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Some people say, but I'm not sure, that will save $0 because it'll cause a chain reaction that reduces taxable income of a lot of people. It sounds plausible to me that this would happen.
Oh great, strawman!Oh great..Anarchy!
Mad Max Society!
Oh great, strawman!Oh great..Anarchy!
Mad Max Society!
Oh great, strawman!Oh great..Anarchy!
Mad Max Society!
Well..
Not really.
No revenue..no government.
There are governments that have no tax..like Communist ones.
Or some Monarchies..like Saudi Arabia.
And of course..Somalia.
Don't like taxes..those are three good places to go.
Can anyone tell us how rising taxes on the "rich" pays them?
No seriously how much will it save the government if the cuts are undone?
Can anyone tell me how much eliminating the Bush tax cuts will save the federal government?
Former Federal Reserve chief Alan Greenspan, who considers himself a lifelong Republican libertarian, wants all the tax cuts passed in 2001 and 2003 repealed, reports The New York Times. His position is contrary to the Republican stance in the discussion on this issue, currently among the most heated in Washington, and goes even further than that of the White House, which calls for keeping tax rates steady for all but the wealthiest Americans.
The tax cuts were adopted under President George W. Bush, with Greenspan's implicit support then influential in swaying lawmakers.
"I'm in favor of tax cuts, but not with borrowed money," Greenspan told the Times on Friday in a telephone interview. "Our choices right now are not between good and better; they're between bad and worse. The problem we now face is the most extraordinary financial crisis that I have ever seen or read about."
See full article from DailyFinance: http://srph.it/bwwIhm
Can anyone tell me how much eliminating the Bush tax cuts will save the federal government?
I doubt anybody can convince you that the repeal of those tax cuts will convince you of anything.'
But ponder the significance of the fact that Alan Greenspan, himself a worshipper of Ayn Rand and a hard core Libertarian thinks the following:
Former Federal Reserve chief Alan Greenspan, who considers himself a lifelong Republican libertarian, wants all the tax cuts passed in 2001 and 2003 repealed, reports The New York Times. His position is contrary to the Republican stance in the discussion on this issue, currently among the most heated in Washington, and goes even further than that of the White House, which calls for keeping tax rates steady for all but the wealthiest Americans.
The tax cuts were adopted under President George W. Bush, with Greenspan's implicit support then influential in swaying lawmakers.
"I'm in favor of tax cuts, but not with borrowed money," Greenspan told the Times on Friday in a telephone interview. "Our choices right now are not between good and better; they're between bad and worse. The problem we now face is the most extraordinary financial crisis that I have ever seen or read about."
See full article from DailyFinance: http://srph.it/bwwIhm
That's just one man's opinion, of course.
The alternate theory (oddly enough, including many Keynesian economists) is that raising taxes on ANYBODY right now is a mistake.
Everybody CLAIMS they know what will happen when some economic policy is decided, and they might even know that the immediate effects will be.
But the bottom line is that our economy is a highly complex system where CHAOS THEORY eliminates the possibility that we can predict LONG TERM outcomes of this tax repeal (or not) and of every other policy decision we make.
Economic is NOT a hard science, folks.
I know amny of you are convinced that it is, but you and the economists who like to pretend it is are simply totally and completely wrong.
Weeeeeel they might not save the Feds any money but the Bush Tax cut did add as much as 1.7 trillion dollars to our collective debt so far. If they are all extended the cost to our nations debt will be close to 5 trillion dollars.
How many jobs were created because these tax cuts (I mean here in the United States, not China or India)?