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Old 09-21-2012, 08:21 AM   #1
ChoomCzar
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Default Under Obamanomics, the 47% — and everyone else — will be paying more taxes soon enough

Under Obamanomics, the 47% — and everyone else — will be paying more taxes soon enough

James Pethokoukis | September 18, 2012, 9:12 am
Image credit: The White House's Office of Management and Budget

One of these two things has got to give: Either a) the projected future explosion in federal spending is reduced or b) a good chunk of the 47% of Americans who currently pay no income taxes will have to start (or perhaps pay a value-added tax).
Less spending or just about everybody — including the broad middle class — will pay more. Lots more.
That’s the choice. And that is the issue Mitt Romney should be raising.
Why won’t President Obama — unlike Paul Ryan — release a long-term budget plan? Simple. If he did, it would show the only way to realistically pay for the Democratic spending agenda is to eventually raise taxes on pretty much everybody.
See, if you are not going to cut future spending increases and dramatically reform entitlements, raising taxes on just the rich isn’t enough to cover the budget gap. The Buffett Rule is a sham. The Tax Policy Center clearly showed that in a recent tax simulation it conducted:
Instead of trying to balance the budget, we aimed to cut the deficit to a sustainable 2 percent of GDP. And we wouldn’t even start to do the heavy lifting until 2015—to give the country time to regain its economic footing. …
What if Congress just raised taxes for high-income taxpayers? Their rates would go up more than 40 percent under current law and more than 150 percent under current policy. In other words, the top tax rate would return to the bad old days of 90 percent. Even if we go for the Administration’s more modest goals—start with current policy and aim for deficits averaging 3 percent of GDP—those top tax rates would have to more than double, taking the top rate over 75 percent.
And our estimates ignore behavioral response. Research has shown that tax increases lead people, particularly at the top of the income distribution, to cut back their taxable income. While analysts disagree on the magnitude of that income shift, they’d all acknowledge that cranking the top rate up to 90 percent would lead to a massive reduction in taxable income and hence a lot less additional revenue than we found. People facing those high tax rates might work less or hire smart accountants.
So here’s how it might play out: First, Washington raise taxes on wealthy Americans and business. And when those tax hikes don’t supply enough added tax revenue, the politicians then turn to the rest of America and say, “Sorry, we’ve taxed the 1% and business and it still isn’t enough. Now it’s your turn. Let’s talk about what a VAT is …”
Here’s former Obama White House budget chief Peter Orszag on why taxes need to go up on the middle class.
In the face of the dueling deficits, the best approach is a compromise: Extend the tax cuts for two years, and then end them altogether. Ideally, only the middle-class tax cuts would be continued for now. Getting a deal in Congress, though, may require keeping the high-income tax cuts, too. And that would still be worth it. … More troubling, middle-class and lower-class families would be saddled with higher taxes. That’s a legitimate concern, but also a largely unavoidable one if we are to tackle the medium-term fiscal problem.
Indeed, Obama has already toyed with the idea of middle-class tax hikes. Here was Obama’s reaction, as recounted in The Escape Artists: How Obama’s Team Fumbled the Recovery, when aides in 2009 pitched him on letting all the Bush tax cuts expire:
He gave no indication that he was troubled by the plan’s most explosive feature: that it would likely break a central campaign promise—not raising taxes on the middle class—one Republicans would surely wrap around his neck with populist glee.
Every wonder Obama won’t commit to extending the middle-class Bush tax cuts beyond 2013? It is because he wants them to go away.
The left thinks Americans — and not just the 1% — are undertaxed. The wealthy may get hit first, but the 99% will be next.
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Old 09-21-2012, 04:06 PM   #2
TexTushHog
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Even assuming your flawed factual premise is accurate, what would be wrong with paying more in taxes? America has one of the lowest total tax burdens as percentage of GDP of any industrialized nation.

http://www.nationmaster.com/graph/ta...otal-as-of-gdp

Our income tax burden is at the lowest it's been in 60 years.

http://www.washingtonpost.com/wp-dyn...041503371.html
http://www.cbsnews.com/2100-250_162-7326720.html

That's one of the reasons our infrastructure is crumbling. we have a piss poor education system, and we have a massive debt -- insufficient investment in public goods. Why shouldn't we be paying more taxes?
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Old 09-21-2012, 05:22 PM   #3
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Quote:
Originally Posted by TexTushHog View Post
Even assuming your flawed factual premise is accurate, what would be wrong with paying more in taxes? America has one of the lowest total tax burdens as percentage of GDP of any industrialized nation.

http://www.nationmaster.com/graph/ta...otal-as-of-gdp

Our income tax burden is at the lowest it's been in 60 years.

http://www.washingtonpost.com/wp-dyn...041503371.html
http://www.cbsnews.com/2100-250_162-7326720.html

That's one of the reasons our infrastructure is crumbling. we have a piss poor education system, and we have a massive debt -- insufficient investment in public goods. Why shouldn't we be paying more taxes?

