Thread: Obama wants to reform capitalism

Surprise surprise. It always makes me wonder about the state of our country when candidates stoop to these levels- and people believe it.

http://www.reuters.com/article/topNe...edName=topNews

Some CEOs make more in one day than their workers make in one year

"We've seen what happens when CEOs are paid for doing a job no matter how bad a job they're doing. We can't afford to postpone reform any longer," Obama said.

Because a president can single handedly redistribute income... Never mind that many of the congressmen and women are these exact CEO's and shareholders.

In my experience, if a worker is displeased with the amount of money they're making, then it's time to make some choices. Maybe that new car, TV, HD cable, and going out three nights a week isn't such a good idea. Put it toward training programs and some schooling.

Government "reform" should only come in when an entire industry is screwing over the entire nation. Even then, it should be as minimalist as possible. If a company decides that a CEO is worth the millions they're paying out, that's their deicison. What about certain public institutions such as universities that are shelling out millions upon millions for sports coaches and unneeded developments while treating their students like dirt? Where is the reform in public places already under government control that actually has the ability to help people? Oh yeah, that's right, winning the college bowls is more important than ensuring the taxpaying college students get a decent education. Silly me

Oh-boy!


Justin

Here in Canada, taxation is based on your income bracket. The more you make, the higher the tax percentage. It would be a good system if our taxes weren't brutally high to begin with. That might work better south of the border, though.

Originally Posted by FiReSTaRT

Here in Canada, taxation is based on your income bracket. The more you make, the higher the tax percentage. It would be a good system if our taxes weren't brutally high to begin with. That might work better south of the border, though.

Here the more you make the higher percentage of your income you pay.

Mr. Obama forgets that if he did away with the rich he would have no one to blame the world problems on.

Obama to ignorant to be president

The tax structure is "progressive" here, too. If you make more, you get punished. The tax burden isn't as heavy here. Yet.

I've been thinking about this a lot lately, actually. I'm mad right now because I'm sick of hearing stupid politicians talk about how the government needs to create jobs.

News flash to politicians: The government doesn't create jobs, only suck the life out of those of us who are trying.

I'm mad because I have been unemployed for the last six months. In part I blame the high taxes and stone-age laws in Pennsylvania that keep businesses far, far away from the state.

But that's not why I'm mad. I'm mad because I've used that time and worked really hard to learn a skill that I can use to provide for my family--razor and knife making. I'm making my own part-time job, essentially.

The government does nothing but get in the way. I have to pay a big chunk of my earnings in taxes. There's all kinds of regulations that I'm going to have to learn about and attempt to comply with. I am going to have to get an accountant and probably an attorney just so I can legally sell a few razors.

Next time I hear about the government creating jobs and opportunity, I'm going to flip out...

Josh

Some CEOs make more in one day than their workers make in one year

Actually that's pretty much true Statistically speaking...of course. I wouldn't complain about $29000.00 a day and I wouldn't tell my employees about it either. Now this number is based roughly on a quick google and is based on a quoted average for CEOs. I personally know one that made a bit more in his last job....roughly $98904.00 per day

josh, get creative with your job. 1st if its your own company/self employment then you should be able to knock down your taxes to about nothing due to the insane amount of write-offs you can do.

tools/equipment themselves
internet connectivity so u can do "research"
dinners/food out with friends if you "talk about work/ideas" just for a minute it counts
television and cable bill (research)
computers for the same reason
electricity/powerbills water for your tools
if you rent what % of your space is for tools is a write off
dont forget the normal write-offs like tithe's/donations to church/ clothes etc etc
any classes/training you take to learn your skill
gas milage to buy supplies (0.485 cents /mile)

etc etc etc etc ... think about them and utilize them. you should drop your tax rate WAY WAY down.

self employment(k1 , 1099) is the best kind for these write-offs.. its that damn W2 form that makes it tricky

~J

Originally Posted by jscott

knock down your taxes to about nothing

except for that damn self employment tax (aka social security)... ya can't easily make that 15% nugget go away completely.


Before I chucked working for big companies there weren't many CEOs made more in a day than I did in a year, but certainly for many it is sadly true.

To broaden those in our sights a bit, I'd propose that in addition to those CEOs, we include a lot of the people in the entertainment industry (musicians, singers, actors, etc.) and professional sports figures... a large number of whom are paid more in a year than most of us will make in a lifetime. (Notice I didn't say "earn"... you earn something when you put forth effort to get a just reward... there's no justice in what some entertainment/sports figures are paid IMHO)

I know there's something askew with the capitalist free market system when I look at it that way.

You know that old saying Joe, when the Lord made the world he had a choice, make it round or make it fair and you know what he chose.

I forgot to add that those high paid people apparently also pay most of the tax bill for this country, at least if Bill Maher is right in a recent show when he said...

"The top five percent of people pay 53% of the freight in this country. Over half. And the bottom 50% only pay 4%."

The context of that was that those whose earnings are in the top 5% pay 50% of the taxes whereas those in the bottom 50% only pay 4% of the tax revenue. I would guess he was referring to personal income taxes, but that wasn't explicitly stated... however, the discussion when he said that was about the rich guys who don't pay any taxes at all because of creative accounting.

I still find his statement hard to believe, though.