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Thread: Were the Bush Tax Cuts Good for Growth?

  1. #111
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    Re: Were the Bush Tax Cuts Good for Growth?

    Quote Originally Posted by haymarket View Post
    you are Mr. Cut Taxes -- no mistake there.

    and you take yourself way way way tooo seriously... for even a Turtle.

    My favorite posts are when you guys with the inferiority complex have to pronounce yourself the winners all the time. Its so wonderfully cute.

    and as for the quote thing ... sometimes the waiter brings you the wrong soup...

    and he knows exactly what he is doing to make a point.

    Or maybe not.

    Something to think about just the same.
    sometimes someone makes a mistake and gets called on it and persists in being in error and when proven to be wrong pretends it was on purpose. as to taking things too seriously, I don't work for the DNC and I don't go around trying to get the government to confiscate more wealth from others



  2. #112
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    Re: Were the Bush Tax Cuts Good for Growth?

    Certainly the suppliers of war materials made money....
    Was it worth several thousand lives....?
    Oracle of Utah
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  3. #113
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    Re: Were the Bush Tax Cuts Good for Growth?

    No they weren't. He cut taxes as soon as he pumped up the DOD, Medicare, and Security budget too. What does he care? It was only his problem for 8 years let the next guy take the blame for it and fix it...oh wait.
    "We’re going to close the unproductive tax loopholes that allow some of the truly wealthy to avoid paying their fair share. In theory, some of those loopholes were understandable, but in practice they sometimes made it possible for millionaires to pay nothing, while a bus driver was paying ten percent of his salary, and that’s crazy." -Reagan

  4. #114
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    Re: Were the Bush Tax Cuts Good for Growth?

    Quote Originally Posted by JohnWOlin View Post
    No they weren't. He cut taxes as soon as he pumped up the DOD, Medicare, and Security budget too. What does he care? It was only his problem for 8 years let the next guy take the blame for it and fix it...oh wait.
    It's amusing when liberals think they're onto something.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
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    Re: Were the Bush Tax Cuts Good for Growth?

    Quote Originally Posted by FilmFestGuy View Post
    Here we go! This is actually where I was hoping the discussion would lead.

    Because I was hoping eventually that we would get to the point that to defend the tax cuts as being "good", you'd have to essentially prove a negative - or "it could have been worse".

    This is, of course, the trap that Obama landed in with the stimulus.

    But to a deeper question: why do so many believe that a tax cut is automatically good for the economy? I know that it means people take a little more money home and there's obviously nothing wrong with that - BUT historically the correlations with "growth" don't match up very well. Indeed, they seem to have little to no impact or reltionship to being "good for the economy".
    Please explain to me how people keeping more of what they earn is a bad thing for the U.S. Economy? Explain to me why the govt. needs 3.6 trillion dollars a year to do much of what is duplicated at the state level? Explain to me how an economy that grows from 9.9 trillion to 14.5 trillion with two recessions and 9/11 is a bad thing? Because the economy didn't grow at the rate you believe is appropriate doesn't change the fact that it grew 4.5 trillion dollars?

    U.S. Department of Commerce. Bureau of Economic Analysis

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    Re: Were the Bush Tax Cuts Good for Growth?

    Quote Originally Posted by American View Post
    It's amusing when liberals think they're onto something.
    It's amusing when people got nothing to say other than scoff and sneer.
    "We’re going to close the unproductive tax loopholes that allow some of the truly wealthy to avoid paying their fair share. In theory, some of those loopholes were understandable, but in practice they sometimes made it possible for millionaires to pay nothing, while a bus driver was paying ten percent of his salary, and that’s crazy." -Reagan

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    Re: Were the Bush Tax Cuts Good for Growth?

    Quote Originally Posted by JohnWOlin View Post
    It's amusing when people got nothing to say other than scoff and sneer.
    Phony Conservatives have plenty to say, unfortunately it is the same old, tired, echos of what they always say, which is not much more than telling us that if we lower taxes, the uber-rich will spend more and it clearly follows that we won't have any more problems....I think they made a movie along those lines, "A Miracle on Wall Street", a follow up of "How the Greedy Grinch Stole the Wealth of a Nation".
    Oracle of Utah
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    Re: Were the Bush Tax Cuts Good for Growth?

