What happened to all of the doom and gloom economic threads?

[fuckwaffle]

There is no perfect. But we need a progressive tax rate that means something.

Romney is wrong, we shouldn't eliminate deductions (unless they're bad ones). Deductions should be there because incentives for folks to start a business, obtain childcare so they can work, get an education, hire more employees, or have a house (assuming solid credit) are good things. Besides, it's not politically feasible in the least bit to wipe out a slew of deductions so let's not waste time talking about policy that cannot happen.

But we need a minimum net tax rate that people in a given tax bracket can deduct down to, but no further. A real one that works. And if the enactment of such a tax plan would mean an overall tax increase (quite possible) then perhaps we can knock down the marginal rates a bit.

Higher income folks paid way higher taxes under Reagan and nobody was calling America a socialist state. In fact Reagan used an economy with those tax rates to win the Cold War. The definition of socialism hasn't changed in the last 20 years, conservatives just moved the goal posts every year or two. It's gotten to the point that even having the Bush tax cuts in place minus the Payroll Tax Cut is still socialism despite those rates being at historic lows. All this "it's socialism!" crap has become completely absurd.

Of course you...a moocher...would want the producers to pay your way through life. That's the socialist way.

 

[mercury14]

I said, in a perfect world, what systems would you prefer to live under? Since you seem disgusted with the United States

Nope, not disgusted with the United States. Just because I'm critical of a portion of its tax policy doesn't mean I'm disgusted with the whole nation. There is no perfect economic system. But I laid out my ideas for how to improve the one we have, though I do not claim my ideas are perfect.

Doing more of the same as and expecting different results as per Romney's proposal is the definition of insanity. His plan will hasten the accumulation of the wealth by the top 1% and lead to the spending class having even less to spend.

 

[mercury14]

Of course you...a moocher...would want the producers to pay your way through life. That's the socialist way.

In socialism the people share means of production, ownership, management, and labor in the economy. It has nothing to do with paying people to not engage in these things. You really should learn basic terminology before talking.

 

[Busybody]

In socialism the people share means of production, ownership, management, and labor in the economy. It has nothing to do with paying people to not engage in those things. You really should learn basic terminology before talking.

STFU, NIIGERPOONZANDI!

 

[Busybody]

Obama finally releases his PLAN for the 2nd term

Apologizes for the late release!
































































http://1.bp.blogspot.com/-mRtA9ChFeRQ/UIl3fcvpDUI/AAAAAAAAG4M/Mp2EObPeiZc/s640/Red-Ink.gif

 

[Busybody]

Surprise! Obama floats new tax cut trial balloon


posted at 11:31 am on October 27, 2012 by Ed Morrissey






As I noted in my earlier column for The Fiscal Times, we’ve now gone more than 570 days into the Barack Obama Re-Election Campaign. On Day 568, Obama finally deigned to produce a second-term agenda — a document so unserious and insubstantial that its release served to underscore his desperation rather than enlighten anyone on his approach to the next four years. Even the media scoffed at the collection of recycled 2008 campaign promises and the utter lack of detail on his sloganeering.

Clearly, that didn’t do anything to revive Obama’s chances on the campaign trail, especially not with Mitt Romney hammering home his closing argument on jobs and the economy. Therefore, on Day 574 — and late in the evening on a Friday — Obama finally got around to floating a tax-cut trial balloon:


The White House is weighing the idea of a tax cut that it believes would lift Americans’ take-home pay and boost a still-struggling economy, according to people familiar with the administration’s thinking, as the presidential candidates continue battling over whose tax policies would do more for the country.

Obama administration officials have concluded that the economy, while improved, is still fragile enough that it may need another bout of stimulus. The tax cut would replace the payroll tax cut championed by President Obama in 2011 and 2012, which was designed as a buffer against economic shocks such as the financial crisis in Europe and high oil prices. It expires at year’s end.

The new tax cut could provide hundreds of dollars or more a year to workers and show up in every paycheck. It may be similar to a tax cut Americans received in 2009 and 2010, which provided up to $400 for individuals and $800 for married couples, sources close to the administration said.

When I wrote on Thursday that Obama was out of gas intellectually and politically, I had no idea that he would prove me right again so soon. This is nothing more than the gimmicky approach that has utterly failed already under Obama — twice. This is a regurgitation of the Making Work Pay tax cut, passed in 2009, which was supposed to touch off a boom in consumer spending by allowing people to keep roughly $20 a week more from their paychecks. It’s also the same kind of approach as the payroll-tax holiday passed at the beginning of 2011, which was also supposed to boost consumer spending and kick-start the economy into high gear, and which has failed equally. (And let’s not forget that George Bush tried the same kind of “tax cut” stimulus in early 2008, with exactly the same amount of success.)

