Senator Judd Gregg schools MSNBC’s Andrea Mitchell on taxes

Much is being made of the cost of the Obama tax compromise. The left in particular is taking aim on extending the Bush tax rates for “millionaires and billionaires.” The lefty press is quick to point out what they perceive as hypocrisy on the part of Republicans. After all, extending the tax rates will “cost the government” $400 billion and $140 billion for the millionaires. Not so says Judd Gregg. It’s your, “It’s not your money” quote of the day.

Now I will admit my ultimate fiscal conservative dream is to see government cut down to size. And it is true if government spending isn’t cut, then the government has to borrow or confiscate more money from us, including the rich. But tax cuts don’t need to be paid for because … well as Gregg points out to Andrea, it ain’t the government’s money.

httpv://www.youtube.com/watch?v=WkdJAjaceIM

Me thinks Judd Gregg should save his breath. This is a concept the lefties will never understand because I know these people. It’s all a big pot of money to them and the rich take more than their share. It’s true. I know them. So some feel guilty, but never guilty enough, as Senator Gregg pointed out, the voluntarily send in more of their money.

Just for the record.

httpv://www.youtube.com/watch?v=6ZyAd_rJAx4

8 replies
  1. Dimsdale
    Dimsdale says:

    I loved that! If Gates and Buffet think that they don't need a tax cut, then they are under no legal obligation to take it, and I am sure that the Treasury would be glad to take any extra funds they feel are languishing in Gates' or Buffet's bank accounts.

    But here is the point: they don't do it because they either keep it for themselves or invest it back into their businesses! Precisely what the Democrats and Øbama say that the rich DON'T do!! Rich Democrat businessmen know the truth (while rich Democrat politicians just dodge the taxes they ARE obligated to pay), but still feel obligated to talk out of their hindquarters.

    As Howie Carr is fond of pointing out, in MA, there is a box on the state income tax form that you can check off to be taxed at the old rate of 5.85% instead of the newer, lower rate. Democrats have NEVER stood up and said "I checked the box!!"

  2. GdavidH
    GdavidH says:

    What is always funny to me about this debate is that I personally know people who can DECIDE to have no income in a given year and still make money. If you have a business and have employees or even if you just pay folks to care for your lawn or holdings or whatever, you can't avoid income taxes ( or at least filing a return). If you don't like payin' there are plenty of ways to support yourself with WEALTH and have no reportable income. Yes, you pay property taxes and sales taxes etc. but you don't invest, hire, or expand and you get to write off depreciations. You are not REQUIRED to supply a demand.

     Just hope you don't die.

     This is why the lefties have it wrong. Only prosperity grows the economy…. For everyone.

  3. Lynn
    Lynn says:

    I agree, it's a waste of breath to explain. We believe one way, the Left believes another. All I can say is, the people who speak most eloquently about this issue are those who come from socialist countries. I am moved to tears when these people describe their "old" country and how they fought and scraped to get here. They have achieved here and they are scared that America will no longer be America. God, give them breath and a forum to speak!

  4. Tim-in-Alabama
    Tim-in-Alabama says:

    Leaving the tax rates as they are costs the government NOTHING. The rates have been in effect for years. It's the government's responsibility to budget with available revenue. Allowing the tax rates to revert to their old levels is a TAX INCREASE, and will cost EVERYONE who pays taxes (Democrat cabinet members and Congressmen excluded). The Orwellian language used by the left wingers is really a reality buzz kill.

  5. sammy22
    sammy22 says:

    GdavidH: I agree w/ the point you make about "living off wealth" and pay no income income taxes. But then, the righties claim that the economy grows only when taxes are cut because jobs are produced w/ the un-taxed money. A tax cut on zero income is zero. How do they work their "magic"??

  6. GdavidH
    GdavidH says:

    Sammy,

     There is no magic. This country does not tax wealth, it taxes income.

     The righties have their talking points also, but I don't think they say the economy only grows when taxes are cut. They say you should not raise taxes in a bad economy, ever. That just stifles growth.

     250K is not rich, especially for a small business with a few employees, and these guys are the ones driving the economy. They need certainty and tax relief and less regulation and fewer fees to be inclined to grow their business. If the gubmint punishes their success, what's the incentive to be successful?

    I will repeat what I said before…. You are not required to supply a demand.

  7. sammy22
    sammy22 says:

    Well GdavidH, I am stunned. Wealth, income etc a play on words. I say that $250K of taxable income is a pretty tidy sum to have, especially when one can expense a large part of the small business revenue to support seemingly personal expenses. It's a game that anybody who is self employed knows how to play. The only people who are regularly shafted are the people who are employed by the small or large businesses. Sorry, I will shed no tears for those whose taxable income is above $250K.

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