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Saturday, July 09, 2011

Well, whaddya know
Posted by Jill | 2:36 PM
About that business about tax increases killing jobs....

Steve Benen:
Soon after the awful new job numbers were released, Dave Weigel had a good line, at least in a sardonic sort of way:

“Me? I’m just glad we kept the Bush tax rates so the economy could start surging.”

I had the same thought. Indeed, when thinking about who has credibility on economic projections and governmental policy, the right’s uninterrupted track record of failure remains fascinating. In 1982, conservative Republicans said Reagan’s tax increases would cause a disaster (they didn’t). In 1993, conservative Republicans said Clinton’s tax increases would invariably fail (they didn’t). In 2009, conservative Republicans said Obama’s stimulus would make the economy worse (it didn’t).

And in 2001, conservative Republicans said Bush’s tax cuts would cause a remarkable economic boom (they didn’t). In 2003, these same conservative Republicans said more Bush tax cuts would do the trick (they didn’t). In 2010, these same conservative Republicans said if we could just keep those Bush tax cuts around a little more, we’d be amazed at the economic turnaround in 2011.

Here we are. I don’t think anyone’s amazed.

And yet here we are, and not only Republicans, but Democrats, are buying into the same argument.

Lucy, Charlie Brown, football, etc.

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Blogger Bartender Cabbie said...
Taxes on small business are way too high. It is borderline ridiculous. Does the Bureau of Indian Affairs and the ATF, etc, etc, just need more money?

Blogger Jill said...
BC, I expect better from you. At the very least I expect you to think for yourself and not get your talking points from John Stossel.

The Bureau of Indian Affairs proposed 2012 budget is $2.5 billion. ATF has requested $1.47 billion. This is chump change.

The reason taxes on small businesses are "so high" are twofold: 1) Many small businesses do not file as businesses, but file personal income taxes, and personal tax rates are higher; and 2) because LARGE businesses (like GE) have lobbyists who buy legislators to create tax policy so that they do not actually have to pay any taxes. If you want to bash anyone for high small business taxes, blame the large multinationals who don't pay THEIR fair share.

The reason for the huge deficit can be placed squarely at the foot of George W. Bush: Two needless and pointless wars without clearly-defined missions, huge tax cuts, and a recession that began in 2008 and has not yet abated. While Big Business is working to destroy the middle class (and succeeding remarkably quickly), the government is starved of revenue by the millions of Americans who cannot find jobs.

Blogger Bartender Cabbie said...
I just threw BIA and ATF out there; first organizations that came to mind. As far a corporations not paying their fair share, I am sure that is correct. Where you and I differ, I think, is that I know that there is nothing I can do about it. I don't think it matters if a Republican or Democrat is president. It matters little which party controls congress. I think this country has been sold down the river by all of them. Take as an example the outsourcing of American jobs. Both parties are responsible for allowing this to happen.
For instance I won't be voting for President Obama, but I won't really get all worked up if he is re elected. I just don't see any thing really different going on if say a Rick Perry or Bachman becomes president.

As far as many small business being taxed as an individual (sole prop) this is of course correct. I have been there myself a time or two as a cabbie and ex carpet cleaning kingpin.