Is the Obama Tax Deal Really 'Stimulus II'?

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Scott Galupo, you have .insufficient
credibility to demean using " Dr. the K" and saying "Independent voters are, many of them, utterly uninformed and (substantively speaking) not worth appealing to". You are entitled to your opinion but you approach political blasphemy.
I am disheartened by wind mills subsidies, farm subsidies, bail outs, obama controlled bankruptcy, etc. Yet I must live within the limitations of the cards dealt me.
Though increased taxes and reduced paychecks will be to our advantage without agreement, we must try to mediate the damages to show our good faith effect for the people. Considering the circumstance....

Bill Hedges of MO 8:19PM December 11, 2010

Pardon me, but when you say "In the process, Dr. the K..." just what on earth are you talking about? Is this a trendy crap reference meant for people in the know?

dave of AZ 9:03PM December 10, 2010

“The Kennedy tax cuts”
“President Hoover dramatically increased tax rates in the 1930s and President Roosevelt compounded the damage by pushing marginal tax rates to more than 90 percent. Recognizing that high tax rates were hindering the economy, President Kennedy proposed across-the-board tax rate reductions that reduced the top tax rate from more than 90 percent down to 70 percent. What happened? Tax revenues climbed from $94 billion in 1961 to $153 billion in 1968, an increase of 62 percent (33 percent after adjusting for inflation).”
“The Reagan tax cuts”
“Thanks to "bracket creep," the inflation of the 1970s pushed millions of taxpayers into higher tax brackets even though their inflation-adjusted incomes were not rising. To help offset this tax increase and also to improve incentives to work, save, and invest, President Reagan proposed sweeping tax rate reductions during the 1980s. What happened? Total tax revenues climbed by 99.4 percent during the 1980s, and the results are even more impressive when looking at what happened to personal income tax revenues. Once the economy received an unambiguous tax cut in January 1983, income tax revenues climbed dramatically, increasing by more than 54 percent by 1989 (28 percent after adjusting for inflation)."
http://www.heritage.org/research/reports/2003/08/the-historical-lessons-of-lower-tax-rates
CBO says rich paid more taxes with Bush tax cuts:
“According to the non-partisan Congressional Budget Office (CBO), the Bush tax cuts actually shifted the total tax burden farther toward the rich so that in 2000-2004, total income tax paid by the top 40% of income-earners grew by 4.6% to 99.1% of the total.”
http://www.americanthinker.com/2010/03/lying_about_bushs_tax_cuts.html
“The Soak-the-Rich Catch-22”
“Since 1978, the U.S. has cut the highest marginal earned-income tax rate to 35% from 50%, the highest capital gains tax rate to 15% from about 50%, and the highest dividend tax rate to 15% from 70%. President Clinton cut the highest marginal tax rate on long-term capital gains from the sale of owner-occupied homes to 0% for almost all home owners. We’ve also cut just about every other income tax rate as well.”
“During this era of ubiquitous tax cuts, income tax receipts from the top 1% of income earners rose to 3.3% of GDP in 2007 (the latest year for which we have data) from 1.5% of GDP in 1978. Income tax receipts from the bottom 95% of income earners fell to 3.2% of GDP from 5.4% of GDP over the same time period. (See the nearby chart).”
http://cliftonchadwick.wordpress.com/2010/08/03/the-soak-the-rich-catch-22/

Bill Hedges of MO 12:19PM December 10, 2010