You are one immoral fuck.........to you it might not look like so much, until you take into account that 47% pay no taxes and a large percent of those pay NEGATIVE taxes (they get money back).....but what about the 53% who pay too much taxes?.....

What's wrong with paying taxes? If you weren't liberal filth I wouldn't waste my time explaining it to you. But you are, so I will. When government takes your money, they are taking your freedom. Duh!

Certainly some people have passive income, but much income is acquired with time and effort. The democrat slave owners use to take slaves time and effort from them and the democrats still wanna take, but now from everybody.

Consider yourself bitch-slapped by me.
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Old 09-21-2012, 05:40 PM   #4
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http://www.politifact.com/truth-o-me...onaires-taxes/
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Old 09-21-2012, 06:20 PM   #5
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Hey, TTH, the Republicans passed a voluntary Buffett Rule, allowing rich people to voluntarily pay their "fair share". Now you can pony up, and shut up.

http://www.latimes.com/news/politics...,2730679.story
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Old 09-21-2012, 06:23 PM   #6
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Originally Posted by CuteOldGuy View Post
Hey, TTH, the Republicans passed a voluntary Buffett Rule, allowing rich people to voluntarily pay their "fair share". Now you can pony up, and shut up.

http://www.latimes.com/news/politics...,2730679.story
I'm TTH is eager to pay higher taxes.
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Old 09-21-2012, 06:41 PM   #7
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Originally Posted by joe bloe View Post
I'm TTH is eager to pay higher taxes.

youre TTT eager to pay higher taxes?

maybe you should pay someone to write your responses
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Old 09-21-2012, 07:02 PM   #8
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Quote:
Originally Posted by TexTushHog View Post
Even assuming your flawed factual premise is accurate, what would be wrong with paying more in taxes? America has one of the lowest total tax burdens as percentage of GDP of any industrialized nation.

http://www.nationmaster.com/graph/ta...otal-as-of-gdp

Our income tax burden is at the lowest it's been in 60 years.

http://www.washingtonpost.com/wp-dyn...041503371.html
http://www.cbsnews.com/2100-250_162-7326720.html

That's one of the reasons our infrastructure is crumbling. we have a piss poor education system, and we have a massive debt -- insufficient investment in public goods. Why shouldn't we be paying more taxes?
Your CBS article attributes your "low tax receipts" to high unemployment and a poor economy: "The poor economy is largely to blame, with corporate profits down and unemployment up."

Your Washington Post article uses a middle-class family income of $60,700 to illustrate how much less the government is collecting from the "rich"!?!

"The middle fifth of taxpayers, who earned an average of $60,700 per household in 2006, paid just 3 percent in federal income tax that year, down from a high of 8.3 percent in 1981. . . .

"According to the most recent IRS statistics, about 45 million households -- a third of all filers -- owed no federal income tax after taking their credits and deductions in 2006. This year, with the profusion of new credits in the stimulus package, about 65 million households -- or 43 percent of all filers -- are likely to owe no income taxes, according to a new analysis by the Tax Policy Center . . ."

Too fuckin' funny! TTH, your post deserves a hearty, Marshall laugh.


HA HA HA HA
HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA
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Old 09-21-2012, 07:30 PM   #9
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Quote:
Originally Posted by ChoomCzar View Post
You are one immoral fuck.........to you it might not look like so much, until you take into account that 47% pay no taxes Wrong. They pay no federal income taxes. The @35% of the 47% who are retired, pay sales taxes, etc. Most of the remaining 65% of the 47% who "pay no taxes," pay payroll taxes, sales taxes, etc. and a large percent of those pay NEGATIVE taxes (they get money back).....but what about the 53% who pay too much taxes?.....So everyone who pays taxes pay too much? What do you base that statement on?

What's wrong with paying taxes? If you weren't liberal filth I wouldn't waste my time explaining it to you. But you are, so I will. When government takes your money, they are taking your freedom. Duh! The fact you are willing to waste your time on "filth" and not on "non-filth", speaks volumes about your character...or should I say lack of character?

Certainly some people have passive income, but much income is acquired with time and effort. The democrat slave owners use to take slaves time and effort from them and the democrats still wanna take, but now from everybody. And the other party slave owners paid for a slave's time and effort? And put it in the bank? Thank you for explaining where that money for reparations is supposed to come from.

Consider yourself bitch-slapped by me.
Now THAT'S a bitch slapping.

You never were much. Glad I could get that in before you are gone.
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