RE: New Republican budget proposal

Collarspace Discussion Forums

Home Login Search

RE: New Republican budget proposal

View related threads: (in this forum | in all forums)

Logged in as: Guest

All Forums >> [Community Discussions] >> Dungeon of Political and Religious Discussion >> RE: New Republican budget proposal

Page: << < prev 1 2 [3]

Message

<< Older Topic Newer Topic >>

RE: New Republican budget proposal - 4/4/2012 9:40:24 PM

DomKen

Posts: 19457
Joined: 7/4/2004
From: Chicago, IL
Status: offline

quote:

ORIGINAL: DesideriScuri

quote:

ORIGINAL: DomKen
reducing the top marginal to 25%. eliminating the mortgage deduction and all cap gains taxes. IOW soak the middle class and poor and give a huge tax break to the wealthy.

quote:

Ken, what is the definition of "Middle Class?" What top earning is in that Class?

I'd go with the middle 50% in either wealth or earnings. People quite throughly screwed by Ryan's proposal.
BTW are you now dropping the claim that Ryan had any intention of closing the big upper class tax loopholes?

Answer: No.

The Middle 50%. According to musicmystery's post, anyone with an AGI of about $70k will be in the top 25%. So, let's use that as the topmost AGI for the Middle class. The standard deductions and exemptions for a family of 4 total to about $39k. So, to be in the "Middle Class" according to your definition, you'd be able to make $109k for a family of 4. And your tax liability will be 10% of your AGI, or $7k. How ridiculous is that? Make only $50k for a family of 4? Your liability will a deadly $1100 on your AGI of $11k. The bottom 50% currently have AGI's of <$33k. Increasing the standard deduction also means those AGI's will be lower, or, better yet, for someone to get an AGI of $33k, they'd have to be making $72k/year.

I don't know what you make/year or what your taxes currently are. But, if you're not making over $39k, you won't have a Federal income tax liability under the Ryan plan (unless you have less than a family of 4).

You're not really buying into that standard deduction nonsense?

The simple fact is you cannot cut billions of tax revenue, cap gains tax is eliminated, and reduce the top marginal rate by 8% and greatly increase the standard deduction without b udget cuts far more drastic than the extremely drastic cuts promulgated by Ryan.

(in reply to DesideriScuri)

Profile

Post #: 41

RE: New Republican budget proposal - 4/4/2012 10:02:36 PM

SoftBonds

Posts: 862
Joined: 2/10/2012
Status: offline

DomKen, you mean the magic growth fairy won't let us cut taxes on everyone and raise government spending? (or at least not cut the big parts like Social Security, Medicare, and the Military that account for 5/6ths of it)

_____________________________

Elite Thread Hijacker!
Ignored: ThompsonX, RealOne (so folks know why I don't reply)

The last poster is often not the "winner," of the thread, just the one who was most annoying.

(in reply to DomKen)

Profile

Post #: 42

RE: New Republican budget proposal - 4/4/2012 11:33:20 PM

MasterJaguar01

Posts: 2815
Joined: 12/2/2006
Status: offline

quote:

ORIGINAL: DesideriScuri

Aaaaahhhh...it's unfortunate how the lack of change is comforting when we need so very much of it.

http://budget.house.gov/prosperity/#solutions

quote:

Reforms our broken tax code to spur job creation and economic opportunity by lowering rates, closing loopholes, and putting hardworking taxpayers ahead of special interests.

Sigh...

I wish Mr. Ryan and the rest of the neo-faux-conservatives would learn how our capitalist, consumer-driven economy works.

We know, quite definitively, that the tax code (personal income tax specifically) has virtually NO effect on job creation. (And the fact that some small businesses file their tax returns through their owners personal taxes is IRRELEVANT.)
Some exceptions (middle class tax cuts (e.g. payroll tax cut can have a minor stimulative effect).

And NO (contrary to what Mr. Gingrich and all of the other faux-conservatives inaccurately point out), Reagan did NOT create jobs by cutting taxes.

"Reforming a tax code to spur job creation" is little more than a Frank Luntz talking point.

What spurs job creation is DEMAND. No business owner is going to hire ANYONE without demand for his/her servies to support that FTE. PERIOD. The Job creators are the middle class. They create demand. Every time (no exceptions) - A strong middle class = a strong economy.

(in reply to DesideriScuri)

Profile

Post #: 43

RE: New Republican budget proposal - 4/5/2012 10:32:30 AM

DesideriScuri

Posts: 12225
Joined: 1/18/2012
Status: offline

quote:

ORIGINAL: SoftBonds
Wait, so when the economy was doing swimmingly under Clinton, it was actually Bush Sr's policies, cause fiscal policies don't take effect until 4-8 years later, but when it kept humming (for a few years) under Bush Jr he gets to take full credit? How does that work again?
Oh, and what was the unemployment rate at the END of Bush Jr's term?

Huh? WTF are you talking about? When did Clinton come in? When did Bush 41 come in?

http://data.bls.gov/timeseries/LNS14000000

And, Bush didn't get a "humming along" economy, either. Perhaps you forgot the Dot Com Bubble that started to burst at the end of Clinton and into Bush? Or the economic drop after 9/11? Sounds more like an economy that was starting to sputter and then choke within 8 months of taking office. But, that was Bush's fault, right (and I'm not saying that either of those was Clinton's fault).

_____________________________

What I support: