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re: Do republicans have egg on their faces right now in regards to taxation?

Posted on 12/24/14 at 6:17 pm to
Posted by deltaland
Member since Mar 2011
90472 posts
Posted on 12/24/14 at 6:17 pm to
Corporate tax rates are the only ones that can slow economic growth. If you raise them too high, it can drive businesses to relocate to other countries.

Over regulation and wage laws hurt the economy way more than taxation for this same reason..it drives business out to places where costs are cheaper.

As far as taxing your average joe, tax rates won't affect GDP much at all unless they are so high that they kill incentive to work because there is no profit motivation to produce.
Posted by RockyMtnTigerWDE
War Damn Eagle Dad!
Member since Oct 2010
105376 posts
Posted on 12/24/14 at 6:26 pm to
quote:

Over regulation and wage laws hurt the economy way more than taxation for this same reason.



Whew, good thing we don't have a president who does many of these.
Posted by deltaland
Member since Mar 2011
90472 posts
Posted on 12/24/14 at 6:34 pm to
quote:

good thing we don't have a president who does many of these.


Regulation is one big reason the economic recovery took so long. That's why Gridlock in Congress is a good thing..it maintains status quo and there is less uncertainty which allows business to operate without worry of further laws and regs to tackle.
Posted by ynlvr
Rocket City
Member since Feb 2009
4583 posts
Posted on 12/24/14 at 8:11 pm to
quote:

5% GDP growth is not good for your average jeaux?

Granted 5% growth is good stuff. Yes, it's been a long time coming even with the turbo thruster Fed manipulation. You have been prematurely calling the great recovery for some time.

Regulations will still kill this goose. Or worse yet, we will over stimulate, subsidize unfit consumers, build castles in the sand again. Only to see it blow up again. Socially engineered economies are fickle.
Posted by mostbesttigerfanever
TD platinum member suite in TS
Member since Jan 2010
5016 posts
Posted on 12/24/14 at 10:00 pm to
You can't be this dense. Check your want for immediate gratification at the door and understand that just bc a law is passed doesn't mean it has good or bad effects right away
Posted by CamdenTiger
Member since Aug 2009
62368 posts
Posted on 12/24/14 at 10:19 pm to
So, will this Summer be the Summer of recovery we've been hearing about for what...5years, or is it 6? I mean eventually there has to be a Recovery, right? Aren't we like a 40 year low in Work Participation....? That can't be right? Right?
Posted by Asgard Device
The Daedalus
Member since Apr 2011
11562 posts
Posted on 12/25/14 at 12:38 am to
Are you guys saying that if taxes were just cut and then the economy had this nice run that Republicans wouldn't be touting the correlation as definitive proof of causation?

Posted by the808bass
The Lou
Member since Oct 2012
111495 posts
Posted on 12/25/14 at 1:16 am to
quote:

Are you guys saying that if taxes were just cut and then the economy had this nice run that Republicans wouldn't be touting the correlation as definitive proof of causation?


Are you saying there are both dumb Democrats and dumb Republicans on this board?
Posted by catnip
Member since Sep 2003
16336 posts
Posted on 12/25/14 at 7:44 am to
quote:

95% of the reason I have turned from them. Romney's economic plan with massive tax cuts was so frickingstupid and pie in the sky fantasy I figured it was a hoax until I realized he was serious.


You do have the option of donating more of your money to the government if you feel it will help the economy and give the republicans a great big black eye.
This post was edited on 12/25/14 at 7:47 am
Posted by BestBanker
Member since Nov 2011
17473 posts
Posted on 12/25/14 at 7:56 am to
You didn't lay that egg!
Posted by Antonio Moss
Baton Rouge
Member since Mar 2006
48293 posts
Posted on 12/25/14 at 10:55 am to
quote:

The 5% GDP figure was an annualized number based on one quarter. And that quarter had numerous "adjustments" which other quarters don't usually have.

The first nine months of 2014 has had a growth in GDP of 2.5% on an annualized basis. That's a pretty pitiful growth rate coming out of a deep recession. Don't drink the Kool-Aid.


This plus the net effect of quantitative easing.

Good post.
Posted by Bestbank Tiger
Premium Member
Member since Jan 2005
70834 posts
Posted on 12/25/14 at 11:01 am to
quote:

As far as taxing your average joe, tax rates won't affect GDP much at all unless they are so high that they kill incentive to work because there is no profit motivation to produce.


Disagree. Higher taxes on earned income means consumers have less money to spend on goods and services. That means businesses see their income fall and their ability to invest/expand is limited.
Posted by ironsides
Nashville, TN
Member since May 2006
8153 posts
Posted on 12/25/14 at 11:20 am to
quote:

GDP is driven by consumer confidence


You say it as if its the only driver. Oversimplification...

You can also say that it's driven by forcing every uninsured person to pay $5-20k into the health insurance system - you wouldn't be wrong
Posted by Eden
Member since Nov 2014
477 posts
Posted on 12/25/14 at 1:36 pm to
No offense, OP, but you don't seem very knowledgeable concerning economics.
Posted by LSU7096
Houston
Member since May 2004
2490 posts
Posted on 12/25/14 at 3:03 pm to
Sequestration
Posted by kingbob
Sorrento, LA
Member since Nov 2010
66995 posts
Posted on 12/25/14 at 3:54 pm to
quote:

Can I assume, then, that you're all for a drastically reduced military budget?


Absolutely. We need to pull way back militarily. We need more troops stationed along our northern and southern border and far less in italy, germany, iraq, and afghanistan. If they want our protection, they can pay us for it via pmc's. The american military should protect america, that's it.

I'm also in favor of nixing the dept of education, department of energy, federal reserve, irs, combining the cia and nsa, combining all of our different law enforcement beauros into a single fbi. We can eliminate corn subsidies, ethanol mandates, ect all while we're at it. We need to take a cleaver to the federal government to get it back to its roots: building roads, military, print and borrow money, make treaties, regulate trade between states, provide disaster relief, ensure equal treatment under the law, run the postal service, settle disputes between the states, ect. That's about it. The states were given the power over everything else for a reason. People in far-flung states don't share the same values nor do they want the same things from their government. That's why we had a government that was so decentralized so that we had the potential for 50 solutions to a problem, tailored to the local population, rather than a one size fits all approach.
Posted by mostbesttigerfanever
TD platinum member suite in TS
Member since Jan 2010
5016 posts
Posted on 12/26/14 at 9:39 am to
quote:

In fact, the economy has sped up


marginally sped up


btw....stock market appreciation =/= economic growth
Posted by udtiger
Over your left shoulder
Member since Nov 2006
98440 posts
Posted on 12/26/14 at 10:05 am to
No
Posted by deltaland
Member since Mar 2011
90472 posts
Posted on 12/26/14 at 10:16 am to
quote:

Higher taxes on earned income means consumers have less money to spend on goods and services. That means businesses see their income fall and their ability to invest/expand is limited.


It will hurt small business but it won't affect GDP because higher taxes means more Government spending and Government spending is included in GDP. The money would just benefit business that sells goods/services to government such as defense contractors, military equipment manufacturers, etc.

If you were to raise taxes solely to pay off debt then it would affect GDP because it isn't spending on goods or services.
Posted by Tiger n Miami AU83
Miami
Member since Oct 2007
45656 posts
Posted on 12/26/14 at 10:32 am to
I still think taxes need to be raised to pay down debts and try and keep social security and Medicare around.

And now is the time to do it with a healthy economy. Really hate it the GOP has continued to force the Bush tax cuts to keep being extended.
This post was edited on 12/26/14 at 10:36 am
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