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Title: GOP presidential candidates' tax plans would benefit the rich
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URL Source: http://www.mcclatchydc.com/2011/10/ ... esidential-candidates-tax.html
Published: Oct 26, 2011
Author: Steven Thomma
Post Date: 2011-10-26 22:59:28 by Skip Intro
Keywords: None
Views: 56788
Comments: 86
WASHINGTON — The Republican Party is catching flat-tax fever — and setting up an epic election-year fight with Democrats over whether wealthier Americans should pay higher taxes or get tax cuts. Republican presidential candidate Mitt Romney became the latest to punch the tax button Wednesday, telling a Virginia audience that he'll soon update his economic proposal to spell out ways to flatten the tax code. His vow came just a day after rival Rick Perry grabbed headlines and talk-show chatter with a proposal for an optional flat 20 percent tax on income. Both followed Herman Cain's pitch for a flat 9 percent income tax as part of his 9-9-9 plan, which helped him jump to the top tier of candidates for their party's 2012 nomination. Newt Gingrich and Michele Bachmann endorse a flat tax, too. The flat tax — so called because it offers one flat rate for taxpayers in all income groups while taking away many or all deductions — would simplify taxes. It also would almost certainly give big tax cuts to wealthy Americans. Republicans believe that cutting taxes, especially on the wealthy, helps to spur investment, economic growth and hiring. At the same time, most of the Republican candidates are proposing other changes that also would mean big tax cuts for high-income Americans, such as eliminating taxes on dividend income or capital gains, and eliminating the estate tax, called the death tax by Republicans. Their push comes at the same time that Democratic President Barack Obama is pushing to raise taxes on higher-income Americans. He's proposed raising taxes on those making more than $200,000 and has endorsed a push by Senate Democrats to raise taxes on incomes above $1 million. The debate comes as new data show that the very wealthiest Americans have greatly increased their share of U.S. income in recent decades. The richest 1 percent claimed 17 percent of American income in 2007, more than double their 8 percent share in 1979, according to a report this week from the non-partisan Congressional Budget Office. Protest over growing income inequality is also among the motive issues driving the Occupy Wall Street demonstrations around the country. Polls show that a solid majority of Americans favor raising taxes on the wealthy. But that's anathema in the Republican Party, where tax cuts, particularly for higher incomes, are popular. Seven in 10 Americans say that policies of Republicans in Congress favor the rich, according to a New York Times poll published Wednesday. There's little doubt the Republican presidential candidates' proposals would cut taxes on the wealthy. Most would eliminate taxes on all or some profits on investments. Most of those taxes now are paid by wealthier Americans. Most also would eliminate the estate tax, which applies only to estates of $7 million or more and is paid by about 3,270 families each year, according to the nonpartisan Tax Policy Center, a joint project of the Brookings Institution and the Urban Institute, both respected center-left think tanks in Washington. "These are really wealthy families," said Roberton Williams, an analyst at the Tax Policy Center. A flat tax on income would take away some deductions but lower the rate. Perry, for example, would cut it to 20 percent. Gingrich would cut it to 15 percent. The wealthiest Americans now pay a 35 percent marginal rate on income above $379,950. A detailed analysis by the Tax Policy Center found that the Cain plan would mean an average tax cut of $455,000 for those with incomes above $1 million. Romney once criticized a flat tax proposal in 1996 as a boon to the rich, going so far as personally taking out newspaper ads in early primary states to rip the proposal from then-candidate Steve Forbes. "It's a tax cut for fat cats," Romney said then. When he unveiled his economic agenda this year, Romney said he would pursue a "long-term goal" of a "flatter, fairer, simpler structure." But he also said he wouldn't change any of the existing personal income tax rates. On Wednesday in Fairfax, Va., he said, "I'll lay out some additional ways to make the tax code more flat." While the Republican tax proposals would give tax cuts to the wealthy, the candidates have backed away from the appearance of raising taxes on lower-income Americans. Cain at first denied that his plan would raise taxes on poorer Americans, then changed it after the Tax Policy Center found that the 84 percent of taxpayers would pay more under Cain's plan. Gingrich notably would keep the Earned Income Tax Credit, which helps lower-income families offset their payroll taxes for Medicare and Social Security. "Preserving the EITC and Child Tax Credit are critical to ensure that the optional flat tax system does not unfairly target low-income Americans," Gingrich says in a website chart comparing his flat tax to Perry's. Romney points to his proposal to limit tax cuts on dividends and capital gains to incomes below $250,000. "My view is that a key to the tax policy is to reduce the tax burden on the people who have been hurt most by the Obama economy, and that's the middle class," he said Wednesday. Gingrich and others have noted, however, that the limit would mean little because people below that threshold pay few taxes on dividends and capital gains. And Perry would give all taxpayers the option of sticking with the current tax system, meaning no one would have to pay more than they would under today's rules. "That is the wise political move," said Grover Norquist, president of Americans for Tax Reform, a pro-tax-cut group. "He doesn't say to low-income people, 'We're going to come to get you.'"
