REAL WORLD EVENT DISCUSSIONS

About that "50% Pay No Taxes" Myth

POSTED BY: NIKI2
UPDATED: Thursday, October 13, 2011 11:39
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Monday, September 26, 2011 7:02 AM

NIKI2

Gettin' old, but still a hippie at heart...


I posted this in another thread, but it's important enough to have it's own. So I'm posting the article again here, putting the material from the links (in yellow) as footnotes, to cover all the material. I invite those who disagree to come up with facts and figures refuting what the article/links say.
Quote:

It’s A Myth That 47% Of Americans Pay No Taxes, In Truth 86% Pay Taxes

A favorite talking point used by conservatives to justify giving more tax breaks to the wealthy is that 50% of Americans pay no taxes. The truth is that 86% of Americans pay taxes.

The truth is that the talking point that half of all Americans pay no taxes is a misrepresentation. Here is the full quote from the Tax Policy Center ( http://www.taxpolicycenter.org/UploadedPDF/1001289_who_pays.pdf (1) ),
Quote:

The fraction of tax units paying no income tax varies widely by filing status and type of unit. About 47 percent of single filers will owe no tax, compared with 38 percent of joint filers and 72 percent of heads of household. More than half of elderly tax units and tax units with children will pay no income tax this year.
The 47% statistic is not all Americans pay no taxes, but single filers who will pay no federal income taxes. According to the Center On Budget and Policy Priorities ( http://www.cbpp.org/cms/?fa=view&id=3505#_ftn10 (2) ), the real reason why 47%-51% of Americans paid no federal income taxes in 2009 is,
Quote:

The 51 percent figure is an anomaly that reflects the unique circumstances of 2009, when the recession greatly swelled the number of Americans with low incomes and when temporary tax cuts created by the 2009 Recovery Act — including the “Making Work Pay” tax credit and an exclusion from tax of the first $2,400 in unemployment benefits — were in effect. Together, these developments removed millions of Americans from the federal income tax rolls. Both of these temporary tax measures have since expired.
The combination of the recession and the Obama stimulus cut taxes to low and middle income Americans led to fewer Americans owing federal income tax in 2009.

The Tax Policy Center has tried to correct Fox News and the right wing media’s misuse of their research. In April 2010, Howard Glickman of the TPC wrote ( http://taxvox.taxpolicycenter.org/2010/04/15/about-those-47-percent-wh
o-pay-%E2%80%9Cno-taxes-%E2%80%9D
/ (3)),
Quote:

Let me explain—repeat actually—what this means: About half of taxpayers paid no federal income tax last year. It does not mean they paid no tax at all. Many shelled out Social Security and Medicare payroll taxes. In fact, only 14 percent of Americans didn’t pay either income or payroll taxes. Some paid property taxes and, it is fair to say, just about all of them paid sales taxes of one kind or another. So to say they pay no taxes is flat wrong.

However, this class warfare-like rhetoric plays to a perception that the income tax is a chump tax: Only hard-working folks like us pay it. The welfare queens don’t. The super-rich don’t. It is a powerful emotional argument. It is also flat wrong.

The actual number of Americans who don’t pay any taxes isn’t half, but 14%. This group of non-taxpayers of any kind is largely composed of the elderly and disabled. The people who don’t pay taxes do so because they can’t work.

The myth that the wealthy are carrying the tax burden for America is used to justify tax cuts for the rich. Conservatives use the inaccurate statistic hand in hand with their, “wealthy are the job creators argument.” One statistic that was intended to demonstrate the loss of income due to the recession, along with the impact of the Obama tax cuts has been distorted and misused to justify a policy of not asking the wealthiest Americans to pay their fair share.

The truth is that 86% of Americans pay taxes. In one recession strapped year (2009), less than half of single filer taxpayers paid federal income taxes.

Millions of Americans are not being told the truth that almost 90% of us pay taxes, and that much of the reason why there were fewer people paying federal income taxes in 2009 was that Barack Obama signed the largest tax cut in US history.

Since the truth undercuts the conservative’s reverse Robin Hood steal from the poor to give to the rich policy, they are going to do their best to keep the facts buried under a mountain of misinformation.

Anytime anyone tells you that half of Americans paid no taxes, do your country a favor and straighten them out. We have the facts. It’s time to tear down this talking point. http://www.politicususa.com/en/half-americans-taxes]

_______________________

FOOTNOTES:

Quote:

(1) Who Pays No Income Tax? By Roberton Williams

During the 2008 election campaign, President Obama proposed to create or expand a variety of refundable tax credits, most notably his Making Work Pay credit. Refundability was key for Obama — that’s the only way to make credits available to people who pay little or no tax. Critics decried the proposals, asking how you can cut taxes for people who pay no tax. The Tax Policy Center (TPC) estimated that, under then current law, 38 percent of all nondependent tax units would pay no income tax in 2009.

Earlier this year, Obama signed into law the American Recovery and Reinvestment Tax Act of 2009 (P.L. 111-5), which, among other things, temporarily put into place some of the refundable credits proposed during the campaign. TPC estimates that under the new law, 47 percent of tax units will owe no income tax in 2009 (see table).

The fraction of tax units paying no income tax varies widely by filing status and type of unit. About 47 percent of single filers will owe no tax, compared with 38 percent of joint filers and 72 percent of heads of household. More than half of elderly tax units and tax units with children will pay no income tax this year.

Differences in income explain much of that variation. Single people and heads of household have average income under $30,000 while married couples filing jointly have income averaging nearly $75,000. More than 60 percent of units with income between $20,000 and $30,000 pay no income tax, compared with only about 20 percent of those between $50,000 and $75,000.

Filing status matters too, largely because of differences by filing status in exclusions, deductions, and credits, and in the presence of children. More than three-fourths of joint filers and heads of household with income between $30,000 and $40,000 pay no tax compared with just one-sixth of single tax units in that income range. And almost 90 percent of units with children in that income category pay no tax, reflecting, in part, the value of the earned income and child tax credits.

A final note: One Obama campaign proposal that hasn’t reappeared would have zeroed out income taxes for elderly households with income under $50,000. Perhaps the proposal’s disappearance simply reflects the fact that nearly 80 percent of those units already pay no tax.



(2) The 51 percent figure is an anomaly that reflects the unique circumstances of 2009, when the recession greatly swelled the number of Americans with low incomes and when temporary tax cuts created by the 2009 Recovery Act — including the “Making Work Pay” tax credit and an exclusion from tax of the first $2,400 in unemployment benefits — were in effect. Together, these developments removed millions of Americans from the federal income tax rolls. Both of these temporary tax measures have since expired.

In a more typical year, 35 percent to 40 percent of households owe no federal income tax. In 2007, the figure was 37.9 percent.



(3) About Those 47 Percent Who Pay “No Taxes.”
Howard Gleckman | Posted on April 15, 2010, 8:44 pm

Last June, my colleague Bob Williams posted a TaxVox article ( http://taxvox.taxpolicycenter.org/2009/07/08/who-pays-no-income-tax/) that reported 47 percent of American households paid no federal income tax in 2009. Bob was exactly right, but rarely has a bit of data been so misunderstood, or so misused.

