Posts tagged "Repulbican Tax"

Tax hikes on the rich “negligible” for growth on the economy

Washington- A recent report was re released after Republicans tried to claim that tax hikes on the wealthy would be detrimental to growth in the economy. The report states that revoking the Bush era tax cuts on the wealthiest Americans will have a “negligible” impact on the economy. The report also states that the the Bush Era tax cuts did very little to help spur the growth of the economy. The report also stated that the Bush Era tax cuts helped fuel the income inequality among income classes.

“Analysis of such data conducted for this report suggests the reduction in the top tax rates has had little association with saving, investment, or productivity growth,” the study says. “It is reasonable to assume that a tax rate change limited to a small group of taxpayers at the top of the income distribution would have a negligible effect on economic growth.”

The study takes into account tax rates and economic growth that dates back to the world war 2 era. Needless to say Democrats pounced on the opportunity to prove to Republicans that tax cut for the wealthy don’t necessarily equate to growth and that the top two percent of earners should go back to Clinton Era tax rates when growth was substantial. Republicans, as they always seem to, complain and swear that raising taxes on the wealthy will only bring gloom and doom for the US economy.

“What this report demonstrates is at the core of the debate we’re having right now,” said Maryland Rep. Chris Van Hollen, the top Democrat on the House Budget Committee, adding that it “put a stake in the heart of the Republican argument that small increases in marginal tax rates for wealthy individuals somehow hurt economic growth.” He also noted that during the Clinton years with tax hikes the US economy was doing a lot better off than when Bush introduced his tax cuts.

“What this CRS report does is take away the last little fig leaf that [Republicans] had to justify big tax cuts for very wealthy individuals,” Van Hollen said.

“Republicans have simply failed to face up to the reality,” said Rep. Sander Levin (D-Mich.), the top Democrat on the House Ways and Means Committee. “I hope that this CRS report will add further impetus to the speaker to sit down with Republicans, because when I’ve talked to a few of them, I don’t think they’ve had this discussion.”

Republican lawmakers claim that the report was written by a left wing study group and that its findings are biased and therefore fallacious.

This is a continuing trend with Republicans denying the facts when they stare them point blankly in the face.  Maybe this report will be the wake up call needed to raise taxes on the top 2 percent.


Be the first to comment - What do you think?
Posted by Taxmaster - December 16, 2012 at 3:33 am

Categories: Federal Tax, Income Tax, Tax Law   Tags: , , , , , , , , , ,

Grover Norquist against the world

We have seen enough statistics in our day to realize that most people agree on NOTHING. It is very hard to get consensus on anything. It seems as if the American people would fight over a piece of shit nowadays.

Well a Quinnipiac University poll released Thursday has just proven that hell has frozen over and the American people can agree on one thing. HATING GROVER NORQUIST AND HIS STUPID TAX PLEDGE. Yes, that is right 85% percent of voters including 77% of Republicans think that the sacred goat of the Republican Party “not raising taxes on the wealthy” was a BAD BAD IDEA under any condition. What was going on in the Republic Caucus is beyond me but I have a feeling that most of them drank the “gold flake kool aid”

While the Norquist tax pledge wasn’t specifically mentioned. This insignificant figure wedged his way into our life’s with a stupid meaningless pledge that he expects all of his “bromises” to uphold. I have a feeling this Grover person deals with Napoleon Syndrome making himself to be more important than he actually is. I mean he isn’t the president or even an elected official. He is just some scraggly businessman with the balls of the very old in his hands that heads Americans for Tax Reform. . Why may you ask? I do not know. Maybe he has very deep pockets or a very deep throat.

Of course this is all just induction based upon the results of a simple poll question. Still one would argue that maybe this insistence on sheltering the wealthy does have something to do with good ole Grover since the Republicans drop his name every chance they get. Seriously is this guy a celebrity on AMC or something?

This poll question does hint on something much larger than it appears on the surface

Raising taxes on the rich is quite popular among those that aren’t rich. Surprise there ehhh? As a matter of fact 60% of those surveyed support it the other 40% are fans of Justin Beiber and Paris Hilton and don’t want a tax increase to hurt their acting careers.

 Why pollsters neglect on having a polling question is beyond me. Maybe they think this Grover character has had his minute of fame. or maybe with the re election of Barack Obama people are waking up to the fact that the world doesn’t revolve around the wealthy. It is ok for the haves to suffer just as much as the have nots. I mean $250,000 a year could get you quite a pretty lifestyle. I think it is understandable for the wealthy discount riders to being paying their fair share. Lets approach this “fiscal cliff” in a balanced manner because money can only buy you so many votes and politicians. It looks like if the Republicans want to avoid taxing the wealthy they might want to look at updating their playbook from the age of the dinosaurs.




Be the first to comment - What do you think?
Posted by Taxmaster - December 7, 2012 at 7:40 pm

Categories: Federal Tax, Income Tax, Tax Law   Tags: , , , , , ,

 Baker Mayfield Authentic Jersey