Clearly, giving consumers an extra $20 a week isn’t going to restart the engine of job creation in this economy — something that should be obvious by now. The problem in this economy isn’t that consumers aren’t spending, it’s that investors aren’t investing. One of the key reasons investors won’t put capital at risk is because of their inability to price that risk with any certainty, thanks to the short-term, gimmicky approach to taxes combined with the long-term and still ambiguous costs of Obama’s regulatory expansion. Instead of offering a third round of Cash For Consumers (fourth if you count Bush), the US needs long-term tax and regulatory reform so investors can once again rationally price risk for a 2-3 year period.

This is nothing more than an act of desperation, a trial balloon that attempts to sponge off of Romney’s media attention to the economy and jobs. And as Morrissey’s Axiom of Politics and Dating states, desperation is not an aphrodisiac.

 

[Busybody]

HEAVE HO!


IRS = Income Redistribution Service

Real Clear Politics: IRS: The Small Business Bully:


President Barack Obama and Governor Mitt Romney continue to tussle over tax rates and deductions. Ignored, however, have been questions about tax collection and enforcement — tools presidents use to achieve their economic policy goals. Hit a wall ramming your tax hike or cut through Congress, simply increase or decrease tax enforcement and audits.

Under the Obama Administration, the IRS has placed small and medium-size businesses — the engines of job creation — in its auditing crosshairs.

According to IRS statistics, from 2009 to 2011, the coverage rate (number of audits as a percentage of total returns filed) for corporations with assets between $10 million and $50 million has increased 32%. The coverage rate for corporations with assets between $50 million and $100 million has increased at the same rate. Some businesspeople file individual returns, and those with incomes higher than $1 million have experience a 94% increase in their coverage rate, and a 29% increase in the actual number of exams since 2009. Those with incomes $200,000 and higher have seen a 36% increase in their coverage rate.

So, has ratcheting up audits on small and medium-size businesses produced more revenue bang for the IRS’s buck? Hardly.

Using 2011 IRS data, the Transactional Records Access Clearinghouse (TRAC) at Syracuse University found that audits of a company with assets between $10 and $50 million yielded $702 in recommended additional taxes per hour. For large corporations with assets of $250 million or more, the recommended additional taxes are $9,173 per hour. Yet while the coverage rates of companies with assets between $10 to $50 million are up 32%, rates for companies with assets of $250 million or higher are up just 7.4%.

In short, for every hour the IRS spends auditing a small or medium business, it would have recouped $8,471 more dollars auditing a large corporation. Nevertheless, the IRS continues to aggressively increase audits on small and medium companies over their larger counterparts. ...

Tax collections and enforcement can be just as redistributive as tax rates. As the numbers show, the IRS is increasingly placing job creators under the auditing hatchet while shirking oversight of the billions in new tax credits flowing to those claiming low-income status.

Put simply, the Internal Revenue Service is morphing into the Internal Redistribution Service.

 

[phrodeau]

Obama finally releases his PLAN for the 2nd term

Apologizes for the late release!

http://1.bp.blogspot.com/-mRtA9ChFeRQ/UIl3fcvpDUI/AAAAAAAAG4M/Mp2EObPeiZc/s640/Red-Ink.gif

Quit hiding the commie flag in your posts.

 

[Beco]

Nope, not disgusted with the United States. Just because I'm critical of a portion of its tax policy doesn't mean I'm disgusted with the whole nation. There is no perfect economic system. But I laid out my ideas for how to improve the one we have, though I do not claim my ideas are perfect.

Doing more of the same as and expecting different results as per Romney's proposal is the definition of insanity. His plan will hasten the accumulation of the wealth by the top 1% and lead to the spending class having even less to spend.

so you wouldnt trade the US system? I have no point, just asking

 

[ivantheterrible]

something i picked up elsewhere. romney pro jobs? no, more like, make his rich corporate cronies even richer.


Google Freeport, Illinois on the internet and you will find the most recent shipment of 170 jobs plus the whole plants equipment that's being sent to China this month. Romney owns 51% of Bain Capitol; he has over 8 million dollars invested in this corporation that is moving jobs and companies to China. This was also written about in the New York Times in the last week or so and on several of the major news shows. This company was purchased 2 years ago before Romney was ever running for president and the workers were told at that time that everything would be moved to China by the end of 2012. They even had to train Chinese workers how to run the machinery. These Chinese workers will be paid a $1.00 an hour working under shitty conditions . This is 170 families being put on unemployment, food stamps, medicaid etc, due to no fault of their own other than being employees of a very profitable company that will be even more profitable in China. This is just the most recent out sourcing of american jobs to China, by Romney and Bain; there has been thousands if you want to take the time and research. Just think if you are making probably billions by investing in a foreign country are you going to get tough on that country and lose your income and investments??