Let me explain—repeat actually—what this means: About half of taxpayers paid ( http://www.taxpolicycenter.org/taxtopics/No_Tax_Liability_Tables.cfm) no federal income tax last year. It does not mean they paid no tax at all. Many shelled out Social Security and Medicare payroll taxes. In fact, only 14 percent of Americans didn’t pay either income or payroll taxes. Some paid property taxes and, it is fair to say, just about all of them paid sales taxes of one kind or another. So to say they pay no taxes is flat wrong.

However, this class warfare-like rhetoric plays to a perception that the income tax is a chump tax: Only hard-working folks like us pay it. The welfare queens don’t. The super-rich don’t. It is a powerful emotional argument. It is also flat wrong.

So who are these folks who pay no federal income taxes? Mostly, they are people who don’t make very much money. Many are elderly: Think a widow living only on Social Security benefits. Others are parents earning less than $20,000. Only about 5 percent are non-elderly households making more than $20,000.

It is no accident, btw, that the number of people not paying income tax was so high in 2009. You may have noticed that we’ve had a recession lately. And here is a powerful insight: When people’s incomes decline so too does their income tax (at least most of the time). At the same time, many working families have benefited from temporary tax cuts aimed at boosting the economy, and as a result some did not pay income taxes last year. As the economy improves and those tax cuts expire, it should also be no surprise that the share of people who don't pay income taxes will likely shrink from half last year to less than 40 percent by 2012.

There is, however, another reason why some people don’t pay. For decades, both Democratic and Republican governments have made conscious policy decisions to remove low-income working families from the income tax rolls. And, guess what, sometimes government policy works exactly as intended. That’s what happened this time.

Let’s take one of the biggest drivers: the Earned Income Tax Credit. Based on an idea (the negative income tax) originated by conservative icon Milton Friedman, the EITC is refundable, so that people who work for low wages can not only wipe out their income tax liability, they can even get a cash payment from the government. The EITC was enacted in 1975 under President Ford, greatly expanded in 1986 under President Reagan, and expanded again under presidents Clinton and Bush (both of them). It's been the very model of bipartisan tax policy (which, I suppose, is why some dislike it so).

Both the EITC and the child care credit are explicitly designed to encourage people to work—a goal most of us (including Friedman and Ronald Reagan) thought was a very good thing.

While we are talking history, as my colleagues Gene Steuerle and Eric Toder remind me, big changes in the percentage of Americans who pay tax are nothing new. As Gene notes, prior to World War II, almost no Americans paid the income tax, and through the 1950s we paid only a small 3 percent Social Security tax. There was no Medicare tax since there was no Medicare. Today, the combined 15.3 percent payroll tax is pretty stiff, and just about every worker pays it, whether they owe income taxes or not. In fact, three-quarters of us pay more in payroll taxes than in income taxes.

Let me close with two questions: Do those who reflexively oppose all tax hikes now favor raising taxes on elderly widows and low-income working families? And what would these critics of small government suggest we do with the revenue windfall this tax hike on the poor would generate? Help finance a cut in the estate tax, perhaps?

So, as you file your last-minute returns on Tax Day, keep in mind what really is going on with the now-famous 47 percent. It may not be quite what you think.

I have also included links to the material cited in this last footnote, if anyone chooses to follow the material further.

This took me a long time, adding links, downloading the tables, resizing, saving and uploading them to Photobucket so they'd show up here, putting the text of one of the footnotes in uploadable form, etc., but it was well worth the effort. I would like to think this will put the myth to rest once and for all, but I'm not that stupid. I have, however, saved ALL the information and will cheerfully put it up again every time someone makes that fallacious statement; maybe eventually we can kill the myth, here at least. I can dream.

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Monday, September 26, 2011 7:11 AM

BYTEMITE


Thanks Niki. My questions about that figure were more philosophical in nature, but it's also good to know the details if this is a point either side is going to argue about.

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Monday, September 26, 2011 7:14 AM

NIKI2

Gettin' old, but still a hippie at heart...


Yup. I'm as sick of hearing this propaganda as I am of "foreign oil", which I also repeat every time someone tries to use it, so it's been worth the time (you wouldn't believe, resizing and REsizing to get it to fit, etc.) to get it concise so it'll be available for future use.

And while your question was philosophical, you've probably noted that you're not the only person who considered the concept. It's actually a very valid one, in its way, and humorous to note!

Also, for anyone interested in following it further, there's a good article at :// www.cbpp.org/cms/?fa=view&id=3505#_ftn10 -- Misconceptions and Realities About Who Pays Taxes .


Hippie Operative Nikovich Nikita Nicovna Talibani,
Contracted Agent of Veritas Oilspillus, code name “Nike”,
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Monday, September 26, 2011 8:16 AM

NIKI2

Gettin' old, but still a hippie at heart...


Bump. Waitin' for a rightie to refute any of the facts and figures presented. If none are willing, then please don't use that bullshit myth again.


Hippie Operative Nikovich Nikita Nicovna Talibani,
Contracted Agent of Veritas Oilspillus, code name “Nike”,
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Monday, September 26, 2011 8:20 AM

GEEZER

Keep the Shiny side up


However, when someone notes that: "Nearly half of American families don’t make enough money to pay federal income taxes at all..." They're pretty much on the mark.

Per 2008 figures, the bottom 50% of taxpayers paid 2.7% of total Federal Income taxes.

Even the article you cite above states: " About half of taxpayers paid no federal income tax last year."

As noted in another thread, when you're talking about increasing Federal Income Tax on a portion of the population, then who currently pays, and does not pay, Federal Income Tax would seem more pertinent to the discussion.

When I'm talking about how fast a car will go 0-60, I'm not too interested in what color the seats are.

"Keep the Shiny side up"

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Monday, September 26, 2011 8:24 AM

AURAPTOR

America loves a winner!


Add the word " federal " and this entire thread evaporates.

Lotta straw men and bogus premises to wade through as well.

* yawn *


" I do not love the bright sword for its sharpness, nor the arrow for its swiftness, nor the warrior for his glory. I love only that which they defend. "

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Monday, September 26, 2011 8:36 AM

NIKI2

Gettin' old, but still a hippie at heart...


Which is PRECISELY the point. It's the politicians who OMIT the "federal income" part of it, quite successfully and very often. Which is a lie, a common myth propounded by them. That is my point. So I see you both agree.

Secondly, the figure on who pays no income tax relates to ONE YEAR (also omitted by politicians when it serves their purpose). What about Footnote 2, and its table?
Quote:

The 51 percent figure is an anomaly that reflects the unique circumstances of 2009, when the recession greatly swelled the number of Americans with low incomes and when temporary tax cuts created by the 2009 Recovery Act — including the “Making Work Pay” tax credit and an exclusion from tax of the first $2,400 in unemployment benefits — were in effect. Together, these developments removed millions of Americans from the federal income tax rolls. Both of these temporary tax measures have since expired.

In a more typical year, 35 percent to 40 percent of households owe no federal income tax. In 2007, the figure was 37.9 percent.

Ergo, even if "federal income" is part of the statement, it is STILL a lie unless "in 2009" is in the statement, correct? I assume you agree on that point as well.

