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President Says Democrats Are 'Disposed' to Increase Taxes


@DCGoldPants

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"Its crazy to think that cutting taxes during an armed conflict is a good thing."

It would be crazy if we didnt have record tax revenue, which we currently do.

We have record tax revenue because we gave the money back to the people, who spent the money on products and services like I sell. You should see our tax expense for our fiscal year that ended Sept. 30th.

Of course we made gobs of money....... Neat huh?

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Everyone knows the way to cut the debt is by giving Congress its quarterly raise. It motivates Congress to be more fiscally responsible. Plus, they're doing such a darned good job.

We should not be wasting our time cutting debt. We should be increasing our investment (debt) to further grow our economy (income). Thoughts?

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We should not be wasting our time cutting debt. We should be increasing our investment (debt) to further grow our economy (income). Thoughts?

Frankly, I think there's tons of pork that could be trimmed and would subsequently cut our debt and that reduction in debt would do nothing to stop our economy from growing. The way this Congress spends is irresponsible. I also believe we are too focused on the immediate term and ignore the medium and the long term. I think that's why Iraq has the problems it has today and I believe that it will be true of the economy as well. I think the current economic model is the Ant and the Grasshopper and the Congress right now is the grasshopper because it makes everyone so happy... before Winter anyway.

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It needs to be dealt with at some point though doesnt it? It seems like your knowledge on the subject is far greater than mine, so fill me in if i am missing something.

Only if a president like Bill Clinton did and threatens to stop selling T-Bills. (I.E. raise the debt ceiling)

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Frankly, I think there's tons of pork that could be trimmed and would subsequently cut our debt and that reduction in debt would do nothing to stop our economy from growing. The way this Congress spends is irresponsible. I also believe we are too focused on the immediate term and ignore the medium and the long term. I think that's why Iraq has the problems it has today and I believe that it will be true of the economy as well. I think the current economic model is the Ant and the Grasshopper and the Congress right now is the grasshopper because it makes everyone so happy... before Winter anyway.

The only way we can stop pork barrel spending is to allow the President a line item veto. And then put a President in place who understands the difference between needs and wants. Implementing term limits would help as well. Most politicians spend like this for reelection purposes.

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I agree with you... mostly. However, if a Republican President with a Republican Senate, and a Republican House of Representatives truly believed in fiscal responsibility than we would see some symptom of it somewhere. The fact that all the people come from one ideology and exhibit absolutely no self control makes me believe that with this President a line item veto would not have helped matters.

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I agree with you... mostly. However, if a Republican President with a Republican Senate, and a Republican House of Representatives truly believed in fiscal responsibility than we would see some symptom of it somewhere. The fact that all the people come from one ideology and exhibit absolutely no self control makes me believe that with this President a line item veto would not have helped matters.

I am a firm believer in ebb and flow. It is time for the Democrats. Our country needs diversity in the political landscape else we fall off the cliff.(Both sides mind you)

I just hope that someone like Lieberman comes along who could actually win in '08. Too many Democrats are polarizing. There are many people in this country that would vote AGAINST the Democrat rather than vote for a Republican.

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I think you are right. I think in 94 Congress had gotten a little too fat and happy with itself too and a change was good. The contention between Congress and Clinton was nothing but positive. This atmosphere of "yes" men and "look the other way" men needs to be broken up.

Conservatism in Congress anyway does not have anything to do with economics anymore right now. Plus, the way Conservatives now rationalize spending and the debt is very un-Conservative.

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Rangel said what he meant and meant what he said...

I like the child tax credit and don't FEEL like I'm not paying enough?

I work 3-4 months a year for free, isn't that enough...

The Defecit dropped 100billion from the beginnin of the year estimates based on record income to the gov't.... "Record Income" do we really need to improve upon:

Record Income.

Record Spending.

you be the judge.

Three years ago, Investor's Business Daily ran a similar article about the top 10 percent of taxpayers - those earning above $74,981 - who received 41.6 percent of the nation's income and paid 62.4 percent of the taxes, thus paying a tax share 50 percent greater than their income share.

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What a total Crock.... Bush increases spending domestically and militarily; and he cuts taxes for the very wealthiest Americans. So much so that Warren Buffet who earns in excess of a Billion dollars a year pays roughly equivalent taxes to his secretary who earns 90k a year....

Bush and his so called conservative party turn a 200 billion dollar surplus which he inherited into a 200 billion dollar deficite ( not including two wars which he financed off budjet )...

Now he says it's the Domocrats who are bad for the taxpayer.... Who believes this tripe.

Bush and his policies aren't conservative, and they're a train wreck.. All that's true. The biggest problem for Republicans are that all of them supported Bush's policies for now six years and they only break with him when election time comes around.

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The only way we can stop pork barrel spending is to allow the President a line item veto.

