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Old 02-10-2013, 08:28 AM
 
Location: Lincoln, NE (via SW Virginia)
1,644 posts, read 1,795,084 times
Reputation: 1053

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Increased taxes on the extremely wealthy (although still as low as Reagan era levels), increased investment in our domestic infrastructure, And a deficit of less than 1% of GDP by 2022.......better than Ryan's without crippling austerity, massive layoffs, and a steroid injection of income inequality.


http://grijalva.house.gov/uploads/Ex...ry%20FINAL.pdf
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Old 02-10-2013, 08:54 AM
 
3,576 posts, read 6,063,858 times
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Studies have shown time and time again you can tax the super weathy 100% and it won't do a thing to stop the runaway budget.

1. Increasing social security taxes with no cap but "added benefits" for those who contribute more. Again too vague. It's its the same calculation with increase contribution you will have even more people retiring at age 62 to collect all their "benefits" as soon as they can cause they contributed more under the newer system proposed. Never underestimate what people will do in real life.

2. Eliminating tax exempt status of municipal bonds is suicide. Cities won't be able to raise funds for "infrastructure" if tax exempt investment status is lost for investors or borrowing cost will skyrocket.
Again. Don't underestimate what the public will do.

3. Taxing capital gains as regular income? You are going to kill investments and what people with free capital want to do with their money. Remember the money being invested has been taxed already once. And you want to double tax them at the highest rates.

I could go on and one

Now ask yourself. What happens if "projected tax revenues fall short, which they always do?" Just google Maryland millionaires tax. The people's republic of Maryland severely underestimated how much revenue would be collected from a millionaires tax.

If government always under projected tax revenues and over projected spending. Than their budget would get balance much. But it's always the other way around (more tax revenues and under projecting spending.)
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Old 02-10-2013, 09:13 AM
 
Location: Lincoln, NE (via SW Virginia)
1,644 posts, read 1,795,084 times
Reputation: 1053
Quote:
Originally Posted by aneftp View Post
Studies have shown time and time again you can tax the super weathy 100% and it won't do a thing to stop the runaway budget.

1. Increasing social security taxes with no cap but "added benefits" for those who contribute more. Again too vague. It's its the same calculation with increase contribution you will have even more people retiring at age 62 to collect all their "benefits" as soon as they can cause they contributed more under the newer system proposed. Never underestimate what people will do in real life.

2. Eliminating tax exempt status of municipal bonds is suicide. Cities won't be able to raise funds for "infrastructure" if tax exempt investment status is lost for investors or borrowing cost will skyrocket.
Again. Don't underestimate what the public will do.

3. Taxing capital gains as regular income? You are going to kill investments and what people with free capital want to do with their money. Remember the money being invested has been taxed already once. And you want to double tax them at the highest rates.

I could go on and one

Now ask yourself. What happens if "projected tax revenues fall short, which they always do?" Just google Maryland millionaires tax. The people's republic of Maryland severely underestimated how much revenue would be collected from a millionaires tax.

If government always under projected tax revenues and over projected spending. Than their budget would get balance much. But it's always the other way around (more tax revenues and under projecting spending.)
The proposal isn't to tax the super wealthy at 100%...the highest level is 49% which are levels that aren't far from the reagan era levels. You'll have to excuse me if the doomsday worries don't register with me...but what does register is gutting our revenue in interest of another tax break for the wealthy.
1. I don't follow why you think this...
2. I don't necessarily believe this portion of the proposal is a great idea either, but I find less to contend within this budget than any GOP proposal.
3. I hate this argument...the money isn't taxed twice....the gain is taxed. If your investment yields no gain it isn't taxed. If it does...it should be regarded as regular income.

Even if the receipts fall short in the interim it would simply extend the date at which the deficit is set to be cleared out...a miscalculation, assuming it isn't a horrendous one, doesn't spell the end of an otherwise sound budget.
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