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Rick Perry On Increasing Income Inequality: 'I Don't care...

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flounder

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Rick Perry On Increasing Income Inequality: 'I Don't Care About That'

First Posted: 10/25/11 05:57 PM ET Updated: 10/25/11 06:52 PM ET

Republican presidential candidate Rick Perry says he wants a huge tax break for the rich, and he doesn't care what it means for income inequality.

Rick Perry announced on Tuesday that if elected president he would slash the corporate tax rate to 20 percent from 35 and give everyone the option of paying a flat income tax rate of 20 percent.

He also would try to encourage U.S. companies who have stored $1.4 trillion overseas to move their profits back to the United States by allowing them to pay 5.25 percent in taxes at first, according to Reuters.

The plan, if enacted, would dramatically reduce the tax burdens of the wealthiest people in the United States, saving millions of dollars for some, while raising taxes for poor and middle-class people who opt into the plan.

"I don't care about that," Perry said of the increased economic inequality that would result from the tax plan in an interview with The New York Times. "If that's what comes, I'll take that criticism."

Income inequality has been rising in the United States for the past three decades, as the top one-percent has claimed an increasing share of national income growth, according to the Center on Budget and Policy Priorities. Indeed, the top one-percent claimed 23.5 percent of all national income in 2007: its highest share of the national income since 1928.

Since the current U.S. tax system charges higher taxes from those with higher incomes, Perry's flat tax plan would raise the tax burden of the poor and middle class while slashing the taxes owed by the wealthiest Americans. Under the current system, the highest earners pay 35 percent of their income in taxes, and the lowest earners pay no income tax at all, according to Bloomberg News.

Perry's flat income tax proposal bears some similarities to Republican presidential candidate Herman Cain's 9-9-9 tax plan, in which the personal income tax rate, corporate income tax rate, and national sales tax rate all would be a flat nine percent.

On Tuesday, the Obama campaign immediately attacked Perry's tax plan, claiming that it "would shift a greater share of taxes away from large corporations and the wealthiest onto the backs of the middle class."

In the event that Perry's system were enacted, the wealthy would have an incentive to sign up for the flat tax system, saving thousands if not millions of dollars, while some low- and middle-income taxpayers would save more under the current progressive tax system. As an income tax calculator cited by The Daily Beast demonstrates, anyone earning more than about $74,000 (married but filing taxes separately) would receive a tax break under Perry's plan, and those earning less than $74,000 would see their taxes rise under Perry's optional tax plan.

On the revenue side, Perry's plan would simultaneously lead to substantial losses for the federal government as well as what James Horney, vice president at the Center on Budget and Policy Priorities, said would be "draconian cuts," in an interview with The New York Times.

Perry pledged in his Wall Street Journal op-ed published on Tuesday that he would cap federal spending at 18 percent of U.S. economic output.

As lenient as Perry's proposed 20 percent income tax would be for the wealthy, it would be higher than the nonexistent income tax in Texas, which Perry leads as governor.

http://www.huffingtonpost.com/2011/10/25/rick-perry-tax-plan_n_1030991.html
 

hypocritexposer

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As can be seen, Hungerford's findings first support what we had learned earlier from the Citizens for Tax Justice study: taxes don't do much to reduce inequality. They secondly reveal that transfer payments have a slightly larger impact on inequality than taxes, but not much. Third, his findings tell us that taxes and transfer payments together reduce the inequality index from .52 to .43, which is very close to the CIA's estimate of .45 for 2008.

In short, for those who ask if progressive taxes and transfer payments even things out to a significant degree, the answer is that while they have some effect, they don't do nearly as much as in Canada, major European countries, or Japan.

taxesredistribution.jpg
 

hypocritexposer

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Hey flounder, what would be wrong with subsidizing "the rich" less (spending), instead of taxing more?



Paul Ryan explains it better than I can





Here are few choice bits of what Ryan is apparently going to say:

1. “Instead of working together where we agree, the president has opted for divisive rhetoric and the broken politics of the past. He is going from town to town, impugning the motives of Republicans, setting up straw men and scapegoats, and engaging in intellectually lazy arguments as he tries to build support for punitive tax hikes on job creators.

