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Even Bush's own economic advisors admit that his tax cuts do not pay for themselves…
"President Bush's Treasury Department... found... the positive economic impact would make up for no more than 10 percent of the tax cuts' cost. "I certainly would not claim that tax cuts pay for themselves," Edward P. Lazear, chairman of the president's Council of Economic Advisers, testified.... N. Gregory Mankiw, another former Council of Economic Advisers head in the Bush White House, concluded in 2005 that cuts on capital gains taxes could generate enough extra growth to recoup half the lost revenue in the long run; cutting taxes on wages could recover just 17 percent of the costs.... CBO under Douglas Holtz-Eakin... under the rosiest of scenarios... 22 percent of lost revenue in the first five years and 32 percent in the second five."
As for Kennedy, that was a good tax cut because the top marginal rate was at a ridiculous 91%, which, by any account, is way above where the Laffer curve kicks in.
Anyway, my main point in response to your post is that, as members of the 1%, both Obama and Romney have been doing quite well financially through the recession, and one of them wants to cut their own marginal rate by 20% and the other wants to increase it by 3%.
From the look of it, Obama is too busy running around the country, making speeches and going to fundraisers to even hear the security briefings. He allowed one of his ambassadors to be killed even though the White House (probably did not want to wake him) knew they were under attack two hours after the attack started. Heck, they had drones above the building as the attack was going on. Did he pre-plan this? Or is he just incompetent?
Keepin' it real...
ReplyDeleteRomney makes more than Obama's net worth every year. Romney wants to cut their tax rate by 20% and Obama wants to raise it by 3%.
--David
Heck, Romney gives away more to charity each year than Obama makes! So we are supposed to hold that against him also?
ReplyDeleteCutting tax rates has always increased the amount of dollars flowing into the Treasury! Check out the statistics for Kennedy and for Romney.
Increasing taxes has always caused a downturn in the economy!
Even Bush's own economic advisors admit that his tax cuts do not pay for themselves…
ReplyDelete"President Bush's Treasury Department... found... the positive economic impact would make up for no more than 10 percent of the tax cuts' cost. "I certainly would not claim that tax cuts pay for themselves," Edward P. Lazear, chairman of the president's Council of Economic Advisers, testified.... N. Gregory Mankiw, another former Council of Economic Advisers head in the Bush White House, concluded in 2005 that cuts on capital gains taxes could generate enough extra growth to recoup half the lost revenue in the long run; cutting taxes on wages could recover just 17 percent of the costs.... CBO under Douglas Holtz-Eakin... under the rosiest of scenarios... 22 percent of lost revenue in the first five years and 32 percent in the second five."
http://delong.typepad.com/sdj/2007/12/justin-fox-on-a.html
As for Kennedy, that was a good tax cut because the top marginal rate was at a ridiculous 91%, which, by any account, is way above where the Laffer curve kicks in.
Anyway, my main point in response to your post is that, as members of the 1%, both Obama and Romney have been doing quite well financially through the recession, and one of them wants to cut their own marginal rate by 20% and the other wants to increase it by 3%.
--David
Is Obama even running the country right now? Is he doing anything to make our lives better at this moment?
ReplyDeleteFrom the look of it, Obama is too busy running around the country, making speeches and going to fundraisers to even hear the security briefings. He allowed one of his ambassadors to be killed even though the White House (probably did not want to wake him) knew they were under attack two hours after the attack started. Heck, they had drones above the building as the attack was going on. Did he pre-plan this? Or is he just incompetent?
ReplyDelete