Tax hike for wealthy won't kill growth: CBO

[L.A. BRONCOS FAN]

Tax hike for wealthy won't kill growth: CBO





By David Lawder and Kim Dixon
WASHINGTON | Thu Nov 8, 2012 9:03pm EST

(Reuters) - Allowing income tax rates to rise for wealthy Americans, and maintaining rates for the less affluent, would not hurt U.S. economic growth much in 2013, the Congressional Budget Office said on Thursday, stepping into a dispute between Republicans and Democrats over how to resolve the so-called "fiscal cliff."

The report by the authoritative non-partisan arm of Congress is expected to fuel President Barack Obama's demand for higher taxes on the rich, part of his proposal to avoid the full impact of the expiring tax cuts and across-the-board spending reductions set to begin in early 2013 unless Congress acts.

Republicans argue that any tax increases would be devastating to the economy, particularly to small businesses, and to U.S. employment rates.

They have held firm to their position that none of the cuts, which originated during the administration of President George W. Bush, should be allowed to expire.

The CBO said the tax hikes for the wealthy would reduce job growth by around 200,000 jobs, much less than the 700,000 in job losses claimed by Republican Speaker of the House John A. Boehner.

Obama has also stuck to his position, with the White House reiterating on Thursday that the president sees his election victory on Tuesday as an endorsement by voters of his view on higher taxes for the affluent.

"One of the messages that was sent by the American people throughout this campaign is ... (they) clearly chose the president's view of making sure that the wealthiest Americans are asked to do a little bit more in the context of reducing our deficit in a balanced way," senior White House adviser David Plouffe said.

Continues: http://www.reuters.com/article/2012/...8A71D020121109

[Crushaholic]

This election WASN'T a mandate for higher taxes. This election just shows that people don't trust Romney. There's no other reason to stay with the same president, in our current economic climate...

[Odysseus]

Question: If you had the opportunity to make more than $250,000 per year would you NOT take the job because of a taxes?

[houghtam]

Originally Posted by Crushaholic

This election WASN'T a mandate for higher taxes. This election just shows that people don't trust Romney. There's no other reason to stay with the same president, in our current economic climate...

Exit polls show a 60% support for raising taxes.

That's a mandate.

[cutthemdown]

what growth?

[cutthemdown]

Meh dems won because of the Latino vote, not any mandate on higher taxes. Repubs have to soften on immigration problem solved. meanwhile they did well enough to keep the house. Also in the Senate the dems have a hard time getting all of their ducks in a row. i doubt Obama even gets his tax raise by very democcrat.

[L.A. BRONCOS FAN]

Originally Posted by houghtam

Exit polls show a 60% support for raising taxes.

That's a mandate.

There you go confusing the inhabitants of Right Wing Fantasy Island with arithmetic again.

[L.A. BRONCOS FAN]

Originally Posted by Odysseus

Question: If you had the opportunity to make more than $250,000 per year would you NOT take the job because of a taxes?

Isn't it amazing how red state rubes who have probably never come close to making $250K in their lives have been so easily hoodwinked into making tax cuts for the rich their top priority?

Talk about misplaced loyalty.

[cutthemdown]

exit polls mean nothing. 48% of us want taxes low. That means you get some new revenue but not everything. Absolutley kidding yourselves.

[Jetmeck]

Originally Posted by cutthemdown

Meh dems won because of the Latino vote, not any mandate on higher taxes. Repubs have to soften on immigration problem solved. meanwhile they did well enough to keep the house. Also in the Senate the dems have a hard time getting all of their ducks in a row. i doubt Obama even gets his tax raise by very democcrat.

You forgot women and young people, what will you do with them ?

House was kept by repubs jacking around with redistricting after they took control in 10. Voted on repealling Obamacare, ending abortion and redistricting to help keep them in power.

Sad bunch they are, sooner they are gone the better we are.

[Jetmeck]

Originally Posted by cutthemdown

exit polls mean nothing. 48% of us want taxes low. That means you get some new revenue but not everything. Absolutley kidding yourselves.

Dude please don't go all stupid and say polls mean nothing like your buds were saying before the election, OK ?

2/3 of Americans realize that taxes on rich nned to go back to what they were jst 10 years ago...........unless you also doubt the multiple of polls on this as well ?

[Odysseus]

Originally Posted by L.A. BRONCOS FAN

Isn't it amazing how red state rubes who have probably never come close to making $250K in their lives have been so easily hoodwinked into making tax cuts for the rich their top priority?