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#47. To: war (#46)
I think I cracked the code using the secret Boofer decoder ring I got after I keyed my thousandth Hummer; he thinks he's Mao.
...with better hair...barely...
I'll believe that a corporation is a person 1 second after Texas executes one...
A couple of weeks ago he said he was a Farmer. I wonder if he isn't taking those Facebook games just a little too seriously.
When the people are afraid, that's when the greatest long term money is made.~~~~Clark Howard
Boofer said that he was a farmer?
I'll believe that a corporation is a person 1 second after Texas executes one...
Yup.
When the people are afraid, that's when the greatest long term money is made.~~~~Clark Howard
Actually, maybe is has discovered a way to actually make money while he works toward his millionth lame post served milestone. You could be seriously underestimating the man.
Chuckles...what's next? "Fireman"? Un' Boofer Da Firemun!!!
I'll believe that a corporation is a person 1 second after Texas executes one...
You could be seriously underestimating the man. I thought maybe has was learning how to buy and take care of fake chickens.
When the people are afraid, that's when the greatest long term money is made.~~~~Clark Howard
It's real simple, Junior. If you take in less than you spend then you have to make up the difference somehow. The government does it by borrowing money. Indeed. AND, they make promises they can't keep. One need only look at Social Security- a Ponzi-scheme writ large- to see that. Of course, the scheme is ending sooner, because government fat-cats stole the money to fund their pet-projects. Either way, it makes no nevermind. The government IS going to cut spending, one way or another. They're also going to utterly default, one way or the other. The debt is so gargantuan, that it can never be repaid. As the data I linked to shows, you could tax every living soul in the USA 100% of their income, AND confiscate all wealth, and we'll still be bankrupt. Not just broke, but BANKRUPT. You choose to believe the propaganda. Fine, DO that. I really don't GAS. Wow... NOTHING gets by you, does it? ((((eyeball roll*)))) Wow... talk about a bunch of gibbering bullshit. LOL. You claim to be a "broker," but you don't SHIT about economics... Talk about irony!!! So let's cut the crap. 1. Revenue IS decreasing. Real GDP is decreasing (in blue), not increasing, as the government propaganda (in red) suggests: 2. REAL inflation (in blue) is getting bad. You'd notice this if you do your own grocery shopping. Government propaganda is in red: 3. REAL U.S. debt is ~$211 Trillion dollars. Since current GDP is ~$15 Trillion, this means every dollar is already spent for the next 14 years. 4. You think the government can wave the magic Keynesian wand, and simply print away the debt to nothingness. Can you say "Zimbabwe?" How 'bout "Weimar?" Oooh, I know... how about "Hungary?" This idiotic assumption is based on the foolish belief that everyone will simply accept paper dollars forever. DON'T try to bullshit me on economics, boy... You might be able to fool the other stupid leftists, but I know better. Keynes is dead. His crank philosophies are dead. And because the most of the worlds' financial systems are modeled on the American (Keynesian, central-bank) systems, they're all dead, too. The result (just showing "on-book" debts) is below: DUMMY DwarF: ...I'm eating a meatball... "Whenver the dwarf sees something negative about a Democrat, he tries to change the topic of the thread to something else. Usually a personal attack, followed by mutterings about correct 'grammar' 'spelling' whatever. Anything he can think of to avoid a discussion about a Democrat screwing up or looking bad. It's a decade long pattern." --Badeye observation-- You just claimed above that tax cuts had nothing to do with increasing levels of debt. You are one highly confused individual, Junior. Thus, you'd make a PERFECT economist. And stuff those charts. You've been asked several times to defend the methodology and you refused.
I'll believe that a corporation is a person 1 second after Texas executes one...
They don't. It's about SPENDING, asshole. TOO MUCH SPENDING. TOO MANY PROMISES. TOO MANY SCAMS BY PARASITES LIKE YOU. If that's what it takes, for you to be satisfied with your delusions, than have a happy. Whatever... LOL. I've provided you links to all the information you need. If you're too lazy to read, how is that my problem? Really, though, you're not interested in proofs. You're a broker, which means you're interested in promoting the status quo. As a broker, your livelihood depends on the sheeple believing the propaganda that the MSM and Helicopter-Ben put out... You need people to buy your bullshit, because that's what lines your pockets. You made a real mistake, making it clear what exactly you do... The truth is, you're shilling for the same old corruption, even though you pretend to be against it... How utterly pathetic you are... despite your claims, you're nothing more than a common thief. Feh.
DUMMY DwarF: ...I'm eating a meatball... "Whenver the dwarf sees something negative about a Democrat, he tries to change the topic of the thread to something else. Usually a personal attack, followed by mutterings about correct 'grammar' 'spelling' whatever. Anything he can think of to avoid a discussion about a Democrat screwing up or looking bad. It's a decade long pattern." --Badeye observation-- Ping to 57.
DUMMY DwarF: ...I'm eating a meatball... "Whenver the dwarf sees something negative about a Democrat, he tries to change the topic of the thread to something else. Usually a personal attack, followed by mutterings about correct 'grammar' 'spelling' whatever. Anything he can think of to avoid a discussion about a Democrat screwing up or looking bad. It's a decade long pattern." --Badeye observation-- Chuckles... HELP CECIL HELP!!! [snicker] PS: You forgot to PING Boofer...I took care of that for you...
I'll believe that a corporation is a person 1 second after Texas executes one...
You have NO CLUE what I do. NONE. ZIP. NADA. Your mind cannot fathom in any way shape or form what it is that I do.
I'll believe that a corporation is a person 1 second after Texas executes one...
You already admitted you're a broker. DUMMY DwarF: ...I'm eating a meatball... "Whenver the dwarf sees something negative about a Democrat, he tries to change the topic of the thread to something else. Usually a personal attack, followed by mutterings about correct 'grammar' 'spelling' whatever. Anything he can think of to avoid a discussion about a Democrat screwing up or looking bad. It's a decade long pattern." --Badeye observation-- So? What does that *mean*, Junior? There are over a dozen differing types of brokers within 20 yards of where I sit.
I'll believe that a corporation is a person 1 second after Texas executes one...
Dueling Juniors: WAR: You just claimed above that tax cuts had nothing to do with increasing levels of debt. Junior: They don't. ~~~~~~~~~~~~~~~~~~~~~ WAR: It's real simple, Junior. If you take in less than you spend then you have to make up the difference somehow. The government does it by borrowing money. Junior: Indeed.
I'll believe that a corporation is a person 1 second after Texas executes one...
You lied. I proved it. You might as well quit trying to beat that horse.... DUMMY DwarF: ...I'm eating a meatball... "Whenver the dwarf sees something negative about a Democrat, he tries to change the topic of the thread to something else. Usually a personal attack, followed by mutterings about correct 'grammar' 'spelling' whatever. Anything he can think of to avoid a discussion about a Democrat screwing up or looking bad. It's a decade long pattern." --Badeye observation-- Sure you did...Trelane...sure you did... PS: Turn out the lights when you leave, please Junior... Thanks...