Ergo, neither of you will be using the argument that "50% of Americans don't pay taxes" again, yes? Thank you. I will appreciate not seeing that cannard showing up again in future.


Hippie Operative Nikovich Nikita Nicovna Talibani,
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Monday, September 26, 2011 9:28 AM

M52NICKERSON

DALEK!


I think I'm going to save Raptors response for the next time he forgets to include "federal".

I do not fear God, I fear the ignorance of man.

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Monday, September 26, 2011 10:47 AM

GEEZER

Keep the Shiny side up


Quote:

Originally posted by Niki2:
Which is PRECISELY the point. It's the politicians who OMIT the "federal income" part of it, quite successfully and very often. Which is a lie, a common myth propounded by them.



Well, in the article that spawned this rant
http://fireflyfans.net/mthread.asp?b=18&t=49789
the statement that apparently set you off was:

Quote:

Nearly half of American families don’t make enough money to pay federal income taxes at all.


So in this case you're apparently trying to argue a point no one was trying to make.

There are, however, some other things to consider about what percentage of folks pay Federal Income Tax. The figures quoted are all based on the number of Federal Individual Tax returns filed. Consider for a moment those who are most likely not to file a Federal tax return. Is it gonna be the well-off guy whose wages, interest, dividends, etc. are all reported to the IRS? Or is it gonna be the guy you pick up at the local day labor spot to clean up your yard and pay in cash?

Want to bet there are several million folks in the U.S. who do casual labor off the books and file no Federal tax returns - and pay no Federal Income Taxes - at all? This would mean that there's an even larger percent of folks in the U.S. who don't pay Federal Income Tax.

"Keep the Shiny side up"

ETA:

Quote:

Ergo, even if "federal income" is part of the statement, it is STILL a lie unless "in 2009" is in the statement, correct? I assume you agree on that point as well.


Why did you post the same 'lie', then?

Quote:

Let me explain—repeat actually—what this means: About half of taxpayers paid no federal income tax last year.


From http://www.politicususa.com/en/half-americans-taxes which I copied and pasted from your post above.

Quote:

Ergo, neither of you will be using the argument that "50% of Americans don't pay taxes" again, yes?


Don't know about Rap, but I'm always as careful as possible to include the qualifier "Federal Income Tax" when talking about Federal Income Tax, and indicate that 'around half' is the proper figure.

As noted, this terminology usually comes up in discussions of Federal Income Tax anyway, so having to include "Federal Income" every time tax is mentioned seems sort'a pedantic. I try to include every time I mention 'tax' because some of the 'liberal' folks here seem to be so anal about it.

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Monday, September 26, 2011 11:42 AM

DREAMTROVE


Niki

If you want to make the point that the poor pay tax, I find the most taxing part is the fact that we buy products that contain embedded tax in them. In fact, the poor and middle class spend almost all of their disposable income on goods and services which contain a total of about 75% tax when you figure in the wages of worker, property tax of stores, fuel of shipping, etc. By contrast, the wealthy spend very little of their disposable income on such things, by percentage.

Also, of course, there's FICA.


I recently looked up the total amount paid, and the poorest 50% were paying about 30% on state, local and federal tax, particularly FICA and property tax. By contrast, the richest 1% paid between 6% and 7% of their income in taxes.


That's what a ship is, you know - it's not just a keel and a hull and a deck and sails, that's what a ship needs.

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Monday, September 26, 2011 12:10 PM

BYTEMITE


Actually, the reason Niki posted this is because I asked about this, because yesterday I thought I heard Joe Lieberman on Sean Hannity's radio show (don't ask) say something like fifty percent of families in America don't pay any taxes.

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Monday, September 26, 2011 6:23 PM

KWICKO

"We'll know our disinformation program is complete when everything the American public believes is false." -- William Casey, Reagan's presidential campaign manager & CIA Director (from first staff meeting in 1981)


Bear in mind, Rappy once claimed that 95% of Americans pay no taxes, so take anything he says with an enormous grain of salt. We're talking about a grain of salt about the size of the Great Salt Lake.


Now, when it comes to the "around 50%" who don't pay federal income taxes...

And?

Rather than complain about them not paying, shouldn't libertarians and "conservatives" be CELEBRATING? After all, doesn't this mean they're half way to their goal of no federal income taxes for anyone?

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Tuesday, September 27, 2011 12:00 AM

AURAPTOR

America loves a winner!



Quote:

So in this case you're apparently trying to argue a point no one was trying to make.


Which, I've found , to be a common occurrence with the Left. Kinda like how Obama intentionally twists and distorts the issue, by saying how Republicans want to strip away ALL regulations, deport ALL illegal immigrants, or that the rich should pay NO taxes, at all.

Time and time again, Obama tosses out red herrings like this, so as to make his own view seem the more sensible. He's arguing against himself, and no one else.


" I do not love the bright sword for its sharpness, nor the arrow for its swiftness, nor the warrior for his glory. I love only that which they defend. "

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Tuesday, September 27, 2011 1:22 AM

M52NICKERSON

DALEK!


Quote:

Originally posted by AURaptor:Which, I've found , to be a common occurrence with the Left.


Funny you used this very argument multiple times.

I do not fear God, I fear the ignorance of man.

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Tuesday, September 27, 2011 2:01 AM

KWICKO

"We'll know our disinformation program is complete when everything the American public believes is false." -- William Casey, Reagan's presidential campaign manager & CIA Director (from first staff meeting in 1981)


Quote:

Originally posted by AURaptor:

Quote:

So in this case you're apparently trying to argue a point no one was trying to make.


Which, I've found , to be a common occurrence with the Left. Kinda like how Obama intentionally twists and distorts the issue, by saying how Republicans want to strip away ALL regulations, deport ALL illegal immigrants, or that the rich should pay NO taxes, at all.



And of course you can provide cites for such claims, right?

Also - which illegals are you arguing we SHOULDN'T be deporting? Sounds like you're in favor of illegal immigration, at least for some. Guess some are more equal than others, eh?



"Although it is not true that all conservatives are stupid people, it is true that most stupid people are conservatives." - John Stuart Mill

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Tuesday, September 27, 2011 4:30 AM

NIKI2

Gettin' old, but still a hippie at heart...


No, Geezer, first off, it's not "in discussions of Federal Income Tax", it's tossed out by Republican politicians, constantly. That was part of my point.

Secondly, note it says "American families", so that's discounting illegal aliens, which I assume is a large part of those you referred to as working off the books.

Third, you quoted "Let me explain—repeat actually—what this means: About half of taxpayers paid no federal income tax last year." That's no lie; it says "taxpayers", which leaves out anyone who doesn't report income on tax returns (again, see above). I don't know where you thought I posted "the lie", but you understand the point, my whole post was about it, so..."anal"?

Lastly, no, it's not pedantic to say "Federal Income Tax", leaving it out, as well as the other inaccuracies, is specifically done by politicians to rile up their base that there are poor people who pay NO taxes, so unless that's added, it's a lie. It's said all the TIME, in one form or another, by right-wing politicians (especially candidates) and in the argument about raising taxes on the ultra-wealthy. It gives people the impression of something which isn't true, so it's propaganda. It's not anal, in something so important, to refute a lie which is said frequently and accepted by most people as the truth.