This sounds like a very drastic move... We must consider all effects of line item veto carefully. Line item veto is not the only way to stop pork barrel spending, and it will effect a lot more than just pork barrel spending.

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Taxes are not the problem:

Single:

$29,700 - $71,950 , $4,090.00 plus 25% of the amount over 29,700

$71,950 - $150,150 , $14,652.50 plus 28% of the amount over 71,950

$150,150 - $326,450 , $36,548.50 plus 33% of the amount over 150,150

$326,450 no limit , $94,727.50 plus 35% of the amount over 326,450

Married:

$14,600 - $59,400, $1,460.00 plus 15% of the amount over 14,600

$59,400 - $119,950, $8,180 plus 25% of the amount over 59,400

$119,950 - $182,800, $23,317.50 plus 28% of the amount over 119,950

$182,800 - $326,450, $40,915.50 plus 33% of the amount over 182,800

$326,450 - no limit, $88,320.00 plus 35% of the amount over 326,450

Someone tell me how it is bad for people making 150+ to pay 33% of their salary to taxed, not including all the other areas their money goes.

Why also should someone who makes a million that they need to pay more then $300K in taxes :doh:

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What a total Crock.... Bush increases spending domestically and militarily; and he cuts taxes for the very wealthiest Americans. So much so that Warren Buffet who earns in excess of a Billion dollars a year pays roughly equivalent taxes to his secretary who earns 90k a year....

Prove it if you are going to say it.

Also are you including the taxes paid by every successful business that he ownes and is vested in and run extraordinarly well?

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What a total Crock.... Bush increases spending domestically and militarily; and he cuts taxes for the very wealthiest Americans. So much so that Warren Buffet who earns in excess of a Billion dollars a year pays roughly equivalent taxes to his secretary who earns 90k a year....

Three years ago, Investor's Business Daily ran a similar article about the top 10 percent of taxpayers - those earning above $74,981 - who received 41.6 percent of the nation's income and paid 62.4 percent of the taxes, thus paying a tax share 50 percent greater than their income share.

I don't qualify myself as a millionaire, nor a Warren Buffet...

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What a total Crock.... Bush increases spending domestically and militarily; and he cuts taxes for the very wealthiest Americans. So much so that Warren Buffet who earns in excess of a Billion dollars a year pays roughly equivalent taxes to his secretary who earns 90k a year....

.

Warren Buffett and his holdings through Berkshire Hathaway. Anyone want to do a tax analysis on all of the business this man ownes?

How about this?

In June 2006, he made the commitment to give away his fortune to charity, with 85% of it going to the Bill and Melinda Gates Foundation.[3] Buffett's donation was the largest act of charitable giving in United States history

Yet you sould like you hate the man for being successful.

Holdings

Main article: List of assets owned by Berkshire Hathaway

[edit] Insurance and finance subsidiaries

* GEICO

* General Re

* Kansas Bankers Surety Company

* National Indemnity Company

* Wesco Financial Corporation

* Applied Underwriters Inc.

* Medical Protective

[edit] Other subsidiaries

* Xtra Lease

* Borsheim's Fine Jewelry

* Dairy Queen

* Fruit of the Loom

* Nebraska Furniture Mart

* Jordan's Furniture

* The Pampered Chef

* See's Candies

* World Book

* FlightSafety International

* NetJets

* Forest River

* Business Wire

* Russell Corporation

* ISCAR Metalworking

[edit] Berkshire Hathaway businesses

Source: SEC filings

[edit] Insurance and reinsurance businesses

Insurance and reinsurance business activities are conducted through more than 50 domestic and foreign-based insurance companies. Berkshire’s insurance businesses provide insurance and reinsurance of property and casualty risks primarily in the United States. In addition, as a result of the General Re acquisition in December 1998, Berkshire’s insurance businesses also include life, accident and health reinsurers, as well as internationally-based property and casualty reinsurers.

Berkshire’s insurance companies maintain capital strength at exceptionally high levels. This strength differentiates Berkshire’s insurance companies from their competitors. Collectively, the aggregate statutory surplus of Berkshire’s U.S. based insurers was approximately $48 billion at December 31, 2004. All of Berkshire’s major insurance subsidiaries are rated AAA by Standard & Poor’s Corporation, the highest Financial Strength Rating assigned by Standard & Poor’s, and are rated A++ (superior) by A.M. Best with respect to their financial condition and operating performance. This Triple-A status is the result of Buffett's astuteness in the management of capital, people and business.

* GEICO — Berkshire acquired GEICO in January 1996. GEICO is headquartered in Chevy Chase, Maryland and its principal insurance subsidiaries include: Government Employees Insurance Company, GEICO General Insurance Company, GEICO Indemnity Company, and GEICO Casualty Company. Over the past five years, these companies have offered primarily private passenger automobile insurance to individuals in 49 states and the District of Columbia. The subsidiaries market their policies primarily through direct response methods, in which applications for insurance are submitted directly to the companies by telephone, through the mail, or via the Internet.

