Biden - We want to raise taxes 1 TRILLION dollars!
POSTED BY: AURaptor
UPDATED: Saturday, July 27, 2024 16:07
VIEWED: 7974
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Quote:
Originally posted by AURaptor:
No, it isn't, and that math doesn't add up. Not even close.
If you're talking about Romney's budget, according to what he's released of his super-double-secret plan, you're right - it doesn't even come close to adding up.
Near as anyone can tell, it's calling for a trillion or more dollar tax hike on the middle class.
"I supported Bush in 2000 and 2004 and intellegence [sic] had very little to do with that decision." - Hero
"I was wrong" - Hero, 2012
Mitt Romney, introducing his running mate: "Join me in welcoming the next President of the United States, Paul Ryan!"
Rappy's response? "You're lying, gullible ( believing in some BS you heard on msnbc ) or hard of hearing."
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"ONE DOES NOT NECESSARILY MEAN THE OTHER."
Well, if you raise tax rates, you NECESSARILY raise revenues.
If you drop tax rates, cross your fingers and hope for trickle down, you might raise revenues.
The only sure-fire way to raise revenues is to raise tax rates.
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Quote:
Originally posted by Kwicko:Quote:
Originally posted by AURaptor:
No, it isn't, and that math doesn't add up. Not even close.
If you're talking about Romney's budget, according to what he's released of his super-double-secret plan, you're right - it doesn't even come close to adding up.
Near as anyone can tell, it's calling for a trillion or more dollar tax hike on the middle class.
Princeton Economist: The Math Behind Romney's Tax Plan Adds Up
John McCormack October 4, 2012 11:48 AM
At last night's presidential debate, Barack Obama said that Mitt Romney's tax plan--cutting rates by 20 percent across the board and maintaining revenue neutrality by eliminating loopholes--is mathematically impossible.
"If you are lowering the rates the way you describe, Governor, then it is not possible to come up with enough deductions and loopholes that only affect high-income individuals to avoid either raising the deficit or burdening the middle class," Obama said. "It's — it's math. It's arithmetic."
Obama was basing his claim on a study by the Tax Policy Center, a project of the center-left Brookings Institution and Urban Institute. But there are at least three critical flaws the the TPC study: (1) it assumes pro-growth tax reform can't actually produce economic growth, (2) it assumes two tax expenditures worth $45 billion per year are not 'on the table', and (3) it assumes tax reform must pay for repealing Obamacare's tax hikes, rather than assuming that the repeal of Obamacare's spending will pay for repealing the tax hikes. If one corrects these erroneous assumptions, the math checks out.
As Princeton economics professor Harvey Rosen writes, Romney's plan would neither require a net tax hike on the middle class nor a tax reduction for the rich under "plausible" growth assumptions.*
"[T]he TPC model assumes that regardless of the tax rate, people work the same amount, save the same amount, and invest the same amount," writes Rosen. But growth is the whole point of Romney's plan. "[A] proposal along the lines suggested by Governor Romney can both be revenue neutral and keep the net tax burden on high-income individuals about the same," Rosen writes. "That is, an increase in the tax burden on lower and middle income individuals is not required in order to make the overall plan revenue neutral."
http://www.weeklystandard.com/print/blogs/princeton-economist-math-beh
ind-romneys-tax-plan-adds_653618.html?nopager=1
Quote:
1kiki -
The only sure-fire way to raise revenues is to raise tax rates.
And yet, JFK, Reagan and Bush43 have "magically" shown this to not be the case.
" I do not love the bright sword for its sharpness, nor the arrow for its swiftness, nor the warrior for his glory. I love only that which they defend. "
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You realize Reagan and HW Bush both raised taxes, right?
"I supported Bush in 2000 and 2004 and intellegence [sic] had very little to do with that decision." - Hero
"I was wrong" - Hero, 2012
Mitt Romney, introducing his running mate: "Join me in welcoming the next President of the United States, Paul Ryan!"
Rappy's response? "You're lying, gullible ( believing in some BS you heard on msnbc ) or hard of hearing."
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Quote:
Originally posted by m52nickerson:Quote:
Originally posted by Geezer:Quote:
Originally posted by m52nickerson:Quote:
Originally posted by Geezer:
True. Some companies do not make a profit every year.
Pretty sure companies like GE make a profit every year.
AOL Time Warner? Lost $98 billion in 2002.
AIG? Lost $99 billion in 2008.