What I find pedantic is you guys on the right trying to nit-pick your way out of it.


Hippie Operative Nikovich Nikita Nicovna Talibani,
Contracted Agent of Veritas Oilspillus, code name “Nike”,
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Tuesday, September 27, 2011 4:33 AM

NIKI2

Gettin' old, but still a hippie at heart...


Yes, DT, that's one of the points made by the material I posted. It's one of the things ignored by those who make the claim, and a very valid point. Even illegal aliens pay taxes, which discussion I'm not getting into, merely that what you posted is true.

Thank you for that information. I will add it to the material I'm saving. I find that last interesting, from where did you get it? I'd like to read the rest, as that's something we never hear (especially about the wealthy).


Hippie Operative Nikovich Nikita Nicovna Talibani,
Contracted Agent of Veritas Oilspillus, code name “Nike”,
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Tuesday, September 27, 2011 4:35 AM

NIKI2

Gettin' old, but still a hippie at heart...


Too late, Mike; that's what started all this. Riona made that point, as did one of the people who commented on the article; I posted the comment in the thread from which this all began.

It's a point we rarely hear; a snark, admittedly, but nonetheless interesting, and I'm kind of surprised nobody uses it as a comeback!


Hippie Operative Nikovich Nikita Nicovna Talibani,
Contracted Agent of Veritas Oilspillus, code name “Nike”,
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Tuesday, September 27, 2011 4:38 AM

NIKI2

Gettin' old, but still a hippie at heart...


Quote:

Republicans want to strip away ALL regulations, deport ALL illegal immigrants, or that the rich should pay NO taxes, at all.
Can you prove, please, that this ISN'T what Republicans want? They are quite vocally about all three, so how do you know their eventual intent isn't to achieve all three?


Hippie Operative Nikovich Nikita Nicovna Talibani,
Contracted Agent of Veritas Oilspillus, code name “Nike”,
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Tuesday, September 27, 2011 5:54 AM

GEEZER

Keep the Shiny side up


Quote:

Originally posted by Niki2:
No, Geezer, first off, it's not "in discussions of Federal Income Tax", it's tossed out by Republican politicians, constantly. That was part of my point.



When I google 'half of americans pay no taxes' most every result, in the little clip right on the results page, shows some reference either to income tax or Federal income tax - even the ones that refer to the GOP. The ones that don't are the "Republicans lie about half of Americans not paying tax" sites, which are about the only places that say such claims are constantly tossed out by Republican politicians.

I have not doubt that you can find some Republican somewhere who has said something like "Half of Americans pay no taxes" but I'm betting it's most likely in a discussion of Federal Income Tax.

Quote:

Secondly, note it says "American families", so that's discounting illegal aliens, which I assume is a large part of those you referred to as working off the books.


I'm referring to anyone who works off the books, pays no taxes, lives in America, and uses government resources. I don't care if they're citizens, legal aliens, or undocumented immigrants. If they're families or individuals who live in America, they're part of the economic calculation.

Quote:

Third, you quoted "Let me explain—repeat actually—what this means: About half of taxpayers paid no federal income tax last year." That's no lie...


But you said making the statement "Nearly half of American families don’t make enough money to pay federal income taxes at all." is a lie, and there's no real difference between the two statements.

Actually, the statement you cited is pretty much an oxymoron, since if folks are taxpayers, they have by definition paid taxes.

Quote:

Lastly, no, it's not pedantic to say "Federal Income Tax", leaving it out,

Where did I say 'leaving it out'? I just noted that in a discussion of Federal Individual Income Taxes, it would be pretty much assumed that any taxes you talk about are Federal Individual Income Taxes.

Even you do it, in this very paragraph.

Quote:

It's said all the TIME, in one form or another, by right-wing politicians (especially candidates) and in the argument about raising taxes on the ultra-wealthy.

Now what kind of taxes were those, Niki? Are you trying to bamboozle us?

Quote:

What I find pedantic is you guys on the right trying to nit-pick your way out of it.



Quote me (with cites) five different Republican Congresspersons or presidential candidates who use the "Half of Americans pay no taxes" statement or something similar, without them either referencing that they're referring to income tax or Federal Income Tax, or in a speech or discussion that is not about Federal Income tax. They're 'constantly' doing it 'all the TIME', so it shouldn't be hard.

"Keep the Shiny side up"

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Tuesday, September 27, 2011 6:39 AM

AURAPTOR

America loves a winner!



Under the larger issue of who is paying 'their fair share'...

It's the rich, after all. ( and then some )


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The "rich" have been paying more and more in taxes, while the lower income earners have had less and less of the tax burden.

The bait and switch going on here, of course, is that govt is getting bigger and bigger, requiring more and more of OUR money. What Obama and the Left ( and yes, even some of the GOP ) want folks to believe is that, we NEED bigger govt to survive, and that by fabricating this class warfare movement, they can divert the attention of MOST of the people, who have been paying less and less of the freight, into believing that the evil, greedy rich are to blame for this entire economic down turn, because they obviously have so much.

Nothing could be further from the truth. The " rich " didn't cause this recession. The govt did. Soaking " the rich " won't turn the economy around, but it sure does make for great political kabuki theatre. We can confiscate every damn penny from the wealthiest 1% of this nation , and it'd only run the country for a few months. And then what ?

Sad that so many 'politically aware' individuals on here are so incredibly blind ti what's really going on here.




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Tuesday, September 27, 2011 7:30 AM

NIKI2

Gettin' old, but still a hippie at heart...


A quick search brought up
Quote:

Allen West, a Republican candidate for Congress for the South Florida seat now held by Democratic Rep. Ron Klein, claims that close to half of Americans aren't paying "any taxes." On a page about the economy on his Web site, West claims, "Currently we have some 40-45% of Americans who are not paying any taxes" ttp:// www.politifact.com/florida/statements/2010/apr/28/allen-west/west-says
-nearly-half-americans-pay-no-taxes/
Savage: "Forty-seven percent of families pay no taxes. That's a very, very bad warning sign for what's coming in this country. Those are the families who elected this charlatan." http://mediamatters.org/research/201004120039 should people who pay no tax be allowed to decide how tax dollars are spent? This is especially galling to me whenever someone trots out the old statistic about how 50% of Americans pay no taxes at all. It just seems to me in watching what has happend in Europe, and is slowly happening here, that the eventual result of allowing everyone to vote, including non-tax payers, is a Socialist state. http://www.republicanoperative.com/forums/f16/should-people-who-pay-no
-taxes-allowed-vote-30260
/

Quote:

While talking about Sen. Barack Obama's tax plan on the October 15 edition of CNN's Lou Dobbs Tonight, host Lou Dobbs falsely asserted that "just about 40 percent of all Americans -- working Americans -- don't pay taxes." http://mediamatters.org/research/200810160021 have 50 percent of people who are getting something for nothing," said Curtis Dubay, senior tax policy analyst at the Heritage Foundation. http://finance.yahoo.com/news/Nearly-half-of-US-households-apf-1105567
323.html?x=0&.v=1
one politician per se, and I grant you that, researching it, most politicians added the "income" part.

It's also true that where one finds the word "income" is left out is mostly in refutations of Republican quotes. I found that as well. It's as misleading and wrong for them to do it as it is for those on the right to make the claim. As the other quotes show, many assume (or misunderstand) that it refers to all taxes.

I guess my point is best summed up thus:
Quote:

Donald Marron, director of the Urban-Brookings Tax Policy Center, wrote "The true fact -- about half of Americans do not pay federal income taxes -- often gets transmogrified in public discourse into the decidedly untrue claim that half of Americans pay no taxes." http://news.yahoo.com/dont-blame-obama-liberals-half-americans-paying-
no-000600375.html
people hear "pay no income taxes", all too often they extrapolate it to "pay no taxes", and that works to create a visceral reaction that "Hey, I pay taxes, why don't THEY?" without any recognition of the other taxes and/or no understanding of WHY some pay no income tax, or that the figure only reflects one year.

That is the point, for me; however, I freely admit you're right that it is those pundits and others who are refuting the claim who most often say "Republicans say 50% pay no taxes" rather than including "income". You are right, I am wrong. I don't like finding that out, any more than I like the result of the more correct statement, as Marron pointed out above.

I learned something today, I thank you for that. Just as the choice of wording has mislead many into thinking a large portion of the public pay no taxes at all, the wording on the other side lead me to believe most Republicans were omitting the word "income".


Hippie Operative Nikovich Nikita Nicovna Talibani,
Contracted Agent of Veritas Oilspillus, code name “Nike”,
signing off



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Tuesday, September 27, 2011 7:42 AM

AURAPTOR

America loves a winner!


It should be explained that FEDERAL INCOME taxes is what's being discussed, I agree. I can only guess as to why it'd be omitted. Maybe the policy wonks think that, by being so specific w/ the facts, it may lessen the effect some how ? Or maybe the think the average citizen's attention span won't grasp the significance ? Or maybe they're worried that, by adding that crucial detail, it'll be easier for the Left to demagogue the issue ?

This is a colossal mistake, imo. The people should be told, and have it explained to them WHY it's a big deal. Too often, TBTB omit details from the public, and end up out thinking themselves, for no real reason.

Or MAYBE, they just assume that everyone understands it, and don't feel the need to cater to the johnny - come - latelys to the conversation, that they'll just catch up to the rest of us ?



" I do not love the bright sword for its sharpness, nor the arrow for its swiftness, nor the warrior for his glory. I love only that which they defend. "

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Tuesday, September 27, 2011 7:49 AM

M52NICKERSON

DALEK!


Quote:

Originally posted by AURaptor:

Under the larger issue of who is paying 'their fair share'...

It's the rich, after all. ( and then some )


http://content.clearchannel.com/cc-common/mlib/1153/09/1153_1317114717
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http://content.clearchannel.com/cc-common/mlib/1153/09/1153_1317114812
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The "rich" have been paying more and more in taxes, while the lower income earners have had less and less of the tax burden.

The bait and switch going on here, of course, is that govt is getting bigger and bigger, requiring more and more of OUR money. What Obama and the Left ( and yes, even some of the GOP ) want folks to believe is that, we NEED bigger govt to survive, and that by fabricating this class warfare movement, they can divert the attention of MOST of the people, who have been paying less and less of the freight, into believing that the evil, greedy rich are to blame for this entire economic down turn, because they obviously have so much.

Nothing could be further from the truth. The " rich " didn't cause this recession. The govt did. Soaking " the rich " won't turn the economy around, but it sure does make for great political kabuki theatre. We can confiscate every damn penny from the wealthiest 1% of this nation , and it'd only run the country for a few months. And then what ?

Sad that so many 'politically aware' individuals on here are so incredibly blind ti what's really going on here.



The rich did in fact cause the recession, them along with the government de-regulation. It was market managers who came up with rolling non-conforming sub-prime mortgages into investment instruments.

...and you have been proven wrong on your argument about the rich and taxes in so many threads it silly. Remember a higher rate does not equal a fair share.


I do not fear God, I fear the ignorance of man.

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Tuesday, September 27, 2011 7:56 AM

KWICKO

"We'll know our disinformation program is complete when everything the American public believes is false." -- William Casey, Reagan's presidential campaign manager & CIA Director (from first staff meeting in 1981)


It's becoming increasingly obvious that Geezer's sole and entire source of "news" these days is the front page of a Google search. He keeps bringing it up as his "cite" for his claims. "If you Google... this is what comes up."

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Tuesday, September 27, 2011 8:48 AM

NIKI2

Gettin' old, but still a hippie at heart...


Well Mike, in this instance he was right; a search brings up tons of "Republicans say 50% pay no taxes" when in actuality they DO say "income taxes". That's a pretty obvious mischaracterization, and his point was valid.

Raptor,
Quote:

I can only guess as to why it'd be omitted
You can only GUESS? Haven't you been keeping up? Check the last few posts, especially Geezer's and mine, if you need to. It's political gamesmanship, by omitting "federal income" or even just "income", it makes it appear that the Republicans are saying 50% of Americans pay NO taxes, which isn't true. You know, makes 'em look worse, get it?

Jeez, here I am defending the right and Rappy can't even understand it...


Hippie Operative Nikovich Nikita Nicovna Talibani,
Contracted Agent of Veritas Oilspillus, code name “Nike”,
signing off



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Tuesday, September 27, 2011 11:48 PM

AURAPTOR

America loves a winner!


Quote:

Originally posted by m52nickerson: investment instruments.

...and you have been proven wrong on your argument about the rich and taxes in so many threads it silly. Remember a higher rate does not equal a fair share.



Actually, I've not been proven wrong. You're just too stubborn to acknowledge the facts.

And yes, a higher rate does not equal a fair share. It's absolutely UNfair that some should pay a higher rate. On that, we agree.


" I do not love the bright sword for its sharpness, nor the arrow for its swiftness, nor the warrior for his glory. I love only that which they defend. "

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Wednesday, September 28, 2011 1:45 AM

M52NICKERSON

DALEK!


Quote:

Originally posted by AURaptor:
Actually, I've not been proven wrong. You're just too stubborn to acknowledge the facts.

And yes, a higher rate does not equal a fair share. It's absolutely UNfair that some should pay a higher rate. On that, we agree.



Just looking at federal income tax is only part of it. Taxes such as sales tax, or lisence fees are not based on income. So when a poor man pays those it is a high % of his income as opposed to a rich man.

Plus you wilfully ingore that fact that many rich people make their money in ways that it is not taxed as regular income, which again is at a lower rate.



I do not fear God, I fear the ignorance of man.

There once was a sad lonely Raptor.

Who posted nonsense in a blather.

He was proven a fool,

a conservative tool

and day by day it got even sadder!

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Wednesday, September 28, 2011 2:14 AM

GEEZER

Keep the Shiny side up


Quote:

Originally posted by Niki2:
It's also true that where one finds the word "income" is left out is mostly in refutations of Republican quotes. I found that as well. It's as misleading and wrong for them to do it as it is for those on the right to make the claim. As the other quotes show, many assume (or misunderstand) that it refers to all taxes.