I'll believe that a corporation is a person 1 second after Texas executes one...
It means you're part of the problem, instead of part of the solution. It certainly explains why you're such a statist shill. It explains why you push the bullshit propaganda. It explains you, perfectly. You're interested in lining your own pockets. ANYTHING which represents a threat to the status quo, you attack... Because it's all about YOU. You're a common thief, nothing more. I hope you rot in HELL.
DUMMY DwarF: ...I'm eating a meatball... "Whenver the dwarf sees something negative about a Democrat, he tries to change the topic of the thread to something else. Usually a personal attack, followed by mutterings about correct 'grammar' 'spelling' whatever. Anything he can think of to avoid a discussion about a Democrat screwing up or looking bad. It's a decade long pattern." --Badeye observation-- Nope. One more guess.
I'll believe that a corporation is a person 1 second after Texas executes one...
You're a common thief, nothing more. I hope you rot in HELL. But selling gold to the gullibles while ignoring and down playing an obvious bubble is okay with you. Your Asperger's is showing again.
When the people are afraid, that's when the greatest long term money is made.~~~~Clark Howard
I only buy. But IF I was trying to make a buck off "the gullibles," you'd have been first on the list, to make such a pitch to...
DUMMY DwarF: ...I'm eating a meatball... "Whenver the dwarf sees something negative about a Democrat, he tries to change the topic of the thread to something else. Usually a personal attack, followed by mutterings about correct 'grammar' 'spelling' whatever. Anything he can think of to avoid a discussion about a Democrat screwing up or looking bad. It's a decade long pattern." --Badeye observation-- But IF I was trying to make a buck off "the gullibles," you'd have been first on the list, to make such a pitch to... Sure you do. Buy high, sell low. That's your motto.
When the people are afraid, that's when the greatest long term money is made.~~~~Clark Howard
...you'd broker gold?
I'll believe that a corporation is a person 1 second after Texas executes one...
You really are brainwashed. No way in hell will he lower his prices if he gets a tax cut.... but he will lower his prices if the competition is undercutting him and he's loosing business....
"CHANGE" you can step in..... Bullshit. Then why do people and businesses leave certain parts of the country when taxes go up???? You should know all about that with the amount of people leaving NY, I know I've seen it where I live.......
"CHANGE" you can step in..... Gee...you mean that the market dictates how "he" prices and not his tax liability? Did someone hit you over the head and make you *smart* all of a sudden?
I'll believe that a corporation is a person 1 second after Texas executes one...
If that's true, and I doubt that it is, it's underscoring how the tax system is rigged/skewed toward subsidizing the extremely wealthy. I quit working overtime and have gone down to working about 32 hrs a week for the most part for my employer.... But have offset my income by doing "CASH" side jobs......
"CHANGE" you can step in..... And as soon as one of your cash customers decides to itemize those expenses....
When the people are afraid, that's when the greatest long term money is made.~~~~Clark Howard
Your tax liability today is the same that it has been for 8 years.
I'll believe that a corporation is a person 1 second after Texas executes one...
Both the market and tax liabilities effect his prices to some extent no doubt about it.... When costs go up then the prices they charge goes up For instance what do you think would happen if oil companies subsidies were cut off and they aren't making the same percentage of profit needed for cash flow, making ends meet and keeping investors happy????? Would they...... do nothing, raise prices or say phuck it and shut the doors????
"CHANGE" you can step in..... Your tax liability today is the same that it has been for 8 years. Then why am I paying less taxes but still making the same amount if not more of money???
"CHANGE" you can step in..... And as soon as one of your cash customers decides to itemize those expenses.... With no names and no receipts.......
"CHANGE" you can step in..... I'm done with this thread. Bitch- slapping you idiots gets boring, after a while. Cheers.
