower cases who are gullible people and the rich know it.

LOL.... Uh-huh, right. Speaking of gullible....

[quote]Also, 1% of the population of the mega rich is not going to solve our national debt issue.

No, but it's a good start.

[quote]The money extracted from the highest 1% won't remotely cover the astronomical debt.

I'd say bringing in nearly a trillion dollars over the next ten years will do some good for out deficit, wouldn't you? Again, if you're serious about the deficit, you have to raise taxes.

[quote]In addition, People who make $250,000 a year is nothing if you live in California, New York,Hawaii, and many other places which are extremely expensive places to live. $250,000 doesn't go far in California.

Garbage. Tell that to someone making the national average. And if you make exactly $250,000, you aren't affected. And if you make something like $300,000, only the amount over $250,000 is taxed at the higher rate, so your overall increase is negligible. You don't really start feeling it until you're up in the $500,000 range.

[quote]Also, In California the state tax alone is going to be raised so high that if federal taxes gets raised as well the state of California will fall much further deep into the black hole and the state will truly be destroyed.

Utter bullshit. You're whining about an increase of 1-4% on only the wealthiest few? The mind boggles.... As for "black hole," what do you propose to do about the deficit?

[quote]Right now in California we are in a weak situation which companies and individuals are moving out of the state because of the enormous state tax hikes and small businesses, large businesses, and individuals can't make it.

And yet you can't identify a single business, small or large, that really is affected by these changes. Why is that?

[quote]In addition, nonprofits will hurt tremendously because many count on grants and donations by philanthropists from these very people.

Uh-huh, right. Sorry, but "these very people" have the money to do both, just as they have done in previous decades. We're returning the tax rates to what they were before, remember? We already know the impact on the economy and on non-profits: basically zero. Besides, you're contradicting yourself: you already said in your first sentence that all of these millionaires would use loopholes to avoid paying these higher taxes. You can't have it both ways.

[quote]I rather see nonprofits who are a tremendous asset to our society and who do a lot of good than our irresponsible government.

Personally, I'd rather see the wealthy pay what they did before and bring the deficit down. And I'd like to see rational, coherent arguments from those who disagree. For the first, I'm likely to get my way, thankfully. For the second, I'm not holding my breath.

by Anonymousreply 811/25/2012

A great deal of the so called 1% understand and support trickle down economics. It's the crazy cultish fringe that for some reason think that either the world is ending, some big demon is making an appearance, the world has to seriously downsize the amount of the human population, or are simply new at the being rich game and want to keep all the money for themselves (because they think once it's out of their grubby hands it's gone for good).

by Anonymousreply 911/25/2012

4 fucking percent. So rich people won't be able to buy that flat screen for their 5th bathroom. They can just take a magazine like the rest of us.

by Anonymousreply 1011/25/2012

[quote]A great deal of the so called 1% understand and support trickle down economics

Yeah, but "trickle-down economics," as Republicans use the term, means you give the wealthy everything and the massive wealth at the top is somehow supposed to "trickle down" through some form of "investment," after which everyone is supposed to get richer and the economy is supposed to be, like, totally awesome.

The trouble is that it doesn't work. And we have over three decades of data showing that it doesn't work, since it was Reagan who first popularized the term.

by Anonymousreply 1111/25/2012

[quote]A great deal of the so called 1% understand and support trickle down economics.

They understand it's been a lucrative scam for the last thirty years, in which their wealth has tripled or more, while the bottom 98% has stagnated or back-slid.

"Trickle down Economics" is a fraud. It doesn't work. It never has. It's a con by the rich, for the rich, to increase their wealth at the expense of the many.

by Anonymousreply 1211/25/2012

R8, you sound retarded or your head is waaaay up your ass. If you don't know those factors about California by now, then you are seriously hopeless.

by Anonymousreply 1311/25/2012

[quote]you sound retarded or your head is waaaay up your ass. If you don't know those factors about California by now, then you are seriously hopeless.

LOL... Or, in other words, you can't defend the stupid shit you wrote in R4 so you have to engage in lame attacks to try to divert attention from the stupid shit. Thank you for conceding that you don't have the foggiest idea what you're talking about.

by Anonymousreply 1411/27/2012

I really want to know why these millionaires who want higher taxes haven't just started paying more to the IRS voluntarily?

I mean you can send the IRS money just any ole time you want. They will take it no questions asked.

If these millionaires were REALLY interested in paying more there is absolutely nothing stopping them.

Why do we have to have legislation? If they are all hot to trot over this they can just do it.

I think they want some kind of recognition or this is some kind of scam.

by Anonymousreply 1511/28/2012

Well, doesn't matter now... they GOT higher taxes now. Thank god.

by Anonymousreply 1901/05/2013

Just to make your eyes hurt, here's Matt Taibbi discussing where a shitload of 'trickle-down' investment capital is parked:

Hint: it's sitting in a risk-free account.

by Anonymousreply 2001/06/2013

I wish they would shut the fuck up. I guarantee you that the repugs will be out in force passing new tax laws that allow more and more millionaires and billionaires to avoid paying any extra taxes

Frank McCourt who own the Los Angeles Dodgers earned $100 MILLION dollars in 2 yrs and legally didn't have to pay any taxes on it

Cry me a river faux news

by Anonymousreply 2101/06/2013
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