That's the problem with partisan information on the web. If you're not careful, you get to rely on the partisan sites for your information, instead of looking for more neutral sources. And the partisan sites, being partisan, are gonna have their own spin, no matter how reasonable they try to appear.

In your search above, you mostly found Conservative pundits and bloggers using the '50% paid no tax' construction. The sites refuting that figure tend to lead one to believe that its Conservative politicians. Everyone's got an angle.

"Keep the Shiny side up"

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Wednesday, September 28, 2011 3:45 AM

SIGNYM

I believe in solving problems, not sharing them.


Quote:

The "rich" have been paying more and more in taxes
REALLY????

Since when? Since Eisenhower, when "the rich" paid 90% in taxes? Since Reagan, when they paid 50%?

As usual, rappy, I have to wonder where you get your "facts" from, because it certainly isn't from the real world.

31-Jan-11
Historical Highest Marginal Income Tax Rates

1913 7.0% 1946 86.45% 1979 70.00%
1914 7.0% 1947 86.45% 1980 70.00%
1915 7.0% 1948 82.13% 1981 69.12%
1916 15.0% 1949 82.13% 1982 50.00%
1917 67.0% 1950 91.00% 1983 50.00%
1918 77.0% 1951 91.00% 1984 50.00%
1919 73.0% 1952 92.00% 1985 50.00%
1920 73.0% 1953 92.00% 1986 50.00%
1921 73.0% 1954 91.00% 1987 38.50%
1922 56.0% 1955 91.00% 1988 28.00%
1923 56.0% 1956 91.00% 1989 28.00%
1924 46.0% 1957 91.00% 1990 31.00%
1925 25.0% 1958 91.00% 1991 31.00%
1926 25.0% 1959 91.00% 1992 31.00%
1927 25.0% 1960 91.00% 1993 39.60%
1928 25.0% 1961 91.00% 1994 39.60%
1929 24.0% 1962 91.00% 1995 39.60%
1930 25.0% 1963 91.00% 1996 39.60%
1931 25.0% 1964 77.00% 1997 39.60%
1932 63.0% 1965 70.00% 1998 39.60%
1933 63.0% 1966 70.00% 1999 39.60%
1934 63.0% 1967 70.00% 2000 39.60%
1935 63.0% 1968 75.25% 2001 38.60%
1936 79.0% 1969 77.00% 2002 38.60%
1937 79.0% 1970 71.75% 2003 35.00%
1938 79.0% 1971 70.00% 2004 35.00%
1939 79.0% 1972 70.00% 2005 35.00%
1940 81.10% 1973 70.00% 2006 35.00%
1941 81.00% 1974 70.00% 2007 35.00%
1942 88.00% 1975 70.00% 2008 35.00%
1943 88.00% 1976 70.00% 2009 35.00%
1944 94.00% 1977 70.00% 2010 35.00%
1945 94.00% 1978 70.00% 2011 35.00%

www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=213


BTW- you should notice that the low tax rate of 25% (1925-1931)- which was the early version of "trickle down" was followed by the Great Depression, while the low taxes rates of 35% (2003-2011 and continuing?) was followed by the Great Recession.

Yes, I can see how well low tax rates lead to economic growth.



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Wednesday, September 28, 2011 5:58 AM

NIKI2

Gettin' old, but still a hippie at heart...


Geezer, again: I do NOT rely on "partisan sites"...I search and whatever comes up, I check out. If I find a lot of stuff on the first couple of pages that is copied from one source, I ignore it and keep looking. Yes, I usually start with CNN, Fiscal Times, New Scientist, etc., when I'm looking for STUFF, but when I'm searching for a specific issue (usually that's under discussion here), I search--I use "Go", which I prefer to "Google", but that's how I do it. I don't KNOW what are partisan sites aside from some which are obvious by their name (usualy "Progressive" indicates left, "Right-something or other" indicates right), aside from Huffpost and Young Turks and so forth. Okay?


Hippie Operative Nikovich Nikita Nicovna Talibani,
Contracted Agent of Veritas Oilspillus, code name “Nike”,
signing off



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Wednesday, September 28, 2011 8:23 AM

AURAPTOR

America loves a winner!


Siggy

Your simplistic chart completely ignores the array of loop holes and exemptions that have come and gone, over the decades. I guess this wiki list is something YOU might feel makes your argument, but it fails, utterly , in dealing w/ the issue.

The rich are paying FAR more than their fair share. That's a fact.

Does that mean the tax system isn't long over due for a complete over haul ? Hell no. Never said it was, and I'm fully in favor of doing away w/ the tax code as we have it now. A Flat Tax or the FAIRTax are vast improvements over the antiquated system we have now.

The rich aren't the reason we're in this mess, it's primarily the fault of the federal govt, monkeying around w/ the free market. Sure, a "very few" folks, who are extremely well off, made a killing, and ushered things along, but that's a far cry from ALL rich people being guilty. And yet you'd punish most if not all achievers in this country, simply to placate the dumb masses and useful idiots who are willing dupes to the Democratic party. They are the ones fanning the flames of class warfare and division in this country.

And you can't show me or anyone how 'low tax rates' lead to the recession or the depression, because neither of them had 1 damn thing to do w/ either. But you're too much of a Left wing myrmidon and ideologue to admit that, so there's no point in even trying to reason w/ you.

If you think Clinton's high taxes were why there was economic growth in the 90's, you're an idiot.

" I do not love the bright sword for its sharpness, nor the arrow for its swiftness, nor the warrior for his glory. I love only that which they defend. "

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Wednesday, September 28, 2011 8:35 AM

M52NICKERSON

DALEK!


Quote:

Originally posted by AURaptor:

Siggy

Your simplistic chart completely ignores the array of loop holes and exemptions that have come and gone, over the decades. I guess this wiki list is something YOU might feel makes your argument, but it fails, utterly , in dealing w/ the issue.



The stupid here is so thick you can eat it with a fork.

I want everyone to pay attention to that part about loop holes!

.....and now.

Quote:

Originally posted by AURaptor:
The rich are paying FAR more than their fair share. That's a fact.

Does that mean the tax system isn't long over due for a complete over haul ? Hell no. Never said it was, and I'm fully in favor of doing away w/ the tax code as we have it now. A Flat Tax or the FAIRTax are vast improvements over the antiquated system we have now.



So what, there were more loop holes when the rates were higer? What are/were those loop holes that he speaks of? How do they negate the argument?

...and then he brings up two systems that would put more of the tax burden on the middle class.


Quote:

Originally posted by AURaptor:
The rich aren't the reason we're in this mess, it's primarily the fault of the federal govt, monkeying around w/ the free market. Sure, a "very few" folks, who are extremely well off, made a killing, and ushered things along, but that's a far cry from ALL rich people being guilty. And yet you'd punish most if not all achievers in this country, simply to placate the dumb masses and useful idiots who are willing dupes to the Democratic party. They are the ones fanning the flames of class warfare and division in this country.



So only a few rich people made a killing, but even they are not to blame because the government was messing with the free market. Obviously if the government had not had regulations, all the rich people could have made a killing.

