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Thread: 'Gang of Six' revives hope for big deal in stalled debt-ceiling talks

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    Re: 'Gang of Six' revives hope for big deal in stalled debt-ceiling talks

    Quote Originally Posted by Thunder View Post
    how are we increasing revenue by LOWERING taxes?


    Lower tax rates increase government's tax revenue | OregonLive.com

    In 1921, the Coolidge/Mellon tax cut lowered the federal maximum marginal income tax rate (i.e. "taxes on the rich") from 73% to 25%. Revenue to the federal government rose by 2%. At the same time, the percent of the tax burden paid by "rich" people nearly doubled.

    In 1932, the federal maximum marginal income tax rate went from 25% to 63%. Government tax revenue dropped from $834 million in 1931 to $427 million in 1932. The tax burden on people making less than $25,000 went from 21% in 1931 to 36.5% in 1932, while the burden on the "rich" decreased!

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    Re: 'Gang of Six' revives hope for big deal in stalled debt-ceiling talks

    Basically, the US needs to add more debt because not doing so ends in collapse. And yet borrowing more will also make things worse. There is no right decision, only a decision that will slow the inevitable demise of this country.
    “In politics, stupidity is not a handicap.” -Napoleon

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    Re: 'Gang of Six' revives hope for big deal in stalled debt-ceiling talks

    This development is an indication that serious policy makers on both sides of the political aisle may be willing to work together in helping put the nation on a sustainable fiscal path. Assuming that the Gang of 6's proposal is reasonably similar to the Bowles-Simpson Commission's recommendations, it would be a substantive and constructive proposal.

    Having said that, the proposal will likely be subjected to severe partisan headwinds. It is not assured to pass either the Senate or House. On one end of the ideological spectrum, progressives will likely oppose it on account of its beginning the process of revamping the nation's entitlement programs. At the other end, Americans for Tax Reform and many of those who signed its pledge, will likely oppose it because the proposal would increase revenues. That the balance of spending cuts/revenue increases is well in line with successful fiscal consolidation efforts as researched by the IMF, among others, would make little difference. To those who oppose it on ideological grounds, ideological purity would take precedence over empirical evidence.

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    Re: 'Gang of Six' revives hope for big deal in stalled debt-ceiling talks

    so, the Gang of Six plan lowers the tax-rate on the rich, and HOPES that this leads to an increase in tax-revenue from the rich?

    that's a pretty big gamble. I hope the CBO reviews this plan and confirms its predictions.

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    Re: 'Gang of Six' revives hope for big deal in stalled debt-ceiling talks

    Quote Originally Posted by Thunder View Post
    so, the Gang of Six plan lowers the tax-rate on the rich, and HOPES that this leads to an increase in tax-revenue from the rich?

    that's a pretty big gamble. I hope the CBO reviews this plan and confirms its predictions.
    It is based on the Bowles-Simpson Commission's recommendations that Obama appointed

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    Re: 'Gang of Six' revives hope for big deal in stalled debt-ceiling talks

    The Republican leadership will not allow this to advance especially in the House. they have already made a decision that their highest priority is making sure they win back the White House and Senate in 2012 and they view the best way to do that is to collapse the economy and blame Obama for it.
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    Re: 'Gang of Six' revives hope for big deal in stalled debt-ceiling talks

    Quote Originally Posted by haymarket View Post
    The Republican leadership will not allow this to advance especially in the House. they have already made a decision that their highest priority is making sure they win back the White House and Senate in 2012 and they view the best way to do that is to collapse the economy and blame Obama for it.
    Obama has been doing that. You can not blame the GOP because Obama will not compromise

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    Re: 'Gang of Six' revives hope for big deal in stalled debt-ceiling talks

    Quote Originally Posted by haymarket View Post
    The Republican leadership will not allow this to advance especially in the House. they have already made a decision that their highest priority is making sure they win back the White House and Senate in 2012 and they view the best way to do that is to collapse the economy and blame Obama for it.
    if they kill this plan, and kill the USA, they will suffer in 2012.

    BIG TIME

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    Re: 'Gang of Six' revives hope for big deal in stalled debt-ceiling talks

    Quote Originally Posted by Thunder View Post
    if they kill this plan, and kill the USA, they will suffer in 2012.

    BIG TIME
    I do not think so. This is not part of the debt ceiling debate at this time. This is a issue that has been in the works for months.

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    Re: 'Gang of Six' revives hope for big deal in stalled debt-ceiling talks

    i can see lowering the corporate rate to compete with Ireland with the goal of encouraging more companies to headquarter here. that would require some serious closure of loopholes, though.

    i don't believe there's a solution without some tax increases, though. our debt is serious enough to require more than theoretical Laffer curve arguments.

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