Debating Tax Cuts For The Rich - MSNBC w/ Cenk

Cenk Uygur (host of The Young Turks) on MSNBC speaks with Ari Berman of The Nation and Robert Traynham of Comcast Network on if Republicans will work with Democrats and what will come of extending the Bush tax cuts for the rich.

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[goldenshots]

look how happy Robert gets @ 4:42 when Cenk says "I love you"

[skinsfanh]

What alot of people don't understand is if they had not extended the tax cuts for the top tax braket, those individuals would still get a tax cut on all income $250,000 and below, and see a tax hike on all income above that.

[DroppedEntertainment]

Ari smiles like a kid with his first boner

[luvcheney1]

@starbucks3954 Measuring taxes as a % of GDP, is what CBO does, otherwise inflation distorts figure. There was recession in 2007, but is certainly wasnt caused by tax cuts, as deficit was falling, and tax revenues rising. High tax rates in the 1950`s didnt keep recessions from occurring, there were 2, in 1953 & 1957. Richest 25% of taxpayers paid 83% of ALL inc taxes in 2001, and 86% in 2007. Tax cuts increased tax revenue, and share of taxes paid by rich. Want IRS reference?

[tvaddictman]

@luvcheney1

when you give the rich money, they spend less of it then poor people.

for example if u wired $1000 to a poor person, he would spend all of it immediatly, having food and clothes

to buy.

if u wired $1000 to a person making 1,000,000, he would spend less of it on average.

The reason is cause $1000 is only .1% of his budget and income. to some millionaires that would put them over the edge to buy that extra extension or extra HDTV, but for most, it would not make a huge difference

[Texmurphy51]

@11111110 Bush announced a $17Billion bailout for GM & Chrysler, combined. His intention was never to take it away from Stockholders & give the Unions a huge chunk of the company. The intention was to get the company running again, not to support Union Pensions. Once Obama & crew took over it turned into a big payback for their supporters & to line the pockets of Dem congress & senate. Irony is that despite their saying 'taxcuts for Rich", they have the most tax cheats of any administration.

[11111110]

@Texmurphy51

I really doubt that its about satisfying Obama supporters, considering the GM bailout was initiated under the Bush administration

[SensiStarToaster]

@philateliceun - in some cases, but if you take for instance the Forbes 400 list the majority of them were born rich (the Walton family of Wallmart fame is a prime example).

Besides that if you are already poor then u need all the money u can just to get by, there is no surpluss to save. ..

[philateliceun]

What people don't understand is that the rich didn't get rich by spending money but by saving money.

[Texmurphy51]

@11111110 Go to (I will send the website to you direct since i cant here)

This is CBS & they claim the UAW got 17.5% of the GM commons stock, 6.5 billion preferred shares and a $2.5 billion note. Stockholders got the shaft.

Now what justifies the Gov to take legit investors stock away & give it to the Union? I owned some GM stock in my 401K & dont make anywhere near GM wage so the idea that the Rich pay is BS. This is all about who put him in office.