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Thread: Over 90% of the income gains in the first year of the recovery went to the top 1%

  1. #241
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    Re: Over 90% of the income gains in the first year of the recovery went to the top 1%

    Tax expert: Paul Ryan’s ‘smoke and mirrors’ budget would increase deficit

    "I just got off the phone with Robert McIntyre, the director of Citizens for Tax Justice. His criticism of Paul Ryan’s new budget was unsparing: He ripped it as “smoke and mirrors,” and claimed it would increase the deficit.

    “He’s a phony,” McIntyre said of Rep. Ryan. “But he’s always been a phony.”

    Here’s how McIntyre reached his conclusion. He compared the amounts the Ryan budget predicts in revenues and expenditures for fiscal years 2013-2022, with the same numbers the Congressional Budget Office projects under current law.

    (The Ryan numbers are on page 87 of his budget; the CBO numbers are on page 20 of its recent fiscal outlook.)

    Bottom line: By McIntyre’s calculations, the Ryan budget cuts taxes by $4.3 trillion over 10 years; and it cuts spending by $4.2 trillion over the same period. Since the former is larger than the latter, the deficit would marginally go up.

    And it’s much, much worse than this, McIntyre says, because he doesn’t believe that the Ryan budget would only cut taxes by $4.3 trillion. His budget doesn’t specify any of the deductions and loopholes he’d close to offset the huge cost of the tax cuts for corporations and the wealthy, McIntyre points out — meaning the overall tax cut would likely be far larger than he says, and that the deficit would likely soar.

    “He thinks he can get the corporate and personal rate down to 25 percent and not lose money,” says McIntyre, whose group is liberal leaning but nonpartisan and doesn’t hesitate to criticize Democrats. “He waves his hands, and says, `There must be something to cover it.’”

    McIntyre says the plan would proably result in a “huge” deficit increase, even though there isn’t enough information in the proposal to calculate it.

    “This is all smoke mirrors and no deficit reduction,” McIntyre concludes. “Have you seen the cover? It’s beautiful. That’s the best part. But he is proposing to increase the budget deficit over the long term.”

    McIntyre’s conclusion: “He should have titled it `Blueprint for Financial Disaster.’”

    Tax expert: Paul Ryan’s ‘smoke and mirrors’ budget would increase deficit - The Plum Line - The Washington Post
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

  2. #242
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    Re: Over 90% of the income gains in the first year of the recovery went to the top 1%

    Quote Originally Posted by Catawba View Post
    McIntyre’s conclusion: “He should have titled it `Blueprint for Financial Disaster.’”
    Since the trajectory of the debt is lower in the Ryan budget than that proposed in BHO's 2011-12 budget can we thusly define his as 'Bigger Blueprint for Financial Disaster'?

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    Re: Over 90% of the income gains in the first year of the recovery went to the top 1%

    Quote Originally Posted by JP Hochbaum View Post
    “In 2010, average real income per family grew by 2.3% … but the gains were very uneven. Top 1% incomes grew by 11.6%, while bottom 99% incomes grew only by 0.2%. Hence, the top 1% captured 93% of the income gains in the first year of recovery. Such an uneven recovery can help explain the recent public demonstrations against inequality.”

    The 10 page update offers a clear picture of how income shares have varied over different business cycles, as well as the long-term trends since 1917. Top income shares fell dramatically after World War II, stayed flat, then began to rise in the early 1980s and have returned to their pre-War levels.

    The top 10% in the US take now take home about 47% of all income, but this is driven by the top 1% who account for 20%.

    The difference between the business cycle of the 1990s and the 2000s is that the incomes of the bottom 99% grew by 20% between 1993 and 2000, but only by 6.8% between 2002 and 2007.

    Saez suggests that this “may … help explain why the dramatic growth in top incomes during the Clinton administration did not generate much public outcry while there has been a great level of attention to top incomes in the press and in the public debate since 2005.”

    Over 90% of the income gains in the first year of the recovery went to the top 1% « Economics for public policy
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    Re: Over 90% of the income gains in the first year of the recovery went to the top 1%

    Quote Originally Posted by Dickieboy View Post
    Since the trajectory of the debt is lower in the Ryan budget than that proposed in BHO's 2011-12 budget can we thusly define his as 'Bigger Blueprint for Financial Disaster'?
    The experts say the GOP's plan increases the deficit more than the Democrats over the next decade.

    So thanks, but no thanks!
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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    Re: Over 90% of the income gains in the first year of the recovery went to the top 1%

    Quote Originally Posted by TurtleDude View Post
    Only the most gullible of fools would believe that Obama isn't helping his 1% posse members.

    As I noted some of the 1% do better when there is less government, less parasites and less income stealers in office. And then there are those in the 1% who are parasites, big government leaches and income stealers. Like Obama's supporters
    Of course Obama helps his 1% members. No doubt about it. He also attempts to implement policies to help the 99% as well. And there in lies the difference between he and Romney.
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    Quote Originally Posted by Ikari View Post
    Can't make a true aristocracy by ensuring that everyone gets their share.
    Fair share based on...what exactly? Amount of investment or just because they exist? How exactly does this gig work?

