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Michele Bachmann's Plan to eliminate taxes for 23,000 millionaires

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    Reference: Think Progress, June 17, 2011: As Richest Pay Lowest Taxes in a Generation, Bachmann Would End Income Tax for 23,000 Millionaires.

    ThinkProgress reports that  "Rep. Michelle Bachmann (MN) has assembled a tax plan that would involve a massive corporate tax cut and tax increase on the working poor. Meanwhile, Bachmann would continue to cut taxes on the richest income-earners among us. But Bachmann’s plan would do even worse things than simply continuing to hand out tax cuts for the rich and corporations. As Dan Baneman of the Tax Policy Center found, Bachmann’s proposal to repeal taxes on capital gains would actually remove 23,000 millionaires from the tax rolls altogether. Meanwhile, the Tax Policy Center’s Howard Gleckman estimates that “this largess would add about $25 billion to the deficit in one year.”

    After the Republican debate, I watched the media pundits from both the right and the left swoon over Bachmann's performance.  Was it the delivery that they were enamored with?  Because on the substitative issues of the day, I certainly can't see why Bachmann deserves any accolades except from her right wing Tea Party base and the super rich plutocrats who buy the votes of Congress in excahnge for their political posturing.

    Digging through the details of "her plan" reveals the truth.  She is just one more surrogate (humanoid) for the rich plutocrats who control their thinking and actions...kind of like the Star Trek Borg collective.
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    Schmidt Wrote: Digging through the details of "her plan" reveals the truth. She is just one more surrogate (humanoid) for the rich plutocrats who control their thinking and actions...kind of like the Star Trek Borg collective.


    That's awesome. Agreed.

    Pundits always seem to feed into the hand of the polarizing and the "well spoken". I personally don't care how excitable you are or how eloquent you can be as a presidential hopeful. I care about...well, what does it matter? Doesn't make for good TV so why waste the breathe.
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    sbfriedman Wrote:
    Schmidt Wrote: Digging through the details of "her plan" reveals the truth. She is just one more surrogate (humanoid) for the rich plutocrats who control their thinking and actions...kind of like the Star Trek Borg collective.


    That's awesome. Agreed.

    Pundits always seem to feed into the hand of the polarizing and the "well spoken". I personally don't care how excitable you are or how eloquent you can be as a presidential hopeful. I care about...well, what does it matter? Doesn't make for good TV so why waste the breathe.


    I second that Agree!! She'll say anything to get attention and ... money. She's a 'useful fool' and the corporations and greedy top 5% know it.
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    Good to hear from Schmidt. 

    Michelle Bachmann's tax plan is not "fiscal conservatism" by ANY STANDARD OF THE IMAGINATION

    All marginal tax cuts do is add to the cost of investment and put more downward pressures on wages. 
    Think about it....w/ marginal tax cuts, there are more investment dollars chasing the same consumer demand. Thus, the price of investing goes up, buoying up stock prices. 
    Now, while consumer demand remains weakened and unchanged, conservatives would also make draconian cuts to government spending, which would reduce overall demand.  So with high marginal tax cuts + cuts to government spending, you have more investment dollars, chasing less demand.  
    How do you earn a profit with an existing business model, when the marketplace shrinks?  You cut spending.  Thus, in such an environment, businesses and corporations have to become leaner and meaner, so as to provide a return on investments. 

    Look, when you cut high-marginal taxes, the wealthy have more money.  Right? 
    Highend consumables is a highly inflated and unstable marketplace.  Any additional consumer spending by the wealthy as a result of high-marginal tax cuts is likely to be negligible.

    Money must be "saved" as a financial asset in order to preserve it's purchasing power.  Right?
    Paper currency and on-demand accounts (checking accounts) lose value over time. 
    Thus, high-marginal tax cuts necessarily increase investment spending and/or capital flows out-of-country. 

    Add a balanced federal budget to this, weakening demand, a gigantic trade deficit, and you have a domestic economy that simply must retract and destroy wealth.

    The only thing keeping any positive momentum going in our current domestic economy is deficit spending by the federal government and extraordinary intervention by the FED.  State budget cuts, hamstrings on government intervention, and regulatory capture have completely wrecked the recovery.  We're are now in for the Long-Generation.  Get used to the Big Darkness and prepare for the worst. 

    The proverbial roof is on fire, and Bachmann just wants to watch it burn. 

