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glaucon 
LSU Fan
Baton Rouge, LA
Member since Aug 2008
4116 posts
| re: What tax deductions will Romney eliminate in order to pay for his tax cuts? (Posted on 10/4/12 at 2:38 pm to BigBoyTiger)
quote:
The government is foregoing revenue, it isn't "spending" anything.
If it keeps current spending levels the same then it is since it would have to pay for that spending through borrowing. Which, you know, was how we payed for the Bush tax cut.
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glaucon
LSU Fan
Baton Rouge, LA
Member since Aug 2008
4116 posts
| re: What tax deductions will Romney eliminate in order to pay for his tax cuts? (Posted on 10/4/12 at 2:42 pm to elposter)
quote:
Tax cuts do not necessarily mean tax revenue cuts. So it does not necessarily follow that there will be anything to pay for. People just continually assume tax cuts mean revenue cuts.
Maybe but what we are arguing is that we need to know what deductions will be eliminated and that he can't just assume awesome economic growth numbers in order to explain how his rate cuts wont be revenue cuts.
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SlowFlowPro 
Stanford Fan
Equality is a circle, not a =
Member since Jan 2004
265083 posts
| re: What tax deductions will Romney eliminate in order to pay for his tax cuts? (Posted on 10/4/12 at 2:43 pm to glaucon)
quote:
Which, you know, was how we payed for the Bush tax cut.
how did we pay for a cut when our receipts increased?
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SlowFlowPro
Stanford Fan
Equality is a circle, not a =
Member since Jan 2004
265083 posts
| re: What tax deductions will Romney eliminate in order to pay for his tax cuts? (Posted on 10/4/12 at 2:43 pm to glaucon)
quote:
and that he can't just assume awesome economic growth numbers in order to explain how his rate cuts wont be revenue cuts.
this applies both ways
you can't assume current economic rates will remain the same when taxes suck money out of the economy
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Tiger n Miami AU83 
Auburn Fan
Miami
Member since Oct 2007
25596 posts
 Online
| re: What tax deductions will Romney eliminate in order to pay for his tax cuts? (Posted on 10/4/12 at 2:47 pm to Catman88)
quote:
You realize that with where the coporate margins are right now if this doesnt occur no matter who is elected we will have a much bigger stock market colapse in the next few years that will make 2008 look like a walk in the park.
Disagree. We are nowhere near and not heading anywhere toward a 2008 type collapse. 10% correction for the market IMO.
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Tiger n Miami AU83
Auburn Fan
Miami
Member since Oct 2007
25596 posts
Online
| re: What tax deductions will Romney eliminate in order to pay for his tax cuts? (Posted on 10/4/12 at 2:49 pm to SlowFlowPro)
quote:
how did we pay for a cut when our receipts increased?
We didn't. The growth did not result from the 2004 cuts, therefore they were never "paid for" and the revenue was simply lost while the debt/deficit grew faster than it would have without the cuts.
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crimsonsaint 
New Orleans Saints Fan
Member since Nov 2009
29059 posts
Online
| re: What tax deductions will Romney eliminate in order to pay for his tax cuts? (Posted on 10/4/12 at 2:50 pm to Decatur)
quote:
No, it was actually more substantive than I expected. It got Romney on the record with a few things. Specifics are RomneyKryptonite.
You're right. Obama is really pumping up the voters today with the thought of Romney killing Big Bird.
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ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
4821 posts
| re: What tax deductions will Romney eliminate in order to pay for his tax cuts? (Posted on 10/4/12 at 2:52 pm to Decatur)
quote:
It was a great debate
Like saying Tyson-Spinks was a great fight.
Business man gonna business.
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glaucon
LSU Fan
Baton Rouge, LA
Member since Aug 2008
4116 posts
| re: What tax deductions will Romney eliminate in order to pay for his tax cuts? (Posted on 10/4/12 at 2:56 pm to SlowFlowPro)
quote:
how did we pay for a cut when our receipts increased?
Because we had economic growth due to a speculative housing bubble that took off around the same time as the Bush tax cuts. Tax receipts would have increased regardless of the Bush tax cuts or not but due to the cut we actually took in less than we would have with them. You might be able to make an argument about receipts increasing due to the cut to the capital gains rate under the Bush tax cut but as that isn't really a huge part (in comparison to the rate changes under Bush) of the Romney plan I am not sure how relevant it is.
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Catman88
LSU Fan
Baton Rouge, LA
Member since Dec 2004
36755 posts
Online
| re: What tax deductions will Romney eliminate in order to pay for his tax cuts? (Posted on 10/4/12 at 2:56 pm to Tiger n Miami AU83)
quote:
Disagree. We are nowhere near and not heading anywhere toward a 2008 type collapse. 10% correction for the market IMO.
Have you seen what a thing called HISTORY says when the corporate margins are at a high? Corporate Margins currently rank in the 98 percentile.
Normally when there is a stable economy to buffer the drop off in earning when its corrected. The economy is in a bad place right now and the central bank continues to pump more money into the problem. The cliff just keeps getting taller and taller. Every savy business man in this country right now is riding the high trying to judge the moment when to get out before the floor drops out and we look like the coyote going off a cliff.
