I’m still waiting for all that economic data that proves that reducing income taxes is bad for the economy. I’ll be waiting a long time I suspect. The silence is deafening.
^ You argued that the Reagan tax cuts were the reason for the economic boom.
OP: are you saying you are personally paying 46% of your gross income in taxes?
@ 141,
They were a contributing factor. Can you disprove they were not? Put your money where your mouth is.
Multiplier effect…
Read more: http://www.businessinsider.com/study-tax-cuts-dont-lead-to-growth-2012-9#ixzz3htkBJJQo
Read more: http://www.businessinsider.com/study-tax-cuts-dont-lead-to-growth-2012-9#ixzz3htjiWivX
If tax cuts don’t lead to growth then why haven’t we have growth? We have tax increase in the last few years.
http://news.investors.com/ibd-editorials/073015-764333-tepid-gdp-growth-leaves-economy-even-further-behind-the-pace.htm
@ 142,
Well, even though I am not an economist I could poke so many holes in this article within 10 minutes it isn’t even funny. You found something from 2012 and from Henry Blodgett the disgraced equity trader who practically got run off off of Wall Street and now works in the media. I’m impressed.
Let’s start here:
Okay, first let’s look at the top marginal tax rates for the past 60 years or so. These are not effective or average tax rates–they’re just the top marginal rates. As you can see, they’ve trended steadily down:
Okay, so the top rates went down. The study cited in the article only looked at top rates and given that much of the time when top rates went down other taxes went up that mitigates whatever hell benefits might have been accrued by reducing the top rates, I’m just warming up, hold on.
@ 142,
Then we have this nugget:
And now, average tax rates for the country’s highest earners–the super-rich 0.1% of incomes. These have also trended steadily down:
-Seriously?
-So they super duper rich people didn’t start businesses or make significant capital expenditures with their long over due tax cuts and that proves cutting tax doesn’t help the economy?
-I wonder why?
-Um, is it because they already have businesses?
-We have a winner!
-Nice study. Is that the best you have #142? Your the economics expert, right? Could you find an article in People or Teen Beat because it would be about as authoritative as this piece.
-This is the EXACT kind of mumbo jumbo data I was alluding to earlier when I said that the data can go whatever way you want it to go.
That was impressive #142. The data is conclusive. I have no idea how someone could get the crazy notion that cutting taxes might actually create the kinds of incentives that would stimulate economic growth. Crazy! Crazy I tell you!
I live among researchers. There is data. Some data may be facts. Interpreting data is an art.
This is my opinion.
adding: I’ve been reading a long time. My opinion is that dstark is an excellent artist.
@GoNoles85, Henry Blodget did not perform the study. 
I have communicated with Henry Blodget. Have you communicated with Henry Blodget?
Right now I am very left because of the way the economy is structured. I was right when Reagan was around. 70 percent tax rates? Maybe if there is a war. Ofherwise, no. But, we don’t have these tax rates anymore. Nothng close to those.
The study is pretty good.
Sometimes I support supply side economics, sometimes I support the demand side.
I am going to give two examples.
We have 1,000,000 cars and 300,000 people who can afford the cars. Should we engage in supply side economics and build more cars or should we engage in demand side economics and create more buyers for cars?
Now we have 300,000 cars and 1 million buyers? Should we increase the supply of cars by using supply side economics or should we increase the demand for cars by using demand side economics?
We have a lack of demand in this country. Look at housing starts for example.
We have a lack of demand problem in this country right now. Inflation is one indicator of demand and supply. If inflation starts heating up, I may change my mind.
“If tax cuts don’t lead to growth then why haven’t we have growth? We have tax increase in the last few years.”
Here is a good overview why growth has been slow since the Great Recession.
http://www.cbo.gov/sites/default/files/43707-SlowRecovery.pdf
@ 151,
Fair enough. i don’t have an answer to each of your questions and the study cited is a joke. Like I said I could utterly destroy it if I wanted in a weekend. It proves or disproves absolutely nothing because they didn’t control factors amongst other glaring problems and the headline is misleading which reminds me of the comment earlier about bumper stickers. This is an example of a BS study proclaiming something that the “data” absolutely do not really prove. People might fall for the headline but a real expert would shred that so-called study and you know it.
I am shocked you tried to pass that off as proof after all that bluster that my contention was so wrong.
Blodget is a discredited clown. I could add more but I’ll assume you know his background and why he is no longer in the stock brokerage business.
@GoNoles95, i studied economics but I learned by working in the financial markets.
This country should be investing in its infrastucture. I am not sure why businesses aren’t screaming more about this. Spending on infrastructure is good for business. It is good for employees. I am looking at Caterpillar. I am looking at Caterpillar’s stock price. CAT is the symbol. That stock is beaten up. I have shares in Alcoa. What a bad performer. I own GM stock. What a crummy performer. Luckily, I don’t own many shares of these companies. I am a capitalist. I was a trader. Lol
Why aren’t these companies pushing for more infrastructure spending? Maybe, behind the scenes they are but they can’t get anywhere politically. That is speculation on my part.
“Like I said I could utterly destroy it if I wanted in a weekend.”
Oh please do. I look forward to it.
Read my earlier posts bee. I won’t hold my breath waiting for you to reply to my challenge. You know darned well you can’t find any credible economic study, data or expert who will tell you cutting taxes isn’t good for the economy which is why you keep turning the conversation to the red herring of how cutting taxes doesn’t pay for themselves.
Wel, no duh.
Who said they would?
I never did maybe the supply side conservatives did but I never did.
So unless and until you can refute my contention that cutting taxes is good for the economy you can kiss my grits. And I’ve already shot holes in that pseudo-attemtp at research even though I am not an expert and it took me 10 minutes to do so. Can you put your money where your mouth is? I doubt it.
Confirmation bias warning: I don’t believe tax cuts, given the current US tax rates, spur economic growth.
Now for some evidence:
“DROP IN DEFICIT IN 2005 DOES NOT MEAN TAX CUTS ARE
SPURRING ECONOMIC AND REVENUE GROWTH;
NEW IRS DATA CONFIRM TAX CUTS LOSE REVENUE”
"DROP IN DEFICIT IN 2005 DOES NOT MEAN TAX CUTS ARE
SPURRING ECONOMIC AND REVENUE GROWTH;
NEW IRS DATA CONFIRM TAX CUTS LOSE REVENUE ’
http://www.cbpp.org//archiveSite/10-6-05bud3.pdf
Sorry for the “shouting”. Cut and paste took all caps.
Cbo often biased because it’s government, if the economy is great why haven’t the fed raise rate. They have the best economists there.
Oh yeah infrastructures like the California bullet train.