Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Economists Statement on Barack Obama's Risky Economic Proposals
"100 Economists Warn That With Current Weak Financial Conditions Barack Obama's Proposals Run A High Risk Of Throwing The US Into A Deep Recession"
Barack Obama argues that his proposals to raise tax rates and halt international trade agreements would benefit the American economy.
They would do nothing of the sort. Economic analysis and historical experience show that they would do the opposite. Moreover, with the credit crunch, the housing slump, and high energy prices weakening the U.S. economy, his proposals run a high risk of throwing the economy into a deep recession.
It was exactly such misguided tax hikes and protectionism, enacted when the U.S. economy was weak in the early 1930s, that greatly increased the severity of the Great Depression.
Ironically, rather than supporting international trade, Barack Obama is now proposing yet another so-called stimulus package, which would do very little to grow the economy. And his proposal to finance the package with higher taxes on oil would raise oil prices directly and by reducing exploration and production.
We are equally concerned with his proposals to increase tax rates on labor income and investment.
His dividend and capital gains tax increases would reduce investment and cut into the savings of millions of Americans. His proposals to increase income and payroll tax rates would discourage the formation and expansion of small businesses and reduce employment and take-home pay, as would his mandates on firms to provide expensive health insurance.
Gary Becker, University of Chicago
Steven Kaplan, University of ChicagoBarry Chiswick, University of Illinois at Chicago
Rik Hafer, Southern Illinois University Edwardsville
Steve Davis, University of Chicago
Kevin Murphy, University of Chicago
Arnold Zellner, University of Chicago
Charles Calomiris, Columbia University
Robert Mundell, Columbia University
Martin Feldstein, Harvard University
Kenneth Rogoff, Harvard University
Mike Jensen, Harvard University
Robert Barro, Harvard University
Michael Porter, Harvard University
There is so much on the website that you need to go to it and read everything
The Folly of Obama’s Tax Plan
In Washington, taking away tax breaks as families work harder to make more money is called a “phase-out.” Economists have a different name for it—we call it a tax. Reducing a person’s tax credit as his income goes up also reduces his incentive to earn more income.
Second, Obama would make some credits refundable for families with credits bigger than their tax liability, which would also have the nefarious effect of raising marginal tax rates.
For example, consider a worker in the 10 percent bracket with $1,000 of tax liability before credits who claims $1,200 in credits.
The tax impact of earning an extra $100 depends on whether the credit is refundable.
If it’s not refundable, there’s no tax penalty on earning the extra $100 because the worker’s tax liability stays at zero.
But if the credit is refundable, earning the extra money pushes the tax up from negative $200 to negative $190—that’s a 10 percent penalty on earning income.
As the chart shows, Obama’s give-and-take tax policy results in marginal tax rates of 34 percent to 39 percent in the $31,000 to $45,000 income range for this family. That’s an increase of 13 percentage points or more from the current rates.
While Obama has publicly embraced a tax rate of 40 percent for couples earning over $350,000, his tax policies would result in a staggering 45 percent effective marginal rate in the $110,000 to $120,000 income range for this family. That is 11 percentage points higher than under current law.
Maybe you can learn something useful for your side...instead of the lies, smears and misrepresentations that thus far, have failed to buoy McCain's run.
Maybe you can learn something useful for your side...instead of the lies, smears and misrepresentations that thus far, have failed to buoy McCain's run.
The OP said NOTHING about terrorist connections, so where is this tripe from your post coming from?
Okay...I'll play your stupid little game: OBAMA IS A TERRORIST
Any person with any buisness sense knows his tax plans are bad buisness.
Right. Trickle up economics doesn't work. I've never been employed by a poor person. Handouts do not create wealth. Redistribution of wealth discourages the movers and shakers and rewards those who aren't moving and shaking. Oh...but it's our "Patriotic and American" duty to now become the new welfare....
Maybe you can learn something useful for your side...instead of the lies, smears and misrepresentations that thus far, have failed to buoy McCain's run.
He does have terrorist connections close to 1/2 dozen
If this is silly you must not own anything that could produce capitol gains and you don't pay taxes! Oh and you must not be a business owner...?
Right. Trickle up economics doesn't work. I've never been employed by a poor person. Handouts do not create wealth. Redistribution of wealth discourages the movers and shakers and rewards those who aren't moving and shaking. Oh...but it's our "Patriotic and American" duty to now become the new welfare....
It is setting everything up for total gov control! ever hear of Illuminati?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
You could benefit from expanding your world