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glaucon
LSU Fan
Baton Rouge, LA
Member since Aug 2008
4116 posts
| re: What tax deductions will Romney eliminate in order to pay for his tax cuts? (Posted on 10/4/12 at 3:02 pm to SlowFlowPro)
quote:
this applies both ways
you can't assume current economic rates will remain the same when taxes suck money out of the economy
The problem is that Republicans have been harping on the debt clock for the last 3-4 years. Either the national debt is holding back economic growth or it isn't. I am okay with increases in government spending during periods of economic downturn even if it is in the form of tax cuts. The Republicans have spent the last 4 years claiming this was wrong and preaching economic austerity.
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ottothewise
LSU Fan
Member since Sep 2008
32094 posts
| re: What tax deductions will Romney eliminate in order to pay for his tax cuts? (Posted on 10/4/12 at 3:02 pm to junkfunky)
quote:
You don't have to
because the drop in tax cuts boosts the economy and in turn generates more revenue.
your succinct style of writing leaves out too much.
You mean, cutting the taxes on the rich puts so much money in their pockets, that they will then invest in America, but not in Asian and Brazil and African markets.
Now, please explain why a rich person would prefer to invest where labor costs minimum wage + socialist security, but not invest where labor costs net of 1/8th what it costs in the USA.
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19thHole
LSU Fan
Working on my TPS reports
Member since Dec 2007
4343 posts
| re: What tax deductions will Romney eliminate in order to pay for his tax cuts? (Posted on 10/4/12 at 3:03 pm to Decatur)
quote:
Specifics are RomneyKryptonite
ok, you have to be trolling now
the utter and complete lack of specifics clearly got Obama elected....
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tigerfoot 
LA-Monroe Fan
Alexandria
Member since Sep 2006
14392 posts
| re: What tax deductions will Romney eliminate in order to pay for his tax cuts? (Posted on 10/4/12 at 3:21 pm to Decatur)
quote:
Just like eating cake and getting skinny
So your position is that a fixed percentage on more revenue equals less money than the same percentage of less revenue? 
You are votin for the right guy.
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tigerfoot
LA-Monroe Fan
Alexandria
Member since Sep 2006
14392 posts
| re: What tax deductions will Romney eliminate in order to pay for his tax cuts? (Posted on 10/4/12 at 3:26 pm to glaucon)
quote:
If the tax cuts do not correspond with spending cuts then they are paid for by borrowing.
Which Romney addressed specifically by saying he wouldn't increase debt to decrease taxes. No increased debt, no borrowing....can we move past the MSNBC talking point?
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Decatur
LSU Fan
Member since Mar 2007
15201 posts
Online
| re: What tax deductions will Romney eliminate in order to pay for his tax cuts? (Posted on 10/4/12 at 3:28 pm to tigerfoot)
quote:
Which Romney addressed specifically by saying he wouldn't increase debt to decrease taxes. No increased debt, no borrowing....
How many deductions will he have to eliminate in order to achieve a 20% across the board tax cut?
This is also assuming the Bush tax cuts have been renewed.
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CptBengal 
USA Fan
BR Baby
Member since Dec 2007
30972 posts
Online
| re: What tax deductions will Romney eliminate in order to pay for his tax cuts? (Posted on 10/4/12 at 3:30 pm to Decatur)
quote:
How many deductions will he have to eliminate in order to achieve a 20% across the board tax cut?
are you willfully ignoring his want to increase the number of people paying taxes?
quote:
This is also assuming the Bush tax cuts have been renewed.
the same ones Obama renewed in 201?
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glaucon
LSU Fan
Baton Rouge, LA
Member since Aug 2008
4116 posts
| re: What tax deductions will Romney eliminate in order to pay for his tax cuts? (Posted on 10/4/12 at 3:32 pm to tigerfoot)
quote:
Which Romney addressed specifically by saying he wouldn't increase debt to decrease taxes. No increased debt, no borrowing....can we move past the MSNBC talking point?
Then how is he going to "Make permanent, across-the-board 20 percent cut in marginal rates?" What deductions is he going to take away to pay for his rate cuts? Is he saying that he will he veto a bill from a Republican congress that cuts taxes but potentially adds to the deficit? Furthermore, we have been arguing he can't just count on the economy improving at a significantly faster rate just because he says it will in order to justify his rate cut.
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ottothewise
LSU Fan
Member since Sep 2008
32094 posts
| re: What tax deductions will Romney eliminate in order to pay for his tax cuts? (Posted on 10/4/12 at 3:32 pm to Decatur)
quote:
How many deductions will he have to eliminate in order to achieve a 20% across the board tax cut?
Here it goes: He's hiding. He says, "well, it could be THIS or it could be THAT. Its got to be up to Congress".
That way, he gets to avoid making Mom and Pop think about THEIR deductions disappearing.
Romney's voucher to replace medicare is identical to his deduction results. We DO NOT KNOW the value of Romney's voucher, or how much would come out of the pocket of retirees.
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glaucon
LSU Fan
Baton Rouge, LA
Member since Aug 2008
4116 posts
| re: What tax deductions will Romney eliminate in order to pay for his tax cuts? (Posted on 10/4/12 at 3:33 pm to CptBengal)
quote:
are you willfully ignoring his want to increase the number of people paying taxes?
wow, hold on...are you saying that he plans on raising taxes on those not currently paying federal income taxes? Seriously, if so, please show me where he does this.
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