Raising taxes on wealthy would cost 710,000 jobs, Ernst & Young study finds

Discussion in 'Politics' started by Freewill, Nov 19, 2012.

  1. Freewill
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    Freewill Gold Member

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    Business groups: Ernst & Young study shows tax hikes would hurt economy - The Business Journals


    A new study by Ernst & Young concludes that increasing taxes on higher-income Americans will hurt economic growth and lead to 710,000 fewer jobs being created.

    The study was commissioned by four business groups that are opposed to this tax increase, which will go into effect Jan. 1 under current law. Those groups include the National Federation of Independent Business, the U.S. Chamber of Commerce, Independent Community Bankers of America and the S Corporation Association.
     
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  2. Freewill
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    Freewill Gold Member

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    Maybe it is worth the price?

    What do business men know in comparision to Obama?
     
  3. bucs90
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    bucs90 Gold Member

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    Yep. The taxes on the rich crippled the economy in the 1990's.
     
  4. Freewill
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    Freewill Gold Member

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    The economy was already good then and growing. Who knows how much faster it would have grown?
     
  5. Wiseacre
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    Wiseacre Retired USAF Chief Supporting Member

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    It just ain't worth it, you're not going to get enough revenue from the tax hike to make a difference in the debt/deficits. It's like concentrating on less than ten cents out of every dollar instead of the other 90. What we have is a spending problem, if the president is really interested in cutting the deficts, that's where he's gotta go first.
     
  6. Koios
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    Koios Recreational Kibitzer

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    Definitely not Ernst & Young. But if paid by business lobbies, I'm sure they'd be delighted to come up with some bullshit number pulled right out of their asses.
     
  7. del
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    del BANNED

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    take a look at growth rates in the 50's, 60's and 70's, then look at the tax rates.

    then tell e&y to blow it out their collective asses.
     
  8. Londoner
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    Londoner Gold Member

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    Businesses are sitting on historic levels of cash because they don't have enough customers.

    Their customers are functionally bankrupt after 30 years of borrowing.

    Look at household debt from 1955-1980. Then compare that to the time period from 1980-2005.

    You will discover something amazing. Starting in 1980 American families started borrowing like crazy in order to maintain their standard of living. As jobs were shipped to China (so American business could profit from ultra-cheap labor), credit-based consumption began to replace wage-based-consumption.

    Unfortunately, the debt bomb exploded in 2008 and now there is a generation-long debt overhang which is suppressing consumption. The economy won't pick up until consumers are in a position to spend - until the bad debt works its way out of the system. Businesses will not add one job until consumers hae the money to buy their stuff.

    Don't listen to this thread. Anything tied to the Chamber of Commerce is ideological warfare. These are the same groups who praised Greenspan and said sub-prime mortgages were innovate instruments.

    God help us. People actually believe this shit.
     
  9. Cowman
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    Cowman Cows Have Liberal Minds

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    I love how conservatives hate workers having power to bring things crashing down if they get mistreated, but they love rich people and business owners firing thousands of people in spite.
     
  10. Charles_Main
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    Charles_Main AR15 Owner

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    The Solution seems simple to me. Change the rules for S class, and LLC and the like to protect small business from tax hikes. Raise rates on the rest of the rich.

    However to not dilute yourself into thinking it will stop there. The Rate increases Obama is asking for on the Top % will bring in a tiny sum of money compared to our over all deficit. Unless meaningful cuts to the Budget, and reforms to entitlements are made we will have no choice at all but to raise rates on the Middle and even lower Income rates.

    it's simple, sure the rich have a lot of money, but there are far more poor and middle class and the only way to raise the sums of money we are spending would be to tax them. You could take all the Riches income every year and not dent the problem.

    So if the Republicans cave to tax hikes, and do not get meaningful spending cuts the problem will only get worse.
     

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