DUMMY DwarF: ...I'm eating a meatball... "Whenver the dwarf sees something negative about a Democrat, he tries to change the topic of the thread to something else. Usually a personal attack, followed by mutterings about correct 'grammar' 'spelling' whatever. Anything he can think of to avoid a discussion about a Democrat screwing up or looking bad. It's a decade long pattern." --Badeye observation-- You might be in for a surprise.
When the people are afraid, that's when the greatest long term money is made.~~~~Clark Howard
Bitch- slapping you idiots gets boring, after a while. Cheers. Let's see, you can't explain your premise about Ferret Mike, give incomplete details of your own banning, admit to buying gold on the high end for some damned reason, but will sell it to the gullibles evidently when the prices are lower, and think that having a lower income allows one to pay off one's bills sooner. Yep you win.
When the people are afraid, that's when the greatest long term money is made.~~~~Clark Howard
The market will be the overwhelming and compelling factor in pricing. Not all changes in tax liabilities are going to impact bottom line the same and some, not at all. I've had a few small businesses - "S"'s - over the past 20 years and there have been years where a company netted out flat and I raised prices. There have been other years where I've had income that impacted my taxes and my prices remained steady.
I'll believe that a corporation is a person 1 second after Texas executes one...
Thanks for turning out the light like a good boy, Trelane.
I'll believe that a corporation is a person 1 second after Texas executes one...
Irrelevant.
DUMMY DwarF: ...I'm eating a meatball... "Whenver the dwarf sees something negative about a Democrat, he tries to change the topic of the thread to something else. Usually a personal attack, followed by mutterings about correct 'grammar' 'spelling' whatever. Anything he can think of to avoid a discussion about a Democrat screwing up or looking bad. It's a decade long pattern." --Badeye observation-- Imao..... 'I Mao.'
#48. To: Ferret Mike (#47)
#49. To: Ferret Mike (#47)
(Edited)
I think I cracked the code using the secret Boofer decoder ring I got after I keyed my thousandth Hummer; he thinks he's Mao.
#50. To: mininggold (#49)
#51. To: war (#50)
#52. To: mininggold (#49)
"A couple of weeks ago he said he was a Farmer. I wonder if he isn't taking those Facebook games just a little too seriously."
#53. To: mininggold (#51)
(Edited)
#54. To: Ferret Mike (#52)
Actually, maybe is has discovered a way to actually make money while he works toward his millionth lame post served milestone.
#55. To: war (#37)
***SIGH***
Do you know what borrowed money is called when it is owed? It's called DEBT. When you REDUCE your income, that is already at a shortfall, you have to borrow even MORE money to make up the shortfall. This is called EVEN MORE DEBT.
For you to actually BELIEVE that you can cut the rate of revenue growth, at times to a point negative to the previous year, while continuing to increase the level of spending to a point GREATER than the previous year, and that this dynamic has no impact on the level of debt is so far into sublime levels of insanity, so far from the realm of reality and just so eaten up with the Boofers illogical that whatever it is that makes you so obtusely stupid as this is such that you just cannot be cured.
Capitalist Eric: Foreplay before the president's staff? 
#56. To: Capitalist Eric (#55)
Indeed.
#57. To: war (#56)
You just claimed above that tax cuts had nothing to do with increasing levels of debt.
You are one highly confused individual, Junior.
And stuff those charts. You've been asked several times to defend the methodology and you refused.
Capitalist Eric: Foreplay before the president's staff?
#58. To: All, A K A Stone, Murron, Mad Dog, jwpegler, hondo68, sneakypete, Happy Quanzaa, Get Outta Dodge!, CZ82, jwpegler, Rudgear, liberator (#57)
Capitalist Eric: Foreplay before the president's staff?
#59. To: Capitalist Eric, Badeye (#58)
All, A K A Stone, Murron, Mad Dog, jwpegler, hondo68, sneakypete, Happy Quanzaa, Get Outta Dodge!, CZ82, jwpegler, Rudgear, liberator
#60. To: Capitalist Eric (#57)
You made a real mistake, making it clear what exactly you do...
#61. To: war (#60)
You have NO CLUE what I do.
Game.
