Romney Tax Plan.

Via on Oct 16, 2012

About Waylon Lewis

Waylon Lewis, founder of elephant magazine, now elephantjournal.com & host of Walk the Talk Show with Waylon Lewis, is a 1st generation American Buddhist “Dharma Brat." Voted #1 in U.S. on twitter for #green two years running, Changemaker & Eco Ambassador by Treehugger, Green Hero by Discovery’s Planet Green, Best (!) Shameless Self-Promoter at Westword's Web Awards, Prominent Buddhist by Shambhala Sun, & 100 Most Influential People in Health & Fitness 2011 by "Greatist", Waylon is a mediocre climber, lazy yogi, 365-day bicycle commuter & best friend to Redford (his rescue hound). His aim: to bring the good news re: "the mindful life" beyond the choir & to all those who didn't know they gave a care. elephantjournal.com | facebook.com/elephantjournal | twitter.com/elephantjournal | facebook.com/waylonhlewis | twitter.com/waylonlewis | Google+ For more: publisherelephantjournalcom

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8 Responses to “Romney Tax Plan.”

  1. [...] why am I proud to be a fiscal liberal? Because, as Clinton likes to remind us, arithmetic. We’ve tried both ways, and one way works: when we all work [...]

  2. Stephen says:

    When it comes to social issues I'm a liberal.
    When it comes to economic issues I'm a a conservative.
    I understand this is all politics so there really is no 'truth' to be found from any of them; it's just a question of whose version of the 'truth' you want to believe.
    But one thing does bother me: No where does a liberal ever concede that the top 1% (of which I am not a member unfortunately) already pay 30+ percent of the taxes in this country. So when I hear things like "they should pay their fair share" it makes me wonder how paying 30% of the country's tax burden is not enough.

    • FREE says:

      I'm not sure where you get your information, but I assist in the preparation of tax returns for the 1% and the tax returns that come across my desk have so many loopholes that they end up paying much less than my retired 83 year old mother that taught elementary school for 25 years, has Alzheimers and lives in a nursing home. It blows my mind AND breaks my heart that she has to carry such a burden and struggles in these last years of her life. The 1% have the system down pat.

      • Stephen says:

        Correct me if I'm wrong but aren't you saying your mother pays a higher tax RATE? I was referring to actual tax DOLLARS. But of course you make a great point as well. Something definitely needs to be done about leveling the field with regard to tax rates; no argument here. And I'm not even saying I've got a problem with the very wealthy paying 30% of all the tax dollars . . I'm really just interested in an honest discussion on what's "fair". Which as you point out very well should include both tax rates and total tax dollars.

    • timful says:

      The top 1% pay 30% of the taxes because they control 40% of the wealth. Since they reap the greatest benefits from our society, they can afford to pay the highest rent. Plus, the economy works better when taxes on the wealthy are high.

      Right now, you would be a fool to start a new business and hope to profit by selling goods and services to the population at large. 80% of our population has only 7% of the wealth to divide among themselves. Why fight for a sliver of that sliver, when you can tap into the other 93% of the wealth by selling investments to the wealthy?

      So, we see one speculative bubble after another as the wealthy try to con each other out of their dough… while the rest of the country feeds on the crumbs. Yes, a lot of us get jobs in these businesses that ultimately fail, and we get a lot of free stuff online. But, we are not going to stay competitive with the rest of the world on that kind of trajectory. Better to take money out at the top and feed it back in at the bottom, so real value can be created as it percolates back to the top, through the purchasing decisions of individual consumers.

      • Stephen says:

        Agreed. And I'm not arguing that they should pay a single penny less than that 30% burden (assuming that's a somewhat accurate number; I think I read it on CNN at some point). I'm just sick of the fake discussions on what's "fair". Which to me starts with acknowledging that taxes on the wealthy are already high . . in terms of tax dollars not necessarily tax rates.

        How would you feel about switching completely to a sales tax?

        • timful says:

          I would be against switching to a sales tax. I think our economy is being driven too much from the supply side. Too much energy is being focused on selling companies to investors rather than goods and services to consumers. And, it is no wonder. Consumers don't have any money. So, Waylon struggles to squeeze a couple bucks out of EJ subscribers, while Instagram sells for 1 billion, because it can be resold to investors. It's easier to con a million dollars from an investor than a few bucks from a consumer. We need the many votes of consumers defining what is valuable and driving the direction of our economy.

          So, I'm for highly progressive income taxes and estate taxes. The top marginal income tax rate was over 90% from the end of WWII until Kennedy cut it to 70% in 1964. Those were not bad years for the US economy. I don't buy the argument that this is a disincentive to hard work. At the upper end, people are mainly working for status and prestige; money is just how they keep score. If fewer people can afford a yacht, it's even better to have one.

          I also don't buy the unfairness argument. That would make sense if they created all their wealth by themselves on a deserted island. Yes, these are the most productive members of our society, and so they should enjoy the greatest material benefits of our society, as they still would, even if their last dollar of income is taxed at 90%.

          Also, I'm for higher import and export duties. We call this "free" trade but it isn't free at all. We spend 1 trillion annually on "defense." What are we defending? An invasion from Canada or Mexico? No, what we are defending is global trade. But, why should a guy with an oil well in Texas pay taxes to keep US ships in the Persian Gulf? Why should the US domestic economy foot the bill that enables more business to move offshore under the umbrella of US provided security?

  3. Mark Ledbetter says:

    FIscal liberality works? BOTH major political parties have been accelerating their fiscal liberality decade by decade over the last 80 years, and any finger-pointing, either way, by one party at the other, is just dishonest politicking – something Ele seems to gleefully join in this election cycle. And now we're finally reaching the point where financial collapse is staring us in the face. The same process of fiscal liberality has been happening in all advanced democracies over the last 80 years, slowly building the burden on the future (ie, our kids) to unsustainable levels. The minor financial meltdown of 2008 was a warning shot. Southern Europe is showing us what's waiting. Once China and Japan stop buying America's government debt, it's Greece for us.

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