reflections on the elections...

[RecycleMichael]

tax cuts for corporations...haven't the last few years of using them and still rising unemployment rates each year proven they don't create jobs?

[we vs us]

Like I said, economic theory is moot when it comes to tax cuts.  Economic theory doesn't create jobs, people quite literally do.  Indulge human behavior, extend the cuts and see what happens.  If CEO's say that's what it takes, hold them to their word.

I'm not really sure what to say about that.  That kinda goes in the face of everything about good governance I know.  It's literally like opening the government coffers and handing bags of money to business owners because they told us to. 

And if tax cuts defy scholarship -- can't be accounted for by theory -- on what basis should I believe they actually work?  Just because Reagan said so?  I can look back at the Bush tax cuts of 2003 and pretty clearly see that they did jack squat to either prime the pump or provide lasting job gains.  Or, in the end to trickle down in the least.  Salaries are flat over the last decade, and the employment rate speaks for itself. 

[heironymouspasparagus]

"Just one more chance...."

They had 9 years.  Plus, especially the last 3.
No 'economic theory' at all to it.  It is economic fact; anyone who had actually studied history would know that it is not a tax cut that stimulates new jobs or economic activity.  That is the biggest part of the Republican lie.  If in some alternate universe world where the sky is purple, that happened to be true, then this economy should still be skyrocketing!  We had all the big tax cuts for the rich in 2001 and 2003, then all the tax cuts for the middle class in 2009 (biggest cuts in the history of the world).  So where are the jobs??


Trog, you only pay 17%??  You mean there is no SS taken out (7 + 7).  Plus medicare/medicaid?  State is too dependent on geography, so I never count that.

What you are not getting is the special treatment of 95% of your income to count it as "long term capital gains" at a max tax rate of 15%.  That is where the difference comes in.  (Sorry to hear you only make enough to pay 17%!  Hope things get better!)  Personally, I would love for my income tax bill to double every year for the rest of my life.  That would mean just that much more income every year for the rest of my life!

[Cats Cats Cats]

You are right, I wasn't including FICA which isn't included over $123,000.  People from $85 to $123k a year pay the higest taxes of anybody.

[guido911]

tax cuts for corporations...

No, just tax cuts for me.  

[nathanm]

If we give you another tax cut, how will we pay for our roads?

[Conan71]

If we give you another tax cut, how will we pay for our roads?

Do the river first...

[guido911]

This cannot be true:

A staffer for a congressional Democrat who came up short on Tuesday reports that a team of about five people stopped by their offices this morning to talk about payroll, benefits, writing a résumé, and so forth, with staffers who are now job hunting.
But one of the staffers was described as a "counselor" to help with the emotional aspect of the loss — and a section in the packet each staffer was given dealt with the stages of grief (for instance, Stage One being anger, and so on).

"It was like it was about death," the staffer said. "It was bizarre." The staffer did say the portions about the benefits and résumé writing were instructive.

[Emphasis mine]

http://www.politico.com/blogs/maggiehaberman/1110/Grief_counseling_after_the_wipeout.html

[nathanm]

I take it you've never seen Up in the Air?

[Red Arrow]

Personally, I would love for my income tax bill to double every year for the rest of my life.  That would mean just that much more income every year for the rest of my life!

We could probably raise your tax rates enough to keep you from enjoying any increase in income.   

[heironymouspasparagus]

Red,
But that's the whole point, ain't it?  We have done nothing but cut taxes for a decade.  If my taxes doubled every year that would very soon mean I was also up in that rarified atmosphere of the rich, so if they doubled, it would mean a quadrupling of income!  I'm ALL about that....

[Red Arrow]

Red,
But that's the whole point, ain't it?  We have done nothing but cut taxes for a decade.  If my taxes doubled every year that would very soon mean I was also up in that rarified atmosphere of the rich, so if they doubled, it would mean a quadrupling of income!  I'm ALL about that....

For starters, your taxes will double well before your income quadruples thanks to the progressive income tax.  (Unless your income is already in the stratosphere and most of it is subject to the highest bracket.)

You also missed my point that in order to soak the rich, we can raise your marginal rates to keep you from keeping any more than you get to keep now. Historically the marginal rates have been pretty high. 

[heironymouspasparagus]

Not the way it is now.  If it doubles and doubles and doubles again, pretty soon I can take advantage of all the tools of the trade and I will reside in 16%ville, too.  I would avoid the SS tax.  I would avoid medicare/medicaid.  And I would use the long term capital gains methods to avoid all but 15% of income tax.  There IS no such thing as "progressive" tax rates at those income levels - it is the "flat tax" there is so much talk about - and it is 15%.

Yeah, I would take the hit on the first 100,000 or so, but beyond that, it is cheap tax city.

[Red Arrow]

Not the way it is now. 

That's what I am saying, CHANGE the taxes so you can pay more tax without taking home more money.

[heironymouspasparagus]

So, you are making the case that the richest should continue to get the 16% solution while the rest of us get to pay 40%.

Guess we know where you dwell on the spectrum.  Hope to be up there with you soon!