Plus I love how he equates taxes with punishment.



" I do not love the bright sword for its sharpness, nor the arrow for its swiftness, nor the warrior for his glory. I love only that which they defend. "


I do not fear God, I fear the ignorance of man.

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Wednesday, September 28, 2011 8:43 AM

NIKI2

Gettin' old, but still a hippie at heart...








Hippie Operative Nikovich Nikita Nicovna Talibani,
Contracted Agent of Veritas Oilspillus, code name “Nike”,
signing off



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Wednesday, September 28, 2011 8:46 AM

AURAPTOR

America loves a winner!



You just aren't that bright.

I get that now. I really do.

Loop holes and write offs allow folks to deduct from the taxes they pay. Yes, when the rates were higher, there were more loop holes and deductions. Like rental property, in the 80's... but I know I'm already confusing you.

Point being, even at " 90 % ", no one was paying those rates. NO ONE. Nor should they have, and that's the other point. It's absurd to tax anyone that much, no matter how much $ they've already made.

And the Flat Tax / FAIRTax would lessen , not increase, the burden on the middle class. You literally have no idea what you're talking about , do you ? Of course, not. But anyone who dares to suggest changing your precious unfair tax code MUST be attacked, huh?

You're such a boob.

Quote:

Obviously if the government had not had regulations, all the rich people could have made a killing.


Actually, the GOP wanted MORE regulations on Fannie and Freddie, which would have resulted in far LESS of those few rich folks making such a killing, and the housing industry wouldn't have collapsed, because it would have seen more modest growth.... as I've already shown you in earlier video posts.

And yes, excessive taxation IS punishment.

Caused a rebellion in this fine land.... maybe you've heard of it ?



" I do not love the bright sword for its sharpness, nor the arrow for its swiftness, nor the warrior for his glory. I love only that which they defend. "

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Wednesday, September 28, 2011 8:49 AM

AURAPTOR

America loves a winner!



Hey Niki....





" I do not love the bright sword for its sharpness, nor the arrow for its swiftness, nor the warrior for his glory. I love only that which they defend. "

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Wednesday, September 28, 2011 9:01 AM

M52NICKERSON

DALEK!


Quote:

Originally posted by AURaptor:

You just aren't that bright.

I get that now. I really do.

Loop holes and write offs allow folks to deduct from the taxes they pay. Yes, when the rates were higher, there were more loop holes and deductions. Like rental property, in the 80's... but I know I'm already confusing you.

Point being, even at " 90 % ", no one was paying those rates. NO ONE. Nor should they have, and that's the other point. It's absurd to tax anyone that much, no matter how much $ they've already made.



So do you have any citations or proof of those loop holes and deductions? Plus can you show that they were in such amounts as to reduce the top tax rates a meaningful amount?

Quote:

Originally posted by AURaptor:
And the Flat Tax / FAIRTax would lessen , not increase, the burden on the middle class. You literally have no idea what you're talking about , do you ? Of course, not. But anyone who dares to suggest changing your precious unfair tax code MUST be attacked, huh?

You're such a boob.



Really, explain mathematically how you are going to have a flat rate which would not add to the middle class burden and keep even close to the current level of revenue.


Quote:

Originally posted by AURaptor:
Actually, the GOP wanted MORE regulations on Fannie and Freddie, which would have resulted in far LESS of those few rich folks making such a killing, and the housing industry wouldn't have collapsed, because it would have seen more modest growth.... as I've already shown you in earlier video posts.

And yes, excessive taxation IS punishment.

Caused a rebellion in this fine land.... maybe you've heard of it ?



Taxation without representation, you keep forgetting that last part.

I showed you in the other thread that Fannie and Freddie were not making the bad loans which were being rolled into what became toxic assets. The regulations the GOP wanted would not have stopped the other banks, the one that were making the bad loans, from continuing the practice.

I also showed you that a bipartisan panel found that Fannie and Freddie were not the primary cause of the collapse.

Now don't post this crap again or I shall taunt you with more limericks like in the FL straw poll thread.


I do not fear God, I fear the ignorance of man.

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Wednesday, September 28, 2011 9:06 AM

STORYMARK


Quote:

Originally posted by AURaptor:

Hey Niki....





" I do not love the bright sword for its sharpness, nor the arrow for its swiftness, nor the warrior for his glory. I love only that which they defend. "





ANSWER: An imaginary douchebag that teabaggers worship. A double-bagger, as it were.

What's my prize?

"Goram it kid, let's frak this thing and go home! Engage!"

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Wednesday, September 28, 2011 9:19 AM

M52NICKERSON

DALEK!


Quote:

Originally posted by AURaptor:

Hey Niki....


]



I do not fear God, I fear the ignorance of man.

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Wednesday, September 28, 2011 9:19 AM

AURAPTOR

America loves a winner!


You're going to have to do your own homework and educate yourself, my friend. I have neither the time or interest to do such work for anyone else beside for me. And especially not for you.

Fannie and Freddie were the ones making the bad loans. Those bad loans were then bundled and sold, and they were the direct cause of the collapse.

Sorry, but them's the facts. Don't care how much you don't WANT to accept it, but it doesn't change 1 god damn thing.

And yes, 'with out representation' is what you were taught , since grade school, but there was a hell of a lot more to it than just that.

Again, expand your education. Please.



" I do not love the bright sword for its sharpness, nor the arrow for its swiftness, nor the warrior for his glory. I love only that which they defend. "

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Wednesday, September 28, 2011 9:23 AM

AURAPTOR

America loves a winner!


Quote:

Originally posted by Storymark:


ANSWER: An imaginary douchebag that teabaggers worship. A double-bagger, as it were.

What's my prize?




1. You're not Niki
2. No prize was offered, so you deserve none.
3. Obviously, you don't believe your life belongs to you, at all. You believe your life belongs to the State, and it determines how much success you are 'due', and how much wealth you can keep.

Not really very much of a surprise to me, at all.


" I do not love the bright sword for its sharpness, nor the arrow for its swiftness, nor the warrior for his glory. I love only that which they defend. "

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Wednesday, September 28, 2011 9:29 AM

M52NICKERSON

DALEK!


Quote:

Originally posted by AURaptor:
Sorry I really can't provide any proof of what I claim, so I concede.



Well thank you very much. I'm glad you realize that everything you just said was backwards.

I do not fear God, I fear the ignorance of man.

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Wednesday, September 28, 2011 9:33 AM

AURAPTOR

America loves a winner!


Quote:

Originally posted by m52nickerson:
Quote:

Originally posted by AURaptor:
Sorry I really can't provide any proof of what I claim, so I concede.



Well thank you vary much. I'm glad you realize that everything you just said was backwords.




You're a liar. I never said those words. I know you think you're being cute and clever, by fabricating something I never said, and portraying it as a quote , but that's really beyond the pale, and shows just how childish and idiotic a person you are.

Nothing I said in the above posts were in any way 'backwards'.

Why don't you go find your way to a CHARMED fan site, or some such. I think you'd fit in just dandy over there.

( and FYI -

the words are VERY and BACKWARDS.

Please make a note of it.