    I know mentioning Warren Buffet's name conjurs up images of Pres. Obama having atleast one billionaire in his hip pocket, but the way I see it if this billionaire who happens to be the 3rd richest man in the world says, "tax me" and understands full well that the rich have been getting richer for atleast the last 10 years, I think the American people will eventually begin to take heed.

    But for me, it's not about taxing the rich just because. It's about taxing with a specific purpose and understanding (even in the smallest degree) the economic situation of the day and realizing that cutting spending won't reduce the deficit in and of itself. Taxes will have to be increased at some point - either that or many of the tax breaks many of us have come to enjoy - from the riches to the lowest ruins of the middle-class tax bracket - will likely have to go away. You can't keep giving tax credits without running a risk of reducing revenues because tax credits reduce your taxable income level. So, at some point something's got to give.

    Since the rich have the economic means to take advantage of many of these credits already on top of taking advantage of several pre-tax deductions, i.e., IRAs, 401K, mutual funds, etc., it just makes sense to tax them while the country is trying to get its economic house in order.

    For me, it's not about taking money from the rich. It's about getting this country back on sound, economic footing. To that, I agree with both Mr. Buffet and the President. Nine-five to ninety-nine percent of Americans can use a tax break. That 1-5% have had more than their fair opportunity to do more for themselves and this country by way of the cumulative years of tax breaks they've had to do what Republicans/Conservatives have been saying tax cuts to the wealthy do - create jobs and stimulate growth. I'm still waiting for the prove that either happened using the Bush tax cuts. Convince me that the recession was a fluke and that the economy was, in fact, on an upward tick and that more jobs were created between 2001-2008 than at any other period in this nation's history and I'll jump on this Bush tax cuts bandwagon so fast you'll want to bring back the wagon trains!

    Warren Buffet's commentary on taxes in 2007:

    In particular Buffett urged the Senate Finance Committee not to repeal the estate tax. It is scheduled to come up for a vote, perhaps as soon as this week.

    He told the committee that he recently compared how much he pays in taxes in terms of a percentage of his salary to what his employees pay.

    The results? Buffett says he pays 18 percent of his salary to the IRS while the rest of his staff pays nearly twice that — 33 percent, a lopsided equation that put Buffett in a Robin Hood frame of mind.

    "Frankly, an economy where my receptionist pays a lot higher tax rate than, than I do does not strike me as a just economy," he told lawmakers.

    Buffet has challenged the elite members of the Forbes 400 list to do their own calculations and compare their tax rate with their receptionists, and then consider his challenge that the rich should pay more.

    "I see nothing wrong with those who have been blessed by this society to give a larger portion of their income to the society than somebody that's working very, very hard to make ends meet," Buffett said.
    Warren Buffet's commetary on taxes just this week (Nov 22, 2010):

    "The rich are always going to say that, you know, just give us more money and we'll go out and spend more and then it will all trickle down to the rest of you," Buffett said. "But that has not worked the last 10 years, and I hope the American public is catching on."
    Now, granted, this is the opinion of just one American billionaire, but you have to really consider the significance of what he has to say about the wealthiest Americans and taxes. After all, who else would know about the loopsidedness of it than a wealthy individual who has paid into the system for as long as he has and have been blessed for having the ability to take advantage of them? Yet, it turns out he's not alone in his thinking...

    Patriotic Millionaires unite!!! (Okay, I was being sarcastic with the "unite" part, but what follows is serious...)

    "We are writing to urge you to stand firm against those who would put politics ahead of their country. For the fiscal health of our nation and the well-being of our fellow citizens, we ask that you allow tax cuts on incomes over $1,000,000 to expire at the end of this year as scheduled," they write. "We make this request as loyal citizens who now or in the past earned an income of $1,000,000 per year or more. We have done very well over the last several years. Now, during our nation’s moment of need, we are eager to do our fair share. We don’t need more tax cuts, and we understand that cutting our taxes will increase the deficit and the debt burden carried by other taxpayers. The country needs to meet its financial obligations in a just and responsible way."

