Why extend the Bush tax cuts?

[captaingeech]

According to Moody's, extending the Bush tax cuts has far less of an effect than extending Unemployment Insurance benefits, increasing food stamps, or giving aid to state and local governments. So why push for extending these tax cuts?




Table 1: Fiscal Economic Bang for the Buck
One year $ change in real GDP for a given $ reduction in federal tax revenue or increase
in spending

Tax CutsNon-refundable lump-sum tax rebate 1.02
Refundable lump-sum tax rebate 1.26

Temporary tax cutspayroll tax holiday 1.29
Across the board tax cut 1.03
Accelerated depreciation 0.27
Permanent tax cuts
Extend alternative minimum tax patch 0.48
Make Bush income tax cuts permanent 0.29
Make dividend and capital gains tax cuts permanent 0.37
Cut in corporate tax rate 0.30

Spending IncreasesExtending UI benefits 1.64
Temporary increase in food stamps 1.73
General aid to state governments 1.36
Increased infrastructure spending 1.59
Source: Moody's Economy.com

http://www.economy.com/mark-zandi/documents/assissing-the-impact-of-the-fiscal-stimulus.pdf

 

[Political Junky]

According to Moody's, extending the Bush tax cuts has far less of an effect than extending Unemployment Insurance benefits, increasing food stamps, or giving aid to state and local governments. So why push for extending these tax cuts?




Table 1: Fiscal Economic Bang for the Buck
One year $ change in real GDP for a given $ reduction in federal tax revenue or increase
in spending

Tax CutsNon-refundable lump-sum tax rebate 1.02
Refundable lump-sum tax rebate 1.26

Temporary tax cutspayroll tax holiday 1.29
Across the board tax cut 1.03
Accelerated depreciation 0.27
Permanent tax cuts
Extend alternative minimum tax patch 0.48
Make Bush income tax cuts permanent 0.29
Make dividend and capital gains tax cuts permanent 0.37
Cut in corporate tax rate 0.30

Spending IncreasesExtending UI benefits 1.64
Temporary increase in food stamps 1.73
General aid to state governments 1.36
Increased infrastructure spending 1.59
Source: Moody's Economy.com

http://www.economy.com/mark-zandi/documents/assissing-the-impact-of-the-fiscal-stimulus.pdf

Thanks for the link.
I saw those figures on TV.

 

[VaYank5150]

Because it is a GOP idea?

 

[topspin]

He will, just not for the top 5 percent.

 

[Richard-H]

According to Moody's, extending the Bush tax cuts has far less of an effect than extending Unemployment Insurance benefits, increasing food stamps, or giving aid to state and local governments. So why push for extending these tax cuts?




Table 1: Fiscal Economic Bang for the Buck
One year $ change in real GDP for a given $ reduction in federal tax revenue or increase
in spending

Tax CutsNon-refundable lump-sum tax rebate 1.02
Refundable lump-sum tax rebate 1.26

Temporary tax cutspayroll tax holiday 1.29
Across the board tax cut 1.03
Accelerated depreciation 0.27
Permanent tax cuts
Extend alternative minimum tax patch 0.48
Make Bush income tax cuts permanent 0.29
Make dividend and capital gains tax cuts permanent 0.37
Cut in corporate tax rate 0.30

Spending IncreasesExtending UI benefits 1.64
Temporary increase in food stamps 1.73
General aid to state governments 1.36
Increased infrastructure spending 1.59
Source: Moody's Economy.com

http://www.economy.com/mark-zandi/documents/assissing-the-impact-of-the-fiscal-stimulus.pdf

Thanks for the link.
I saw those figures on TV.

What in the world makes anyone think that by putting more money in the pockets of wealthy people means that they will go out and invest it in growth oriented, job creating investments?

The wealthy prefer highly secure, low risk, non-job creating investments. It's only when their feet are held to the fire that they will accept higher risk and create jobs.

High taxation, in and of itself, will do more to force the wealthy into creating jobs then all the tax cuts in the world.

If you think that wealthy people give a shit about creating jobs, you are fucking nuts.

There is always investment capital available, if there are people willing to take risk - or to just accept a lower return on investment. But when you create a low risk, high return on investment, they sure as hell aren't going to go for risk.

After all, the reason this economy is in the drink is that the wealthiest people plain refuse to invest in job creating types of investments.

I really wonder why anyone even looks at the governement as being responsible for the state of the economy - it's the wealthy who are responsible and who have the power to turn the economy around.

 

[The Rabbi]

Because it is a GOP idea?

How about because increasing taxes during a recession is a really really stupid idea?

 

[Nosmo King]

Because it is a GOP idea?

How about because increasing taxes during a recession is a really really stupid idea?

Is it as stupid as not raising taxes to pay for two simultaneous wars?

