Greenspan: Let Bush's Tax Cuts Expire

[shadow9d9]

We've been over this before. There is no "cost" to a tax-cut. An extension would not need to be "offset" as it'd continue an already existing revenue stream.

IMO the question that should be asked is how the leftists plan on reducing the deficit after the tax-increase further damages our economy and thus tax revenue.

Where are leftists in this country? There is the one socialist independent. Are you referring to democrats in this country which are moderate at absolute best but considered right wing by every other political system of first world countries?

 

[shira]

My Google-fu reveals most in Congress want the income brackets to stay the same with the exception of the 33% and 35% ones. Those would go to 36% and 39.6%.

http://www.savingtoinvest.com/2010/04/2010-and-2011-tax-brackets-new.html
http://www.foxnews.com/politics/2010/07/12/republicans-sound-warning-expiration-bush-tax-cuts/
http://www.time.com/time/politics/article/0,8599,2005389,00.html

It seems some are saying ALL of the tax cuts will expire while most seem to be saying that the middle class cuts will likely be extended.

However, the child tax credit may be cut in half. That would be a big blow to many families as would the marriage penalty.

Time will tell.

ALL tax cuts will end if the Republicans succeed in filibustering the Democratic proposal. Republicans are against ending tax cuts for only the rich, so they're willing to filibuster and then LIE to the public that Obama is trying to end all of the tax cuts.

 

[child of wonder]

ALL tax cuts will end if the Republicans succeed in filibustering the Democratic proposal. Republicans are against ending tax cuts for only the rich, so they're willing to filibuster and then LIE to the public that Obama is trying to end all of the tax cuts.

Seems like the Democrats have a large enough majority to defeat a filibuster.

A pity we can't leave the tax cuts as is and have the federal government stop spending so much god damned money.

 

[JD50]

Where are leftists in this country? There is the one socialist independent. Are you referring to democrats in this country which are moderate at absolute best but considered right wing by every other political system of first world countries?

I don't understand how people can be this stupid. Of course he's referring to American liberals/Democrats, we're talking about American politics, not world politics.

 

[IndyColtsFan]

A pity we can't leave the tax cuts as is and have the federal government stop spending so much god damned money.

Unfortunately, the concept of spending cuts is alien to both Democrats and Republicans.

 

[shortylickens]

Outside of a major city, $130k is a very good income. Median household income in my county is right around $50k with most homes between $130k and $400k. Income at that level enables such a couple to save quite a bit.

They COULD but they never do.
Statistically almost every American individual and family spends just about everything they make. If they start making more money then they just change their lifestyle and spend more. Most of us go into debt for the house and car, and many appliances. Then we indenture ourselves for 30 or 40 years to pay off all the nice things we want.
And that system has actually worked out alright for many years. It keeps the economy strong and that keeps people employed.

Then the rich got greedy.

 

[JS80]

Unfortunately, the concept of spending cuts is alien to both Democrats and Republicans.

Except you don't necessarily need to cut spending when you cut tax rates.

To all you left wing retards, we're at the latter half of the laffer curve. Tax rate cuts = revenue increase.

 

[theeedude]

No money to pay for extending these, I don't even know why we are wasting time debating this.

 

[spidey07]

No money to pay for extending these, I don't even know why we are wasting time debating this.

Tax costs don't cost any money. There is no cost associated with them.

 

[Red Dawn]

ALL tax cuts will end if the Republicans succeed in filibustering the Democratic proposal. Republicans are against ending tax cuts for only the rich, so they're willing to filibuster and then LIE to the public that Obama is trying to end all of the tax cuts.

So you say Spidey is lying again?

Originally Posted by spidey07
You are correct. ALL brackets are set to rise with the biggest increases being the poor and middle class.

 

[spidey07]

So you say Spidey is lying again?

FACT:

All brackets are set to rise at the end of CY 2010.

FACT:
The largest increases are on the middle and bottom brackets

 

[child of wonder]

FACT:

All brackets are set to rise at the end of CY 2010.

FACT:
The largest increases are on the middle and bottom brackets

FACT:

As the law stands right now, all brackets would raise if nothing is done to extend them.

FACT:

Most lawmakers want to extend or make permanent the tax cuts save for the 33% and 35% brackets which would raise to 36% and 39.6%. This would affect families making over $215,000 annually or individuals making $177,000 annually or more.


