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Thread: Poll: Voters Viewing Occupy Wall St. Unfavorably

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    Re: Poll: Voters Viewing Occupy Wall St. Unfavorably

    Quote Originally Posted by teamosil View Post
    The Great Society legislation was passed between 1964 and 1966. In 1963 the top income tax bracket was taxed at 91%. Today it is 35%. Long term capital gains were taxed at 50% in 1963, where today they are taxed at 15%. The top estate tax bracket in 1963 was 70%. Today it is 35%. Etc.
    So do you feel that by raising taxes on income and and capital gains it would pay for the cost of the growth of the federal government and the accompanying entitlement programs?

    Britain actually tried taxing 95% of the high income earners at which time the rock stars moved elsewhere, notably the States. Because there is a theoretical 91% on the books does not mean anyone pays it. The rich will either find their way around high taxes or, as in the case of Britain, leave. The Middle Class will always pay for big government and that should be obvious enough now to be generally accepted as fact. If the rich are smart enough to make the money they'll be smart enough to keep it. Best look for another option, like cutting government spending.

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    Re: Poll: Voters Viewing Occupy Wall St. Unfavorably

    Quote Originally Posted by Grant View Post
    So do you feel that by raising taxes on income and and capital gains it would pay for the cost of the growth of the federal government and the accompanying entitlement programs?
    Federal government hasn't actually grown much as a portion of GDP since the great society. It goes up and down as we get in and out of wars and the GDP booms and busts, but it's almost always been between 30% and 35% since the great society. The only exception is the Bush calamity of launching two simultaneous wars and crashing the economy at the same time. That knocked it up to 42% briefly. It's going back down again now as the economy picks up and we pull out of the wars somewhat.

    Raising taxes certainly needs to be part of any deficit reduction program, yes. IMO we need to do three things- raise taxes on the rich, cut entitlement spending and cut military spending. With the deficit the size it is today, there really isn't any way we can close it if we leave any of those three off the table.

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    Re: Poll: Voters Viewing Occupy Wall St. Unfavorably

    Quote Originally Posted by Grant View Post
    So do you feel that by raising taxes on income and and capital gains it would pay for the cost of the growth of the federal government and the accompanying entitlement programs?

    Britain actually tried taxing 95% of the high income earners at which time the rock stars moved elsewhere, notably the States. Because there is a theoretical 91% on the books does not mean anyone pays it. The rich will either find their way around high taxes or, as in the case of Britain, leave. The Middle Class will always pay for big government and that should be obvious enough now to be generally accepted as fact. If the rich are smart enough to make the money they'll be smart enough to keep it. Best look for another option, like cutting government spending.
    You don't have to travel across the pond for this. You can actually look closer to home. From 1932 until 1980 the top marginal rate ranged from 63% to 94%. Of course, like today, people didn't pay the full rate, but the wealthy did pay a much higher effective rate than they do now. And the country has never been stronger than it was during that period.

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    Re: Poll: Voters Viewing Occupy Wall St. Unfavorably

    The sweet spot on the Laffer curve moves. Decreasing taxes only increases revenue when the sweet spot is lower than the current rates.
    Decreasing taxes isn't always the answer.
    I may be wrong.

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    Re: Poll: Voters Viewing Occupy Wall St. Unfavorably

    what you are discussing is only a matter of instant revenue. over longer periods of time, the "sweet range" is actually quite broad. and the growth effects are generally immediate as well.

    which is why you shouldn't only cut taxes, but also cut government.

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    Re: Poll: Voters Viewing Occupy Wall St. Unfavorably

    Quote Originally Posted by cpwill View Post
    what you are discussing is only a matter of instant revenue. over longer periods of time, the "sweet range" is actually quite broad. and the growth effects are generally immediate as well.

    which is why you shouldn't only cut taxes, but also cut government.
    Oh God, here is this argument again. You want to cut taxes further? Your party can't even come up with a plan to get a budget surplus with taxes as low as they are, and you want to cut taxes even more? So, what taxes will you cut and on whom? Also, what government will you cut as to create a balanced budget?

    Not to mention, your entire Laffer Curve "analysis" left much to the imagination - aka there was none.

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    Re: Poll: Voters Viewing Occupy Wall St. Unfavorably

    Quote Originally Posted by AdamT View Post
    They all have their own agendas. There are certain common themes that run through them. Eventually, if the movement takes off, the common themes will become its agenda. This isn't like the Tea Party. There's no Dick Armey and no Koch Bros. running the show.
    True. It is not as if the OWS want to return government to constitutional limits or be fiscally responsible.

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    Re: Poll: Voters Viewing Occupy Wall St. Unfavorably

    Quote Originally Posted by teamosil View Post
    In the 60s a family only needed to have one person working 40 hours a week to provide housing, health care, food, transportation, etc. Now it takes two or more people working and they're being expected to work 50 or 60 hours a week. Despite that, they're having a harder time covering those same basics.
    What is the impact of the massive increase in the scope, reach and size of government? What impact do those 80,000 regulations that cost the people more than one trillion additional dollars have?

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    Re: Poll: Voters Viewing Occupy Wall St. Unfavorably

    Quote Originally Posted by teamosil View Post
    Taxes are way lower today than they were before the great society.
    Would you explain marginal rates versus effective rates please?

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    Re: Poll: Voters Viewing Occupy Wall St. Unfavorably

    Quote Originally Posted by teamosil View Post
    The Great Society legislation was passed between 1964 and 1966. In 1963 the top income tax bracket was taxed at 91%. Today it is 35%. Long term capital gains were taxed at 50% in 1963, where today they are taxed at 15%. The top estate tax bracket in 1963 was 70%. Today it is 35%. Etc.
    Why do you behave as if you are unaware of the difference between marginal rates and effective rates? I believe you do. So are you intentionally misrepresenting?

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