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

[Claudette]

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.

I agree. There simply aren't enough rich out there to make a difference. If revenue is what they are after the middle class along with the rich is the way to go. Way more middle class folks out there than rich ones.

Let the Bush tax cuts expire and go back to the levels they were before the tax cuts.

The Clowns also have to cut spending. Get rid of tax loopholes, tax breaks, subsidies and the entitlements need to be overhauled big time.

Of course its like pissing up a rope. None of those things will occur. That fuck in the WH is all about taxing the rich like it would make a difference. Of course it would make clueless folks feel good but thats about it.

 

[Rozman]

Check this out, from a poll conducted last month by The Tarrance Group of over 1000 registered voters. And yet Obama won the elction anyway. Go figure.

snippet:

If a tax increase were to go into effect, a majority of men (61%), women (53%), and Independents (60%) say President Obama would use the additional money raised from the tax increase to increase spending on government programs. Democrats (58%) are the only partisan group to believe President Obama would use additional revenue to help pay down the debt and deficit.

Nearly three quarters (73%) of men and two thirds (67%) of women say less spending would do the most to grow the economy over the next four years. Nine in ten (91%) Republicans, three quarters (75%) of Independents, and a plurality (48%) of Democrats also say less government spending would be most helpful to the economy.

Other key groups believing less spending would be most helpful to the economy: union households (66%), married women (74%), self-identified low income voters (67%), middle class families (76%), and Hispanics (64%).

http://thepublicnotice.org/wp-content/uploads/2012/10/Public-Notice.-10.8-BG-memo.pdf

I have repeated this story here often...
I don't remember the show and to find the the link to the interview of which this was just a small part might not be possible.

Anyway Debbie Blabber mouth Schultz was asked what should the government do if
they could get the Bush tax cuts to expire.What should the government do with that extra money.

She could not get her mouth to spit out the words fast enough.
All the things she would want to see the money spent on.
The operative word here is SPEND.

Infrastructure,education,programs to help the needy....

Not one mention about reducing deficit spending,not one fucking word about addressing the nations incredible debt...

Same ol same ol.Spend,spend,spend....