Saturday
Tax Cuts for the Rich - or - Just Good Economic Policy?
Read the latest complaining from the media about tax cuts for the rich and, one might believe that the wealthy in our nation have been given an unfair break. The blog of famous Harvard Professor, Dr. Gregory Mankiw, points out that this isn't the case. The following is a nice summary of that fact:
"What I found is that the average tax rate for the top 1 percent was below the current 31.1 percent rate for 10 of the 11 years from 1982 to 1992. It reached a low of 25.5 percent in 1986. For better or worse, President Bush has not come close to reducing tax rates for the rich to the levels they achieved after President Reagan cut taxes.One might be curious how that the tax rate on the lowest quintile--5.5 percent in 2005--compares with historical data. The CBO data show that this tax rate has fluctuated since 1979 between 5.2 to 10.2 percent. Federal taxes on the poor at now near the low end of their historical range."
In summary: the rich are being taxed more than during the prior 20 years and tax rates for the poor are at near historic lows! Not exactly what the media clap trap has been portraying! Nearly all economists agree that taxation has a constrictive affect on the marketplace...thus, lowering taxes has an expansion affect. If Bush would like to match the sharp expansion that followed the Reagan administration, further cuts are needed - not the contrary. Follow that with spending cuts (unlikely with the current administration and elected congress, I am afraid) and, you have a formula for increased economic health for the greatest number of Americans.
Will
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Jesus: social liberal/fiscal conservative
George W.: social conservative/fiscal liberal
Conclusion: George W. is the anti-Christ
George W.: social conservative/fiscal liberal
Conclusion: George W. is the anti-Christ
# posted by 
: 5:02 PM
: 5:02 PM
what does does this comment have to do with the posting's theme?... If it were left under the "show me the money" posting, then MAYBE I could see it,...
Hey anonymous, in all candor you are a shining example of the quality of the American Education system (if indeed you area local boy or gal)... you want to try that again?
C'mon!, dig a little deeper,.. explain the Anti-Christ comment... explain your juxtaposition of the first 2 sentences... please? pretty please?...
Hey anonymous, in all candor you are a shining example of the quality of the American Education system (if indeed you area local boy or gal)... you want to try that again?
C'mon!, dig a little deeper,.. explain the Anti-Christ comment... explain your juxtaposition of the first 2 sentences... please? pretty please?...
... an anonymous hit like that makes me feel "cheated".., like I did not get the jist of the comment AND that I was not able to fully engage the person in the reasons for their "reasoning". But Hit and Runs are common in this medium,... the price of free publishing.
Funny stuff, Dave. Maybe I should be more careful in the future! Anonymous...anytime I was ever in a position of making a statement while leaving my name anonymous, I found that I was ashamed of what I was about to say. Unfortunately, I don't know what anonymous was trying to point out.
Publius, that is pretty funny too. Unfortunately, Dave and I only occasionally agree on who is an idiot! But, it does happen.
Publius, that is pretty funny too. Unfortunately, Dave and I only occasionally agree on who is an idiot! But, it does happen.
"Wasn’t Jesus against the moneychangers in the temple?"
The moneychangers were abusing animals in 'Gods house' which got Jesus into a ruckus.
In other words, it was animal abuse, not money that got his goat (no pun intended).
Back on topic, the more Bush 'cut taxes' the more in the hole this economy gets.
On the other hand, when Clinton imposed more tax on America, the economy was booming.
Clinton made jobs. Under Bush, there has yet to be a net of one job created.
And remember, each year, 400,000 people (from out of schools) join the job market, let alone the law abiding immigrants and the illegal aliens.
The moneychangers were abusing animals in 'Gods house' which got Jesus into a ruckus.
In other words, it was animal abuse, not money that got his goat (no pun intended).
Back on topic, the more Bush 'cut taxes' the more in the hole this economy gets.
On the other hand, when Clinton imposed more tax on America, the economy was booming.
Clinton made jobs. Under Bush, there has yet to be a net of one job created.
And remember, each year, 400,000 people (from out of schools) join the job market, let alone the law abiding immigrants and the illegal aliens.
hmm... i think you may have some facts in questionable order. The economy then (a dot.com bubble at that) was booming and headed for a recession with the crash of the Tech Sector. The same economy started to motor in the last 2 fiscal quarters for Bush 41's presidency. And please recall that the 94' concress (Republican for the first time in 40 years) shoved a balanced budget agreement down Clinton's throat. You can't cherry pick your facts.
Lastly, I dont know what the labor department statistics are, but considering the massive tragedies of both natural causes, and terrorism that we've suffered, and yet still the economy is churning, is a testament to tax cuts, not Clintonian Policies.
Lastly, I dont know what the labor department statistics are, but considering the massive tragedies of both natural causes, and terrorism that we've suffered, and yet still the economy is churning, is a testament to tax cuts, not Clintonian Policies.
Veggie Dude...
Reductions in taxes cause the cost of doing business to decline...allows companies to be more price competitive, business more profitable, allows additional businesses in the market-place that otherwise could not turn a profit...creates jobs, more product...more tax revenue.
Clinton did not CREATE jobs...government does not create jobs. It can, by virtue of keeping their hands-off, allow free-enterprise to create jobs. This is what Reagan started by tax reduction and tax reform of 1986. Clinton merely inherited the booming economy already put into place when Clinton went along for the ride.
Will
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Reductions in taxes cause the cost of doing business to decline...allows companies to be more price competitive, business more profitable, allows additional businesses in the market-place that otherwise could not turn a profit...creates jobs, more product...more tax revenue.
Clinton did not CREATE jobs...government does not create jobs. It can, by virtue of keeping their hands-off, allow free-enterprise to create jobs. This is what Reagan started by tax reduction and tax reform of 1986. Clinton merely inherited the booming economy already put into place when Clinton went along for the ride.
Will
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