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    Re: Over 90% of the income gains in the first year of the recovery went to the top 1%

    Quote Originally Posted by Catawba View Post
    The experts say the GOP's plan increases the deficit more than the Democrats over the next decade.

    So thanks, but no thanks!
    Experts....EXPERTS???? Can you not read the tables? Look up the projections on the last budget proposed by BHO and look at those listed in the PTP (Ryan plan). Anyone can speculate that either is wrong based on whatever but the tables were prepared, presumably, by intelligent folks (expecting ad hom) on both.
    Last edited by Dickieboy; 03-24-12 at 09:36 PM.

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    Re: Over 90% of the income gains in the first year of the recovery went to the top 1%

    Quote Originally Posted by Catawba View Post
    Tax expert: Paul Ryan’s ‘smoke and mirrors’ budget would increase deficit

    "I just got off the phone with Robert McIntyre, the director of Citizens for Tax Justice. His criticism of Paul Ryan’s new budget was unsparing: He ripped it as “smoke and mirrors,” and claimed it would increase the deficit.

    “He’s a phony,” McIntyre said of Rep. Ryan. “But he’s always been a phony.”

    Here’s how McIntyre reached his conclusion. He compared the amounts the Ryan budget predicts in revenues and expenditures for fiscal years 2013-2022, with the same numbers the Congressional Budget Office projects under current law.

    (The Ryan numbers are on page 87 of his budget; the CBO numbers are on page 20 of its recent fiscal outlook.)

    Bottom line: By McIntyre’s calculations, the Ryan budget cuts taxes by $4.3 trillion over 10 years; and it cuts spending by $4.2 trillion over the same period. Since the former is larger than the latter, the deficit would marginally go up.

    And it’s much, much worse than this, McIntyre says, because he doesn’t believe that the Ryan budget would only cut taxes by $4.3 trillion. His budget doesn’t specify any of the deductions and loopholes he’d close to offset the huge cost of the tax cuts for corporations and the wealthy, McIntyre points out — meaning the overall tax cut would likely be far larger than he says, and that the deficit would likely soar.

    “He thinks he can get the corporate and personal rate down to 25 percent and not lose money,” says McIntyre, whose group is liberal leaning but nonpartisan and doesn’t hesitate to criticize Democrats. “He waves his hands, and says, `There must be something to cover it.’”

    McIntyre says the plan would proably result in a “huge” deficit increase, even though there isn’t enough information in the proposal to calculate it.

    “This is all smoke mirrors and no deficit reduction,” McIntyre concludes. “Have you seen the cover? It’s beautiful. That’s the best part. But he is proposing to increase the budget deficit over the long term.”

    McIntyre’s conclusion: “He should have titled it `Blueprint for Financial Disaster.’”

    Tax expert: Paul Ryan’s ‘smoke and mirrors’ budget would increase deficit - The Plum Line - The Washington Post

    In reality a far left tax propagandist who wants the rich to pay more

    from Wiki

    CTJ was founded in 1979 in response to the growing anti-tax movement’s recent passage of California’s Proposition 13

    I cannot find any evidence that the guy referenced in your propaganda piece is an "expert"

    we do know that the spin center claims it wants the "rich to pay their fair share"

    they lose all credibility with that crap

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    Re: Over 90% of the income gains in the first year of the recovery went to the top 1%

    Quote Originally Posted by haymarket View Post
    Of course Obama helps his 1% members. No doubt about it. He also attempts to implement policies to help the 99% as well. And there in lies the difference between he and Romney.
    Opinion noted not shared. Obama promotes crony capitalism and works to help the crony capitalist billionaires by making more and more people dependent on the government which these uber rich types run

  10. #250
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    Re: Over 90% of the income gains in the first year of the recovery went to the top 1%

    Quote Originally Posted by Dickieboy View Post
    Experts....EXPERTS???? Can you not read the tables? Look up the projections on the last budget proposed by BHO and look at those listed in the PTP (Ryan plan). Anyone can speculate that either is wrong based on whatever but the tables were prepared, presumably, by intelligent folks (expecting ad hom) on both.
    "TPC found that repealing the AMT and cutting rates by 20 percent would increase the deficit by more than $3 trillion over the next 10 years, even after the 2001/2003/2010 tax cuts are extended."

    Romney's Tax Plan Would Add $3T To Deficit Over A Decade - Forbes

    "In Ryan’s “Path to Prosperity,” he proposes reducing the deficit over the next decade, but according to the Congressional Budget Office (CBO), Ryan’s plan will add more to the deficit than if Congress maintains the status quo.

    Republicans Pass Blame For Their Own Deficit Failures On To The Poor


    What experts can you reference that claim the GOP deficit will be less than the presidents?
    Last edited by Catawba; 03-24-12 at 10:05 PM.
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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