Obama chasing money in Swiss banks

[GMFWoodchuck]

Originally Posted by ponycar17

The elitists don't pay 1.4%... It's a fact that the top 5% of earners pay the VAST majority of taxes at 60.63% in 2007. Even as tax rates on the rich were cut between 2001 and 2007, the rich paid a higher total tax burden as they were able to grow their wealth and create new jobs which all of us prospered from...

Think of it this way. I tax you at 25% of your $1.00 income. You pay a quarter on that dollar. I cut your taxes to 20% but you use that extra 5% of money you withhold to invest in business creation. The investment grows your wealth to $1.50 the next year. Now, I tax you on $1.50 at 20% the following year and I collect $0.30 in taxes as opposed to the $0.25 at the 5% tax rate from the previous year. I have effectively increased my tax base by 20% while cutting your taxes.

It doesn't sound right but that is effectively what has historically happened by cutting taxes on the wealthy, who can afford to invest and create jobs. That 20% additional in taxes levied can be used to give Big Ugly a tax cut. Big Ugly has more disposable income and therefore starts spending. Spending provides stimulus for businesses to expand and the economy grows in output, which creates new jobs. Like it or not, when you leave the wealthy out of the equation you cut your own throat.

The rest of us got a fairly large tax cut between 2001 and 2008 even as the wealthy got a cut. The reason is explained above... I won't elaborate on this again as I've posted about it many times before. The short and sweet of it is that cutting taxes on the rich has historically meant an economic boom, which meant a higher gross take in of taxes and an opportunity to lower taxes on the lower and middle classes. A flat tax has the potential of helping the rich and hurting the poor and middle class earners. A tax collected by way of a national sales tax would definitely benefit the rich more so than us peons.

See the following thread for a more detailed explanation with links to sources of data...

http://www.thefirearmsforum.com/showthread.php?t=56886

This is the simplicity that "intelligent" liberals refuse to understand.

[mrkirker]

Is it fair to have a higher tax on someone because they make more money? Is it fair for those making money to pay taxes to support those who are unwilling to work?

The 'fair' is where you ride the ponies. Life isn't 'fair' - that's why it's called 'life' (and not 'fair'!).

[obxned]

The mental illness that is Europe has fully infected the Swiss. How sad.

[Trouble 45-70]

Fair tax rates? When 1/2 the people pay no Fed. or State tax? Just wondering, of the 5000 accounts being investigated, how many, what percentage, are opponents of Obamas policies and how many, what percentage, are supporters of Obamas policies.

[bcj1755]

Originally Posted by Trouble 45-70

Fair tax rates? When 1/2 the people pay no Fed. or State tax? Just wondering, of the 5000 accounts being investigated, how many, what percentage, are opponents of Obamas policies and how many, what percentage, are supporters of Obamas policies.

You'll find out when/if they announce the ones being prosecuted for tax evasion.

[mrkirker]

When 1/2 the people pay no Fed. or State tax?

My point in prev post. All should pay.

[ponycar17]

Originally Posted by GMFWoodchuck

This is the simplicity that "intelligent" liberals refuse to understand.

That's correct. They do choose not to understand it... Economics is magical mystery dust to some people. I talked to two liberals this week who refuse to even accept basic economic arguments. I invited them to counter my economic points but they refused, citing that it's just too complicated. (NOTE: This is their typical ploy... They refuse to argue on merit but rather what should be in their opinion) Well, everything is too complicated if you refuse to invest time in studying the subject. You'll see the same mentality in the person responding in the thread I linked above. Simply put, they're willfully ignorant... Understanding the economics of the situation would shatter their emotionally-driven preconceived notions of how the world works. I've yet to see even one of the morons argue a true economics-based debate on any subject they hold dear. Economics is dang near science. Liberals prefer philosophy...

[kingchip]

Originally Posted by Danwin22

Now where can I hide my millions?

When Obama starts doing this kind of stuff we won't have to worry about him much longer. When big money is threatened they will react.

All these rich democrats that donated zillions to his campaign are probably losing some sleep over this one.

Don't think for a minute that an arrangement wasn't made to transfer the funds before the info got out. He will take care of his nest egg without a doubt.

similar to the US guaranteeing 2 bil in loans to Petrobras( Brazilian offshore drilling outfit) that George Soros just happened to invest multi millions into just recently. Imagine that.

[satellite66]

Where are all those Obama loving gun owners when you need them to explain how all this will be great?

[Danwin22]

The thing that amazes me is how Obama can reach out and force someone to accept his thinking.

Swiss Banks were famous for their discretion and would never knuckle under to any country before this. Governments have wanted to look at people's bank accounts before now and had no luck.

Why can Obama pull this off?

He must have something on everyone.

[ponycar17]

Originally Posted by Danwin22

The thing that amazes me is how Obama can reach out and force someone to accept his thinking.

Swiss Banks were famous for their discretion and would never knuckle under to any country before this. Governments have wanted to look at people's bank accounts before now and had no luck.

Why can Obama pull this off?

He must have something on everyone.

Read a little lower in the forum. I posted in this thread on why I believe the Swiss are becoming more transparent. It was posted after this thread yet only got one response. I'm not surprised, as most threads that try to exchange actual evidence and talk fact go dormant quickly. I believe that what my theory shows is that this goes higher than Obama.

Here's the contents of the other thread.

Originally Posted by ponycar17

The Swiss Bank, UBS recently released a list of 4500 names and other critical information of account holders which are suspected of engaging in US Tax Evasion. This is unprecedented, as Swiss banks have traditionally kept all information regarding account holders secret. Some ask why?... I have a theory.

When AIG was bailed out in 2008 some asked why... Why was AIG, an insurance company bailed out when a bank such as Lehman Brothers was not? Some speculated that AIG backed Congressional retirement funds. I'm not sure about that, although it can't be ruled out....

What I do know is that UBS did insure the Swiss Bank, UBS. As part of the massive bailout, the country of Sweden received a total of $5.4 Billion USD (US Dollars) through the UBS funnel. Of that 5.4 Billion USD, UBS got 5.0 Billion USD through AIG.

See http://www.businessweek.com/the_thre..._and_fren.html

So, it's payback time... Why would the Swiss UBS bank flex their rules now? Well, you scratch my back and I'll scratch yours...

This all wreaks of coercion and outright manipulation of the global financial markets. We all know it's happening but I think the scale is more than anyone imagined...

I guess I need to include "Obama" in the title of every thread. Those seem to be the only ones that get read. Guys, this trend is somewhat proving that we're pretty close to liberals in that rhetoric goes much further than fact and rational discussion.