"We all want to increase tax rates on the rich."

[Procrustes Stretched]

Arthur Laffer said quote: "We all want to increase tax rates on the rich. But we want to do it not by raising rates which won't work. We want to do it by lowering rates and broadening the base."

pay attention people like bripat9643 Oldstyle bedowin62 Toddsterpatriot Judicial review @ The rest of you

but "We all want to increase tax rates on the rich. But we want to do it not by raising rates..."?????

please, Supply siders, please explain

Arthur Laffer also said quote:

President Clinton "btw cut the capital gains tax rate dramatically. He got rid of capital gains taxes on owner-occupied homes, ah, for everyone. Ah, he also got rid of the tax on, on , ah retirees working, ah which was the group between 65 and 72 (years of age). Ah, he also put in welfare reform. He also cut government spending as a share of GDP by more than the next 4 best Presidents combined"
​

President Clinton gets a lot of credit by a partisan who is not an ideological nincompoop in the way most are here.​

Now:

Warren Buffet is in the top 1% but he's also in the top 1/10 of 1% and ....

Warren Buffet uses more tax breaks than most. If he paid a little less than $7,000,000 in taxes one year and he said his tax rate was 17.4% -- Buffet had adjusted gross income of $40,000,000 that year but --- his wealth increased from 40 billion to 50 billion -- he gave billions away to foundations. Using the Simon definition of income, add up what Buffet spent, what he gave away, and the increase in his wealth.

If you look at Buffets' income that year it was $12 billion --

Buffet paid $7,000,000 in taxes for --- a 6 one-hundreths of one percent tax rate on his actual income

Top 1% or the rich:
the rich (defined by top 1% = $380,000 a year -- a few years ago)

Then there are the super rich like Buffet​

 

[Dad2three]

Arthur Laffer said quote: "We all want to increase tax rates on the rich. But we want to do it not by raising rates which won't work. We want to do it by lowering rates and broadening the base."

pay attention people like Oldstyle bedowin62 Toddsterpatriot Judicial review @ The rest of you

but "We all want to increase tax rates on the rich. But we want to do it not by raising rates..."?????

please, Supply siders, please explain

Right wingers want to "broaden the base"


Broadening the base? Oh right the bottom 50% of US who make 11% of ALL income (avg less than $15,000 PER FAMILY) down from 18%+ of income in 1980, need to step up *shaking head*

Which is why, if you want to understand who's paying what in taxes, you don't want to just look at federal income taxes, or federal payroll taxes, or state sales taxes -- you want to look at total taxes. And, luckily, the tax analysis group Citizens for Tax Justice keeps those numbers. So here is total taxes -- which includes corporate taxes, income taxes, payroll taxes, state sales taxes, and more -- paid by different income groups and broken into federal and state and local burdens:

As you can see, the poorer you are, the more state and local taxes bite into your income. As you get richer, those taxes recede, and you're mainly getting hit be federal taxes. So that's another lesson: When you omit state and local taxes from your analysis, you're omitting the taxes that hit lower-income taxpayers hardest.

The one tax graph you really need to know

 

[Procrustes Stretched]

Arthur Laffer also said quote:

President Clinton "btw cut the capital gains tax rate dramatically. He got rid of capital gains taxes on owner-occupied homes, ah, for everyone. Ah, he also got rid of the tax on, on , ah retirees working, ah which was the group between 65 and 72 (years of age). Ah, he also put in welfare reform. He also cut government spending as a share of GDP by more than the next 4 best Presidents combined"
​

President Clinton gets a lot of credit by a partisan who is not an ideological nincompoop in the way most are here.

 

[Toddsterpatriot]

Arthur Laffer said quote: "We all want to increase tax rates on the rich. But we want to do it not by raising rates which won't work. We want to do it by lowering rates and broadening the base."

pay attention people like bripat9643 Oldstyle bedowin62 Toddsterpatriot Judicial review @ The rest of you

but "We all want to increase tax rates on the rich. But we want to do it not by raising rates..."?????

please, Supply siders, please explain

If you collect more taxes from the rich with a 15% cap gains rate than with a 20% cap gains rate, what do you do?

Moron Obama said he'd raise the rate, for fairness.
Smartest president my ass.

 

[Dad2three]

Arthur Laffer also said quote:

President Clinton "btw cut the capital gains tax rate dramatically. He got rid of capital gains taxes on owner-occupied homes, ah, for everyone. Ah, he also got rid of the tax on, on , ah retirees working, ah which was the group between 65 and 72 (years of age). Ah, he also put in welfare reform. He also cut government spending as a share of GDP by more than the next 4 best Presidents combined"
​

President Clinton gets a lot of credit by a partisan who is not an ideological nincompoop in the way most are here.

