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Old 11-14-2012, 10:19 AM   Topic Starter
jiveturkey jiveturkey is offline
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Mitt Romney Economic Adviser Calls For Raising Taxes On The Rich, Contradicting Entir

Instead of a copy and paste those interested can follow the link.

http://www.ft.com/intl/cms/s/2/66564...#axzz2C7hKzdke
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Old 11-14-2012, 10:41 AM   #2
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Originally Posted by jiveturkey View Post
Instead of a copy and paste those interested can follow the link.

http://www.ft.com/intl/cms/s/2/66564...#axzz2C7hKzdke
Errr, I thought that Romney was against raising marginal rates. So is this guy.

If so, where's the gotcha?
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Old 11-14-2012, 10:42 AM   #3
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I think you misunderstood that article. He was calling for the same kind of thing that Mitt Romney campaigned on. WRT taxes, he's arguing that increased tax revenue should come from limiting deductions (on higher income taxpayers) not from raising marginal rates.
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Old 11-14-2012, 10:51 AM   #4
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That was reading comprehension fail on an epic scale.

Cool thread, bro.
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Old 11-14-2012, 10:51 AM   #5
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I guess that I don't see a significant difference. Either way you're pulling the revenue from the top earners.
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Old 11-14-2012, 10:53 AM   #6
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Quote:
Originally Posted by jiveturkey View Post
I guess that I don't see a significant difference. Either way you're pulling the revenue from the top earners.
that is not possible. in here.
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Old 11-14-2012, 10:54 AM   #7
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Originally Posted by jiveturkey View Post
I guess that I don't see a significant difference. Either way you're pulling the revenue from the top earners.
Your lack of understanding of the difference is both appalling and unsurprising.
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Old 11-14-2012, 10:58 AM   #8
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Originally Posted by Brainiac View Post
Your lack of understanding of the difference is both appalling and unsurprising.
That's a bit over the top.

Do I have a track record of dumbassery?

Based on discussions with my FIL I've been told that raising the rates on top earners is socialism but taking additional revenue from top earners via limiting deductions isn't. I'm not arguing that one should be done over the other. It just seems like everyone is ****ing the same chicken but calling it something different.

Help me to understand the difference.
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Old 11-14-2012, 11:35 AM   #9
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Originally Posted by jiveturkey View Post
That's a bit over the top.

Do I have a track record of dumbassery?

Based on discussions with my FIL I've been told that raising the rates on top earners is socialism but taking additional revenue from top earners via limiting deductions isn't. I'm not arguing that one should be done over the other. It just seems like everyone is ****ing the same chicken but calling it something different.

Help me to understand the difference.
I apologize for the personal attack.

I guess I just get a little frustrated at the arguments I hear every day from the Left that state a desire to raise taxes on the rich bastards because it's the "fair" thing to do. Many of the people who make that argument don't know and don't care about the impact the tax increase will have on the economy, and they don't know and don't care how much the tax increase will raise revenue, or whether or not it will even raise revenue at all. All they care about is raising taxes on the "rich". A small business that makes over $250K can hardly be considered rich.

I'm not saying you made that argument for the specious reasons listed above. I'm just explaining why I seem to fly off the handle a little too easily when that subject is brought up.

If the Bush tax cuts must be repealed in order to get our economic house in order, then I think they should be repealed for everyone. If everyone shares the pain, they might not be so eager to see tax rates increase.
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Old 11-14-2012, 11:41 AM   #10
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Quote:
Originally Posted by Brainiac View Post
I apologize for the personal attack.

I guess I just get a little frustrated at the arguments I hear every day from the Left that state a desire to raise taxes on the rich bastards because it's the "fair" thing to do. . . . If the Bush tax cuts must be repealed in order to get our economic house in order, then I think they should be repealed for everyone. If everyone shares the pain, they might not be so eager to see tax rates increase.
Let's be real, here. Your argument is also steeped in notions of fairness, as well.

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A small business that makes over $250K can hardly be considered rich.
A small business (a partnership?) where the partner brings in profit of $250K is generally a rich partner. The small partnership isn't taxed itself.
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Old 11-14-2012, 03:17 PM   #11
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Quote:
Originally Posted by Brainiac View Post
Your lack of understanding of the difference is both appalling and unsurprising.
By the way, Grover Norquist held a similar view as Jiveturkey mentioned.
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Old 11-14-2012, 03:27 PM   #12
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By the way, Grover Norquist held a similar view as Jiveturkey mentioned.
Norquist opposed both, but I don't know that he thought both were economically equivalent.
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Old 11-14-2012, 03:29 PM   #13
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Originally Posted by patteeu View Post
Norquist opposed both, but I don't know that he thought both were economically equivalent.
No, he viewed closing deductions as equivalent to a tax increase.
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Old 11-14-2012, 11:08 AM   #14
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Quote:
Originally Posted by jiveturkey View Post
I guess that I don't see a significant difference. Either way you're pulling the revenue from the top earners.
The guy who wrote the article explained why he (and Mitt Romney and the Bowles-Simpson commission) believe there is a difference. It's not a comprehensive explanation, but it covers the basic concept.

Quote:
First, raising revenue is about raising average tax rates, not marginal tax rates, as Barack Obama’s campaign suggested. Higher marginal tax rates distort behaviour and reduce activity. There are ways to raise revenue without increasing marginal rates. Tax deductions should be scaled back, especially in the areas of mortgage interest, charitable giving and employer-provided health insurance.
The truth is that reducing deductions can distort behavior (is this guy British?) too, but higher marginal rates are like multipliers that make all distortions bigger.
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Old 11-14-2012, 11:12 AM   #15
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Quote:
Originally Posted by patteeu View Post
The guy who wrote the article explained why he (and Mitt Romney and the Bowles-Simpson commission) believe there is a difference. It's not a comprehensive explanation, but it covers the basic concept.

The truth is that reducing deductions can distort behavior (is this guy British?) too, but higher marginal rates are like multipliers that make all distortions bigger.
I saw that but it just didn't connect with me. Not that I need to understand it. Either approach makes sense IMO.

I just found it odd that one approach is socialism while the other isn't. In both scenarios the wealthy are playing by a different set of rules.
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