I was calling your interpretation "VooDoo economics". If you tell me that cutting income tax rates will always lead to higher income tax revenue, you are probably either lying or are misinformed.Quote:
Originally Posted by T1
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I was calling your interpretation "VooDoo economics". If you tell me that cutting income tax rates will always lead to higher income tax revenue, you are probably either lying or are misinformed.Quote:
Originally Posted by T1
If there is a place on the Laffer curve where we can maximize government revenue and grow the economy, we need to try to get there. We don't need to say, "lowering tax rates has always failed in the past" because that is a lie. It doesn't make sense to me that the government can take more money from struggling businesses and that will help. Obama agreed with that 2 years ago when he said, " Normally, you don't raise taxes in a recession, which is why we haven't and why we have, instead, cut taxes." I don't see what has changed in the last 2 years that now makes it OK to raise taxes.Quote:
Originally Posted by nadB
The economy is not in a recession. The budget deficit is unsustainable. The budget gap cannot be significantly narrowed by spending cuts alone. ______________________________________ . You can fill in the blank space.Quote:
Originally Posted by T1
The one thing we know that will increase revenue is economic growth. With economic growth, it doesn't matter if the tax rates are 25% or 75%. I don't see how raising taxes will spur economic growth. I do see how tax cuts can spur economic growth.
If the economy starts to grow despite the tax hikes (like in the Clinton years), we can get more revenue. If the economy does not grow, the increase in tax rates will not produce more revenue. I think Obama is thinking the green energy sector may be the boom that will increase revenue, but I am skeptical.
You are relying on the Heritage organization for your proof? Kinda of like relying on the Communist Party for quotes that communism works.Quote:
Originally Posted by hoppinmad
That article was written before the effects of the Bush tax cuts, so you can now add the Bush tax cuts to the list of tax cuts that has increased revenue. Revenue did fall after the housing crisis, but that was not related to the Bush tax cuts.Quote:
Originally Posted by hoppinmad
Stole this from a business man I know.
With all of the talk about the fiscal cliff, I stopped listening to all of the noise of politicians and decided to do the math. Our debt ceiling will soon be raised to 18.3 trillion dollars which means that there is still no attempt whatsoever to balance any upcoming budget but that's another story. Let's stay with the debt. With a meager 1% interest rate, the monthly interest payment on the debt is $15.25 billion. If you apply that to all 155 million working americans that would come to $98.13 per month per working American and keep in mind that does not include any reduction of the actual debt.
Since we know that our president wants only those making over $250,000 per year to take care of this, that means that this bill will fall on the backs of 2% of Americans or 6.28 million people. This means that the monthly bill for each of these "evil rich people" would be $2,428 or $29,140 per year.
Politicians lie but the math does not. We are doomed. Here's why.
1. The interest rate will not be 1% forever.
2. Unemployment will explode because the money paid for the interest will not be invested to hire people and grow businesses. In fact, people will be laid off so that the increased tax bill can be paid.
3. Tax revenues will decrease when there are less people working and no longer paying taxes.
4. I do not think that anyone seriously believes that the ongoing budgets will be balanced. This means that the debt will continue to grow on top of this.
We will eventually have to default on our debt. It's not if but when. Don't let your federal elected officials continue to blow smoke. Ask them about the math.
I would be interested in seeing any proof that Communism works.Quote:
Originally Posted by saltydawg
You fat cats will get your due! Monkeys rule this world.
http://www.youtube.com/watch?v=xSazdh_8USUQuote:
Originally Posted by T1
Nice. They learned from their mistakes after killing tens of millions of their people. That's about as good as it gets defending Communism. :laugh:Quote:
Originally Posted by saltydawg
Kinda of ironic that those unsuccessful communists are funding our deficit spending.Quote:
Originally Posted by T1
They are evil not dumb.Quote:
Originally Posted by saltydawg