Skip to main content

View Diary: Boehner just shot himself in the foot (170 comments)

Comment Preferences

  •  Exactly (51+ / 0-)

    There is ZERO evidence the Clinton/Democrats tax bill that raised rates in 1993 (and got NO republican votes), had any negative impact on the economy.

    1. Tax rates raised in 1993
    2.  Economy growing by 1994
    3.  Largest economic boom in history 1994-2000 (much larger than the 1998-2000 dot-com bubble)
    4.  Balanced budget by 1999

    Or:

    1.  Bush tax cuts
    2.  Surpluses immediately turn into deficits
    3.  Deficits grow exponentially
    4.  Economy crashes seven years later

    Basic logic.  Personal income tax rates have no impact on the broader economy.  Still impossible for wingnuts to see.

    •  The entire pissing contest (12+ / 0-)

      is based around the fossilized economic philosophy of “trickle down economics”.  It's BS and the economic history of the US backs that up.  When the marginal rate is high all elements of society prosper, conversely, when the rate is low the economy suffers stagnation, recession or depression – that's, take it to the bank, history.  
      In 1922, a series of rate cuts on the marginal tax began. During and after WWI the highest marginal tax rate was 73 percent; by 1925 it was reduced to 24 percent.
      In 1924, Secretary of Treasury, Andrew Mellon (who was the richest man in America at the time)  wrote,

      It seems difficult for some to understand that high rates of taxation do not necessarily mean large revenue to the Government, and that more revenue may often be obtained by lower rates." ..
      ...he pushed for the reduction of the marginal tax from 73% to an eventual 24%.
      Four years later came the crash of 1929 and the economy did not recover until after the onset of WWII – 12+ years later.
       Even Herbert Hoover realized the disastrous effect  the reduction had on the economy and late in his administration raised the rate to 64%.

      "If knowledge can create problems, it is not through ignorance that we can solve them. Isaac Asimov (8.25 / -5.64}

      by carver on Sun Dec 02, 2012 at 01:28:59 PM PST

      [ Parent ]

      •  The way I see it, there is no causal effect (6+ / 0-)

        regarding tax rates. Both the crashes of 1929 and 2008 were caused by market manipulation, caused by lack of regulation. Presently we need more revenue because that money can be used to stimulate the economy, and pay for social programs so that the poor don't drown. The diarist's point that Clinton's tax hike didn't hurt the economy merely negates the stupid Repuke argument that it will. It's a great comeback. We, as a society have to determine what we want for our country, and collect sufficient taxes to allow for that. That's the only reason we should be concerned about rates.

      •  I don't think so (0+ / 0-)

        the entire pissing contest is based on the fact that the true power/money brokers don't give a shit about anyone who even has to debate this issue.

        At the end of the day, what comes down will be to the benefit of those who truly pull the strings (because if it isn't they will simply relocate their money / selves / corporations / hidden money during the inevitable phase-in period or whatever it will be called.

        There's a stubborn refusal by most people to accept that it simply is not going to make a real difference to those who already have more money than 10 generations could fritter way. All of this pretend horse-trading is about which non high-tens-of-millionaires exactly shoulder how much.

        The road to repair (if it even exists) will be littered with sacrificial lambs of the unfortunates - who will include "entitlements", those wealthy but not enough to affect the way the tax code is actually written.

        The only thing that can make the repair work is the burden ending up (remaining) on the shoulders of those without the power/influence/money to escape shouldering however much falls on them. Norquist, Koch, Romney, Dimon, Blankfein and their ilk will not pay one cent more. They'll see to it, and y'all may as well accept it.

        Increased tax rates will, to these people, merely be inconveniences they'll instruct "Dewey, Cheatham and Howe LLC" lawyers to avoid.

        The regular person in the street should prepare for the massive tax-truck that's a coming down the road.

    •  Isn't McConnell, right now, trying to squelch a (6+ / 0-)

      report that states that cutting taxes on the very rich has no impact on job creation?

      Freedom has two enemies: Those who want to control everyone around them...and those who feel no need to control themselves.

      by Sirenus on Sun Dec 02, 2012 at 02:08:26 PM PST

      [ Parent ]

    •  The GOP hasn't had an original (2+ / 0-)
      Recommended by:
      opinionated, WinSmith

      thought on taxes/spending/deficits in AT LEAST 20 years, going back to the 1993 Clinton Tax bill. That bill passed with NO GOP votes in the House and resulted in a 50-50 tie in the Senate that was broken by VP Gore.
           We all know what happened: economy boomed, tax revenues rose, 22 million net new jobs created AND in 1999 we began running surpluses in the budget and paying down the national debt. (Indeed I recall learned articles estimating the ENTIRE NATIONAL DEBT would be paid off by about 2013 and that the Treasury needed to begin drawing up plans for financing America w/o bonds.)
            And THIS link will give you all sorts of quotes from 1993 from the GOP: Gingrich, Kasich, Armey, Bunning, Pryce, Dornan predicting "job killing" policies, deficits, recession, more gay rights, fluoridated water, and dogs and cats living together in sin (OK, I made up a couple of those). SAME warnings/threats, often in the same words!

      (Bonus quotes when you scroll down: Republicans warning against the takeover of medicine and creeping socialism from 1965 with the enactment of Medicare;
      AND the end of America with the passage of Social Security in 1935. Ah....to be SO WRONG for SO LONG!!!)

      Shalom.

      "God has given wine to gladden the hearts of people." Psalm 104:15

      by WineRev on Sun Dec 02, 2012 at 06:01:07 PM PST

      [ Parent ]

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site