" I do not love the bright sword for its sharpness, nor the arrow for its swiftness, nor the warrior for his glory. I love only that which they defend. "

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Wednesday, September 28, 2011 9:39 AM

STORYMARK


Quote:

Originally posted by AURaptor:


1. You're not Niki



Oh, golly gee, really? Why, gosh, I just didn't realize this.

Why, thank you, Cap'n Obvious, for pointing out the painfully fucking obvious. Wherever would I be without you to tell me take an obvious joke, and act like it was intended as literal.


Quote:

2. No prize was offered, so you deserve none.



Refer to my prior response, times 10.


Quote:

3. Obviously, you don't believe your life belongs to you, at all. You believe your life belongs to the State, and it determines how much success you are 'due', and how much wealth you can keep.



And now you're just making shit up, wholesale. The typical RappyTactic we see when the tool gets frustrated and cranky.

Quote:

Not really very much of a surprise to me, at all.



I didn't expect you to get that dumb with your response.

Been a while since you've actually surprised me. So, well done, lad! You're growing!

"Goram it kid, let's frak this thing and go home! Engage!"

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Wednesday, September 28, 2011 9:45 AM

STORYMARK


Quote:

Originally posted by m52nickerson:
Quote:

Originally posted by AURaptor:
Sorry I really can't provide any proof of what I claim, so I concede.



Well thank you vary much. I'm glad you realize that everything you just said was backwords.

I do not fear God, I fear the ignorance of man.





"Goram it kid, let's frak this thing and go home! Engage!"

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Wednesday, September 28, 2011 9:54 AM

AURAPTOR

America loves a winner!



Well, since I asked NIKI, and not you, a question, I fail to see why YOU felt the need to answer.

And yet you did. Huh.

And still not getting why you think you deserve a prize. None was offered, but I guess since you think you're owed something, simply for existing, that might be why you asked for one.

You'll get nothing, and like it.

I didn't expect you to understand the last par. It has to do with, well, probably a bit over your head. Individualism and concepts of ownership over one's life... Clearly, you're a collectivist, one who buys into the view that your life, your existence, belongs wholly to the state, first and foremost. Any success you find coming your way, is due to the collective, and any failures, well, those aren't yours. It's society's fault. You're not to blame.

I've gone and said too much for you to take in again. I'll move on now.


" I do not love the bright sword for its sharpness, nor the arrow for its swiftness, nor the warrior for his glory. I love only that which they defend. "

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Wednesday, September 28, 2011 9:59 AM

M52NICKERSON

DALEK!


Quote:

Originally posted by AURaptor:
Nothing I said in the above posts were in any way 'backwards'.



Really....

Quote:

Originally posted by AURaptor:Fannie and Freddie were the ones making the bad loans. Those bad loans were then bundled and sold, and they were the direct cause of the collapse.


"In 1995, the GSEs like Fannie Mae began receiving government tax incentives for purchasing mortgage backed securities which included loans to low income borrowers. Thus began the involvement of the Fannie Mae and Freddie Mac with the subprime market.[119] In 1996, HUD set a goal for Fannie Mae and Freddie Mac that at least 42% of the mortgages they purchase be issued to borrowers whose household income was below the median in their area. This target was increased to 50% in 2000 and 52% in 2005.[120] From 2002 to 2006, as the U.S. subprime market grew 292% over previous years, Fannie Mae and Freddie Mac combined purchases of subprime securities rose from $38 billion to around $175 billion per year before dropping to $90 billion per year, which included $350 billion of Alt-A securities. Fannie Mae had stopped buying Alt-A products in the early 1990s because of the high risk of default. By 2008, the Fannie Mae and Freddie Mac owned, either directly or through mortgage pools they sponsored, $5.1 trillion in residential mortgages, about half the total U.S. mortgage market."

http://en.wikipedia.org/wiki/Subprime_mortgage_crisis

I do not fear God, I fear the ignorance of man.

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Wednesday, September 28, 2011 10:43 AM

AURAPTOR

America loves a winner!



Yes, really.

Quote:




Another political fable is that the current economic downturn is due to not enough government regulation of the housing and financial markets. But it was precisely the government regulators, under pressure from politicians, who forced banks and other lending institutions to lower their standards for making mortgage loans.

These risky loans, and the defaults that followed, were what set off a chain reaction of massive financial losses that brought down the whole economy.

Was this due to George W. Bush and the Republicans? Only partly. Most of those who pushed the lowering of mortgage lending standards were Democrats-- notably Congressman Barney Frank and Senator Christopher Dodd, though too many Republicans went along.

At the heart of these policies were Fannie Mae and Freddie Mac, who bought huge amounts of risky mortgages, passing the risk on from the banks that lent the money (and made the profits) to the taxpayers who were not even aware that they would end up paying in the end.

When President Bush said in 2004 that Fannie Mae and Freddie Mac should be reined in, 76 members of the House of Representatives issued a statement to the contrary. These included Barney Frank, Nancy Pelosi, Maxine Waters and Charles Rangel.

If we are going to talk about "the policies that created this mess in the first place," let's at least get the facts straight and the names right.

The current policies of the Obama administration are a continuation of the same reckless policies that brought on the current economic problems-- all in the name of "change." Fannie Mae and Freddie Mac are still sacred cows in Washington, even though they have already required the biggest bailouts of all.

Why? Because they allow politicians to direct vast sums of money where it will do politicians the most good, either personally or in terms of buying votes in the next election.

http://www.realclearpolitics.com/articles/2010/09/07/political_fables_
107026.html





" I do not love the bright sword for its sharpness, nor the arrow for its swiftness, nor the warrior for his glory. I love only that which they defend. "

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Wednesday, September 28, 2011 11:17 AM

NIKI2

Gettin' old, but still a hippie at heart...


Who is John Galt?



...and this is you:



and your Galt List:




Hippie Operative Nikovich Nikita Nicovna Talibani,
Contracted Agent of Veritas Oilspillus, code name “Nike”,
signing off



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Wednesday, September 28, 2011 11:21 AM

M52NICKERSON

DALEK!


The Commission reported its findings in January 2011. It concluded that "the crisis was avoidable and was caused by: Widespread failures in financial regulation, including the Federal Reserve’s failure to stem the tide of toxic mortgages; Dramatic breakdowns in corporate governance including too many financial firms acting recklessly and taking on too much risk; An explosive mix of excessive borrowing and risk by households and Wall Street that put the financial system on a collision course with crisis; Key policy makers ill prepared for the crisis, lacking a full understanding of the financial system they oversaw; and systemic breaches in accountability and ethics at all levels.

http://en.wikipedia.org/wiki/Subprime_mortgage_crisis

Ultimately because they were a profit making organization they decided to try to regain market share, drive up profits, drive up compensation. They joined the party late and unfortunately in the late stages of the crisis they bought a significant amount of sub-prime securities. But even then they peaked, they never bought more than 28 percent of the sub-prime mortgage backed securities on the market. So they helped inflate the housing boom, they added helium to the balloon, but they were not the primary drivers.

http://www.wnyc.org/articles/its-free-country/2011/feb/17/crisis-lesso
ns-fannie-and-freddie
/



I do not fear God, I fear the ignorance of man.

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