He leaves this part out however:

"The deficit has come down, and I give the Clinton Administration and President Clinton himself a lot of credit for that. [He] did something about it, fast. And I think we are seeing some benefits." — Paul Volcker, Federal Reserve Board Chairman (1979-1987), in Audacity, Fall 1994


THAT WAS THE 1993 BILL NOT A SINGLE GOPer VOTED FOR!

"Clinton's 1993 budget cuts, which reduced projected red ink by more than $400 billion over five years, sparked a major drop in interest rates that helped boost investment in all the equipment and systems that brought forth the New Age economy of technological innovation and rising productivity." — Business Week, May 19, 1997


BJ BILL HAD 4 SURPLUSES, 3 AFTER VETOING THE GOP'S $700+ BILLION TAX CUT, THEN DUBYA/GOP SHOWED US THE "FISCAL CONSERVATISM" THEY ARE FAMOUS FOR!

 

[Dad2three]

In 1980, the top marginal rate was 70 percent for families making more than $215,400 — about $587,000 in current dollars. And these families pocketed a much smaller share of the nation’s income than they do now. Today, people earning over $200,000 a year capture more than a third of national income.

There are several studies that suggest top rates paid by high-income taxpayers above a certain threshold of earnings could be substantially higher. A study published last November by Mr. Saez and Peter Diamond, the economics Nobel laureate from M.I.T., made the biggest splash.

Their study suggested the federal government could raise the top marginal rate to 76 percent without losing revenue if it closed all the loopholes to prevent taxpayers from reclassifying income on their tax returns just to pay less. The top tax rate could rise to 48 percent even if we kept the loopholes we have today, they found.

Perhaps the most controversial conclusion, made by Mr. Saez and two colleagues in another study published last December, is that while the rich would respond to a big tax increase by shielding income from the tax man and maybe working less, this would not slow the economy at all. That’s because a lot of what the rich do does not, in fact, generate economic growth. So if they reduced their effort in response to higher taxes, the economy wouldn’t suffer.



But the new line of research has the potential to overturn contemporary thinking about government finances. And in one respect, it seems indisputable: three decades of tax cuts may have gilded the pockets of the rich, but they didn’t provide much economic juice. Among developed nations, incomes per person grew no faster in countries like the United States and Britain that slashed their top tax rates than in countries like Spain, Germany or Denmark, which did not. If taxes didn’t juice the engine of growth on the way down, there is little reason to fear they will stall it on the way back up.

American tax politics have not changed. Republicans act as if cutting is the only legitimate thing to do with taxes.



http://www.nytimes.com/2012/03/28/business/economy/the-case-for-raising-top-tax-rates.html?_r=0

 

[Manonthestreet]

Alrdy had this discussion with Buffet as exhibit A...remember he stated his Secretary was paying more taxes than him.....so what good would raising the rates do......

 

[Procrustes Stretched]

If you collect more taxes from the rich with a 15% cap gains rate than with a 20% cap gains rate, what do you do?

Moron Obama said he'd raise the rate, for fairness.
Smartest president my ass.

Keep the rate at 15% ???

Who said Obama was the smartest President? What in the world are you yapping about?

 

[PK1]

Arthur Laffer said quote: "We all want to increase tax rates on the rich. But we want to do it not by raising rates which won't work. We want to do it by lowering rates and broadening the base."

pay attention people like bripat9643 Oldstyle bedowin62 Toddsterpatriot Judicial review @ The rest of you

but "We all want to increase tax rates on the rich. But we want to do it not by raising rates..."?????

please, Supply siders, please explain

---
Isn't Supply-side economics successful?
... for the richer tax payers, who can contribute more toward their preferred politicians?
I don't see tax rates for the rich increasing any time soon.
If they did, they would suffer by buying one less house or car or ...
UNACCEPTABLE!
.

 

[Procrustes Stretched]

Alrdy had this discussion with Buffet as exhibit A...remember he stated his Secretary was paying more taxes than him.....so what good would raising the rates do......

Raising the rates on everyone or the rich (defined by top 1% = $380,000 a year -- a few years ago)?

 

[ogibillm]

Arthur Laffer said quote: "We all want to increase tax rates on the rich. But we want to do it not by raising rates which won't work. We want to do it by lowering rates and broadening the base."

pay attention people like bripat9643 Oldstyle bedowin62 Toddsterpatriot Judicial review @ The rest of you

but "We all want to increase tax rates on the rich. But we want to do it not by raising rates..."?????

please, Supply siders, please explain

If you collect more taxes from the rich with a 15% cap gains rate than with a 20% cap gains rate, what do you do?

Moron Obama said he'd raise the rate, for fairness.
Smartest president my ass.

what would make you think that you would collect more from a 15% rate?