 

[GHook93]

Because raising everyone income tax by 2% (yes everyone, I posted the percentages, if you make more than $6K then your taxes will increase) and capital gains tax (tax on investments) by 5% during a poor economy is an absolute plan for disaster!

What needs to be done is: (1) Cut spending and (2) Cuts taxes more!

 

[topspin]

I say the top 5 percent can pay, and fuck the warmongerers who don't want to pay for their murderous ways.

 

[The Rabbi]

Because it is a GOP idea?

How about because increasing taxes during a recession is a really really stupid idea?

Is it as stupid as not raising taxes to pay for two simultaneous wars?

And that boosted the deficit to what? And now Obama has come and doubled it. How stupid is that?

 

[edthecynic]

According to Moody's, extending the Bush tax cuts has far less of an effect than extending Unemployment Insurance benefits, increasing food stamps, or giving aid to state and local governments. So why push for extending these tax cuts?




Table 1: Fiscal Economic Bang for the Buck
One year $ change in real GDP for a given $ reduction in federal tax revenue or increase
in spending

Tax CutsNon-refundable lump-sum tax rebate 1.02
Refundable lump-sum tax rebate 1.26

Temporary tax cutspayroll tax holiday 1.29
Across the board tax cut 1.03
Accelerated depreciation 0.27
Permanent tax cuts
Extend alternative minimum tax patch 0.48
Make Bush income tax cuts permanent 0.29
Make dividend and capital gains tax cuts permanent 0.37
Cut in corporate tax rate 0.30

Spending IncreasesExtending UI benefits 1.64
Temporary increase in food stamps 1.73
General aid to state governments 1.36
Increased infrastructure spending 1.59
Source: Moody's Economy.com

http://www.economy.com/mark-zandi/documents/assissing-the-impact-of-the-fiscal-stimulus.pdf

Many times I have posted that we should replace Bush's tax cuts DOLLAR FOR DOLLAR with cuts in the payroll tax. I am glad to see that gives the most bang for the buck of all the tax cuts.

Here is what I have many times posted:

What I would do to stimulate the economy and create AMERICAN jobs is to REPLACE each of Bush's American job killing tax cuts when they expire, DOLLAR FOR DOLLAR, with a cut in the job killing payroll taxes.
This would give the American wage earner an immediate increase in take home pay to spend on a regular basis without costing the employer a single penny thus stimulating demand, and the businesses that employ Americans would have an immediate cut in the cost of labor without downsizing or outsourcing a single American job as well as saving the cost of compliance.The businesses that employ the most AMERICANS will get the most benefit from the tax cuts, exactly the group of people you would want to benefit most from tax cuts.

 

[Oddball]

Why extend the Bush tax cuts?

Because the money belongs to those who have earned it.

Better question: Why spend money that people who haven't even been born have yet to earn?

 

[topspin]

Because it is a GOP idea?

How about because increasing taxes during a recession is a really really stupid idea?

The recession ended last year, don't make up your own facts to fit fox talking points.

 

[The Rabbi]

According to Moody's, extending the Bush tax cuts has far less of an effect than extending Unemployment Insurance benefits, increasing food stamps, or giving aid to state and local governments. So why push for extending these tax cuts?




Table 1: Fiscal Economic Bang for the Buck
One year $ change in real GDP for a given $ reduction in federal tax revenue or increase
in spending

Tax CutsNon-refundable lump-sum tax rebate 1.02
Refundable lump-sum tax rebate 1.26

Temporary tax cutspayroll tax holiday 1.29
Across the board tax cut 1.03
Accelerated depreciation 0.27
Permanent tax cuts
Extend alternative minimum tax patch 0.48
Make Bush income tax cuts permanent 0.29
Make dividend and capital gains tax cuts permanent 0.37
Cut in corporate tax rate 0.30

Spending IncreasesExtending UI benefits 1.64
Temporary increase in food stamps 1.73
General aid to state governments 1.36
Increased infrastructure spending 1.59
Source: Moody's Economy.com

http://www.economy.com/mark-zandi/documents/assissing-the-impact-of-the-fiscal-stimulus.pdf

Many times I have posted that we should replace Bush's tax cuts DOLLAR FOR DOLLAR with cuts in the payroll tax. I am glad to see that gives the most bang for the buck of all the tax cuts.

Here is what I have many times posted:

What I would do to stimulate the economy and create AMERICAN jobs is to REPLACE each of Bush's American job killing tax cuts when they expire, DOLLAR FOR DOLLAR, with a cut in the job killing payroll taxes.
This would give the American wage earner an immediate increase in take home pay to spend on a regular basis without costing the employer a single penny thus stimulating demand, and the businesses that employ Americans would have an immediate cut in the cost of labor without downsizing or outsourcing a single American job as well as saving the cost of compliance.The businesses that employ the most AMERICANS will get the most benefit from the tax cuts, exactly the group of people you would want to benefit most from tax cuts.