Fannie Mae? Lost $59 billion in 2008 and $74 billion in 2009.
Freddie Mac? $50 billion in 2008 and $25 billion in 2009.
CitiGroup? $27 billion in 2008.
General Motors? $38 billion in 2007 and $30 billion in 2008.
United Airlines? $21 billion in 2005.
And that's just the biggest losses.
http://en.wikipedia.org/wiki/List_of_largest_corporate_profits_and_los
ses
Okay, what is your point.
My point was that some companies do not make a profit every year, just like I stated above.
Quote:
I never said some companies do not lose money. My point, which you do not address, is that many US companies do profit and still may no or very low taxes.
Not sure how I am supposed to get that out of "Pretty sure companies like GE make a profit every year."
Besides, GE has had losses. One of the reasons they didn't pay income tax in 2010 is that they had capital loss carryover from previous years that they used to reduce their taxable income in 2010.
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Quote:
Originally posted by AURaptor:
I love how you see only what you want to see, and ignore the totality of what I post.
There ARE ways to raise revenue w/ out raising taxes. Or is that too much for your brain to comprehend ?
I never said there where not other ways of raising revenue. Just that raising taxes is one way, and as such will help cut the budget deficit.
I do not fear God, I fear the ignorance of man.
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Quote:
Originally posted by Geezer:
My point was that some companies do not make a profit every year, just like I stated above.
Okay, a pointless non sequitur...got it.
Quote:
Originally posted by Geezer:Not sure how I am supposed to get that out of "Pretty sure companies like GE make a profit every year."
Sorry, I forgot I was arguing with someone with little in the way of higher brain function.
Quote:
Originally posted by Geezer:Besides, GE has had losses. One of the reasons they didn't pay income tax in 2010 is that they had capital loss carryover from previous years that they used to reduce their taxable income in 2010.
Overall, not GE has not had losses in recent years, including 2010. Here is a history of their profit margins...
http://ycharts.com/companies/GE/profit_margin
The fact is GE paid affectingly zero in taxes, because of off shore income.
http://abcnews.go.com/Politics/general-electric-paid-federal-taxes-201
0/story?id=13224558#.UHSPj66ODPw
I do not fear God, I fear the ignorance of man.
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Quote:
Originally posted by m52nickerson:Quote:
Originally posted by AURaptor:
I love how you see only what you want to see, and ignore the totality of what I post.
There ARE ways to raise revenue w/ out raising taxes. Or is that too much for your brain to comprehend ?
I never said there where not other ways of raising revenue. Just that raising taxes is one way, and as such will help cut the budget deficit.
I do not fear God, I fear the ignorance of man.
Growing the economy ,and collecting taxes from those who are working does far more good to the treasury than merely raising taxes on those who already are paying more than their fair share.
" I do not love the bright sword for its sharpness, nor the arrow for its swiftness, nor the warrior for his glory. I love only that which they defend. "
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Rudy Giuliani joins 'Tucker' after FBI raid, claims agents showed no interest in Hunter Biden hard drives
https://www.foxnews.com/media/rudy-giuliani-reacts-fbi-raid-apartment-
hunter-biden-ukraine
Some will say the Biden family is creepy, dark, weird, and disgusting. Some also say Delaware is very small and everyone knows everything about everyone else?
Frank hid out at Joe’s Delaware home to avoid being served his order to pay the orphans, according to the book, Profiles in Corruption.
Another car? Joe publicly blamed the driver in his wife's death of being drunk for years and years?
Not only wasn't he drunk, but it's rumored that his wife was the one actually drunk and it was covered up.
Frank Biden was involved in a criminal hit and run that killed a 37-year-old single father
https://www.washingtonexaminer.com/news/bidens-brother-frank-dodged-pa
ying-1m-to-daughters-orphaned-in-crash
and has avoided paying the two orphans the $1 million that he owes, with the help of Joe
Hunter Biden's close relationship with Chinese-American secretary revealed
https://www.dailymail.co.uk/news/article-9522591/Hunter-Bidens-close-r
elationship-Chinese-American-secretary-revealed.html
Hunter Biden's redemption tour quickly veers off course
https://www.washingtontimes.com/news/2021/apr/29/hunter-biden-redempti
on-tour-quickly-veers-course/
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became law & will end up with a $2.1 trillion price tag?
https://thehill.com/policy/finance/554756-biden-covid-19-rescue-to-cos
t-21-trillion-cbo
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