2. ”The House-passed budget was full of proposals to get rid of corporate welfare and crony capitalism. Why are tax dollars being wasted on bankrupt, politically connected solar energy firms? Why is Washington wasting your money on entrenched agribusiness? Why have we extended an endless supply of taxpayer credit to Fannie Mae and Freddie Mac, instead of demanding that their government guarantee be wound down and their taxpayer subsidies ended? … Rather than raising taxes and making it more difficult for Americans to become wealthy, let’s lower the amount of government spending the wealthy now receive … The politics of division have always struck me as odd: the eagerness to take more, combined with the refusal to subsidize less.

3. “Instead of appealing to the hope and optimism that were hallmarks of his first campaign, he has launched his second campaign by preying on the emotions of fear, envy, and resentment. This has the potential to be just as damaging as his misguided policies. Sowing social unrest and class resentment makes America weaker, not stronger. Pitting one group against another only distracts us from the true sources of inequity in this country—corporate welfare that enriches the powerful, and empty promises that betray the powerless.

4. “Instead of policies that make it harder for Americans to rise, let’s lower the hurdles to upward mobility. That’s what the American Idea is all about. In the midst of all the joys and sorrows of our everyday lives, I think we sometimes forget why America was considered such an exceptional nation at its Founding, and why it remains so. To me, the results of the Founders’ exceptional vision can be summed up in a single sentence: Throughout human history, the American Idea has done more to help the poor than any other economic system ever designed.

5. “Americans, guided by our ideals, have sacrificed everything to combat tyranny and brutal dictators; we’ve expanded opportunity, opened markets, and inspired others to resist oppression; we’ve exported innovation and imagination; and we’ve welcomed immigrants seeking a fresh start. Here in America—unlike most places on earth—all citizens have the right to rise.”

http://blog.american.com/2011/10/paul-ryan-declares-war-on-obamas-class-warfare-campaign/
 

Steve

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He also would try to encourage U.S. companies who have stored $1.4 trillion overseas to move their profits back to the United States by allowing them to pay 5.25 percent in taxes at first,

at first?.... slimey ba-----rd lure the rich into paying a small tax.. and then wack them with a larger rate... no wonder you're upset flounder..
sarcasm.gif
 

hypocritexposer

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Schultz accused Rep. Paul Ryan of "inciting civil war" and suggested Republicans might "want violence to take place in our society." Not to be outdone, thankfully former Florida congressman Alan Grayson called Ryan and Republicans "the real killers," akin to O.J. Simpson. Video after the jump.

Read more: http://newsbusters.org/blogs/mark-finkelstein/2011/10/26/schultz-ryan-inciting-civil-war-grayson-republicans-real-killers-o#ixzz1bwpCqRqP



Video link: http://www.mrctv.org/videos/schultz-ryan-inciting-civil-war-grayson-republicans-real-killers

transcript:

ED SCHULTZ: It's outrageous what that guy just said! He is inciting civil war! That's what he's doing. You take his comments, and you see exactly what they mean. It's almost as if Republicans want violence to take place in our society.

Schultz then brought in Alan Grayson.

ALAN GRAYSON: For Paul Ryan or any Republican to talk about this, to talk about the president inciting the politics of division is much like O.J. saying he's going to devote his life to finding the real killer. They're the real killers.

Read more: http://newsbusters.org/blogs/mark-finkelstein/2011/10/26/schultz-ryan-inciting-civil-war-grayson-republicans-real-killers-o#ixzz1bwpOPbFr
 
A

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tumbleweed_texn said:
Good for him. If you want financial equality, GET A JOB!!!


Article on todays local news:

Strippers In Williston, North Dakota Raking In Over $2000 Per Night
Wednesday, October 26th 2011
WILLISTON, N.D. (CNNMoney) -- Forget Vegas. Strippers are discovering they can make ten times as much dancing in the oil boomtown of Williston, N.D.

