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The laffer curve is not bogus. Which side of it is the real question, and my argument is that we're on the side where increased taxes are called for.
Increased taxes on who? You do realize that taxing the rich isn't going to cut it. For every 1% increase in the 28% and higher tax bracket you get about $15.2 billion per year. If you want to just keep the public debt where it is now you would need to raise taxes on the "rich" by 14%. That doesn't even count for changes that would be made in taxable income when the federal government says it's going to be taxing some people at 53%.
Increased taxes on who? You do realize that taxing the rich isn't going to cut it. For every 1% increase in the 28% and higher tax bracket you get about $15.2 billion per year. If you want to just keep the public debt where it is now you would need to raise taxes on the "rich" by 14%. That doesn't even count for changes that would be made in taxable income when the federal government says it's going to be taxing some people at 53%.
Funny the rich seemed just fine when they were being taxed at 90%. Our economy was at it's most strong when the top 1% were being taxed that high. Also that was the marginal rate being if they spent that money on investments in their companies rather then hoarding it then they weren't taxed that high.
You aren't taxed on revenue you are taxed on profits.
The debt ceiling applies to spending that already took place=- it is just time to pay the bills by going into more debt.
The budget needs to be the focus for reducing the deficit and debt.
You actually have the cantaloupe's to say that we need to uncork the budget in order to reduce debt and the deficits?
Obama said that "adding $4T to the debt is unpatriotic" when it was Bush adding to it. Now that he's added far more, with far less results, it's become unpatriotic not to add more. Which is it?
WTH is wrong with people? How can people actually type such nonsense, such condescending lip service, as if everyone is as insane as they are?
Funny the rich seemed just fine when they were being taxed at 90%. Our economy was at it's most strong when the top 1% were being taxed that high. Also that was the marginal rate being if they spent that money on investments in their companies rather then hoarding it then they weren't taxed that high.
You aren't taxed on revenue you are taxed on profits.
No, they weren't paying taxes at 90% and the economy was strong then but you seem to be arguing for the start and finish of WW III and assuming America would win it hands down.
Why don't you show us where the effective tax rate was 90%. Also, I have no clue what you're flailing about when you say taxing revenue/profits. Do you mean income? I think you're conflating capital gains with income.
Funny the rich seemed just fine when they were being taxed at 90%. Our economy was at it's most strong when the top 1% were being taxed that high. Also that was the marginal rate being if they spent that money on investments in their companies rather then hoarding it then they weren't taxed that high.
You aren't taxed on revenue you are taxed on profits.
Can you point out examples of the rich being fine with a 90% tax bracket?
The Sons of Liberty started a revolution over far less.
Right, and Pelosi & Reid passed a huge debt increase the last 2 years under Bush and Bush made a horrible error by signing it. Then Pelosi, Reid, & Obama had a drunken sailor spending spree giving money to their friends that my kids and grandkids will have to pay for. We have to do better or go bankrupt.
Can you point out examples of the rich being fine with a 90% tax bracket?
The Sons of Liberty started a revolution over far less.
Ah the Boston Tea Party that was over a tax cut on tea! The British were reducing the tax on tea making it more affordable so tea smugglers would be put out of business because their inferior product wouldn't be bought by the colonials anymore. It was the tea smugglers that lead the the dumping of the tea.
You actually have the cantaloupe's to say that we need to uncork the budget in order to reduce debt and the deficits?
Obama said that "adding $4T to the debt is unpatriotic" when it was Bush adding to it. Now that he's added far more, with far less results, it's become unpatriotic not to add more. Which is it?
WTH is wrong with people? How can people actually type such nonsense, such condescending lip service, as if everyone is as insane as they are?
Once again 90% of that debt is not from Obama. It's from Bush. It's carry over. it's the two wars, the economic downturn caused by the Bush economic policies.
Wrong. As percentage of GDP revenue has not increased to what it should be. As a percentage of GDP it's 25% less then it should be. The gov't is collecting 20% less per person then a decade ago when corrected for inflation.
Why does gov't revenue have to go up with GDP? Gov't is there to perform its basic functions--police, military, roads, bridges, etc. Suppose there is a village that spawns a great artist who makes millions upon milions from her unique talent. GDP for the village skyrockets. Does this mean that there is suddenly a need for village revenue to go up? No, not really. The basic needs are still the same.
Funny the rich seemed just fine when they were being taxed at 90%. Our economy was at it's most strong when the top 1% were being taxed that high. Also that was the marginal rate being if they spent that money on investments in their companies rather then hoarding it then they weren't taxed that high.
You aren't taxed on revenue you are taxed on profits.
Anyone who thinks ANYONE paid 90% tax rates can not be taken seriously in regards to ANY discussion..
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