 

[koalabear]

something i picked up elsewhere. romney pro jobs? no, more like, make his rich corporate cronies even richer.


Google Freeport, Illinois on the internet and you will find the most recent shipment of 170 jobs plus the whole plants equipment that's being sent to China this month. Romney owns 51% of Bain Capitol; he has over 8 million dollars invested in this corporation that is moving jobs and companies to China. This was also written about in the New York Times in the last week or so and on several of the major news shows. This company was purchased 2 years ago before Romney was ever running for president and the workers were told at that time that everything would be moved to China by the end of 2012. They even had to train Chinese workers how to run the machinery. These Chinese workers will be paid a $1.00 an hour working under shitty conditions . This is 170 families being put on unemployment, food stamps, medicaid etc, due to no fault of their own other than being employees of a very profitable company that will be even more profitable in China. This is just the most recent out sourcing of american jobs to China, by Romney and Bain; there has been thousands if you want to take the time and research. Just think if you are making probably billions by investing in a foreign country are you going to get tough on that country and lose your income and investments??

Government Motors shed more jobs under the stimulus.

 

[mercury14]

so you wouldnt trade the US system? I have no point, just asking

Trade the US system for what?

 

[richard_daily]

Trade the US system for what?

At least one part of his post made sense, he has no point.

 

[Beco]

Government Motors shed more jobs under the stimulus.

Ohio unemployment is down not due to the auto industry. Ironically.....

 

[richard_daily]

Of course you...a moocher...would want the producers to pay your way through life. That's the socialist way.

I think you need to go take a grade school course on what socialism is, because you clearly have no conception of the definition.

 

[Beco]

Trade the US system for what?

Wow! cant/wont answer the questions......strange!!!

 

[koalabear]

I think you need to go take a grade school course on what socialism is, because you clearly have no conception of the definition.

Socialism no longer exists, lil fag chihuahua, pay attention.

 

[phrodeau]

something i picked up elsewhere. romney pro jobs? no, more like, make his rich corporate cronies even richer.


Google Freeport, Illinois on the internet and you will find the most recent shipment of 170 jobs plus the whole plants equipment that's being sent to China this month. Romney owns 51% of Bain Capitol; he has over 8 million dollars invested in this corporation that is moving jobs and companies to China. This was also written about in the New York Times in the last week or so and on several of the major news shows. This company was purchased 2 years ago before Romney was ever running for president and the workers were told at that time that everything would be moved to China by the end of 2012. They even had to train Chinese workers how to run the machinery. These Chinese workers will be paid a $1.00 an hour working under shitty conditions . This is 170 families being put on unemployment, food stamps, medicaid etc, due to no fault of their own other than being employees of a very profitable company that will be even more profitable in China. This is just the most recent out sourcing of american jobs to China, by Romney and Bain; there has been thousands if you want to take the time and research. Just think if you are making probably billions by investing in a foreign country are you going to get tough on that country and lose your income and investments??

Romney has been running for President since 2007.

 

[mercury14]

Wow! cant/wont answer the questions......strange!!!

Because your question doesn't make sense... and even though I requested clarification you have yet to clarify it.

 

[jeninflorida]

I have far more experience working in the private sector than you, yes. But I admit you're much more experienced at being unemployed than me.

well, there you go with the comedy show

 

[jeninflorida]

I think you need to go take a grade school course on what socialism is, because you clearly have no conception of the definition.

Government is the new Enron, its where corrupt people like Obama work

at least Jeff Skilling knew how to clean up his own mess. Hopefully Obama will follow the same footsteps

 

[unregistered]

 

[Sean]

He took an oath to support and defend the Constitution, and bear true faith and allegiance to the same; but as we continue to see he'll support presidential actions that expand the powers of government to impose economic solutions on the civil society that threaten our liberty and our property; solutions never contemplated by the founders.

You hate the first amendment with a passion, bigot.

 

[unregistered]

 

[Sean]

It's all none of your fucking business, asshole. Get back to watching the real football game we sent you and don't worry about what's happening in our land.

Truth hurts, doesn't it? You're quite happy to trample all over the first amendment eights of anyone that doesn't follow your corporatist, fascist agenda. You're a disgrace to the uniform you wore and the flag you profess to love.