Study: Tax Cuts for the Rich Don’t Spur Growth

[jstern01]

http://www.cnbc.com/id/49059989

Have at it.

 

[blackangst1]

I like this part:

Do higher taxes on the rich lead to faster economic growth? Not necessarily. The paper says that while growth accelerated with higher taxes on the rich, the relationship is “not strong” and may be “coincidental,” since broader economic factors may be responsible for that growth.

So two myths are killed in one study.

 

[Atreus21]

Nor do higher taxes on the rich increase revenue.

 

[bfdd]

so taxes are proven to be a net drain on the economy and there's nothing you can do about it except completely remove the tax in the first place? sweet, less intervention = better results.

 

[Matt1970]

In fact, the study found that higher tax rates for the wealthy are statistically associated with higher levels of growth.

Maybe they didn't look at GDP

http://www.google.com/publicdata/ex...try:USA&ifdim=region&hl=en_US&dl=en&ind=false

There is one part of the economy, however, that is changed by tax cuts for the rich: inequality. The study says that the biggest change in the distribution of U.S. income has been with the top 0.1 percent of earners — not the one percent.

Maybe they didn't look at data before 1980

 

[werepossum]

I like this part:


So two myths are killed in one study.

LMAO! Do lower taxes increase growth? Yes, but it might be coincidence, so no.

A pox on both houses. If you want to increase growth in this nation, don't confiscate and redistribute money to increase demand or cut taxes to increase investment and hope it works. Either make it more attractive to invest in this country, or make it less attractive to invest in other countries. Or both.

Of course, there are side affects. The former lowers protections; the latter increases consumer costs. There is no free lunch.

 

[Anarchist420]

The tax cuts for the rich under bush 43 were limited.

Of course, youll have the libtards saying that a higher top marginal income tax rate gives the govt twice the revenue but their may be no point in trying to argue with them... I've done it as well as lot of other people, but it doesn't get through the tiny brains of the liberal who is focused on emotion rather than reason.

 

[blankslate]

So two myths are killed in one study

I would say that there hasn't been enough research done into that odd correlation which may not be a causal relation or (in combination with other factors common to periods of higher taxs) may be.

One thing is certain. Tax cuts started in periods when this country is for all practical purposes at war (even if not officially declared) has rarely, if ever, been done in the past century.

And the current state of the economy is an should be an object lesson as to why that is.

 

[Incorruptible]

The tax cuts for the rich under bush 43 were limited.

Of course, youll have the libtards saying that a higher top marginal income tax rate gives the govt twice the revenue but their may be no point in trying to argue with them... I've done it as well as lot of other people, but it doesn't get through the tiny brains of the liberal who is focused on emotion rather than reason.

Well said, after having to deal with these morons its pointless to debate with them

 

[MooseNSquirrel]

The tax cuts for the rich under bush 43 were limited.

Of course, youll have the libtards saying that a higher top marginal income tax rate gives the govt twice the revenue but their may be no point in trying to argue with them... I've done it as well as lot of other people, but it doesn't get through the tiny brains of the liberal who is focused on emotion rather than reason.

Compared to who? The rich got the largest tax cut out of every bracket.

Couple that with the capital gains tax cut and I would say that you are way off the mark.

http://en.wikipedia.org/wiki/George_W._Bush_tax_cuts

 

[MooseNSquirrel]

Well said, after having to deal with these morons its pointless to debate with them

If only you could vote, then you could put your grammatically challenged words into effect!

 

[EagleKeeper]

Compared to who? The rich got the largest tax cut out of every bracket.

Couple that with the capital gains tax cut and I would say that you are way off the mark.

http://en.wikipedia.org/wiki/George_W._Bush_tax_cuts

Tax cuts by %?

Everyone cap gains were cut; not just the rich.
If you do not use the cap gains and the appropriate tax cut; why is it some one else's fault.

 

[Anarchist420]

Compared to who? The rich got the largest tax cut out of every bracket.

Couple that with the capital gains tax cut and I would say that you are way off the mark.

http://en.wikipedia.org/wiki/George_W._Bush_tax_cuts

No they didn't... The bottom marginal rate went down by 1/3, the top one went down by less than 1/8.

The rich have a higher share of the tax burden when the top marginal rate is lower. Unlike most conservatives, I actually wish the top marginal rate was raised to 100% so that no one would work, or so that people would just funnel their money into an offshore account... the current system would finally crash because the govt wouldn't get much revenue.

As for whether tax cuts cause growth, it depends upon what "tax cuts" means. However, growth is unimportant, because a lot of good inexpensive things could give the same GDP as a lot of destruction by govt combined with a lot of expensive crappy things by the private sector. Patents, labor laws, protectionism, the Fed, and other regulations raise GDP also, so it's generally a worthless statistic... all of which mean we're already experiencing too much "growth".

