DISQUS

LBRez · 1 year ago

So the tax cuts worked. First, income tax revenue has been at record levels--no matter how numbers are adjusted. Second, as stated in the article because of the tax cuts the wealthiest Americans, who are much more likely to hold stock and other assets, sold those assets and paid taxes on their gains--something they had not been doing previously. Third, not calculated in the report is the significant increase in the wealth of middle-income earners through their growth in 401k and retirement accounts--not counted because they are not yet taxed. The article only casually mentions the increase in the middle income bracket, but fails to mention it outpaced inflation--statistical spread by the way on 20% of the income earners is huge, the difference between those at the top of the middle fifth and bottom of the middle fifth is quite significant. Fourth, the top 1% in income paid 27.6% of all taxes--up over 20% in two years--that is a huge amount of revenue and the 20% increase is very significant. But it takes too much honesty in reporting to not bash the uber-wealthy and of course any chance to take a mindless pot-shot at Bush. The tax breaks have worked: longest period of economic growth in post-War history, longest number of years of increasing tax revenue in post-War history; unfortunately the drunken sailors in Washington can't stop spending money.

wswaim · 1 year ago

I'm with LBRez: The Bushies got into office, controlled both houses and the judiciary--and helped push taxes and the deficit
to record levels. What happened to the Republican Party?

drnoe · 1 year ago

Another thing that always goes unmentioned is that tax revenues ALWAYS increase when the capgains tax rate is reduced. The actual numbers for income taxes paid are as follows...the top 1% paid about 39% of all income taxes that year. The top 5% paid slightly less than 60%, and the top 10% paid 70%.

howardx · 1 year ago

im always amazed at the not-rich (also known as rank and file republicans) jumping in to defend the rich, dance monkeys dance!

LBRez · 1 year ago

I am amazed at the assumptions and judgements made by the not-opened minded (also known as liberal Democrats) regarding other people's politics, wealth, religious beliefs and values then have to name call to "support" their suppossed argument. Instead of calling me, I assume you mean me, a monkey why do you not try to argue the facts that the tax revenue falls overwhelmingly on the highest income earners--which is what it is suppossed to do. Why do you not argue against the Laffer Curve which has been proven time and again and should Congress let the tax cuts expire and bring back higher taxes will show and immediate decrease in tax revenue. Try a real arguement instead of name calling. All of your comments in this site are so similar in lack of depth, lack of reasoning and then labelling or name calling those with whom you disagree. I suppose that is what the left has left.

howardx · 1 year ago

blah blah blah, as if the right has never resorted to name calling. my real argument is this, rank and file republicans jump to the defense of the elite in this country because their party has fooled them into thinking its an ideological issue that they must disagree with the left on even though its not in their best interests. stick that in your laffer curve.

LBRez · 1 year ago

Wrong Howie! I support the tax cuts because I understand (with a degree) economics--it is not ideological, it is logical. How are tax cuts not in my best interest? How is having more tax revenue into the Treasury with less paid by me and my fellow citizens not in my best interest? Ideological would be supporting a tax increase that would reduce tax revenue, would reduce investment of capital, reduce transfer of capital through sale of investments, reduce employment, reduce major capital expenditures and reduce the amount of funds available for assisting expansion of business and therefore jobs.

What you are arguing that I do appears to be exactly what you are doing. Democratic leaders go on and on about tax cuts for the rich when in fact everyone received tax cuts--and the "rich" the smallest--while allowing the middle class to pay even higher taxes through the AMT they have not and will not get rid of. Following their argument that the deficit is because of tax cuts for the rich is buying into a bogus ideological arguement when the facts show incredible increase in tax revenue while the deficit was growing even faster. I buy into tax cuts, I do not buy into the wholesale spending of increased tax revenues by first a GOP controlled Congress and now a Demo controlled Congress and W's refusal to veto any of the b.s. spending bills presented when Repubs were in control. Remove yourself from the ideology presented by liberal leadership that taxes are good and taxes on the wealthy are not only great but mandatory for a better country; look at the facts of revenue collection, economic growth and growth of investments for those of us in IRAs, 401(k)s and other retirement accounts we will need to support ourselves after Social Security is bankrupt and we do not get out of it what we have contributed.

howardx · 1 year ago

tax cuts are great if youre (like most republicans) only out for yourself and dont care what happens to your fellow citizens who may not be as well off as you are, what with your "degree" and all.

LBRez · 1 year ago

Okay howard I will stoop to your level: your assumptions about me make you look like an ignorant fool incapable of presenting a valid arguement in a discussion. Your inability to discuss taxes and the economy show you have no aptitude for the subject beyond the talking points handed out at the DNC convention.

howardx · 1 year ago

new flash brainiac im not a democrat nor do i care what your opinion of me is.

LBRez · 1 year ago

Nor should you, nor I yours of me. Great discussion, you really brought out the debate points and have really learned a lot about your point of view, you have presented it so well that I think you are right. I don't want to be a monkey or a brainiac, or not care about my fellow citizens who are worse off than me! I will longer be brainwashed to defend the elite! I renounce tax cuts and demand the top income earners are taxed until their net income is equal to or less than the bottom 5%! Thank you howard for illuminating the ills of my thinking through your clear presentations. Merry Christmas, I hope Santa brings tax increases for all!

howardx · 1 year ago

now youre talking. have a happy secular winter holiday!!

LBRez · 1 year ago

Thanks, I will spend part of it praying for close minded individuals who make judgements of others without knowing them, for those who feel compelled to name call and give derisive labels for those expressing their thoughts. Happy 1st Amendment and Christmas! May your stocking be filled with thoughtfulness and acceptance.

howardx · 1 year ago

i'll be praying for our 8 year nightmare to be over.

LBRez · 1 year ago

Uh, you don't need prayer for that, we have a Constitution...you know the one liberals get judges to ignore when they legislate instead of adjudicate? I found this editorial you will like: http://www.philly.com/inquirer/opinion/20071223...

howardx · 1 year ago

activist judges, thats so 2005. whats next, blaming immigrants for something?

LBRez · 1 year ago

No there underground economy and use of schools, prisons, hospitals, cutting your yard are totally cool. BTW did you see the story of the family in Bellflower who were ripped off by 4 guys on an invasion robbery? P-T story had detailed identification of the rims on the perps Escalade but nothing on the actual guys who were in the house for a while. Seems the occupants/victims spoke only Spanish and sold clothing out of their home--licensed I'm sure--and $20k in cash was in the attic. I'm sure there is income claimed and taxes paid on the clothing sales. No blame, just what happened.

howardx · 1 year ago

i did see that story, youre probably right about the non payment of taxes, are you equally concerned about tax shelters, offshore accounts etc etc that the rich use to avoid paying their fair share?

LBRez · 1 year ago

Until Congress closes the loopholes that allow them to do it. Hard to blame someone for legally avoiding paying taxes--do you voluntarily pay more? You can you know, IRS will allow you to voluntarily overpay. So instead of blaming those who take advantage of legal write-offs and off shore accounts, Congress should be blamed instead for allowing a ridiculous tax code that has thousands of little benefits and perks for their supporters. I would like to see the loopholes closed, allow deductions for mortgage interest, education, medical, legitimate business expenses, retirement accounts and that is it. Cap the top bracket at 30% and get rid of the incredible number of deductions. As well I would put the cap on SSI contributions at $250k per individual instead of the current $90k (or it may be $92k I can't remember since I don't hit it).

howardx · 1 year ago

amazingly reasonable suggestions;)