Set.
MATCH.
Capitalist Eric: Foreplay before the president's staff?
#62. To: Capitalist Eric (#61)
You already admitted you're a broker.
#63. To: Capitalist Eric (#57)
#64. To: war (#63)
Capitalist Eric: Foreplay before the president's staff?
#65. To: Capitalist Eric (#64)
(Edited)
You lied. I proved it.
#66. To: war (#62)
Capitalist Eric: You already admitted you're a broker.
POS Parasite: So? What does that *mean*, Junior?
Capitalist Eric: Foreplay before the president's staff?
#67. To: Capitalist Eric (#66)
I means you're part of the problem, instead of part of the solution...
#68. To: Capitalist Eric (#66)
(Edited)
You're interested in lining your own pockets. ANYTHING which represents a threat to the status quo, you attack... Because it's all about YOU.
#69. To: mininggold (#68)
Capitalist Eric: Foreplay before the president's staff?
#70. To: Capitalist Eric (#69)
I only buy.
#71. To: Capitalist Eric, minninggold (#69)
But IF I was trying to make a buck off "the gullibles,"
#72. To: war (#42)
Do you *think* a businessman will LOWER his price if he gets a 10% tax CUT?
My dogs have created more shovel ready jobs than the self appointed Messiah!!! Slap the shit out of a Leftard today, it won't help but at least you will feel better!!!!
#73. To: war (#42)
Raising taxes is only a temporary increase in revenue,
My dogs have created more shovel ready jobs than the self appointed Messiah!!! Slap the shit out of a Leftard today, it won't help but at least you will feel better!!!!
#74. To: CZ82 (#72)
No way in hell will he lower his prices if he gets a tax cut.... but he will lower his prices if the competition is undercutting him and he's loosing business....
#75. To: war (#42)
until people figure out how to get around paying those extra taxes....
My dogs have created more shovel ready jobs than the self appointed Messiah!!! Slap the shit out of a Leftard today, it won't help but at least you will feel better!!!!
#76. To: CZ82 (#75)
I quit working overtime and have gone down to working about 32 hrs a week for the most part for my employer.... But have offset my income by doing "CASH" side jobs......
#77. To: CZ82 (#75)
I quit working overtime and have gone down to working about 32 hrs a week for the most part for my employer....
#78. To: war (#74)
Gee...you mean that the market dictates how "he" prices and not his tax liability?
My dogs have created more shovel ready jobs than the self appointed Messiah!!! Slap the shit out of a Leftard today, it won't help but at least you will feel better!!!!
#79. To: war (#77)
I quit working overtime and have gone down to working about 32 hrs a week for the most part for my employer....
My dogs have created more shovel ready jobs than the self appointed Messiah!!! Slap the shit out of a Leftard today, it won't help but at least you will feel better!!!!
#80. To: mininggold (#76)
I quit working overtime and have gone down to working about 32 hrs a week for the most part for my employer.... But have offset my income by doing "CASH" side jobs......
My dogs have created more shovel ready jobs than the self appointed Messiah!!! Slap the shit out of a Leftard today, it won't help but at least you will feel better!!!!
#81. To: mininggold, war (#70)
Capitalist Eric: Foreplay before the president's staff?
#82. To: CZ82 (#80)
With no names and no receipts.......
#83. To: Capitalist Eric (#81)
I'm done with this thread.
#84. To: CZ82 (#78)
Both the market and tax liabilities effect his prices to some extent no doubt about it....
#85. To: Capitalist Eric (#81)
#86. To: mininggold (#83)
Let's see, you can't explain your premise about Ferret Mike,
give incomplete details of your own banning,
LOL. Whatever. admit to buying gold on the high end for some damned reason,
PROVIDE A LINK AND A QUOTE. but will sell it to the gullibles evidently when the prices are lower
LINK AND QUOTE? and think that having a lower income allows one to pay off one's bills sooner.
LINK AND EXACT QUOTE? Put up or shut up, bitch.
Capitalist Eric: Foreplay before the president's staff?
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