 

[Anarchist420]

Well said, after having to deal with these morons its pointless to debate with them

Thanks

Tax cuts by %?
Everyone cap gains were cut; not just the rich.
If you do not use the cap gains and the appropriate tax cut; why is it some one else's fault.

thanks

 

[silverpig]

Tax cuts by %?

Everyone cap gains were cut; not just the rich.
If you do not use the cap gains and the appropriate tax cut; why is it some one else's fault.

Set the top marginal tax rate at 0%, and make the threshold $10M.

If you don't take advantage of it by not making $10M or more, then it's your fault.

 

[DukeN]

So giving billionaire and big industry tax breaks on earnings increased (partially) by outsourcing doesn't work? Hmmmm

 

[JulesMaximus]

LMAO! Do lower taxes increase growth? Yes, but it might be coincidence, so no.

A pox on both houses. If you want to increase growth in this nation, don't confiscate and redistribute money to increase demand or cut taxes to increase investment and hope it works. Either make it more attractive to invest in this country, or make it less attractive to invest in other countries. Or both.

Of course, there are side affects. The former lowers protections; the latter increases consumer costs. There is no free lunch.

How about we just pay down the fucking national debt? Confiscate and redistribute? What kind of stupid fucking terms are those? We borrowed and borrowed and borrowed for almost a decade while lowering taxes. Now it is time to pay for those failed policies.

 

[blackangst1]

How about we just pay down the fucking national debt? Confiscate and redistribute? What kind of stupid fucking terms are those? We borrowed and borrowed and borrowed for almost a decade while lowering taxes. Now it is time to pay for those failed policies.

Because neither party wants to tackle that monster. Even if the Bush tax cuts for the top 4% were reinstated, and all that money were applied to the debt, it wouldnt make a noticeable difference. And they know that. Only way its gonna happen is if calculated tax increases for everyone PLUS spending cuts PLUS a commitment to apply that revenue to the debt PLUS no more charging to the credit card. And that aint gonna happen.

 

[werepossum]

How about we just pay down the fucking national debt? Confiscate and redistribute? What kind of stupid fucking terms are those? We borrowed and borrowed and borrowed for almost a decade while lowering taxes. Now it is time to pay for those failed policies.

Accurate terms. Taxes are government confiscation, not "contributions". Money taken from one entity and given to another is redistribution, not "spreading the wealth".

Because neither party wants to tackle that monster. Even if the Bush tax cuts for the top 4% were reinstated, and all that money were applied to the debt, it wouldnt make a noticeable difference. And they know that. Only way its gonna happen is if calculated tax increases for everyone PLUS spending cuts PLUS a commitment to apply that revenue to the debt PLUS no more charging to the credit card. And that aint gonna happen.

Exactly. Right now if we get taxed another trillion, D.C. will spend another three trillion. Unless and until we can break that cycle, increased government revenue is counter-productive.

 

[EagleKeeper]

Set the top marginal tax rate at 0%, and make the threshold $10M.

If you don't take advantage of it by not making $10M or more, then it's your fault.

And the thieves will still complain about that guy even those the endorse legislation.

the little guy also uses capital gains when they go into the stock market to increase their wealth.


Or are people not supposed to increase their wealth?
Is that the message that is being sent?

 

[blankslate]

How about we just pay down the fucking national debt? Confiscate and redistribute? What kind of stupid fucking terms are those? We borrowed and borrowed and borrowed for almost a decade while lowering taxes. Now it is time to pay for those failed policies.

the few Bush apologists aren't going to admit to the failure.

Others will convince themselves that democratic government officials have only proposed budgets that raise taxes without spending cuts. that's not the case.

http://www.cnn.com/2011/POLITICS/04/13/obama.deficits/index.html

As stated in other threads even when the President offered medicare and social security cuts some members of the republican caucus balked. Because they're unwilling to let some Bush tax rates expire.
Even if lowering taxes during wars was pretty much never done before and now all but proven beyond a reasonable doubt to be one of the most fiscally irresponsible things that could be done.

 

[bfdd]

Article points out taxes are a net drain on the economy, argue over which is better raising or lowering. Lol do you guys even see the picture? Any taxation is a drag

 

[Ldir]

Tax cuts by %?

Everyone cap gains were cut; not just the rich.
If you do not use the cap gains and the appropriate tax cut; why is it some one else's fault.

Everyone is entitled to food stamps and Medicaid if your income is too low. Why is it someone else's fault you make too much? Do you have any more dishonest arguments?

 

[bfdd]

Everyone is entitled to food stamps and Medicaid if your income is too low. Why is it someone else's fault you make too much? Do you have any more dishonest arguments?

Why such an arbitrary limit? Is it his fault someone else is willing to give him so much money? Seriously nonsense. They get it cause they have nothing pfft were supposed to be in it together, everyone should get it regardless or no one gets any at all. Such arbitrary lines you're OK with lol.

 

[preslove]

Nor do higher taxes on the rich increase revenue.

You are an idiot.