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Lets see what the "Party of the People (GOP) does about this

Posted 16 months ago|8 comments|488 views
Written by
Perfect Horizon
Chicago, IL
Lets see what the GOP does about this with all their cooing about how they want to represent the people. A new poll shows that 61% of Americans think that the best way to fix the budget issues is to...drum roll....TAX THE RICH!!!!!!!!!!

What now Repubulicants? Perhaps they will stop worshiping the wealthy and wall street and do what the people want???


http://www.rawstory.com/rs/2011/01/tax-r...
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COMMENTS
Out Of The Box
Out Of The Box
 Moderator
16 months ago: Oh boy, a Vanity Fair\60 Minutes poll, in which it was also determined that 60% of Americans don't know that "quadrillion" comes after "trillion".

Also presented in that same serious scientific poll is the fact that 22% of the population feels that there are too many remakes and sequels in the movies these days. I thought recycling was a good thing.
16 months ago: I must have missed reading that page when I ran out of toilet paper.
BadCyborg
BadCyborg
San Antonio, TX
16 months ago: Taxing the rich (who already pay vastly more than anybody's definition of their "fair share") is the economic equivalent of killing the goose that laid the golden eggs.

Many of us remember how well THAT turned out.

But then a few of us even understand how lowering taxes might actually INCREASE revenue. It is a similar approach to a merchant lowering his prices to increase sales. 100,000 widgets at a 5% profit margin is more profit than 10,000 widgets at 12% profit margin. Taxes are a burden on the economy. Lowering taxes reduces the burden thereby allowing the economy to grow and produce more.

There is a principle in economics, known as "Hauser's Law" (read about it here: http://en.wikipedia.org/wiki/Hauser's_Law ) that states in essence that no matter what the marginal tax rate is in any given year, the government will get approximately 19.5% of GDP in revenue. If taxes get too high people stop spending and the GDP gets smaller. Lower taxes mean a more active economy and GDP grows. In either case the government's take is around 19.5% of GDP.

According to an editorial in the Wall Street Journal published on 20 May, 2008
"In a May 20, 2008 editorial by David Ranson, the Wall St. Journal published a graph showing that even though the top marginal tax rate of federal income tax had varied between a low of 28% to a high of 91%, between 1950 and 2007, federal tax revenues had indeed constantly remained at about 19.5% of GDP."

Apparently folks like Perfect Horizon fail to understand the principle that
As they say on my own Cape Cod, a rising tide lifts all the boats. And a partnership, by definition, serves both partners, without domination or unfair advantage.
[1963 J. F. Kennedy Address 25 June in Public Papers of Presidents of U.S. (1964)
You've heard of Jack Kennedy? Not exactly a darling of the GOP.

Bad Cyborg X%-er
BadCyborg
BadCyborg
San Antonio, TX
16 months ago: one more try. the reference to the Wikipaedia article on Haouser's Law is:
http://en.wikipedia.org/wiki/Hauser's_Law
16 months ago: Here you go. The site does not like under scores in a link. Convert it next time.

Hauser's Law

http://tinyurl.com/2a7kdla
Out Of The Box
Out Of The Box
 Moderator
16 months ago: Even Obama understands that lowering taxes stimulates the economy and job growth. He has said so on several occasions. But he still wants to play to his base, and make them think he's only giving in under duress. Or maybe he IS only giving in under duress, then trying to paint the picture that he's in control.
16 months ago: Taxes don't help if the government doesn't have a balanced budget!
16 months ago: Hey Pefect.

You forgot to read with your tongue stuck out.

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