 

[Manonthestreet]

Alrdy had this discussion with Buffet as exhibit A...remember he stated his Secretary was paying more taxes than him.....so what good would raising the rates do......

Raising the rates on everyone or the rich (defined by top 1% = $380,000 a year -- a few years ago)?

How many of the top one percent are in same situation as Buffet........

 

[Manonthestreet]

And govt continues to reap record revenue

 

[ogibillm]

And govt continues to reap record revenue

and the economy continues to be larger than ever

 

[Dad2three]

Alrdy had this discussion with Buffet as exhibit A...remember he stated his Secretary was paying more taxes than him.....so what good would raising the rates do......

Raising the top tax rates on the richest Americans could go a long way toward balancing the federal budget. Mr. Saez estimated that raising the top tax rate on the top 1 percent of earners to 67 percent would raise about $4 trillion over a decade. That’s a start.


http://www.nytimes.com/2012/03/28/business/economy/the-case-for-raising-top-tax-rates.html?_r=0

 

[Dad2three]

And govt continues to reap record revenue

IF YOU MEANT DUBYA TOOK US FROM CLINTON'S 20% OF GDP TO BELOW 15% (KOREAN WAR LEVELS) AND OBAMA HAS BARELY GOTTEN US BACK TO THE 17% RONNIE GUTTED IT TOO, TRUE!

 

[Manonthestreet]

What we need is to pay out more welfare and unemployment bennies cause that drives the economy......rrriiggghhttt

 

[ogibillm]

What we need is to pay out more welfare and unemployment bennies cause that drives the economy......rrriiggghhttt

they do drive the economy. that money is spent. it goes directly in to goods and services.

 

[Dad2three]

Arthur Laffer said quote: "We all want to increase tax rates on the rich. But we want to do it not by raising rates which won't work. We want to do it by lowering rates and broadening the base."

pay attention people like bripat9643 Oldstyle bedowin62 Toddsterpatriot Judicial review @ The rest of you

but "We all want to increase tax rates on the rich. But we want to do it not by raising rates..."?????

please, Supply siders, please explain

If you collect more taxes from the rich with a 15% cap gains rate than with a 20% cap gains rate, what do you do?

Moron Obama said he'd raise the rate, for fairness.
Smartest president my ass.

MORE right wing nonsense. Shocking

Bush CEA Chair Mankiw: Claim That Broad-Based Income Tax Cuts Increase Revenue Is Not "Credible," Capital Income Tax Cuts Also Don't Pay For Themselves

Bush-Appointed Federal Reserve Chair Bernanke: "I Don't Think That As A General Rule Tax Cuts Pay For Themselves."


Bush Treasury Secretary Paulson: "As A General Rule, I Don't Believe That Tax Cuts Pay For Themselves."

Bush OMB Director Nussle: "Some Say That [The Tax Cut] Was A Total Loss. Some Say They Totally Pay For Themselves. It's Neither Extreme."


Bush CEA Chairman Lazear: "As A General Rule, We Do Not Think Tax Cuts Pay For Themselves."


Bush Economic Adviser Viard: "Federal Revenue Is Lower Today Than It Would Have Been Without The Tax Cuts."


Bush Treasury Official Carroll: "We Do Not Think Tax Cuts Pay For Themselves."


Reagan Chief Economist Feldstein: "It's Not That You Get More Revenue By Lowering Tax Rates, It Is That You Don't Lose As Much."

Feldstein In 1986: "Hyperbole" That Reagan Tax Cut "Would Actually Increase Tax Revenue."

Conservative Economist Holtz-Eakin: "No Serious Research Evidence" Suggests Tax Cuts Pay For Themselves."

Tax Foundation's Prante: "A Stretch" To Claim "Cutting Capital Gains Taxes Raises Tax Revenues."




The CBO's 2002 study found that a cut in the capital gains rate will tend to spike tax revenues, but only temporarily. Rate cuts "may not be enough to produce additional receipts over a long period," it concluded, but "may do so over a few years."

Similarly, the Congressional Research Service found in 2010 that "changes in the tax rate or anticipated changes have coincided with large increases in capital gains realizations, but realizations quickly fell back to previous levels.

"While the effect of changes in the capital gains tax rate continue to be debated and researched," the CRS concluded, "the bulk of the evidence suggests that reducing the capital gains tax rate reduces tax revenues."



Rep. Jim Renacci says raising the capital gains tax has lowered revenue, while cutting it has increased revenue

 

[Dad2three]

What we need is to pay out more welfare and unemployment bennies cause that drives the economy......rrriiggghhttt

they do drive the economy. that money is spent. it goes directly in to goods and services.

LMAOROG

Yeah, Sure, NOT to Vegas East or China!