lower taxes stimulates the econmy and increases revenue

Discussion in 'Economy' started by manu1959, Apr 21, 2010.

  1. manu1959
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    manu1959 Left Coast Isolationist

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    Guess Who Really Pays the Taxes — The American, A Magazine of Ideas

    snip...........

    Since the Reagan tax cuts, the United States has created some 40 million new jobs—more than all of Europe and Japan combined.

    7. Are lower tax rates responsi*ble for the big budget deficits of recent decades?

    There is no correlation between tax rates and deficits in recent U.S. history. The spike in the federal deficit in the 1980s was caused by massive spending increases.

    The Congressional Budget Office reports that, since the 2003 tax cuts, federal revenues have grown by $745 billion—the largest real increase in history over such a short time period. Individual and corporate income tax receipts have jumped by 30 percent in the two years since the tax cuts.


    snip...........

    9. Have gains by the rich come at the expense of a declining living standard for the middle class?

    No. If Bill Gates suddenly took his tens of billions of dollars and moved to France, income distribution in America would temporarily appear more equitable, even though no one would be better off. Median family income in America between 1980 and 2004 grew by 17 percent. The middle class (defined as those between the 40th and the 60th percentiles of income) isn’t falling behind or “disappearing.” It is getting richer. The lower income bound for the middle class has risen by about $12,000 (after inflation) since 1967. The upper income bound for the middle class is now roughly $68,000—some $23,000 higher than in 1967. Thus, a family in the 60th percentile has 50 percent more buying power than 30 years ago. To paraphrase John F. Kennedy, this has been a “rising tide” expansion, with most (though not all) boats lifted.
     
  2. Tom Clancy
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    Tom Clancy Clancy for Ron Paul

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    Very Informative.

    Thanks for the Article.
     
  3. Toro
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    Toro Diamond Member

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    Greg Mankiw, who was the head of the Council of Economic Advisers for President Bush II estimated that every $1 cut in income taxes decreases government revenues by 83 cents. In other words, income tax cuts increases the marginal unit of GDP per dollar of tax revenues but it does not increase revenues. In fact, it dramatically decreases revenues. This is what happened under Reagan and Bush II when both blew the structural budget deficit wide open (as opposed to Obama, who is blowing it open with spending).

    More here

    http://www.usmessageboard.com/economy/91561-supply-side-economics-rip.html
    http://www.usmessageboard.com/econo...know-if-bush-tax-cuts-pay-for-themselves.html
    http://www.usmessageboard.com/economy/94086-reaganomics-is-dead.html
    http://www.usmessageboard.com/economy/51330-the-laffer-curve-is-wrong.html
    http://www.usmessageboard.com/economy/51527-tax-cuts-dont-pay-for-themselves-gop-economists.html
    http://www.usmessageboard.com/economy/51044-republican-supply-side-tax-folly.html
     
  4. Old Rocks
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    Old Rocks Diamond Member

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    And the National Debt was decreased during Reagon's and Bush Jr.'s terms, correct?
     
  5. uscitizen
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    uscitizen Senior Member

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    The Reagan tax cuts. LMAO

    You mean the Reagan tax increases created 40 million jobs?

    Had reagan done nothing would we have creadted 50 million jobs?

    Who can say? But please give up the reagan tax cuts lie.
     
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  6. uscitizen
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    uscitizen Senior Member

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    At least doubled during both Bush Jr. and Reagans terms.

    The national debt was something like 750 billion when Reagan took office.
     
  7. midcan5
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    midcan5 liberal / progressive

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    Newsflash: Ronald Reagan Raised Taxes (You Idiots) | Firedoglake


    These threads are hilarious. Why anyone would defend the rich and wealthy is beyond me, it is sorta like 'the sermon on the mount' has been reversed and it is the rich who need our help. Too funny, actually rather absurd.

    I know enough rich to know they sure as hell don't need your help. A few may wish the market went up a bit but unless you can do that you'll need to stick with prayer, animal sacrifice, and inane threads in cyberspace. LMAO


    "There is no historical evidence that tax cuts spur economic growth. The highest period of growth in U.S. history (1933-1973) also saw its highest tax rates on the rich: 70 to 91 percent. During this period, the general tax rate climbed as well, but it reached a plateau in 1969, and growth slowed down five years later. Almost all rich nations have higher general taxes than the U.S., and they are growing faster as well." Tax cuts spur economic growth


    The Idolatry of Ideology-Why Tax Cuts Hurt the Economy by Russ Beaton

    "I’m fully aware that I risk excommunication from the Church of Economic Science when I argue exactly the opposite: Tax cuts actually hurt the economy. It isn’t just that they don’t help, or that they’re ineffective—THEY REALLY HURT!

    I can hear you thinking (even if your values bias makes you otherwise eager to agree): “Here comes the bleeding heart liberal, anti-trickle down, do something for humanity mantra.” No, indeed. I’m talking data here—numbers and empirical evidence. Check your values at the door and come on in."

    "The conclusion is that, if anything, tax increases on higher-income families are the least damaging mechanism for closing state fiscal deficits in the short run. Reductions in government spending on goods and services, or reductions in transfer payments to lower-income families, are likely to be more damaging to the economy in the short run than tax increases focused on higher-income families. In any case, in terms of how counter-productive they are, there is no automatic preference for spending reductions rather than tax increases."

    Spending Cuts Vs. Tax Increases at the State Level, 10/30/01

    The Economic Case Against Bush's Tax Cut - Project Syndicate

    http://www.bostonreview.net/br21.1/wolff.html

    UBI and the Flat Tax

    Myth: The rich get rich because of their merit. The rich get rich because of their merit.

    Inequality on the March - Project Syndicate

    Hale "Bonddad" Stewart: Ronald Reagan: Fiscal Disaster


    "The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness." John Kenneth Galbraith
     
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  8. uscitizen
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    uscitizen Senior Member

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    Umm where did all the "Reagan tax cut" supporters go?
     

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