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Invisibleusg543
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Registered: 04/21/08
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Class Envy (posted by my BLACK professor who is anti-Obama)
    #135208 - 10/21/08 07:07 PM (8 years, 1 month ago)

http://haroldblack.blogspot.com/

Quote:

Pardon my personal distress but for the first time in my memory, we have a major political figure campaigning on class envy. Barack Obama is declaring war on those making $250,000. These are individuals and small businesses. He is banking on the fact that their numbers are smaller than the electorate at large and that because of the sour economy, there are those who wish to punish the more successful. My father once told me not to envy those who were better off but work had to become someone that others envied. Where has that gone? Instead, Obama wants to

1. Raise the income tax rate for those earning $250,000 and above. Joe Biden calls this “patriotic” while Obama says we need to “spread the wealth”.   

  2. Raise the corporate tax rate.

  3. Raise the capital gains tax.

  4. Increase the social security payroll tax.

5. Give a transfer to most and call it a tax “cut” even though rates are not changed.

This is idiotic – not patriotic. If he gets these things done, he will be a one term president leaving the country even more deeply divided. Obama wants to kill the golden goose that is the US economy. He needs to read  R. A, Radford’s “The Economic Organisation of a POW Camp”, Economica, November 1945. (http://facstaff.uww.edu/kashianr/POWCampRadford.pdf). This paper greatly influenced me to major in economics when I read it as a sophomore many years ago. The POW camp is Obama's perfect socialist world. All prisoners have the same income (a care package delivered monthly from the Red Cross). Yet there are different levels of wealth due to differences in tastes and preferences. Some prisoners are poor, others are middle class and still others a rich. Some are entrepreneurs while some gamble away their income. In the end, the income/wealth distribution looks amazingly familiar to us.

If Radford is too difficult a read, then how about “How taxes work” whose authorship is the subject of some controversy. If the author reads this and contacts me, I’ll give proper credit where credit is due.

Subject: How taxes work

Sometimes politicians can exclaim; "It's just a tax cut for the rich!" and it is just accepted to be fact. But what does that really mean? Just in case you are not completely clear on this issue, we hope the following will help.

Tax Cuts - A Simple Lesson In Economics

This is how the cookie crumbles. Please read it carefully. Let's put tax cuts in terms everyone can understand. Suppose that every day, ten men go out for dinner. The bill for all ten comes to $100.  If they paid their bill the way we pay our taxes, it would go something like this:

The first four men (the poorest) would pay nothing.

The fifth would  pay $1.

The sixth would pay $3.

The seventh $7.

The eighth $12.

The  ninth $18.

The tenth man (the richest) would pay $59. So, that's what they decided to do.

The ten men ate dinner in the restaurant every day and seemed quite happy with the arrangement, until one day, the owner threw them a curve. "Since you are all such good customers," he said, "I'm going to reduce the cost of your daily meal by $20." So, now dinner for the ten only cost $80. The group still wanted to pay their bill the way we pay our taxes. So, the first four men were unaffected. They would still eat for free. But what about the other six, the paying customers? How could they divvy up the $20 windfall so that everyone would get his 'fair share'?

The six men realized that $20 divided by six is $3.33. But if they subtracted that from everybody's share, then the fifth man and the sixth man would each end up being 'PAID' to eat their meal.

So, the restaurant owner suggested that it would be fair to reduce each man's bill by roughly the same amount, and he proceeded to work out the amounts each should pay.

And so: The fifth man, like the first four, now paid nothing (100% savings).

The sixth now paid $2 instead of $3 (33% savings).

The seventh now paid $5 instead of $7 (28% savings).

The eighth now paid $9 instead of $12 (25% savings).

The ninth now paid $14 instead of $18 (22% savings).

The tenth now paid $49 instead of $59 (16% savings).

Each of the six was better off than before. And the first four continued to eat for free. But once outside the restaurant, the men began to compare their savings.

"I only got a dollar out of the $20," declared the sixth man. He pointed to the tenth man "but he got $10!" "Yeah, that's right," exclaimed the fifth man. "I only saved a dollar, too. It's unfair that he got ten times more than me!" "That's true!!" shouted the seventh man. "Why should he get $10 back when I got only $2? The wealthy get all the breaks!" "Wait a minute," yelled the first four men in unison. "We didn't get anything at all. The system exploits the poor!"

The nine men surrounded the tenth and beat him up.

The next night the tenth man didn't show up for dinner, so the nine sat down and ate without him. But when it came time to pay the bill, they discovered something important. They didn't have enough money among them for even half of the bill!

And that, boys and girls, journalists and college professors, is how our tax system works. The people who pay the highest taxes get the most benefit from a tax reduction. Tax them too much, attack them for being wealthy, and they just may not show up at the table anymore and go somewhere else to eat. There are lots of good restaurants in Switzerland and in the Bahamas.

