A great Forbes Oped/Blog about the current debate over increased taxation - Off-Topic | futures io social day trading
futures io futures trading


A great Forbes Oped/Blog about the current debate over increased taxation
Updated: Views / Replies:883 / 0
Created: by RM99 Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors – all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you don’t need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 
Thread Tools Search this Thread
 

A great Forbes Oped/Blog about the current debate over increased taxation

  #1 (permalink)
Fortitudo et Honor
Austin, TX
 
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: Futures
 
Posts: 882 since Mar 2011
Thanks: 128 given, 703 received

A great Forbes Oped/Blog about the current debate over increased taxation

It’s Time To Kill The ‘Robin Hood’ Myth - The Objectivist - - Forbes

It’s Time To Kill The ‘Robin Hood’ Myth

If you were to judge by the rhetoric, you might think that Paul Ryan’s plan for reducing the federal deficit slashed the government’s budget by 90%, and funded the killing of kittens to boot. E.J. Dionne, for instance, calls it “radical,” “irresponsible,” and “extreme,” and asks, is this “the end of progressive government?” The truth is that Ryan actually proposes increasing government spending in the coming years–just at a lower rate than current projections. So why are Ryan’s critics so up in arms?

Because Ryan’s plan dares to touch (albeit, merely to scratch) the untouchable entitlement state. Ryan’s plan would, among other things, trim and reorganize Medicare and Medicaid and reduce federal support for education. To the plan’s critics, this amounts to “reverse-Robin Hood redistribution,” as former vice chairman of the Federal Reserve Alan Blinder put it. “[A]bout two-thirds of Mr. Ryan’s so-called courageous budget cuts would come from programs serving low- and moderate-income Americans, while the rich would gain from copious tax cuts.”

The “reverse-Robin Hood” line suggests that Ryan’s plan robs from “the poor” and gives to “the rich.” But cutting entitlements is not robbery–and cutting taxes isn’t a gift.

Entitlements are essentially government handouts: the government takes money from some people in order to finance other people’s retirements, doctor’s visits, and whatever else the government deems worthy. They are unearned benefits. It is shameful that in a civilized society we have to say this, but getting less loot is not the same thing as being robbed.

A tax cut, meanwhile, is not a government handout–it is a reduction of how much of your income the government takes. Whether you’re a millionaire, billionaire, or an ambitious stock boy, a tax cut means you get to keep more of what you earn.

In this context, consider president Obama’s recent budget speech, in which he criticized Ryan’s plan for implying that “even though we can’t afford to care for seniors and poor children, we can somehow afford more than $1 trillion in new tax breaks for the wealthy.” When Obama speaks of what “we” can afford, he is obviously smuggling in the premise that all wealth rightfully belongs to society and that the government–as society’s representative–will dole out that wealth as it sees fit.

We reject that premise. On our view, you earned your wealth and it belongs to you, and no politician has any business talking about how much of your money he can “afford” to let you keep. What is true is that government is running deficits. It is spending (and has promised to spend) much more than it is taking in through taxes. Much of that spending, Obama admitted, is going toward entitlements.

What, then, did Obama propose as his solution to this spending binge? According to the president, the solution can’t be to stop doling out entitlement checks. That would be “abandon[ing] the fundamental commitment this country has kept for generations.” Instead, we must raise taxes on productive American citizens. (What about the Founders’ view that America’s “fundamental commitment” was to protect every individual’s inalienable rights, including his right to the fruits of his own labor? Obama didn’t say.)

The message was plain: It is necessary and perhaps noble to deprive a person of what he has earned, but it would be morally monstrous to deprive a person of the unearned. You created wealth? Big deal. You have a need you can’t fulfill? You have a right that nothing on earth can supersede.

It is fitting that those pushing this doctrine should invoke Robin Hood. When people hail the man who “robbed from the rich and gave to the poor,” it is normally on the grounds that the need of Robin Hood’s beneficiaries justified the looting of his victims. Stealing is wrong–if you’re serving your own “greed.” But if you’re serving others’ need? Anything goes.

It is also fitting that at the same time the debate over entitlements was going on, Ayn Rand’s 1957 novel Atlas Shrugged was jetting to the top of the Amazon bestseller list. In Rand’s novel, the mysterious Ragnar Danneskjöld declares, “I’m after a man whom I want to destroy. He died many centuries ago, but until the last trace of him is wiped out of men’s minds, we will not have a decent world to live in. . . . Robin Hood.”
According to Danneskjöld, Robin Hood “is held to be the first man who assumed a halo of virtue by practicing charity with wealth which he did not own . . . . He is the man who became the symbol of the idea that need, not achievement, is the source of rights, that we don’t have to produce, only to want, that the earned does not belong to us, but the unearned does.”

This is why, contrary to the rhetoric, the “cuts” proposed by Republicans have been puny to non-existent: the Republicans share the Robin Hood morality. However much they decry taxes, however much they recognize that entitlements are leading us toward bankruptcy à la Greece, they agree that need does entitle people to others’ wealth. And so Paul Ryan and all the other Republicans hasten to assure the world that they would never be so cruel as to cut entitlement redistribution schemes: their only goal is to save them. Their message is: Obama’s goals are noble; only his means are open to criticism.

Instead of ducking charges of “reverse-Robin Hood,” defenders of limited government should follow Danneskjöld’s example–they should fight with full moral confidence against any scheme to take earnings from some in order to lavish others with the unearned.
Robin Hood, rest in peace.

Reply With Quote
The following 2 users say Thank You to RM99 for this post:

Reply



futures io > > > A great Forbes Oped/Blog about the current debate over increased taxation

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
BLS: Job Openings increased in March, Highest since 2008 kbit News and Current Events 0 May 11th, 2011 12:38 PM
blog to read cory Off-Topic 3 October 24th, 2010 12:42 PM
Just started a blog Would Traders Hideout 12 August 18th, 2010 12:42 PM
Great blog on pyschology of trading cunparis Psychology and Money Management 2 December 3rd, 2009 09:57 PM
The BMT blog Big Mike Off-Topic 5 June 17th, 2009 08:29 PM


All times are GMT -4. The time now is 03:56 PM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-17 in 0.10 seconds with 19 queries on phoenix via your IP 107.20.115.174