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 ...
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?
Taxes are going up on more than just wages.
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