* General Re — Berkshire acquired General Re in December 1998. General Re held a 91% ownership interest in Cologne Re as of December 31, 2004. General Re subsidiaries currently conduct global reinsurance business in approximately 72 cities and provide reinsurance coverage worldwide. General Re operates the following reinsurance businesses: North American property/casualty, international property/casualty, which principally consists of Cologne Re and the Faraday operations, and life/health reinsurance. General Re’s reinsurance operations are primarily based in Stamford, Connecticut and Cologne, Germany. General Re is one of the largest reinsurers in the world based on net premiums written and capital.

[edit] Non-insurance businesses

[edit] Apparel

* Berkshire’s apparel businesses include manufacturers and distributors of a variety of clothing and footwear. Businesses engaged in the manufacture and distribution of clothing include Fruit of the Loom, Garan, Fechheimer Brothers and Russell Corporation. Berkshire’s footwear businesses include H.H. Brown Shoe Group, Acme Boots and Justin Brands.

* Berkshire acquired Fruit of the Loom on April 29, 2002 for $835 million in cash. Fruit of the Loom, headquartered in Bowling Green, Kentucky, is a vertically integrated manufacturer of basic apparel.

* Berkshire acquired Russell Corporation on August 2, 2006 for $600 million or $18.00 per share.

[edit] Building products

* In August 2000, Berkshire entered the building products business with the acquisition of Acme Building Brands. Acme, headquartered in Fort Worth, Texas, manufactures and distributes clay bricks (Acme Brick), concrete block (Featherlite) and cut limestone (Texas Quarries).

* Berkshire acquired Benjamin Moore & Co. in December of 2000. Benjamin Moore, headquartered in Montvale, New Jersey, is a leading formulator, manufacturer and retailer of a broad range of primarily architectural coatings, available principally in the United States and Canada.

* Berkshire acquired Johns Manville in February of 2001. JM has been serving the building products industry for nearly 150 years and is a leading manufacturer of fiber glass wool insulation products for walls, attics and floors in homes and commercial buildings, as well as pipe, duct and equipment insulation products.

* Berkshire acquired a 90% equity interest in MiTek Inc. in July 2001. MiTek is headquartered in Chesterfield, Missouri and is a leading provider of engineered connector products, engineering software and services, and manufacturing machinery to the truss fabrication segment of the building components industry.

* On August 7, 2003, Berkshire acquired Clayton Homes, Inc. Clayton, headquartered near Knoxville, Tennessee, is a vertically integrated manufactured housing company. At year-end 2004, Clayton operated 32 manufacturing plants in 12 states. Clayton’s homes are marketed in 48 states through a network of 1,540 retailers, 391 of which are company-owned sales centers.

[edit] Flight services

* In 1996, Berkshire acquired FlightSafety International Inc. FSI’s corporate headquarters is located at LaGuardia Airport in Flushing, New York. FSI engages primarily in the business of providing high technology training to operators of aircraft and ships. FlightSafety is the world's leading provider of professional aviation training services.

* Berkshire acquired NetJets Inc. in 1998. NJ is the world’s leading provider of fractional ownership programs for general aviation aircraft. In 1986, NJ created the fractional ownership of aircraft concept and introduced its NetJets® program in the United States with one aircraft type. In 2004, the NetJets® program operated 15 aircraft types. In late 1996, NJ expanded its fractional ownership programs to Europe via a joint venture arrangement which is now 100% owned by NJ. The fractional ownership of aircraft concept permits customers to acquire a specific percentage of a certain aircraft type and allows them to utilize the aircraft for a specified number of flight hours per annum.

* Berkshire acquired McLane Company, Inc. in May 2003 from Wal-Mart Stores, Inc. McLane provides wholesale distribution and logistics services in all 50 states and internationally in Brazil to customers that include discount retailers, convenience stores, quick service restaurants, drug stores and movie theatre complexes.

[edit] Retail businesses

* The home furnishings businesses are the Nebraska Furniture Mart, R.C. Willey Home Furnishings, Star Furniture Company, and Jordan’s Furniture, Inc.

* Berkshire acquired Shaw Industries, Inc. in 2001. Shaw, headquartered in Dalton, Georgia, is the world’s second largest carpet manufacturer based on both revenue and volume of production. Shaw designs and manufactures over 3,000 styles of tufted and woven carpet and laminate flooring for residential and commercial use under about 30 brand and trade names and under certain private labels.

* CORT Business Services Corporation was acquired in 2000 by an 80.1% owned subsidiary of Berkshire and is the leading national provider of rental furniture, accessories and related services in the “rent-to-rent” segment of the furniture rental industry.

