As the Economy Sinks, So Do Odds of a Tax Cut

taxes

As someone who has prepared income tax returns for the "common man" for over 50 years, I can irevocably state that the political instution is totally ignorant of the bottom line effect of tax legislation for the vast majority of american taxpayers. They don't even know what the terminology of the tax code means. They probably don't even know how to read or analize their own tax return because they have high priced tax accountants doing all the work for them. The general public is better served to ignore what any of them say about "your" taxes because you will never see the results they claim to create with their idiotic ramblings.

Bill Uthe of NY @ Oct 13, 2008 12:39:02 PM

Higher taxes to pay off debt, not expand government

Let's be clear - the Laffer Curve and tax theory is irrelevant because the argument for higher taxes is not to grow government, but to pay off $53 trillion in debt and obligations. Anyone who has voted in the last 25 years is responsible for this debt - it is time to step up and pay it off rather than sluffing it off to your children and grandchildren.

John R of WA @ Oct 12, 2008 11:02:51 AM

$53 trillion in debt and obligations - taxes must go up

THANK YOU RICK NEWMAN for reporting the substance, rather than the 'he-said-she-said' rhetoric that the rest of the news media is churning out by the boatload.

There's just no way around it. Our Congress for 25 years has spent more than taxes have brought in. It's just that simple. There's just no way to pay the for it all - $53 trillion - than to raise taxes across the board. And sooner rather than later, because just like credit card debt you can't magically escape it, other than to declare bankruptcy. And that would be a horrible, horrible legacy and impose untold pain for our children and grandchildren.

The Pete Peterson Foundation has been working hard to explain this unfortunate necessity to the public... their website is www.pgpf.org

John R of WA @ Oct 12, 2008 11:00:09 AM

Congress vs. The President

How do you spell crisis my dear? G R I D L O C K

Did anybody get a better grade than "C" in economics? Dr. Laffer where are you?

Thomas Ulrich of CA @ Oct 12, 2008 03:31:03 AM

Economics

May I suggest that before you write about taxation you first read the Mundell / Laffer Hypothesis:

http://polyconomics.com/ssu/ssu-000707.htm

www.nextinning.com of KS @ Oct 12, 2008 01:20:18 AM

Nonsense!

"But here's what you're not likely to hear either candidate say before Election Day on November 4: There's no money left for tax cuts."

What are you talking about? There are whole departments of the federal government that are not inviolate.

There is no need for the Department of Education. The states can do this, and would probably do a much better job without federal intrusion.

Why are we still funding PBS? If this is such a national economic crisis, why are American taxpayers expected to "sacrifice", as Sen. Biden puts it?

These are only two examples, but there are surely many others. Congress needs to start cutting out huge chunks of the federal government, before they ask taxpayers to go on a diet.

I say, put the federal government on a serious diet.

Marc T of TX @ Oct 11, 2008 12:07:54 PM

Tax

Rick, If you look at the Obama web site you'll see he is proposing raising the income ceiling (in some speeches he has stated no ceiling) for Social Security. That means everyone making over $102K this year (the web site mistakenly states $97K) will see a 12.4% tax increase. If you're interested in learning how this money will be used, please see www.nextinning.com/socialsecurity.php

Paul McWilliams of KS @ Oct 11, 2008 11:47:32 AM

Largess?

A tax cut is not "largess."

Hydroguy of CO @ Oct 10, 2008 13:23:05 PM