Yet another moron who thinks "putting money in people's hands" is what stimulates the economy.
Newsflash: If it doesn't change behavior to work harder, save more, invest more then it aint worth shit.

 

[The Rabbi]

Because it is a GOP idea?

How about because increasing taxes during a recession is a really really stupid idea?

The recession ended last year, don't make up your own facts to fit fox talking points.

If the recession ended last year then why has the Fed not raises rates? Why is unemployment still well over 9%? Why is Obama talking about another round of "stimulus spending"?
Don't let facts get in the way of your stupidity. You never have before.

 

[topspin]

You are that dumb. A recession is contacting GDP, were expanding. Do I need to explain the fed to you?

 

[edthecynic]

According to Moody's, extending the Bush tax cuts has far less of an effect than extending Unemployment Insurance benefits, increasing food stamps, or giving aid to state and local governments. So why push for extending these tax cuts?




Table 1: Fiscal Economic Bang for the Buck
One year $ change in real GDP for a given $ reduction in federal tax revenue or increase
in spending

Tax CutsNon-refundable lump-sum tax rebate 1.02
Refundable lump-sum tax rebate 1.26

Temporary tax cutspayroll tax holiday 1.29
Across the board tax cut 1.03
Accelerated depreciation 0.27
Permanent tax cuts
Extend alternative minimum tax patch 0.48
Make Bush income tax cuts permanent 0.29
Make dividend and capital gains tax cuts permanent 0.37
Cut in corporate tax rate 0.30

Spending IncreasesExtending UI benefits 1.64
Temporary increase in food stamps 1.73
General aid to state governments 1.36
Increased infrastructure spending 1.59
Source: Moody's Economy.com

http://www.economy.com/mark-zandi/documents/assissing-the-impact-of-the-fiscal-stimulus.pdf

Many times I have posted that we should replace Bush's tax cuts DOLLAR FOR DOLLAR with cuts in the payroll tax. I am glad to see that gives the most bang for the buck of all the tax cuts.

Here is what I have many times posted:

What I would do to stimulate the economy and create AMERICAN jobs is to REPLACE each of Bush's American job killing tax cuts when they expire, DOLLAR FOR DOLLAR, with a cut in the job killing payroll taxes.
This would give the American wage earner an immediate increase in take home pay to spend on a regular basis without costing the employer a single penny thus stimulating demand, and the businesses that employ Americans would have an immediate cut in the cost of labor without downsizing or outsourcing a single American job as well as saving the cost of compliance.The businesses that employ the most AMERICANS will get the most benefit from the tax cuts, exactly the group of people you would want to benefit most from tax cuts.

Yet another moron who thinks "putting money in people's hands" is what stimulates the economy.
Newsflash: If it doesn't change behavior to work harder, save more, invest more then it aint worth shit.

So you are against ALL tax cuts because a tax cut will put money in SOME PERSON's hand.

 

[Oddball]

You are that dumb. A recession is contacting GDP, were expanding. Do I need to explain the fed to you?

Gubmint printing up a bunch of money and paying people off doesn't create sustained and meaningful GDP....That's why they include spending on their "stimulus" in GDP numbers to start with.

But someone as supposedly well versed in these kinds of things should already know that...Shouldn't you?

 

[topspin]

If you weren't such a slacker you'd remember I wasn't for the stimulus or the yatch club bailout. I'll go to economist if I'm looking for a forecast not some dumb ass like you who doesn't know the difference between a recovery and his stinky house coat.

 

[Zona]

According to Moody's, extending the Bush tax cuts has far less of an effect than extending Unemployment Insurance benefits, increasing food stamps, or giving aid to state and local governments. So why push for extending these tax cuts?




Table 1: Fiscal Economic Bang for the Buck
One year $ change in real GDP for a given $ reduction in federal tax revenue or increase
in spending

Tax CutsNon-refundable lump-sum tax rebate 1.02
Refundable lump-sum tax rebate 1.26

Temporary tax cutspayroll tax holiday 1.29
Across the board tax cut 1.03
Accelerated depreciation 0.27
Permanent tax cuts
Extend alternative minimum tax patch 0.48
Make Bush income tax cuts permanent 0.29
Make dividend and capital gains tax cuts permanent 0.37
Cut in corporate tax rate 0.30

Spending IncreasesExtending UI benefits 1.64
Temporary increase in food stamps 1.73
General aid to state governments 1.36
Increased infrastructure spending 1.59
Source: Moody's Economy.com

http://www.economy.com/mark-zandi/documents/assissing-the-impact-of-the-fiscal-stimulus.pdf

Then why did the republicans design this thing to end when its going to?

I love this crap, I swear. It is a proven fact that those cuts cost us a ton of money, yet repulicans want to continue with them....the top 2%, its time to pay back. LOLOLOLOLOL