I agree that it would be devastating if the middle class cuts were not extended but it seems most in Congress and the Senate agree with that assessment and are trying to extend the middle class cuts. Some want all the cuts extended and are threatening a filibuster to block moves to extend only the middle class cuts.

 

[hal2kilo]

Watch what happens if congress doesn't extend it. I'm hoarding my money and not spending jack squat because of it. Also pulling my money out of the market this year specifically because of the increases.

Just as I suspected, the investor classs and the wealthy are willing to destroy this economy (read cut off nose to spit face) to prove they are right!

 

[khon]

Except you don't necessarily need to cut spending when you cut tax rates.

To all you left wing retards, we're at the latter half of the laffer curve. Tax rate cuts = revenue increase.

And yet somehow whenever its attempted (Reagan + Bush) the deficit goes up drastically. It's almost as if empirical evidence disputes your little fantasy of having your cake and eating it too ....

 

[hal2kilo]

And yet somehow whenever its attempted (Reagan + Bush) the deficit goes up drastically. It's almost as if empirical evidence disputes your little fantasy of having your cake and eating it too ....

I'll chime in first...correlation does not equal causation! Except, the non-laffer curve/ chicago school brain washed economists, find that it's true.

 

[Fern]

FACT:
FACT:

-snip-

I agree that it would be devastating if the middle class cuts were not extended but it seems most in Congress and the Senate agree with that assessment and are trying to extend the middle class cuts. Some want all the cuts extended and are threatening a filibuster to block moves to extend only the middle class cuts.

Tax bills can go through the Reconcilliation process (which is what it was designed for). There is no filibuster under the Reconcilliation process.

I.e., Empty threat.

Fern

 

[spidey07]

Just as I suspected, the investor classs and the wealthy are willing to destroy this economy (read cut off nose to spit face) to prove they are right!

When faced with the prospect of close to 200% increase in taxes on my gains, hell yes I'm pulling out and holding onto my money. Obama is here and I need to weather his destruction.

 

[khon]

When faced with the prospect of close to 200% increase in taxes on my gains, hell yes I'm pulling out and holding onto my money. Obama is here and I need to weather his destruction.

Yeah, because we all remember how bad the Clinton years were for investors ....

 

[Sclamoz]

Except you don't necessarily need to cut spending when you cut tax rates.

To all you left wing retards, we're at the latter half of the laffer curve. Tax rate cuts = revenue increase.

Ever Wonder why that chart has such a narrow timeline?

 

[Zebo]

Except you don't necessarily need to cut spending when you cut tax rates.

To all you left wing retards, we're at the latter half of the laffer curve. Tax rate cuts = revenue increase.

We doubled outstanding credit during the last decade. With that demand and goods and services trading hands like crazy tax receipts improved.

 

[BoberFett]

Yeah, because we all remember how bad the Clinton years were for investors ....

So you're saying we should start another stock market bubble?

 

[Jhhnn]

Of course revenues went up when top tier tax rates went down- it was a good time to cash in, pay lower taxes, reinvest... in derivatives, or China or India, for example... As the bubble deflated in all its awful glory, lots of investors just fled to liquidity in govt bonds or plain old cash... can't lose money there, and purchasing power can actually increase in a deflationary scenario.

There was a reservoir of working investment wealth convertible to cash, and that's what happened. Sucked it dry. Now what?

Rightwing mouthpieces say business is waiting for demand to pickup before reinvesting and hiring, as if that oxymoron makes sense- demand is directly related to employment. But it sounds good. I figure they're just waiting for the middle class to fall flat on our faces, making it easier to put their boots on our necks...

Debt slave suckas, chained to the oars of the USS Oligarchy...

(Whip Crack!) Row, you biatches- Row!

 

[khon]

So you're saying we should start another stock market bubble?

No, I'm saying that promoting a thriving economy is a whole lot more complicated than the GOP theme of "lower taxes = better".

 

[ericlp]

Holy Fuck!!! Not rolling in cash?????????????????????????

Typical punk ass Republicans out of touch with the real world

Not rolling in cash after buying the McMansion with a 1500 mortgage every month, oh did we mention the 2 brand new cars and a boat payments on too? WE NEED MORE MONEY cuz now we want a motorhome. Sheesh... yep!

130K a year is ROLLING.... what more do these rich assholes want?

 

[ericlp]

Seems like the Democrats have a large enough majority to defeat a filibuster.

A pity we can't leave the tax cuts as is and have the federal government stop spending so much god damned money.

Yeah we should start by cutting the war machine.