See what the sainted William F. Buckley had to say on this parable

http://www.nationalreview.com/buckley/buckleyprint042701.html




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Invisiblewowitch420
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Registered: 04/22/08
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Loc: 512 TX
Re: Class Envy (posted by my BLACK professor who is anti-Obama) [Re: usg543]
    #135210 - 10/21/08 07:12 PM (8 years, 1 month ago)

no one wants to read that


--------------------

        heady nugz


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Invisibleltd
 User Gallery Arcade Champion: Curveball

Registered: 04/20/08
Posts: 6,042
Re: Class Envy (posted by my BLACK professor who is anti-Obama) [Re: usg543]
    #135211 - 10/21/08 07:12 PM (8 years, 1 month ago)

:thumbup:


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Offlineblunt master
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Registered: 06/11/08
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Re: Class Envy (posted by my BLACK professor who is anti-Obama) [Re: ltd]
    #135230 - 10/21/08 07:57 PM (8 years, 1 month ago)

the whole going out for dinner metaphor was pretty cool


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InvisibleDr. Penguin
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Re: Class Envy (posted by my BLACK professor who is anti-Obama) [Re: blunt master]
    #135235 - 10/21/08 08:10 PM (8 years, 1 month ago)

Yea, that is an amazing metaphor. McCain scares the shit out of me, conservatives in general scare me, but at this current juncture, with out economy in the toilet, he is the only one with a sensible fiscal policy. That and the fact that Obama claims 'he didn't know' his preacher of seven years, was speaking hatefully of other races. Raceism in any form is despicable, but his denial of it is a heinous lie at best.


--------------------
* My Cab
* How to Build a Grow Tent
* Fan Speed Control 101
* Easy Butane Extraction

Not responsible for advice not taken.


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OfflineDuke Leto
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Re: Class Envy (posted by my BLACK professor who is anti-Obama) [Re: usg543]
    #135250 - 10/21/08 09:02 PM (8 years, 1 month ago)

Your professor is a moron. He's basing his theory on class warfare on *gasp* proportional taxes. Just because the rich are use to not having taxes take a dent out of their paychecks doesn't mean Obama is running on class warfare. God forbid the rich chip in their share though.


--------------------
The spice must flow

. *GASTRONOMICUS* .


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Invisibleneepling
Fat Ladies Buttocks.
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Registered: 04/30/08
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Re: Class Envy (posted by my BLACK professor who is anti-Obama) [Re: usg543]
    #135251 - 10/21/08 09:06 PM (8 years, 1 month ago)

FUCK

POLITICS


--------------------
oh noe! I'm heaps beached bro..


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Invisibleusg543
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Registered: 04/21/08
Posts: 7,259
Re: Class Envy (posted by my BLACK professor who is anti-Obama) [Re: Duke Leto]
    #135252 - 10/21/08 09:09 PM (8 years, 1 month ago)

Quote:

Duke Leto said:
Your professor is a moron. He's basing his theory on class warfare on *gasp* proportional taxes. Just because the rich are use to not having taxes take a dent out of their paychecks doesn't mean Obama is running on class warfare. God forbid the rich chip in their share though.




and your Ph.D. is in?? your qualifications? :rolleyes:

Quote:

Harold A. Black is the James F. Smith, Jr. Professor of Finance, University of Tennessee, Knoxville. He has served on the faculties of American University, Howard University, the University of North Carolina - Chapel Hill and the University of Florida. His government service includes the Office of the Comptroller of the Currency and as a Board Member of the National Credit Union Administration. He also has served on the boards of directors Home Savings of America and its parent company, H. F. Ahmanson & Co., Irwindale, California prior to its merger with Washington Mutual Savings Bank and on the board of New Century Financial Corporation, Irvine, California, then the nation’s largest real estate investment trust. He writes an occasional article for the Knoxville News-Sentinel which can be found at http://www.knoxnews.com/staff/dr-harold-black/.




The man is a genius. He teaches for fun and not for money. I've had him as a professor and he's probably the best teacher in my whole shitty state.


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OfflineDuke Leto
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Re: Class Envy (posted by my BLACK professor who is anti-Obama) [Re: usg543]
    #135283 - 10/21/08 10:23 PM (8 years, 1 month ago)

Yes, and I happen to think his opinion is shit.


Plus I bet he makes over 250k a year


--------------------
The spice must flow

. *GASTRONOMICUS* .


Edited by Duke Leto (10/21/08 10:24 PM)


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Invisibleusg543
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 Arcade Champion: A Blast

Registered: 04/21/08
Posts: 7,259
Re: Class Envy (posted by my BLACK professor who is anti-Obama) [Re: Duke Leto]
    #135293 - 10/21/08 10:49 PM (8 years, 1 month ago)

you called him a moron, i want to hear how much smarter you are than him.