    "Letting tax cuts for incomes over $1,000,000 expire, is an important step in that direction," conclude the more than three dozen millionaire signers of the letter, a group that includes a number of Google executives, active CEOs and philanthropists such as Ben & Jerry's co-founder Ben Cohen.
    Last edited by Objective Voice; 11-23-10 at 01:50 PM.

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    Re: Were the Bush Tax Cuts Good for Growth?

    Also, from the Patriotic Millionaires article, a few interesting factoids:

    Millionaires know how to work with numbers. And the Patriotic Millionaires are sharing a few numbers with members of Congress who might be interested in making policy based on facts rather than a hunch. For instance:

    • Only 375,000 Americans have incomes of over $1,000,000.

    • Between 1979 and 2007, incomes for the wealthiest 1 percent of Americans rose by 281 percent.

    • In the 1950s and early 1960s, a period when growth was high and unemployment was low, millionaires had a top marginal tax rate of 91 percent.

    • In 1976, millionaires had a top marginal tax rate of 70 percent.

    • Today, millionaires have a top marginal tax rate of 35 percent.

    • Reducing the income tax on top earners is one of the most inefficient ways to grow the economy, according to the nonpartisan Congressional Budget Office.

    • Letting tax cuts for the top 2 percent—which were never meant to be permanent—expire as scheduled would pay down the federal debt by $700 billion over the next ten years

    Just a few things to think about as the tax debate continues...

    For our FoxNews watchers, you may want to check out this video.
    Last edited by Objective Voice; 11-23-10 at 02:24 PM.

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    Re: Were the Bush Tax Cuts Good for Growth?

    Quote Originally Posted by Objective Voice View Post
    I know mentioning Warren Buffet's name conjurs up images of Pres. Obama having atleast one billionaire in his hip pocket, but the way I see it if this billionaire who happens to be the 3rd richest man in the world says, "tax me" and understands full well that the rich have been getting richer for atleast the last 10 years, I think the American people will eventually begin to take heed.

    But for me, it's not about taxing the rich just because. It's about taxing with a specific purpose and understanding (even in the smallest degree) the economic situation of the day and realizing that cutting spending won't reduce the deficit in and of itself. Taxes will have to be increased at some point - either that or many of the tax breaks many of us have come to enjoy - from the riches to the lowest ruins of the middle-class tax bracket - will likely have to go away. You can't keep giving tax credits without running a risk of reducing revenues because tax credits reduce your taxable income level. So, at some point something's got to give.

    Since the rich have the economic means to take advantage of many of these credits already on top of taking advantage of several pre-tax deductions, i.e., IRAs, 401K, mutual funds, etc., it just makes sense to tax them while the country is trying to get its economic house in order.

    For me, it's not about taking money from the rich. It's about getting this country back on sound, economic footing. To that, I agree with both Mr. Buffet and the President. Nine-five to ninety-nine percent of Americans can use a tax break. That 1-5% have had more than their fair opportunity to do more for themselves and this country by way of the cumulative years of tax breaks they've had to do what Republicans/Conservatives have been saying tax cuts to the wealthy do - create jobs and stimulate growth. I'm still waiting for the prove that either happened using the Bush tax cuts. Convince me that the recession was a fluke and that the economy was, in fact, on an upward tick and that more jobs were created between 2001-2008 than at any other period in this nation's history and I'll jump on this Bush tax cuts bandwagon so fast you'll want to bring back the wagon trains!

    Warren Buffet's commentary on taxes in 2007:



    Warren Buffet's commetary on taxes just this week (Nov 22, 2010):



    Now, granted, this is the opinion of just one American billionaire, but you have to really consider the significance of what he has to say about the wealthiest Americans and taxes. After all, who else would know about the loopsidedness of it than a wealthy individual who has paid into the system for as long as he has and have been blessed for having the ability to take advantage of them? Yet, it turns out he's not alone in his thinking...

    Patriotic Millionaires unite!!! (Okay, I was being sarcastic with the "unite" part, but what follows is serious...)
    The country was on "sound economic footing" before the entitlement programs began, and politicians began pissing the money away in order to get votes. If Warren Buffet wants to give away money to the politicians in Washington, good for him. But it would be just as insane as Ted Turner giving his money to the United Nations.

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