    Nocando- "Time won't Tell" (El-P remix) 
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    Thanks Kaboom.  Yes I've been away on a vacation, but also I sometimes just want to scream at the TV as I watch some of the "politics as usual' on the screen.  I'll make some responses on several of your past postings, but for now I'll share again this George Carlin YouTube video from a couple of years ago that has made the rounds but is never out of date. It makes me feel good to watch it every now and then...good  mental therapy.

    George Carlin" The American Dream

    Now back to work.
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    Carlin's on-stage leftist cynicism bordered on full-blown nihilism.  I don't know how the man really felt, but like Plato's Republic, Carlin's comedy makes you think, however horrifying one's conclusions. 

    These are truly strange and trying days for the Republic.  The "deficit" debate is a total charade.  And leaders of both parties are guilty of perpetuating convienent "noble lies" to the American people.  And now we got the AARP convinced it needs to back off it's opposition to raising the retirement age for Social Security.

    I'm sick of this madness!  
    But you know what? 
    It's only going to get worse! 

    Besides the "deficit" debate, we got immigration laws moving civil rights backwards; disasters all over the nation; the acidification of the oceans; child poverty rates that are unacceptable; War against Terrorists all over the Earth; real unemployment that is still sky high; a failed drug war and a promiscous drug-abusing culture; and an all-out attack on abortion rights.
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    Yes Carlin can appear somewhat overheated in his rhetoric, but his diatribes contain an underlying message that hits home for people like me that have spent time looking into these matters.  First of all Carlin's focus is on the richest Americans, many of whom are in that Top 400 list of billionaires that Forbes publishes.  As Michael Moore pointed out (and was fact checked by Politifact) the wealthiest 400 Americans have more wealth than half of Americans combined. I'll repeat that in another form...the 400 richest Americans have accumulated more wealth than 155 million Americans.

    Certainly some of these richest Americans are more liberal in their thinking and have sought to share their wealth through large philantropy donations and other means.  But for many of them, mostly those with the largely inherited family wealth, they live inside a bubble, oblivious to the plight of the poor and middle class, and use every means possible to accumulate even more wealth, much of it not generated as new wealth, but rather a result of redistribution of wealth upwards through favorable tax legislation or other legislation and contracts.  For many, they have nothing but contempt for the poor and middle class...and for that matter also many so called upper class "wannabees" that haven't quite reached their level of power and wealth.

    I spent some time a while back chasing some of the conspiracy theories about the rich...the Bilderbergers...the New World Order...and such but could never quite connect all the dots.  I ultimately decided that Alex Jones and others who chase these conspiracies are largely working a niche audience and make big money doing it...much like Glenn Beck and his niche audience...or Rush Limbaugh.  Sprinkle a few facts in with the innuendo and you got your audience hooked.  It's critical thinking hijacked in the wrong direction.  Instead what I believe is that the rich oligarchs, having never experienced poverty in their lives, are largely driven by greed...an almost innante obsession to accumulate more and more wealth.  And they hire some very, very smart people to ensure that the populace doesn't turn against them.

    Thus our day-to-day media rhetoric and focus is less about them and more about wedge issues that divide the populace...abortion, gay marriage, God, guns, immigration, unions, academia, deficits, public education, Muslims, race, health care, patriotism, "welfare queens" and more...celebrities like Bristol Palin undeservingly capture the headlines...or an endless obsession with Anthony Weiner's "weiner" to distract the attention from the important issues of the day. They use fear, anger and hate to stifle any critical thinking.  Education is their enemy...an informed populace is their biggest fear.  They create think tanks like the Heritage Foundation to spread misinformation to the populace and repeat lies over and over again...like "only the rich create jobs." And they buy our politicians, if not with money, then certainly with support for their wedge issues. 

    I do not doubt the sincerity of the Christian right in voting their "family values" but for the rich plutocrats, they are nothing more than pawns in the game that need to be indulged.  They represent a substantial voting block of middle class and poor that can be counted upon to vote against best economic interest.  Thomas Frank in his 2004 best seller, What's the Matter With Kansas? exposes this blind adherance to "the party collective" by pointing out that the poorest county in America...a county in the Great Plains of Kansas voted overwhelmingly for Bush in the 2000 election...by 80 percent!!!

    Michele Bachmann is one who has drank the kool-aid...like the poor folks in that Kansas county.

    Thomas Frank introduces his book with a quotation from a populist 1892 song:

    Oh, Kansas fools! Poor Kansas fools!
    The banker makes of you a tool.


    And that I think defines the American political arena today and not just Kansas.