“...Do I really need to say it?”
Posted on 11/08/2012 4:15:39 PM PST by mdittmar
(Reuters) - Allowing income tax rates to rise for wealthy Americans, and maintaining rates for the less affluent, would not hurt U.S. economic growth much in 2013, the Congressional Budget Office said on Thursday, stepping into a dispute between Republicans and Democrats over how to resolve the so-called "fiscal cliff."
The report by the authoritative non-partisan arm of Congress is expected to fuel President Barack Obama's demand for higher taxes on the rich, part of his proposal to avoid the full impact of the expiring tax cuts and across-the-board spending reductions set to begin in early 2013 unless Congress acts.
Republicans argue that any tax increases would be devastating to the economy, particularly to small businesses, and to U.S. employment rates.
They have held firm to their position that none of the cuts, which originated during the administration of President George W. Bush, should be allowed to expire.
The CBO said the tax hikes for the wealthy would reduce job growth by around 200,000 jobs, much less than the 700,000 in job losses claimed by Republican Speaker of the House John A. Boehner.
(Excerpt) Read more at reuters.com ...
(Hahahaha!!!) How the @#$% do they KNOW that!? Lies, lies, lies, and more lies, layered and sprinkled with more lies....
Operative word conveniently omitted
“much”
Either this "non-partisan" (snort) office is populated by retards or overeducated Keynesians, for which there is scarcely a difference.
Boehner should just have a press conference and say Obama believes that tax increases will help this country. So we are reluctantly going along. Say it so it can be a republican campaign commercial in 2014 and the media cannot change it.
Then sit back and wait. We are going to have to bend over one way or the other. Might as well do it in a way that Obama cannot claim it was Congress’s fault.
When tax cuts are stopped is it really a tax increase or really a return to the tax rates of when the tax cuts were implemented?
Communist Barack Obama.
200,000 jobs isn’t “much”? These people have e’fing families, mortgages, car payments, need to eat and care for their children!
how can it kill growth ?
there isn’t any growth now. It’ll just kill any remaining hope of growth for small businesses.
Parse the meaning correctly
Assuming the CBO is telling the truth (which it isn’t), where but in the mind of a liberal MSM hack is the loss of 200,000 jobs not significant? Tell that to those 200,000 families that will have to rely on the welfare state to put food on the table,
How about the 47% that PAY NO FEDERAL INCOME TAXES PAY SOMETHING??????? Hello????? EVERYONE needs some SKIN IN THE GAME!!!
Interesting set-up for 2014: We did it his way, and look where it got us.
But probably too effective a strategy to warrant consideration by Boner.
IT may not... but OBAMACARE will....
” would not hurt U.S. economic growth much”
This won’t hurt you...much. - WC Fields, The Dentist
The Bush Tax were passed as a bundle so let them die as a bundle.
“...Do I really need to say it?”
The wealthy will leave and who is left? the middleclass, you know the middleclass that you heard him and the other ass clown spew at nausium. Thier sites are on the “middleclass” me and you to pay. We will be brought down to the poverty level like everyone else and then they will have thier utopia the dependents and the elitists
When my taxes go up to 39.5, my spending and investments go down - it is that simple.
Hilarious.
The cbo has absolutley no credibility with the American people. The economy is passing up their lies... on its way to hell.
LLS
It's bad, but not as bad as we thought.
How can you kill something that's already dead?
The CBO propaganda memo not playing too well with the John Galt Society. Jobs are dropping off like the stock market.
Those 47% don’t care about tax increases, where have I heard that before?
John Roberts could not have said it better. Bohner now is negotiating with himself. Obama needs to do nothing.
That’s the problem with trying to model human economic behavior based on history.
That was my thought earlier to-nite: John Boner, the Traitor Roberts of the House.
IIRC the CBO only processes the numbers it is given by whomever requested the calculations. If the numbers are provided by Dhims then it’s all rainbows and skittles. If by RINOs then either rainbows or skittles, not both.
I think another operative word is 2013. I suspect a lot of taxpayers won’t see the real impact until they file their 2013 taxes in April 2014 and find themselves writing a big check to Uncle Sam because too little was withheld in 2013. In 2014 we will see those taxpayers assessing the real cost and doing tax planning to the extent possible. Whatever slowdown happens in 2013 is likely to pale compared to 2014 defensive tax planning.
You know....Intrade should do these projections /sarc. or not
Yep. I’m going to do my part to spend as little money into the economy as possible. ESPECIALLY in the case of left-leaning businesses.
I wonder if Vegas will make Odds on this?? Who are the nimrods running CBO?? Couldn’t find tag from The Onion anywhere in story??
Hmm... Well it sure won’t help the national debt either no will it.
It is because government first becomes inefficient, then incompetent, then corrupt. We have reached the corrupt stage.
Sure, sure. A modest increase in tax rates for the wealthy won’t really hurt anybody. It also won’t solve the problem, even slightly.
A massive increase in taxes on the middle class and upward in income would be necessary to make any real progress in deficit reduction, but would also kill jobs and send us into another recession, defeating the entire purpose.
Then deficits would skyrocket, as nanny state entitlements would necessarily skyrocket, but tax revenue would crash, creating greater and greater debt, at an even faster rate than before.
And does anyone think that any real budget cuts, or even a reduction in the rate of increase in social spending will be agreed to by Obama and Reid? Of course not. We are heading over the cliff to Recessionville in short order.
You hit it on the head. Those “200,000 jobs” are done by people, not bean-counter numbers.
Watch the rich take their money offshore and stop making investments in the US.
Yeah, that’s the way to help the American economy, Obama. Drive out the money that creates jobs while you print worthless Weimar Republic trillion-dollar notes.
You sure are a man of the people, just not our people. Red China loves you, as does Putin. Way to go, Comrade!
LOL! Okay, we will see.
They'll be back when things settle down.....
how come liberals want higher cigarette taxes to reduce smoking, higher alcohol taxes to reduce drinking, higher gas taxes to save the earth, but think that higher income tax rates have no economic effect ?
here is my challenge to liberals: you want faster economic growth with more jobs, think of what you would do to encourage more people to smoke cigarettes and apply that logic to the entire economy.
CBO = Static Scoring (using baseline budgeting)
=>
UTTERLY MEANINGLESS AND USELESS.
Ah, yes, the CBO — which conveniently said Obamacare would cost less than $1 trillion in the first decade (so it would pass). Then they revised it to $2.6 trillion after the SCOTUS decision. The CBO has zero credibility.
Here's a link to a site that will help with that: http://shopyourpolitics.com/
GROWTH = INFLATION.
Or, fill in the blank, a tax hike for the wealthy won’t kill __________ growth.
Ahem....
I know someone who has been overpaying for many years because it really did not matter much. That stops as of this week. They are going to take every damn deduction there is!
And, like a lot of other people someone is looking to move the business offshore.
Agreed, Inflation is a good reason to plan ahead by saving too. Bernake’s plan to electronically transfer (print) money is as infinite as the National debt and spending.
And business owners will close down, and never come back leaving at best inexperienced entrepreneurs and high unemployment.
They don’t pay taxes based on salary. See Warren Buffet, Denise Rich Mark Anthony.
Nor does the lower class.
Only one class does.
and they will increase spending based on an assumptions of increased revenues.
Guess who gets left holding the bag?
They don’t pay taxes based on salary. See Warren Buffet, Denise Rich Mark Anthony.
Nor does the lower class.
Only one class does.
and they will increase spending based on an assumptions of increased revenues.
Guess who gets left holding the bag?
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