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Obama will tax the rich more...still at what Fate Rate?

 
Anonymous Coward
User ID: 25765527
United States
11/13/2012 09:36 AM
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Obama will tax the rich more...still at what Fate Rate?
Higher tax rates for top earners are one of the many fiscal measures that would automatically go into effect in the New Year. The projected economic impact of this fiscal cliff is a direct fiscal contraction of some 4% of GDP. There would also be negative economic and financial multiplier effects as well as inefficiencies arising from the rather blunt composition of the fiscal measures.

In combination, the consequences would be debilitating for our slow-growing economy with high unemployment and limited policy flexibility, on account of policy interest rates that are already floored at zero. And we also should not forget that the U.S. faces headwinds from the European debt crisis, a slowing China and instability in the Middle East.

[link to finance.fortune.cnn.com]
abeliever

User ID: 17868616
United States
11/13/2012 09:46 AM

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Re: Obama will tax the rich more...still at what Fate Rate?
WASHINGTON (AP) - President Barack Obama and House Speaker John Boehner are signaling they're open to some compromise on a taxes and spending to prevent more financial pain in the new year, but the two sides are digging in on raising taxes for wealthier Americans. Obama said Friday that his re-election gave him a mandate to pursue that position because "the majority of Americans agree with my approach." Boehner is still insisting that raising tax rates as Obama wants "will destroy jobs in America."

The political maneuvering about the so-called fiscal cliff sets up a confrontation to see whether the White House or the House blinks first. The outcome will affect tens of millions of Americans, given that the tax hikes and budgets cuts set to kick in Jan. 1 could spike unemployment and bring on a new recession.


[link to www.wtop.com]
Anonymous Coward (OP)
User ID: 25765527
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11/13/2012 09:49 AM
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Re: Obama will tax the rich more...still at what Fate Rate?
WASHINGTON (AP) - President Barack Obama and House Speaker John Boehner are signaling they're open to some compromise on a taxes and spending to prevent more financial pain in the new year, but the two sides are digging in on raising taxes for wealthier Americans. Obama said Friday that his re-election gave him a mandate to pursue that position because "the majority of Americans agree with my approach." Boehner is still insisting that raising tax rates as Obama wants "will destroy jobs in America."

The political maneuvering about the so-called fiscal cliff sets up a confrontation to see whether the White House or the House blinks first. The outcome will affect tens of millions of Americans, given that the tax hikes and budgets cuts set to kick in Jan. 1 could spike unemployment and bring on a new recession.


[link to www.wtop.com]
 Quoting: abeliever


we cant run..we cant hide..ITS LIKE THE TERMINATER..
greg23

User ID: 27588385
Canada
11/13/2012 10:04 AM
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Re: Obama will tax the rich more...still at what Fate Rate?
I've been thing about this for the last few days. Obama raises taxes on the wealthy.Say some of the wealthy people have businesses. Well now to offset the taxes, wealthy person lays off employees. Well now laid off employees still need an income to feed their families and pay their bills.Some will not find a job right away, so they decide to file for unemployment insurance, which in Canada is taken off our pay cheques every week.The middle class pays for most of it.

My point is, how does raising taxes on the wealthy relieve the financial burden on the rest of us??
Anonymous Coward (OP)
User ID: 25765527
United States
11/13/2012 10:21 AM
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Re: Obama will tax the rich more...still at what Fate Rate?
I've been thing about this for the last few days. Obama raises taxes on the wealthy.Say some of the wealthy people have businesses. Well now to offset the taxes, wealthy person lays off employees. Well now laid off employees still need an income to feed their families and pay their bills.Some will not find a job right away, so they decide to file for unemployment insurance, which in Canada is taken off our pay cheques every week.The middle class pays for most of it.

My point is, how does raising taxes on the wealthy relieve the financial burden on the rest of us??
 Quoting: greg23


exactly...

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