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John Yarmuth On Wealth Disparity & Taxes

November 18th, 2010 by jake · 9 Comments

Have you seen this video of John Yarmuth discussing wealth disparities and tax cuts for the richest one percent of Americans?




Tags: Congress · Economy · John Yarmuth · Taxes · Video

9 responses so far ↓

  • 1 will // Nov 18, 2010 at 12:18 pm

    This is why I voted for you John! And that obscure reference is a doozy.

  • 2 E // Nov 18, 2010 at 2:58 pm

    If only it were as simple as taxing the income of the richest 1% a bit more…but it’s not.
    The causes to wealth compression at the top are numerous, taxing income a bit more won’t bring the numbers into sync.
    For starters, increasing ones wealth is not contingent on income.

  • 3 Terry Sullivan // Nov 18, 2010 at 4:21 pm

    John is a traitor to his class. Being that 5% of the people pay 80% of the taxes, tax cuts are only effective when they are given to those who actually pay. 46% of the population either pay no taxes or get a check from the government (kind of a reverse tax situation). It’s a sorry-assed bunch of voters who would elect and re-elect this worm to office. If those who fail to study history are condemned to re-live it, those who fail to study economics are condemned to being poor. I suspect that Little John’s ancestors took a far different view of how taxation works.

  • 4 jake // Nov 18, 2010 at 4:25 pm

    Looky there! Mr. Concern Troll is back again!

    Thought you were done with our websites, Terry?

    Here’s the deal: I think you’re either mentally retarded or need a swift kick in the ass with reality. Fucking bigot.

    I dare you to spew such Anti-Semitic horse shit in public, on camera and to John Yarmuth’s face.

    You’re not welcome here.

  • 5 Novena // Nov 18, 2010 at 4:57 pm

    “St. John: Evangelist for Equity”

    Thank you, Rep. Yarmouth, for caring about 99% of Amurkins. You’re so right: Thanks to the Bush regime we have the largest disparity in wealth of any “developed” nation. And the GOP and Tea Party want to extend our deficit in further astronomical ways by keeping the Bush tax cuts for the rich in place. Some new beginning! Give us all a break and say NO to that kind of asinine and greedy thinking.

  • 6 PKC // Nov 18, 2010 at 6:25 pm

    Terry,
    SHUT THE FUCK UP!!!
    Everybody, everywhere, on all of the blogs that you spew your crap is sick of it.
    You are the only person believing your stupid loud mouth orations.

  • 7 ClearAndPresentThinking // Nov 19, 2010 at 4:16 pm

    So if I invent a better wind turbine and have a dream to build a wind farm in Jefferson County to supply say 10% of LG&E’s capacity I will need a lot of wind and a lot of cash.

    Let’s see…LG&E produces 1470 meggawatts (MW) at Mill Creek, 563 MW at Cane Run and will soon have 100 MW at the hydro plant for a total of 2133 MW. This is about the same as two modern nuclear plants but with all the pollution and mountaintop destruction you get from coal.

    If I want to provide just 10% with my new wind farm I need to build 213 MW of wind. Each of my big new trubines are 20% better than the current best GE design and can produce 3 MW each so I will need to build 71 of my new turbines. Even if I have the machines built right here in Louisville mine cost about the same as the GE ones at $2,500,000.00 each. So just to build my turbines will require $177.5 million. I will also need about another $150 million to acquire the land, build the switchgear and transmission lines so I can connect to the grid for a grand total of $327.5 million.

    I got all my ducks in a row so far with my designs, plans, farm location, willing seller, fabrication shop, trained worker program at the local junior colleges, insurance, management team in place, construction schedule, contacts signed and all I need is my financing.

    Who do I go to? The banks? No way, not now as none of them are loaning for anything that involves risk. They are all sitting on cash and will not lend it. This situation is reported on daily in the Wall Street Journal and is not expected to change much in the next year.

    Who else has money to lend? Poor people? No they are poor and don’t have money for various reasons including mistakes, bad luck, bad habits, and very poor life choices.

    Best place to get money is from people you know. So friends and family are a good place to start. Today, my family is all pretty well off and clearly middle to upper income although this was not how we all started. Some have really big incomes and make well into 6 figures but even all of them togehter don’t have $327 million dollars to lend for a risky venture. At best I could probably get a few hundred thousand and maybe a bit more over time.

    But guess who does? Venture Capitalists and other private equity people. But these are the 1% of top income earners who have most of the wealth. The very ones demonized by Rep. Yarmuth in his numerous speaches. Exactly, and they are the ones I plan to go to to ask them to invest in my new Wind Farm Louisville project becuase they have both the money and the willingness to take the risk and invest with me.

    I need these guys. They are good and with their help I can finally get my project off the ground. They will be rewarded when I pay them back and because they are willing to take on high levels of risk they will get a big return when projects like mine succeed. They also take a bath when they fail. The government never steps into save ventures like mine and I am fine paying a big return to these investors. In fact, I’m gratefull they are here and able to loan me so much money. I would like to succeed so they will make money so I can then turn around and borrow even more money from them so I can expand my business with Wind Farm Lexington and Wind Farm Frankfort and so on.

    But somehow Rep. Yarmuth thinks my investors have enough money and that they make too much money (how much is that?) and now he wants to take their money from them as if they just keep it laying around and waste it. But they don’t let it lay around. They invest in businesses like mine all the time. In fact, if they don’t loan me money my dream of an energy efficient city will be just that a dream. Does Rep. Yarmuth think he can build a better wind turbine than me? No, I don’t recall him making such a claim.

    So why does he want to take moeny away from my sources? Just becuase they are the richest 1%? Doesn’t he realize if he raises taxes on this group that they will not have as much to loan to me or will have to charge me a higher return which suddenly makes my project no longer feasabile?

    It’s pretty clear to me that Rep. Yarmuth thinks he knows better than me and everyone else who has ever made an investment. By making such a statement I suppose he panders to some of his base that are not in the top 1% income group as he he is fanning the flames of resentment.

    More poor people would suddenly find themsleves wealthy if they learned to honor and respect those in the top 1%, immitate them instead of gansta’ rappers and read a book like “Think and Grow Rich”. Instead they vote for people like Rep. Yarmuth who wants to punish the very ones that I need at the very time I need cash to build my wind farm more now than ever.

    Show me a poor guy that makes an investment in the future and I show you that same guy in the future who will no longer be a poor guy. So just how is Yarmuth a leader if he does not motivate others to lift themselves out of poverty? I came from a very low income background and one day I wanted to join the Hikes Point Optimist baseball team. My family could not afford the fee then because we were poor. I made my mind up that I would never be poor in the future. I started reading books that rich people read and my future changed and I was never poor again. I recommend the same for the poor today. With my way they have nothing to lose but everything to gain. With Yarmuth the poor will be poor forver.

    Forget about Yarmuth. His message is wrong. Get this, he thinks the government can do a better job. If you agree, follow him and stay poor for a very long time. If you don’t, join me and let’s go get some investment money from that top 1%. Just be sure to tell Yarmuth to lay off the “you are stupid” speach.

  • 8 jake // Nov 19, 2010 at 4:18 pm

    Brain dump?

  • 9 The Highlander // Nov 20, 2010 at 11:10 am

    ClearandPresentThinking: You need to learn of FDR’s advice re: public discourse: “Be sincere, Be Brief and Be Seated.”

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