This whole bad economy thing is a LIE - Page 6 - Politics and War Forum

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Re: This whole bad economy thing is a LIE
Thursday, June 11, 2009 4:51 AM on
Community College. have not decided yet if I want to get back in to LE, or if it will be for something else.....


"An appeal to arms and the God of hosts is all that is left us. But we shall not fight our battle alone. There is a just God that presides over the destinies of nations. The battle sir, is not of the strong alone. Is life so dear or peace so sweet as to be purchased at the price of chains and slavery? Forbid it almighty God. I know not what course others may take, but as for me, give me liberty, or give me death."

Speech at the Second Virginia Convention at St. John's Church in Richmond, Virginia (23 March 1775) Patrick Henry

Re: This whole bad economy thing is a LIE
Friday, June 12, 2009 1:32 AM on
Should be interesting to say the least...

but its the same crap everywhere.... just about different things..

Re: This whole bad economy thing is a LIE
Sunday, June 14, 2009 1:36 PM on
If anyone was watching Meet The Press this morning, Biden was on it, and there was a statement he made that I found interesting. Now, granted, it came from Biden, who's been known to say things that are not exactly backed by the Whitehouse, but I still thought it was an interesting statement. It was during a discussion about the health care plan they are trying to push forward with. Here is the part he mentions taxes:

VICE PRES. BIDEN: You pay for it by the way we've laid it out. We pay for it by eliminating some existing tax cuts that are out there, you pay for it by reforming Medicare and Medicaid, you pay for it by getting rid of the Medicare advantage. You pay for it by a whole range of things which we've...

MR. GREGORY: Including raising taxes.

VICE PRES. BIDEN: Including--look, the taxes we're going to--that we propose to raise, to raise $300 billion, says that people making over $250,000 should have the same deduction schedule that they had with Ronald Reagan. Instead of it being 39 percent, it should be 28 percent. That's how we come up with an additional $300 billion.

It seems to me that he just said the Administration is proposing to lower the top tax bracket to 28%, which would fly in the face of everything they talk about, but at the same time, fit with a debate statement Obama himself made in late October. It's also a bit jumbled, since he is speaking of deductions, but mentions marginal rate figures, but it's enough to make you wonder. It's also possible he reversed his numbers. I wish Gregory followed up on this, but it blew by without any discussion. I would have liked to have heard him clarify this.

The full transcript is available here. The part I mention is on page 3. You can also download the entire episode here.

Now, as I've said before, if this administration does lower taxes and stimulate the economy in that way, I will admit that I might be wrong about them. That being said, I personally have no reason to believe they are actually going to do this. I just thought it was an interesting statement, and figured I'd throw it out there for people to ponder.

Re: This whole bad economy thing is a LIE
Sunday, June 14, 2009 2:38 PM on
wondering if he flipped the numbers as well. saying were going to raise 300 million in taxes by lowering the taxes of those over 250k doesnt add up.!/Square1Photography
Re: This whole bad economy thing is a LIE
Monday, June 15, 2009 5:44 AM on
Actually, it does, and historical data proves it. It doesn't happen right away, but a few years down the road they will be taking in a lot more revenue. However, it's something that the Dems have always fought against, so I really have to believe it's a slip, but I'm curious if it's spoken of again. Like I said, I can't believe David Gregory let it blow right by without a second thought. I doubt Tim Russert would have missed it. MTP just isn't the same without him.

Re: This whole bad economy thing is a LIE
Monday, June 15, 2009 10:59 AM on
two diffrent things then what i was thinking, i was thinkging he was saying were going to lower the taxes but collect more from the lowered tax base. not from addional money from other parts of the sector that would benifit from it.!/Square1Photography
Re: This whole bad economy thing is a LIE
Monday, June 15, 2009 2:59 PM on
Actually, both. One thing that lots of people don't realize, or don't remember, is that when the top rate was that low, not only did the total collected revenue increase, but the share that the rich paid was larger. The top 1% paid 17.5% of the tax burden in 1981, but by 1988, they paid 27.5% of the tax burden. The top 10% saw their share go from 48.0% in 1981 to 57.2% in 1988. These are some of the statistics that blow holes in the theory that it was all a windfall for the rich because of Reagan's tax policies. Another interesting fact that people miss is that the Bush tax cuts decreased the share paid by the poor from 0.5% to 0.3%, while it increased the share on the top 20% from 79% to 81%.

Some sources regarding these and more statistics that make for good reading:
The Reagan Tax Cuts: Lessons for Tax Reform
Bush's tax cuts are unfair to the rich
This one I've posted before somewhere, but it's a good read on stimulative theories in recent history:
Why tax rate reductions are more stimulative than rebates

Edited 1 time(s). Last edited Monday, June 15, 2009 3:54 PM

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