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Thread: Boehner Asks Debt Panel to Take on Tax Breaks, Reject Hike

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    Re: Boehner Asks Debt Panel to Take on Tax Breaks, Reject Hike

    The right wing has had this nation speeding headlong in a roller coaster headed straight to hell for over thirty years now. The Boner is and his crew have decided that the tracks need to be greased so the arrival is faster and the fiery crash at the end is far more spectacular.
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    There are two novels that can change a bookish fourteen-year old's life: The Lord of the Rings and Atlas Shrugged. One is a childish fantasy that often engenders a lifelong obsession with its unbelievable heroes, leading to an emotionally stunted, socially crippled adulthood, unable to deal with the real world. The other, of course, involves orcs.... John Rogers

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    Re: Boehner Asks Debt Panel to Take on Tax Breaks, Reject Hike

    Quote Originally Posted by lpast View Post
    lololol...ahh perry a much easier....HUGE TAX cut for the rich and a HUGE tax increase for the bottom half of america...
    Please explain.

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    Re: Boehner Asks Debt Panel to Take on Tax Breaks, Reject Hike

    Quote Originally Posted by Tettsuo View Post
    Boehner Asks Debt Panel to Take on Tax Breaks, Reject Hike - Bloomberg

    Can someone explain how this is any different than what Republicans have been implementing since Reagan? A system that has only produced more deficits due a reduction of government revenue
    perhaps you can show me where we had a reduction of revenue?



    because I'm not seeing it.

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    Re: Boehner Asks Debt Panel to Take on Tax Breaks, Reject Hike

    Quote Originally Posted by Helix View Post
    If tax increases are off the table, republicans are not serious about fixing the deficit.
    see chart above. tax rates do not directly determine revenue.

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    Re: Boehner Asks Debt Panel to Take on Tax Breaks, Reject Hike

    Quote Originally Posted by 1Perry View Post
    Why? Because things would then be so much simplier. We could cut the IRS way back. Politicians would no longer be able to promise all these cuts for votes.

    0-25,000 FLAT 2%
    25-50,000 FLAT 12%
    50-100,000 FLAT 15%
    100-250,000 Flat 18%

    Etc, Etc, Etc. (numbers only used for the example, I don't know what they would be exactly)

    What is wrong with that?
    The only thing wrong with it is with politicians. If you took away the idea of loopholes, you take away half of what politicians promise.


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    This issue has been plowed more times than Paris Hilton.
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    Too bad we have to observe human rights.

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    Re: Boehner Asks Debt Panel to Take on Tax Breaks, Reject Hike

    Quote Originally Posted by rocket88 View Post
    The only thing wrong with it is with politicians. If you took away the idea of loopholes, you take away half of what politicians promise.
    I noted that. Yes, that's the problem. Not that it wouldn't make things so much simplier. It wouldn't give politicians something to promise for votes. That's certainly not a reason to demand that we switch to something like this.

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    Re: Boehner Asks Debt Panel to Take on Tax Breaks, Reject Hike

    Quote Originally Posted by 1Perry View Post
    Why? Because things would then be so much simplier. We could cut the IRS way back. Politicians would no longer be able to promise all these cuts for votes.

    0-25,000 FLAT 2%
    25-50,000 FLAT 12%
    50-100,000 FLAT 15%
    100-250,000 Flat 18%

    Etc, Etc, Etc. (numbers only used for the example, I don't know what they would be exactly)

    What is wrong with that?
    I would recommend a couple of changes:

    - Put in this type of tax and then totally get rid of payroll taxes so we do not have the issue of who pays Federal taxes. Rates would have to be adjusted somewhat.

    - Not sure if you would have any personal exclusions at all, if the answer is no then I would exclude the first 5K for an individual and 10K for a family.

    - I would add a bracket for the Super rich. Something above the current 35%, let's say 50-60% with the bracket starting at $5 million. That should take away the argument that a flatter tax is a backdoor way to allow the wealthy to pay less.

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    Re: Boehner Asks Debt Panel to Take on Tax Breaks, Reject Hike

    Quote Originally Posted by cpwill View Post
    see chart above. tax rates do not directly determine revenue.
    It's an awfully big coincidence that your graph happens to stop right before the whole reaganomics house of cards came so obviously and devastatingly crashing down eh?

    That's ridiculous. Obviously tax rates are a huge determinate of revenue. But the relationship is complex. When you tax the top of the spectrum heavily, and the bottom not enough, you get high consumer spending, low investment. That is bad for the economy. That's what we had under Carter and Reagan wisely adjusted it so that it was more balance. But people got caught up in the hype and made overly simplistic conclusions from that experience. They assumed that all cuts of taxes on the rich were therefore good for the economy. That, of course, is not true. Clinton and Bush2 both continued cutting taxes on the super rich to a much greater degree and we saw what happened. When you have higher taxes on the middle class and lower on the super rich you get high investment, so stock prices shoot up in the short term, but you don't have the consumer spending to back up those numbers, so the bubble bursts, as has happened twice in a row now. What we need to do is bring things back into balance. The data seems to indicate that the right balance was somewhere between the rates after Reagan's last cut and the rates after Clinton's second round of cuts. Probably rates around the level after Clinton's first cuts are about right.

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    Re: Boehner Asks Debt Panel to Take on Tax Breaks, Reject Hike

    Quote Originally Posted by 1Perry View Post
    Why? Because things would then be so much simplier. We could cut the IRS way back. Politicians would no longer be able to promise all these cuts for votes.

    0-25,000 FLAT 2%
    25-50,000 FLAT 12%
    50-100,000 FLAT 15%
    100-250,000 Flat 18%

    Etc, Etc, Etc. (numbers only used for the example, I don't know what they would be exactly)

    What is wrong with that?
    What a flat tax means is that all income brackets pay the same percentage. What you're describing is a much lower, but still progressive, tax system.

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    Re: Boehner Asks Debt Panel to Take on Tax Breaks, Reject Hike

    Quote Originally Posted by washunut View Post
    I would recommend a couple of changes:

    - Put in this type of tax and then totally get rid of payroll taxes so we do not have the issue of who pays Federal taxes. Rates would have to be adjusted somewhat.

    - Not sure if you would have any personal exclusions at all, if the answer is no then I would exclude the first 5K for an individual and 10K for a family.

    - I would add a bracket for the Super rich. Something above the current 35%, let's say 50-60% with the bracket starting at $5 million. That should take away the argument that a flatter tax is a backdoor way to allow the wealthy to pay less.
    Obviously it isn't and as I've often times said, my numbers are just made up numbers to show how it would work. All you note are valid points to add.

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