Thousands of men have come here seeking high-paying jobs working for the oil companies. And, at the end of the day (or four or five days when they're working on a rig), many of them are looking for some female companionship at one of the town's two strip club's, Whispers or Heartbreakers.
Word has gotten out about just how much money can be made dancing in Williston's strip clubs. The money is phenomenal, but the competition is stiff.


Whispers has received applications from exotic dancers in Hawaii, Alaska, even the Czech Republic and Germany, said Melissa Slapnicka, the co-owner of the club. She's been bombarded with so many applications that she only gives each dancer a week to try out. If they don't work out, they don't come back, she said.

"We used to have to beg people to come, and now we have to turn them away because we don't have room for all the people who want to dance," she said. "My best girls would rather dance here than in Vegas, because they make more money here."

Kit, a 36-year old stripper who has been dancing for 10 years in places like Las Vegas, Texas and California, first started coming to Williston a few years ago in between higher-paying jobs, because she had friends who danced in the town who were able to hook her up with gigs.
At first, the nightly tips were nothing special, but over the past year -- thanks to the thousands of men who have flocked here and landed high-paying jobs -- she has been making $2,000 to $3,000 a night, about the same amount she would have earned in an entire week in Vegas.
"We make more than doctors," she said. "Back in the day, it was hard to make $200 a night. It was like pulling teeth. Now you can pull in $2,000 a night."
According to Slapnicka, most of her strippers make that much in a night. Even when it's slow, they still take home about $1,500.

But even those slow nights are few and far between. Unlike Vegas, where Kit said you have to time your jobs around special events to make the best money, Williston is busy every day of the week, all year round.

"Other places, [the men] wait until Friday because it's payday, but here they don't wait -- it's payday every day," she said.

And the dancers aren't the only ones in the club profiting from the oil boom.
Slapnicka, who bartends, said she used to make $50 in tips a night if she was lucky. Now it's more like $200. "They just throw their money at you," she said.
Kit said most of her customers are married men who have moved to North Dakota without their families.

"They're just here for a little company, because they're lonely," said Kit. "They work like four days on, four days off, 24 hours, with no break, no alcohol. So when they have days off they're gonna' drink, and when they drink they want to play."

Since the club is always filled with oilfield workers, it has become a popular spot for new arrivals to find jobs on the rigs or as truck drivers.

"Guys who get off the train will come here and say they don't have a job, and I say sit here for three hours -- and they have a job when they leave," said Slapnicka.
 

hypocritexposer

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tumbleweed_texn said:
Supporting single mothers, providing "lease free" office space and finding gainful employment all under one roof. And the problem is???

Just think how good things would be if our government was half this efficient.


fixed

:lol:


I bet the "taxman" shows up after he/she reads this story.
 

hypocritexposer

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tumbleweed_texn said:
How many strippers have you ever known to use their real name?


you mean......


Destiny
Candy
Angel
Cherry
Raven
Anastasia
Roxy
Houston
Porsche
Crystal


was not her real name........ :wink: :lol: :lol:
 

tumbleweed_texn

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hypocritexposer said:
tumbleweed_texn said:
How many strippers have you ever known to use their real name?


you mean......


Destiny
Candy
Angel
Cherry
Raven
Anastasia
Roxy
Houston
Porsche
Crystal


was not her real name........ :wink: :lol: :lol:

I'm not positive, but that is what I've heard.
I just had another stroke of genius.........
Why dont the government send all of the single mothers on welfare that want income equality to pole dancing classes. The taxpayers wouldnt mind the daycare expenses while mom is learning a new trade. This would get all of the couch potatos into good physical shape in turn reducing stress on the healthcare expenses the system incurs promoting sloth. Upon completion of the pole dancing course the budding entertainers would sign up with the newly created government ran job placement agency, Developement for Common Unemployed People, D-CUP for short. In homage to financial equality, upon attaining gainful employment each newly independent business woman will forfeit a portion of her gross income to help boost the income of the downtrodden cattle rancher who could never afford to go see the end product of his tax dollars at work.
 

hypocritexposer

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what's pole dancing.....hopefully the "training" wouldn't be considered a subsidy that OT could rail against, while collecting it......that would make him the type of hypocrite that he makes Perry out to be...... :lol: :lol:
 

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