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Thread: More Democrats break with Obama on tax cuts

  1. #851
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    Re: More Democrats break with Obama on tax cuts

    Quote Originally Posted by Johnny DooWop View Post
    "Republican presidential candidate Sen. John McCain has said that the major tax cuts passed in 2001 and 2003 have "increased revenues." He also said that tax cuts in general increase revenues. That’s highly misleading.

    In fact, the last half-dozen years have shown us that we can't have both lower taxes and fatter government coffers. The Congressional Budget Office, the Treasury Department, the Joint Committee on Taxation, the White House’s Council of Economic Advisers and a former Bush administration economist all say that tax cuts lead to revenues that are lower than they otherwise would have been – even if they spur some economic growth. And federal revenues actually declined at the beginning of this decade before rebounding. The growth in the past three years that McCain refers to brings revenues back in line with the 40-year historical average as a percentage of gross domestic product.

    It’s unclear how much of the growth can be attributed to the tax cuts. Capital gains tax receipts did increase greatly from 2003 to 2006, but the CBO estimates that they will level off and decrease in the next few years. The growth overwhelmingly resulted from a sharp rise in corporate tax receipts, the cause of which is a topic of debate."

    FactCheck.org: Supply-side Spin

    Like I said, I'm all for lower taxes but claiming that they increase revenue is not accurate and doing it without cutting government spending ludicrous.
    The problem with that assumption is that it relies on things remaining the same and tax cuts change personal buying habits thus creating greater demand. I have heard that argument and have seen what is posted. The reality is and think about it, what do you do when you get to keep more of what you make in the form of higher take home pay. Ronald Reagan cut tax rates 10-10-5% over three years, 25%, and tax revenue to the govt. doubled. How did that happen? 18 million new employees!!

    Bush tax cuts grew govt. revenue as well and created 8.5 million new jobs. Bush had another problem however, 9/11 that hurt the economy and job creation. He then had the recession that began in December 2007 thus the 2008 numbers are skewed very badly.

    Right now we have 16 million unemployed Americans. What would the tax revenue be if those 16 million went back to work and what is it going to take to make that happen? The present status quo isn't doing it, so cut taxes, increase demand, and more jobs are created thus more taxpayers.

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    Re: More Democrats break with Obama on tax cuts

    Quote Originally Posted by Conservative View Post
    Cut taxes, increase demand, and more jobs are created thus more taxpayers.
    Haha, sure, cutting taxes fixes all economic problems. If only it were that easy. You, being an experienced business man, should know economies aren't made or broken simply by tax rates.

  3. #853
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    Re: More Democrats break with Obama on tax cuts

    Quote Originally Posted by Johnny DooWop View Post
    Haha, sure, cutting taxes fixes all economic problems. If only it were that easy. You, being an experienced business man, should know economies aren't made or broken simply by tax rates.
    Who do you think pays for the business taxes? Tax rates have a significant impact on economic behavior. still waiting for an answer, what happens when you get more take home pay due to lower taxes?

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    Student Johnny DooWop's Avatar
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    Re: More Democrats break with Obama on tax cuts

    Quote Originally Posted by Conservative View Post
    Who do you think pays for the business taxes? Tax rates have a significant impact on economic behavior. still waiting for an answer, what happens when you get more take home pay due to lower taxes?
    I put it in the bank and invest it.

    BTW

    Stock markets historically do better under Dems than Reps. - Jan. 22, 2004

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    Re: More Democrats break with Obama on tax cuts

    Quote Originally Posted by Johnny DooWop View Post
    Ok, how does that affect the economy? Where do the banks get their money to invest in business growth?

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    Re: More Democrats break with Obama on tax cuts

    Quote Originally Posted by Conservative View Post
    Ok, how does that affect the economy?
    HAHA! Ok, I'm done here. Go take economics 101 then we'll talk.

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    Re: More Democrats break with Obama on tax cuts

    Quote Originally Posted by Johnny DooWop View Post
    HAHA! Ok, I'm done here. Go take economics 101 then we'll talk.
    Hard for you to admit, isn't it? Whether you spend, save, invest, or pay off debt it helps the economy by putting more money into circulation either directly or indirectly. That is something liberals have a hard time admitting. Ever wonder why? Why don't you ask yourself why liberals are so afraid of people keeping more of their money?

    You posted that the stock market does better with a Democrat in the WH. I have done better when I get to keep more of my own money and I have used a lot of that money to support charities. Liberals don't want individuals to take care of others as it takes the power away from the politicians. Think about it?

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    Re: More Democrats break with Obama on tax cuts

    Quote Originally Posted by Conservative View Post
    Ok, how does that affect the economy? Where do the banks get their money to invest in business growth?
    I consult heavily with the banking industry. Banks do not need savings to make loans. They can use made up money from the fred.

    Hehe

    Hehe

    <Im using one of your lines Conservative> DO YOUR HOMEWORK AND READ BEFORE YOU POST.

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    Re: More Democrats break with Obama on tax cuts

    Quote Originally Posted by ender1 View Post
    I consult heavily with the banking industry. Banks do not need savings to make loans. They can use made up money from the fred.

    Hehe

    Hehe

    <Im using one of your lines Conservative> DO YOUR HOMEWORK AND READ BEFORE YOU POST.
    Who said anything about need? The more they get the more they can lend and the lower the interest rates.

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    Re: More Democrats break with Obama on tax cuts

    Quote Originally Posted by Conservative View Post
    Who said anything about need? The more they get the more they can lend and the lower the interest rates.
    oh boy...that's not how it works.

    Originally Posted by johnny_rebson:

    These are the same liberals who forgot how Iraq attacked us on 9/11.


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