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.
Yeah what a boom. Everyone was borrowing money while banks were handing out leverage to buy stocks and bonds. One big asset bubble.
Blah, blah, blah. The economy did great when those taxes were increased(not saying the economy doing great was because of higher taxes).
Every conservative I read or listened to back then predicted bad economic times because of those increased taxes. They were wrong. Proven wrong by reality.
Every conservative predicting a surging economy based on those Bush tax cuts and they were proven wrong by reality.
Conservatives have zero perspective or credibility when it comes to tax increases.
I don't think working hard gets you any guarantee of enjoying higher marginal tax rates. But, since you're alluding to a fallacy that higher marginal tax rates discourages striving for higher income, then...
1-I should have felt the urge not to see my incomes rise
2-You should have felt the urge to keep your incomes low.
Well, those things aren't happening in CA. In fact, the tax increase was because politicians won't cut ANYTHING.
I will never understand how Californians could vote to increase taxes, but NO cuts happened. Until that happens (just read where legislators were fixing up their govt cars, on the govt dime, so that they can buy them from the state), the state will NEVER be OK.
I'm glad every day that I left years ago.
You are lying or misrepresenting the facts. Every article I have read about California's budget crisis says that huge cuts were made and that this is one reason voters decided for higher taxes because Governor Brown warned them that if they didn't raise taxes there would be even more savage cuts to very popular government services. The voters chose.
If I could afford to move to California I would, but it is very expensive in part because so many people want to live out there, another because so many educated people live in the state, another because they have so many dynamic industries etc. Not to mention my reason for wanting to move there the weather.
Those reasons are huge advantages. Cali will be all right.
Blah, blah, blah. The economy did great when those taxes were increased(not saying the economy doing great was because of higher taxes).
Every conservative I read or listened to back then predicted bad economic times because of those increased taxes. They were wrong. Proven wrong by reality.
Every conservative predicting a surging economy based on those Bush tax cuts and they were proven wrong by reality.
Conservatives have zero perspective or credibility when it comes to tax increases.
You'd have to ask a conservative.
The economy "did great" because banks essentially printed money in one of the biggest paper wealth bloating exercises ever witnessed. Let it also be known that such securities are claims on wealth otherwise know as debt. Its one big debt bubble which is to say a vast gulf between those who create wealth and those benefit from it. This resulted in the return to reality in the 2001 bust. All that bloat found its way into the housing bubble where even more bank money creation lead to one of the greatest real estate speculative bubbles witnessed. Rubinomics was an unmitigated disaster. Yes Bill, thanks for the set up for Bush to carry the disaster home.
Democrats and Republicans work so well together...
I don't think working hard gets you any guarantee of enjoying higher marginal tax rates. But, since you're alluding to a fallacy that higher marginal tax rates discourages striving for higher income, then...
1-I should have felt the urge not to see my incomes rise
2-You should have felt the urge to keep your incomes low.
That's odd because in my household I specifically avoid higher marginal rates for benefits that do not show up as income. Once I got in the higher brackets I specifically have focused on cutting expenses. I have little interest in more work for more money.
The economy "did great" because banks essentially printed money in one of the biggest paper wealth bloating exercises ever witnessed. Let it also be known that such securities are claims on wealth otherwise know as debt. Its one big debt bubble which is to say a vast gulf between those who create wealth and those benefit from it. This resulted in the return to reality in the 2001 bust. All that bloat found its way into the housing bubble where even more bank money creation lead to one of the greatest real estate speculative bubbles witnessed. Rubinomics was an unmitigated disaster. Yes Bill, thanks for the set up for Bush to carry the disaster home.
Democrats and Republicans work so well together...
I understand, that economies are cyclical. They always go into recession.
So is it better for an economy to boom even if eventually there is a recession caused by some of the economic policies that helped the economy grow.
I remember the late 90's early 2000's economy. I remember working a dead end job that I enjoyed but was never going to pay me a lot. I remember in 2001-2002 searching in the paper for work and the classified ads being pages and pages of job opportunities.
I remember going on multiple interviews, fielding multiple job opportunities, I remember that first job I took at the railroad being my first real adult career that paid a decent wage which was an important stepping stone to landing my current job.
The recession following the Clinton boom was not that bad and it recovered fairly quickly.
So while you may say that the Clinton policies(and I think some of his policies did) caused the recession of 2001, it wasn't that bad and it recovered quickly. Yet that economic growth during the 90's was real and it helped to improve the lives of real people.
There were a lot more job opportunities back then.
That's odd because in my household I specifically avoid higher marginal rates for benefits that do not show up as income. Once I got in the higher brackets I specifically have focused on cutting expenses. I have little interest in more work for more money.
I suspect you try to minimize your taxes, even if you were firmly within a tax bracket. Or, do you not? A far cry from being scared to jump into next bracket.
Heck, if tax rates were raised to 91% for top bracket, I would still take the Power ball money home.
Here's another fact that progressives want to ignore:
Many Californians have been departing for more affordable states, with a net loss of four million residents to other states over the past 20 years (while continuing, of course, to attract immigrants.) Of those who remain, nearly two-in-five Californians pay no income tax, and one in four receive Medicaid.
As I said "California has become a state full of useless eaters"
Quote:
Originally Posted by gwynedd1
Why would I start a business in California when my employees have to pay income taxes, sales taxes and high rents? Why would I myself pay high rents for warehouse space? When you lower property taxes, it adds to the value of the real estate which sooner or latter will be purchased with a mortgage. That will then create a stream of interest charges out of the state. This will cause more taxes on the work force because lower taxes on property gets sucked out of the state.
So if I'm reading this correctly, you are implying that property taxes should skyrocket? That this will somehow lower rents, and sales tax because property values will fall?
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.
