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Thread: Obama Obsessed With Raising Taxes

  1. #1
    SiriuslyLong is offline
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    Joined: Jan 2009 Location: Ann Arbor, MI Posts: 3,560

    Obama Obsessed With Raising Taxes

    Higher taxes are ALREADY coming folks.

    Remember, business and individuals create tax revenue, and government spends it. 9% unemployment is a huge tax drain.

  2. #2
    Havakasha is offline

    I like Roubini's intelligent explanation for why business is not spending money over Fox news pure political bias.

    Want to talk about Demagoguery. This thread says it all. Posted by a very fair and independent minded person. LMFAO

    S&L please tell us some of the candidates you are inclined to favor to run against Barack Obama
    for President. Thanks
    Last edited by Havakasha; 08-12-2011 at 02:41 PM.

  3. #3
    Havakasha is offline

    Low Federal Tax Rate Means Hundreds Of Billions Of Dollars Lost Annually, Bartlett Says

    Posted: 05/31/11 04:56 PM ET

    Hearing some politicians talk about taxes, one might be convinced the United States has one of the highest tax rates in the world.

    But the reality is the federal tax rate, broadly measured, is the lowest it has been in 60 years, Bruce Bartlett writes in a new column. A look at the effective tax rate, which expresses taxes as a share of the country's economic output, belies the stream of political rhetoric arguing that taxes are relatively high, says Bartlett, who was a senior policy analyst under President Ronald Reagan.

    Federal taxes will be 14.8 percent of the nation's economic output this year, according to a recent estimate from the Congressional Budget Office. That's compared to a postwar annual average rate of 18.5 percent, Bartlett notes.

  4. #4
    Havakasha is offline
    Yesterday Obama apparently told the Republican House Members who visited him something that they found completely incredulous, something clearly unbelievable and unfactual. Something that actually made their eyes roll as they discussed the issues of how to handle to hitting our national head on the ever impending debt ceiling.

    Republicans attending a White House meeting on Wednesday didn’t take kindly to President Obama telling them tax rates were higher during the Reagan administration. GOP members engaged in a lot of “eye-rolling,” according to a member who was on hand to hear Obama, who invited House Republicans to the White House for discussions on the debt ceiling. [...]
    “[The President] made a comment like the tax rate is the lightest, even more than (under former President) Reagan,” Rep. Lee Terry (R-Neb.) told The Hill following the meeting. House Oversight and Government Reform Committee Chairman Darrell Issa (R-Calif.) joked that during the meeting, “We learned we had the lowest tax rates in history … lower than Reagan!”

    Oh Silly Obama, he thinks we have low taxes. Ho HO. Yeah, well let me just go and disprove that by going to my favorite handy dandy right-wing adjacent Tea Party friendly deficit and spending site -

    This should show him!

    Har dee har.. choke, uh... Oops!

    Well, gee according that chart Tax Revenues might be at their lowest point in 50 years. In fact 2011 tax revenues are at 28.65% of GDP, which is the lowest it's been since 1968 where they were 27.74% and Lindon Johnson was in Office. During the Reagan Era the rates were from 1980-1988:

    Year $Billion %GDP
    1980 2788.1 31.76 a
    1981 3126.8 32.48 a
    1982 3253.2 33.10 a
    1983 3534.6 31.23 a
    1984 3930.9 31.07 a
    1985 4217.5 31.95 a
    1986 4460.1 32.27 a
    1987 4736.4 33.40 a
    1988 5100.4 32.86 a

    Ok, so that's a bit of a FAIL.

    Thinkprogress has some of the reasons why...

    That House Republicans find this preposterous is symptomatic of the hold Reagan mythology has over them. After all, for seven of Reagan’s eight years in office, the top tax rate was higher than the current 35 percent. In six of those years, it was 50 percent or more. And every year that Regan was in office, the bottom tax bracket was higher than the current ten percent.
    For a family of four, the “average income tax rate under Reagan in 1983 was 11.06 percent. Under Clinton in 1992, it was 9.18 percent. And under Obama in 2010, it was 4.68 percent.” During Reagan’s time, income tax revenue ranged from 7.8 to 9.4 percent of GDP. Last year, it was 6.2 percent and is not projected to climb back to 9 percent until 2016. In fact, in 2009, Americans paid their lowest taxes in 60 years.

    Republicans are very fond of saying that the U.S. has “a spending problem, not a revenue problem.” But the truth is that revenue has plunged due to the recession and to continued misguided tax cuts, and revenue needs to be raised to eventually bring the budget into balance. And Reagan knew that taxes were an important part of the budget equation. After all, he “raised taxes in seven of his eight years in office,” including four times in just two years.

  5. #5
    Havakasha is offline
    I would sure be interested in S&L's response to Roubini's analysis. Not looking likely at this point. Lol.

    Roubini Warns of Global Recession Risk
    Last edited by Havakasha; 08-13-2011 at 12:31 AM.

  6. #6
    SiriuslyLong is offline
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    Joined: Jan 2009 Location: Ann Arbor, MI Posts: 3,560
    Roubini appears to be a joke. Even Krugman has trashed him.

    I don't care about tax rates from 1980 dumbass. I was in 10th grade. Now is relevent. Tomorrow is relevent. Heck, in 1980, the USSR existed and East Germany was a communist nation...

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