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Thread: White House Concedes on Upper Income Tax Cuts

  1. #81
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    Re: White House Concedes on Upper Income Tax Cuts

    Quote Originally Posted by disneydude View Post
    Really Goob?
    Not just really, but OBVIOUSLY.
    You may, at your leisure, show how I am wrong.

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    Re: White House Concedes on Upper Income Tax Cuts

    Quote Originally Posted by Goobieman View Post
    Not just really, but OBVIOUSLY.
    You may, at your leisure, show how I am wrong.
    Why don't you start by answering the last post?
    <font size=5><b>Its been several weeks since the Vegas shooting.  Its it still "Too Early" or can we start having the conversation about finally doing something about these mass shootings???​</b></font>

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    Re: White House Concedes on Upper Income Tax Cuts

    Quote Originally Posted by disneydude View Post
    Why don't you start by answering the last post?
    Your red herring? I think not.
    I laid out an argument as to how tax cuts, by their nature, are not redistributive.
    If you disagree with that, then show how the argument is wrong.

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    Re: White House Concedes on Upper Income Tax Cuts

    Quote Originally Posted by disneydude View Post
    Oh please......Before Reagan the top % tax bracket was much higher. Reagan cut taxes on the wealthy in half and doubled taxes on the middle class. GWB took it a step further and cut taxes even more for the wealthy. Since the days of Reagan, wealth in this country has disproportionately been "redistributed" to the top 2% of the population. This is why the middle class continues to shrink in this country.

    Obama should stand firm on his proposal. It would show the American people where the true loyalty of the GOP is. Republicans are against cutting taxes for working class Americans, unless the wealthy get to pad their pockets even more.
    Reagan has nothing to do with this debate on extending these tax cuts.

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    Re: White House Concedes on Upper Income Tax Cuts

    The Reagan Tax Cuts: Lessons for Tax Reform

    Conclusion:
    The Reagan tax cuts, like similar measures enacted in the 1920s and 1960s, showed that reducing excessive tax rates stimulates growth, reduces tax avoidance, and can increase the amount and share of tax payments generated by the rich. High top tax rates can induce counterproductive behavior and suppress revenues, factors that are usually missed or understated in government static revenue analysis. Furthermore, the key assumption of static revenue analysis that economic growth is not affected by tax changes is disproved by the experience of previous tax reduction programs. There is little reason to expect static revenue analysis to evaluate the economic or distributional effects of current tax reform proposals much better than it evaluated the Reagan tax program 15 years ago.

    Taxes: What people forget about Reagan - Sep. 8, 2010
    Soon after taking office in 1981, Reagan signed into law one of the largest tax cuts in the postwar period.

    That legislation -- phased in over three years -- pushed through a 23% across-the-board cut of individual income tax rates. It also called for tax brackets, the standard deduction and personal exemptions to be adjusted for inflation starting in 1984. That would reduce "bracket creep" since the high inflation of the 1970s and early 1980s meant incomes rose very fast, pushing taxpayers into ever higher brackets even though the real value of their income hadn't changed.
    In 1986, Reagan lowered individual income tax rates again, this time in landmark tax reform legislation.

    As a result of the 1981 and 1986 bills, the top income tax rate was slashed from 70% to 28%.
    "Reagan was certainly a tax cutter legislatively, emotionally and ideologically. But for a variety of political reasons, it was hard for him to ignore the cost of his tax cuts," said tax historian Joseph Thorndike.

    Two bills passed in 1982 and 1984 together "constituted the biggest tax increase ever enacted during peacetime," Thorndike said.

    The bills didn't raise more revenue by hiking individual income tax rates though. Instead they did it largely through making it tougher to evade taxes, and through "base broadening" -- that is, reducing various federal tax breaks and closing tax loopholes.
    There were other notable tax increases under Reagan.

    In 1983, for example, he signed off on Social Security reform legislation that, among other things, accelerated an increase in the payroll tax rate, required that higher-income beneficiaries pay income tax on part of their benefits, and required the self-employed to pay the full payroll tax rate, rather than just the portion normally paid by employees.

    The tax reform of 1986, meanwhile, wasn't designed to increase federal tax revenue. But that didn't mean that no one's taxes went up. Because the reform bill eliminated or reduced many tax breaks and shelters, high-income tax filers who previously paid little ended up with bigger tax bills.
    Sounds to me like liberals today should be worshiping Reagan.

    All told, the tax increases Reagan approved ended up canceling out much of the reduction in tax revenue that resulted from his 1981 legislation.
    So much for doubling taxes on the middle class.

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    Re: White House Concedes on Upper Income Tax Cuts

    Quote Originally Posted by Whovian View Post
    Sounds to me like liberals today should be worshiping Reagan.
    In today's political climate, Reagan would be called a RINO.
    Yet he's still worshipped. Twists the mind a bit, doesn't it?
    He touched her over her bra and underpants, she says, and guided her hand to touch him over his underwear
    Quote Originally Posted by Lutherf View Post
    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

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    Re: White House Concedes on Upper Income Tax Cuts

    Quote Originally Posted by Goobieman View Post
    Your red herring? I think not.
    I laid out an argument as to how tax cuts, by their nature, are not redistributive.
    If you disagree with that, then show how the argument is wrong.
    How is that a red herring? Because you can't answer it? (The Gobbie Shuffle)

    Reagan and Bush both disproved your theory that tax cuts for the wealth can't "possibly" redistribute wealth. Sorry Goob...but the facts themselves dispel your myth.
    <font size=5><b>Its been several weeks since the Vegas shooting.  Its it still "Too Early" or can we start having the conversation about finally doing something about these mass shootings???​</b></font>

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    Re: White House Concedes on Upper Income Tax Cuts

    Quote Originally Posted by ARealConservative View Post
    Reagan has nothing to do with this debate on extending these tax cuts.
    Of course not. But if you read the post in context you would understand the relevance to the debate.
    <font size=5><b>Its been several weeks since the Vegas shooting.  Its it still "Too Early" or can we start having the conversation about finally doing something about these mass shootings???​</b></font>

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    Re: White House Concedes on Upper Income Tax Cuts

    Quote Originally Posted by disneydude View Post
    Reagan and Bush both disproved your theory...
    When you can actually sddress what I said. let me know.
    That you have yet to do so indicates that you know you cannot.

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    Re: White House Concedes on Upper Income Tax Cuts

    Quote Originally Posted by disneydude View Post
    Of course not. But if you read the post in context you would understand the relevance to the debate.
    still wouldn't be true because all the changes did was slightly reverse prior class warfare against the wealthy.

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