The Laffer Curve, employment and the Myth about Taxes
- Thread starter retaildaytrader
- Start date
Hopefully Americans will be willing to vote for anybody BUT Obama...
from a Krugman blog entry: Reagan! Reagan! Reagan
Let me see the Reagan era was, as former Speaker of the House Tip O'neill called it, Christmas for the Rich as their taxes were cut dramatically yet,
Growth in per capita real GDP from 1950 to 1980: 2.2 percent per year
Growth in per capita real GDP from 1980 to 2007: 2.0 percent per year
Real median family income instead, we get:
Growth from 1950 to 1980: 2.3 percent per year
Growth from 1980 to 2007: 0.7 percent per year
And taxes were a lot higher during the 1950-1980 period.
The Party of the Dumb believe that cutting taxes for the rich means prosperity for all.
Let me see the Reagan era was, as former Speaker of the House Tip O'neill called it, Christmas for the Rich as their taxes were cut dramatically yet,
Growth in per capita real GDP from 1950 to 1980: 2.2 percent per year
Growth in per capita real GDP from 1980 to 2007: 2.0 percent per year
Real median family income instead, we get:
Growth from 1950 to 1980: 2.3 percent per year
Growth from 1980 to 2007: 0.7 percent per year
And taxes were a lot higher during the 1950-1980 period.
The Party of the Dumb believe that cutting taxes for the rich means prosperity for all.
Dear Ian:
Do you support the Fair Tax movement? (www.fairtax.org)
I've been reading about it quite a bit and am a big advocate now; It would be interesting to gather some (educated) opinions.
Thoughts anyone?
Quarterly reports in the billions ...quarterly! Heres where all the money goes.
http://en.wikipedia.org/wiki/Lists_of_corporate_assets
http://en.wikipedia.org/wiki/Lists_of_corporate_assets
Pay for use - what's wrong with that?
As a resident of California, I feel the pain:
(1) 9-10% sales tax (depending on what city/county you live in)
(2) $0.64 gasoline tax (roughy a 20% tax at today's prices)
(3) 10% California personal income taxes
(4) High real estate taxes (because of insane property values, not the rate)
(5) real estate parcel taxes
(6) Highest telephone taxes (both cell and landline) in the country (not sure how much it is because the bills are undecipherable)
(7) Federal income taxes (soon to be over 40% when you add in all the component parts)
(8) plus all the taxes that are buried/hidden and we never see
On top of all that, the state of California owes me a large refund for 2009, and they keep stalling and making excuses why they won't pay.
After the new federal tax hikes take effect in 2011, I'll be paying over 50% of my income in one kind of tax or another.
My wife is from Australia and was raised to believe that Australians paid high taxes and Americans paid low taxes. She's shocked when she sees our tax bills.
(1) 9-10% sales tax (depending on what city/county you live in)
(2) $0.64 gasoline tax (roughy a 20% tax at today's prices)
(3) 10% California personal income taxes
(4) High real estate taxes (because of insane property values, not the rate)
(5) real estate parcel taxes
(6) Highest telephone taxes (both cell and landline) in the country (not sure how much it is because the bills are undecipherable)
(7) Federal income taxes (soon to be over 40% when you add in all the component parts)
(8) plus all the taxes that are buried/hidden and we never see
On top of all that, the state of California owes me a large refund for 2009, and they keep stalling and making excuses why they won't pay.
After the new federal tax hikes take effect in 2011, I'll be paying over 50% of my income in one kind of tax or another.
My wife is from Australia and was raised to believe that Australians paid high taxes and Americans paid low taxes. She's shocked when she sees our tax bills.
The Krugster deceives again:
Growth in per capita real GDP from 1950 to 1980: 2.2 percent per year
Growth in per capita real GDP from 1980 to 2007: 2.0 percent per year
Real median family income instead, we get:
Growth from 1950 to 1980: 2.3 percent per year
Growth from 1980 to 2007: 0.7 percent per year
--------
Lets see.... Starting in 1950... anything funny about this date? Yep! Americans on average were IMPOVERISHED by the just ending great depression and warII. It is always easier to grow at a rapid rate when you are starting from nothing.
Heck, why don't we Destroy half the buildings, factories, etc. Rob everyones lifesavings! Kill a few hundred thousand in a war. Massive inflation destroy's what savings are left... Destroy everyones home and move them into a trailer.
Heck, if we did all this, we could have some mighty fine growth GETTING BACK TO WHERE WE STARTED over the next 30 years!
Growth in per capita real GDP from 1950 to 1980: 2.2 percent per year
Growth in per capita real GDP from 1980 to 2007: 2.0 percent per year
Real median family income instead, we get:
Growth from 1950 to 1980: 2.3 percent per year
Growth from 1980 to 2007: 0.7 percent per year
--------
Lets see.... Starting in 1950... anything funny about this date? Yep! Americans on average were IMPOVERISHED by the just ending great depression and warII. It is always easier to grow at a rapid rate when you are starting from nothing.
Heck, why don't we Destroy half the buildings, factories, etc. Rob everyones lifesavings! Kill a few hundred thousand in a war. Massive inflation destroy's what savings are left... Destroy everyones home and move them into a trailer.
Heck, if we did all this, we could have some mighty fine growth GETTING BACK TO WHERE WE STARTED over the next 30 years!
Reagan's complete lack of fiscal discipline is a prime reason we are currently in the mess we are in. By turning social security into a ponzi scheme and fiat-izing the US dollar, he led the country by example into a spiral of deficit spending across all personal, corporate and societal levels.
Reagan did not create wealth, he stole it from the future by providing benefits "now" and leaving the bill to future administrations. In term of fiscal policy, Reagan was easily the most socialist president of the second half of the 20th century - it's not even close.
I have no love for Obama, and he certainly is earning his share of (future) blame. But to claim Reagan did anything but plant a bomb at the prudent foundations of the Republic is revisionism of the worst order. The Founding Fathers would have *hated* Reagan.
ahh..the myth of Reagan and his taxes. I suggest you equally research how much government spending went up under Reagan. It wasn't lower taxes that stimulated the economy...it was out of control government spending under Reagan.