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Invisiblewowitch420
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Registered: 04/22/08
Posts: 5,982
Loc: 512 TX
Re: Class Envy (posted by my BLACK professor who is anti-Obama) [Re: usg543]
    #135295 - 10/21/08 10:55 PM (8 years, 1 month ago)

quite the argument


--------------------

        heady nugz


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Offlinefear.loathingSF
One toke over the line


Registered: 04/21/08
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Last seen: 6 years, 6 months
Re: Class Envy (posted by my BLACK professor who is anti-Obama) [Re: Duke Leto]
    #135297 - 10/21/08 10:55 PM (8 years, 1 month ago)

Quote:

Duke Leto said:
Your professor is a moron. He's basing his theory on class warfare on *gasp* proportional taxes. Just because the rich are use to not having taxes take a dent out of their paychecks doesn't mean Obama is running on class warfare. God forbid the rich chip in their share though.




The rich are not used to paying taxes?  You sir, make me laugh :rolleyes:


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OfflineDuke Leto
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Re: Class Envy (posted by my BLACK professor who is anti-Obama) [Re: usg543]
    #135304 - 10/21/08 11:02 PM (8 years, 1 month ago)

Quote:

usg543 said:
you called him a moron, i want to hear how much smarter you are than him.




Lots? :bongload:


--------------------
The spice must flow

. *GASTRONOMICUS* .


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Invisibleusg543
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 Arcade Champion: A Blast

Registered: 04/21/08
Posts: 7,259
Re: Class Envy (posted by my BLACK professor who is anti-Obama) [Re: fear.loathingSF]
    #135308 - 10/21/08 11:06 PM (8 years, 1 month ago)

Quote:

fear.loathingSF said:
Quote:

Duke Leto said:
Your professor is a moron. He's basing his theory on class warfare on *gasp* proportional taxes. Just because the rich are use to not having taxes take a dent out of their paychecks doesn't mean Obama is running on class warfare. God forbid the rich chip in their share though.




The rich are not used to paying taxes?  You sir, make me laugh :rolleyes:




guess he never made it to college, or did not have to take an accounting class...

i'll give him a quick summary of how it works: http://www.moneychimp.com/features/tax_brackets.htm


Quote:

Duke Leto said:
God forbid the rich chip in their share though.




actually they chip in way more both in total dollars and percentage wise. i would not consider this a fair share at all.

alternative: flat tax for everyone


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Invisiblewowitch420
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Registered: 04/22/08
Posts: 5,982
Loc: 512 TX
Re: Class Envy (posted by my BLACK professor who is anti-Obama) [Re: usg543]
    #135311 - 10/21/08 11:09 PM (8 years, 1 month ago)

shut up richy rich.


--------------------

        heady nugz


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Invisibleusg543
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Registered: 04/21/08
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Re: Class Envy (posted by my BLACK professor who is anti-Obama) [Re: wowitch420]
    #135313 - 10/21/08 11:11 PM (8 years, 1 month ago)

:rolleyes: i don't even make enough money to pay taxes. will be in debt soon if i don't get out of college. scholarships are running out!!


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InvisibleCalibrate
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Registered: 08/30/08
Posts: 381
Re: Class Envy (posted by my BLACK professor who is anti-Obama) [Re: usg543]
    #135315 - 10/21/08 11:13 PM (8 years, 1 month ago)

how far'd you make it usg?


--------------------
Calibrate is nothing but a mere puppet. A fictional character someone uses for entertainment purposes. Anything said by Calibrate should not be taken seriously. 100% of what Calibrate says is false.


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Invisibleusg543
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Registered: 04/21/08
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Re: Class Envy (posted by my BLACK professor who is anti-Obama) [Re: Calibrate]
    #135321 - 10/21/08 11:20 PM (8 years, 1 month ago)

i'm on my 5th year (keep changing majors :crazy:), one scholarship ran out on my 4th year, but luckily they let me keep the other one. i have been working since i was 16 and saving up money and should have enough to last me. i work and go to school. i pay my own rent/utilities/everything. money is getting tight lately though, because i've been working a lot less lately.


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InvisibleCalibrate
Male


Registered: 08/30/08
Posts: 381
Re: Class Envy (posted by my BLACK professor who is anti-Obama) [Re: usg543]
    #135327 - 10/21/08 11:26 PM (8 years, 1 month ago)

what degrees do you have thus far?


--------------------
Calibrate is nothing but a mere puppet. A fictional character someone uses for entertainment purposes. Anything said by Calibrate should not be taken seriously. 100% of what Calibrate says is false.


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Invisibleusg543
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Registered: 04/21/08
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Re: Class Envy (posted by my BLACK professor who is anti-Obama) [Re: Calibrate]
    #135333 - 10/21/08 11:28 PM (8 years, 1 month ago)

should have one in may, finance

originally i was prepharmacy


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