[edit] Other non-insurance businesses

* Scott Fetzer Companies — The Scott Fetzer Companies are a diversified group of 21 businesses that manufacture and distribute a wide variety of products for residential, industrial and institutional use. The two most significant of these businesses are Kirby home cleaning systems and Campbell Hausfeld products. Scott Fetzer also manufacturs Ginsu Knives.

* The Buffalo News publishes three editions on Saturday and Sunday and eight editions each weekday from its headquarters in Buffalo, New York.

* Berkshire acquired XTRA in September 2001. XTRA, headquartered in St. Louis, Missouri, is a leading transportation equipment lessor. XTRA manages a diverse fleet of approximately 105,000 units, constituting a net investment of approximately $1 billion as of December 31, 2004. The fleet includes over-the-road and storage trailers, chassis, intermodal piggyback trailers and domestic containers.

* See's Candies produces boxed chocolates and other confectionery products with an emphasis on quality and distinctiveness in two large kitchens in California. See’s revenues are highly seasonal with approximately 50% of total annual revenues being earned in the months of November and December.

* International Dairy Queen services a system of approximately 6,000 stores operating under the names Dairy Queen, Orange Julius and Karmelkorn that offer various dairy desserts, beverages, prepared foods, blended fruit drinks, popcorn and other snack foods.

* In 2002, Berkshire acquired Albecca Inc. Albecca is headquartered in Norcross, Georgia, and primarily does business under the Larson-Juhl name. Albecca designs, manufactures and distributes a complete line of high quality, branded custom framing products, including wood and metal moulding, matboard, foamboard, glass, equipment and other framing supplies.

* Berkshire acquired CTB International Corp. in 2002. CTB, headquartered in Milford, Indiana, is a leading designer, manufacturer and marketer of systems used in the grain industry and in the production of poultry, hogs, and eggs. Products are produced in the United States and Europe and are sold primarily through a global network of independent dealers and distributors, with peak sales occurring in the second and third quarters.

* In 2002 Berkshire acquired The Pampered Chef, LTD, the largest direct seller of high quality kitchen tools in the United States. Products are researched, designed and tested by TPC, and manufactured by third party suppliers. From its Addison, Illinois headquarters, TPC utilizes a network of more than 65,000 independent sales representatives to sell its products through home-based party demonstrations, principally in the United States.

* Berkshire currently holds 83.7% (80.5% on a fully-diluted basis) of the MidAmerican Energy Holdings Company. At the time of purchase, Berkshire's voting interest was limited to 10% of the company's shares, but this restriction ended when the Public Utility Holding Company Act of 1935 was repealed in 2005.

[edit] Common stock holdings

This includes outstanding stock as reported in the last SEC filing, and the latest annual report.

* American Express Co. (12.1%)

* American Standard Companies

* Ameriprise Financial, Inc.

* Anheuser-Busch Cos.

* Canadian National Railway Co. - purchased 2006

* The Coca-Cola Company (8.3%)

* Comcast

* Comdisco

* ConocoPhillips

* Costco Wholesale

* Diageo PLC

* First Data Corporation

* Gannett

* General Electric

* The Home Depot

* H&R Block Inc.

* Iron Mountain

* Lexmark International

* Lowes Companies

* M&T Bank

* Moody’s Corporation (16.2%)

* Mueller Industries

* Nike

* Outback Steakhouse

* PetroChina

* Pier 1 Imports

* Procter & Gamble Co.

* Sealed Air

* ServiceMaster

* Shaw Communications

* SunTrust Banks

* Tyco International

* United Parcel Service

* USG

* Wal-Mart Stores Inc.

* The Washington Post Company (18.1%)

* Wells Fargo

* Wesco Financial Corporation

[edit] Companies with a "beneficial owner" relationship

This includes some of the companies where a Berkshire Hathaway stake is 5% or more of the outstanding stock, as reported in the last proxy statement SEC filing, and the latest annual report.

In order of percentage stake:

* The Washington Post Company (18.1%)

* Moody’s Corporation (16.2%)

* American Express (12.1%)

* The Coca-Cola Company (8.3%)

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Teresa heinz Kerry paid 500k+ in taxes in 2003.

She also hired many people to look after the 5 houses and Fleet of cars.

Who because of her also paid taxes... (some may have hired people also) etc. etc.

I will never pay what whe paid in that ONE year unless I get incredibly lucky.

God Bless Her and she had 2+ million sheltered in some kind of bonds...

So how is raising taxes supposed to get the people that CAN shelter but already pay more a year than the rest of us slackers won't pay EVER!!!

Why not thank them and move on to the real culprit... Wasteful spending.

You want to raise taxes, show me that in September 14,329 different government divisions didnt spend every penny they had on needless items to ensure they would not get less money the next year... Been there, seen it.

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