It’s The Income Tax, Stupid
WANT A REAL ECONOMIC “STIMULUS?” THIS THIS IS THE TAX POLITICIANS NEED TO CUT … ByYou must Subscribe or log in to read the rest of this content.
WANT A REAL ECONOMIC “STIMULUS?” THIS THIS IS THE TAX POLITICIANS NEED TO CUT … ByYou must Subscribe or log in to read the rest of this content.
20 comments
And he probably only watches Fox News.
What Torch said! Or HR is the economic adviser to Fox.
And que the hatred against Howard Rich with very little comments on the actual post….
“Queue.” Idiot.
“Cue”
Like Laffer was so correct with his infamous “curve” and that whole “supply side economics.”
This is just as much misinformation as Romney’s promise that the 1% will continue to pay the same share of taxes. When you understand that his plan will give even more of this nation’s wealth to the top 1%, that does not sound like a fair deal. If you are not in that top 1%, your same share of the taxes will have to be paid out of your smaller share of the wealth.
Rich’s factoid about “the 3.5 percent of American taxpayers who report annual business income over $250,000 a year – i.e. those who would see their tax rates increase under Barack Obama’s plan – generate 53 percent of all small business income in America” is true only because so many people making really big bucks take advantage of IRS rules and classify themselves as an “S Corporation.”
That technically makes them “small business” in more ways than one, since many have only one employee — themselves.
The vast majority of truly “small businesses” that actually have employees make less than $250,000/year.
This is just another propaganda attempt to sway the base of the Republican Party — the common uninformed voter.
Why does the study only highlight the states with high income taxes and the states with no or low income taxes? Give me the raw data on all 50 states, in a table that can be sorted based on these figures, and I bet there will be plenty of both types at the top and at the bottom.
I love how income tax is the only factor that matters in any of these stats that Laffer and Moore tout and ALEC parades around. Gee, I wonder why Texas does so great? Can’t be the oil industry. I wonder why Florida does so great? Can’t be the tourism industry. I mean, it just has to be taxes! Clearly eliminating state income tax (despite that meaning taxes are just taken from you elsewhere) will suddenly result in the instantaneous, miraculous creation of an industry powerful enough to drive SC’s economy out of the gutter!
High income tax rates choke off economic growth on two key fronts – consumer activity and small business expansion.
If you want to spur consumer activity and small business expansion, cut taxes for the middle class and small businesses. If you want that to be revenue neutral, shift the burden you are lifting off those entities on the rich and large corporations. I’m all for helping the little guy, and Howie, you are not by any means the “little guy.”
Howard The Duck once again misleading his (cough) readers.
“If you want to spur consumer activity and small business expansion, cut taxes for the middle class and small businesses. If you want that to be revenue neutral, shift the burden you are lifting off those entities on the rich and large corporations.”
You’ll never get the “rich and large corporations” in your net.
They will payoff whoever is in power to get their breaks(rich people/companies don’t just support Romney, they support Obama too to hedge their bets), whether it’s Dems or Repubs. They will use their army of tax specialists and attorneys to do the “Dutch Sandwich to the Double Irish”, the offshore Cayman’s, etc. et al…
You’ll never stop it. If you get draconian enough then they will pick up and move. It’s pie in the sky fantasy land to think you are going to subjugate the rich to any kind of higher tax rate in the big picture.
If you want to spur growth-you are right Smirks-you need to lower taxes for the middle class, but it’s best to scale back gov’t to do so-and fight over what programs are kept between the Dems and Repubs.
So this is a great study for…I don’t know…encouraging Mexicans and Canadians to move to USA? News flash, state income tax differentials work because if you move to Florida, you are still in the United States…technically speaking of course.
You can cherry pick statistics to get any answer you want. Bottom line– What Clinton did worked, what Bush did didn’t work. Obama never had a chance when the main platform of the Republican Party was to make him a one term President.
It is also interesting when you look at the “business friendly” states– most of the top 10 are “BLUE” states and most of the bottom 10 are “RED” states. What does that tell you?
The GOP (Greedy Old People) is out for themselves only. They have not yet figured out that it isn’t a “trickle down” economy, it is “flow up” economy.
Excellent post.
Speaking of cherry picking, I could change your line to this as well:
“Bottom line– What Reagan did worked, what Obama did didn’t work.”
Around 50% of the people reading that statement would nod thier heads in approval.
Less than 10% would go outside the painted lines and say “What Clinton and Reagan did sacrificed future generations economically.”
You’re right what Reagan did worked, what Obama did didn’t work. But Reagan had Democrats that were willing to work with him. Obama had Republicans that were not willing to work with him. When Obama agreed with the R’s on anything, the R’s “anything” changed.
I think you missed the point of my reply, but it’s all good.
gothcha
I’m glad to see the wingnuts here recognize Uncle Ronnie raised taxes in still the biggest tax increase in US history.
Actually, I was referring to deficit spending. But if you want to obfuscate, feel free, it just makes you the wingnut-no one else:
dailycaller.com/2012/06/06/ronald-reagan-raised-taxes-11-times-the-real-story/
Howard Rich (better known as Howie the Voucher Clown) only gets his silly essays posted on this sad little porn site because sic(k) willie needs to earn the voucher scam money Howie sends him from time to time.
I just wish Howie would tell Billy Folks to wipe his chin the next time Billy services Howie…just saying…