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

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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.
 
Maybe it is worth the price?

What do business men know in comparision to Obama?
 
Yep. The taxes on the rich crippled the economy in the 1990's.
 
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.
 
Yep. The taxes on the rich crippled the economy in the 1990's.

The economy was already good then and growing. Who knows how much faster it would have grown?

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.
 
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.
 
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.
 
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.
 
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.

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.
 
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.

Okay, so we have this huge deficit.

We can't raise revenue through higher taxes because it will cost jobs.

We can't cut spending because it will cost jobs.

What's your plan to deal with the deficit in a way that won't cost jobs?
 
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.

I actually only have a problem with workers bringing things crashing down, when you are talking about Public sector unions who are paid by Tax payers, and negotiate their contracts with said government with corrupted bought off Negotiators that give them what ever they want.

In the Private sector the Companies have a profit motive which means they do not simply give in to the demands of labor, and pass the bill down the road till after they are no longer in office.

Even FDR warned of the Dangerous of Public sector Unions while championing unions in the Private sector. I thought you guys worshiped FDR? His wisdom on this issue not fit into your narrative?
 
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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.

Okay, so we have this huge deficit.

We can't raise revenue through higher taxes because it will cost jobs.

We can't cut spending because it will cost jobs.

What's your plan to deal with the deficit in a way that won't cost jobs?

Been saying this for 4 fucking years. The only real solution, the only thing that will really get us out of this, especially if we are unwilling to Make major Cuts and Reforms, is Economic expansion. Grow the Tax base.

But none of this is going to mean anything if we continue to spend at 2009 Levels and never make any cuts. Why the hell do you think the Dems have failed to pass a budget in 4 years? They got their massive 2009 Budget with massive increases in spending across the board, and now they are happy to just keep passing emergency extensions of that level of spending. A level of spending that at the time we were told was temporary in response to massive economic Crisis.

We were told ending the wars would save us all this cash, yet we still continue to spend even more than we did when Both wars were at full tilt, when one is over and the other is winding down.

The truth is clear, even if the American people are to ignorant to see it, Obama and the Dems have no intentions to cut spending on anything not related to Defense, they have no real intentions to reform entitlements, and they have no plan other than "tax the rich" to balance the budget. Yet the ignorant lemming American Public still says they will blame the GOP if we go over the Cliff.

America, you deserve exactly what you get for being so very naive.
 
Maybe it is worth the price?

What do business men know in comparision to Obama?

We have the lowest tax rates in over 60 years. Higher taxes do not stop growth; it is a fallacy. Rich people will always try to make more money. Entrepreneurs will always try to start new businesses when they have good ideas. Raising taxes a little bit has never stopped anyone from becoming rich. In fact, an argument can be made that keeping tax rates too low leads to laziness and prevents people from working harder to earn more. Look how bad the economy is right now with the lowest taxes in over 60 years; it certainly is not something to brag about, but supposedly low tax rates is the absolute cure all for our economy, yet it has not worked and the evidence is right before our very eyes. Bottom line is that you can't make blanket statements about anything when it comes to the economy. Much that happens in the economy has little to do with taxation.
 
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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.

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.

S and LL corps are not federally taxed. All income accrues to the owners as personal income. So the only way the owners would pay more tax is if they take more than a couple hundred grand out as personal income, and even then, they'd only pay an extra 5 percent, roughly, on the income over 335 grand, and a couple percent on the money over 200 grand but under 335 grand.

So if they make a half million a year, maybe their extra tax is about 15 grand. So tell me, anyone, how the increase fucks over small businesses. Or would make one less likely to hire a needed worker.

Ernst & Young is so full of shit it's no wonder that four separate business lobbies were paying them.
 
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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.

Okay, so we have this huge deficit.

We can't raise revenue through higher taxes because it will cost jobs.

We can't cut spending because it will cost jobs.

What's your plan to deal with the deficit in a way that won't cost jobs?

Been saying this for 4 fucking years. The only real solution, the only thing that will really get us out of this, especially if we are unwilling to Make major Cuts and Reforms, is Economic expansion. Grow the Tax base.

But none of this is going to mean anything if we continue to spend at 2009 Levels and never make any cuts. Why the hell do you think the Dems have failed to pass a budget in 4 years? They got their massive 2009 Budget with massive increases in spending across the board, and now they are happy to just keep passing emergency extensions of that level of spending. A level of spending that at the time we were told was temporary in response to massive economic Crisis.

We were told ending the wars would save us all this cash, yet we still continue to spend even more than we did when Both wars were at full tilt, when one is over and the other is winding down.

The truth is clear, even if the American people are to ignorant to see it, Obama and the Dems have no intentions to cut spending on anything not related to Defense, they have no real intentions to reform entitlements, and they have no plan other than "tax the rich" to balance the budget. Yet the ignorant lemming American Public still says they will blame the GOP if we go over the Cliff.

America, you deserve exactly what you get for being so very naive.

Much of our extra spending is due to the fact we have so many people out of work. Get them back to work and two things happen, the tax base increases but also spending on things like unemployment, Medicaid, and many social programs will drop as those same people go back to work. Even with that there will not be enough revenue at current rates. Taxes will have to increase a little. After that, we have to do something about Medicare, and to a lesser degree SS. Nobody wants to discuss it in earnest and that is a problem, because any solution is going to take both parties agreeing to any real solution. I imagine what I want to see happen will eventually as no other solution will come about and there will be no other option than to raise the retirement age for both programs.
 
The OP is NaziCon bullshit. Don't you wingnut retards ever get tired of being duped?

The study was funded by several conservative-leaning business groups, the U.S. Chamber of Commerce and the National Federation of Independent Business, along with the Independent Community Bankers of America and the S Corporation Association.

Republicans pointed to the report as evidence that the Obama administration’s tax policies would harm the economy.

More: Report Argues against Raising Taxes on High-Income Taxpayers
 
Yep. The taxes on the rich crippled the economy in the 1990's.

It is apparent that you fail to understand the nature and reality of the balloon based economic reality of the 90's. My guess is that the dot-com, tech spec economy based on hype, smoke and mirrors had nothing to do with the sense of false prosperity you profess to understand. But then again, the brief span of all balloon economies come to an abrupt end, don't they? The raising of taxes during the hart of a balloon economy, coupled with low unemployment, offset the impact of tax increases. During a period of high unemployment, in a country that has yet to recover from the present recession, standing on the brink of slipping back into an even worse recession, such action is nothing short of stupidity at best. But then again look who got reelected, the same guy who said ,three years prior,that raising taxes would push the country into a recession. Go figure.
 
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.

I am so sick of hearing this argument that our problem is all spending. Revenues are down over 25% since 2000 as a percentage of GDP. That is a revenue problem, not a spending problem. On the flipside, spending is up about 35% as a percentage of GDP. These numbers are very clear. We have both a spending problem and a revenue problem. Getting the economy growing and getting people back to work will reduce both of those numbers, but we will still need to cut spending some and raise revenues some, which means tax increases, for everyone.
 

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