Talk about misplaced loyalty.

Poor people, oddly enough, are poor for a reason.

I assure you anyone making more than $250,000 should not feel the tax proposals mentioned. I think it is nothing short of irony that nobody is sitting down and looking at the numbers.

The GOP will double down
http://swampland.time.com/2012/11/07...ticle-mostpop1

[Drek]

Originally Posted by cutthemdown

Meh dems won because of the Latino vote, not any mandate on higher taxes. Repubs have to soften on immigration problem solved. meanwhile they did well enough to keep the house. Also in the Senate the dems have a hard time getting all of their ducks in a row. i doubt Obama even gets his tax raise by very democcrat.

So immigration reform is why a clear majority of women, asian people, black people, and people under 30 voted for Obama?

FYI, hispanic populations in New Hampshire, Virginia, Ohio, Wisconsin, and Iowa aren't abundant enough to have swung those states, and with those states the GOP could have won Nevada and still lost the election.

So do you still REALLY think immigration reform is all it's going to take?

Further, if you do really believe that then aren't you pretty well ****ed as a party? I mean, Obama has staked out that ground pretty clearly and campaigned on two core 2012-2016 policies: higher taxes on top earners and immigration reform. They'll pass real immigration reform turning his current term, he'll lead the way on it, and Obama will go down in history as the democratic president who fixed immigration. So what does the GOP do then when the democrats own the label of REAL immigration reform?

[Broncosman]

everyone should do their best for this country to be better

[elsid13]

Raise the taxes on those making $400K or more and exempt anyone that income is directly tied to small business of under 100 people. Political problem solved, revenue increased and time to work on restructuring the tax code.

[TheElusiveKyleOrton]

Originally Posted by cutthemdown

exit polls mean nothing. 48% of us want taxes low. That means you get some new revenue but not everything. Absolutley kidding yourselves.

Are you among the richest Americans? Based on your overall level of intellect and lack of spelling and grammatical ability, I'm going out on a limb and saying no.

Another dip**** voting against his own interests.

[houghtam]

Originally Posted by cutthemdown

exit polls mean nothing. 48% of us want taxes low. That means you get some new revenue but not everything. Absolutley kidding yourselves.

Polls mean nothing, eh? I thought you would have learned something from this election, but I guess not.

Besides, if polls mean nothing, then I guess we can just ignore the argument that the Americam people didn't really want the Affordable Care Act from now on.

Oh wait, so polls only mean something when they serve to strengthen your position? Ahhh, I get it now.

[L.A. BRONCOS FAN]

Originally Posted by TheElusiveKyleOrton

Are you among the richest Americans? Based on your overall level of intellect and lack of spelling and grammatical ability, I'm going out on a limb and saying no.

Another dip**** voting against his own interests.

QFT.

Like many right-wingnuts on this board, it's obvious that party loyalty is the only motive that drives his stupidity.

[cutthemdown]

You don't have to be rich to understand that rich people are already paying all the tax.

[L.A. BRONCOS FAN]

The more these right-wing ignoramuses ignore facts, truth, logic, and arithmetic, the more elections Dems will win.

Quotes

"If the GOP can't win in these circumstances, what do we do when things are good?"

- former Virginia Republican Rep. Tom Davis Link

[cutthemdown]

Originally Posted by houghtam

Polls mean nothing, eh? I thought you would have learned something from this election, but I guess not.

Besides, if polls mean nothing, then I guess we can just ignore the argument that the Americam people didn't really want the Affordable Care Act from now on.

Oh wait, so polls only mean something when they serve to strengthen your position? Ahhh, I get it now.

Great analogy. Even though the polls say at least 50% of Americans don't like Obamacare, they are getting it anyways. It doesn't matter they don't like it. it also won't matter to the repubs in the House that they lost the white house. They will still hold firm against the liberal agenda.

[L.A. BRONCOS FAN]

Judging from the way some of the right-wing chimps on this board are still spouting the same uninformed and/or delusional crap as before, you'd think Romney won the election or something.

[Rohirrim]

Just tell the rich that it's tough paying more in taxes, but look at it this way, it's better than the guillotine.

[Odysseus]

Originally Posted by elsid13

Raise the taxes on those making $400K or more and exempt anyone that income is directly tied to small business of under 100 people. Political problem solved, revenue increased and time to work on restructuring the tax code.

I don't think the line is the problem. I think that greed is the problem.

The problem is the rich forget that that poor are poor for a reason. If you distributed the money evenly the rich would have all the money back in a short time because....again...poor are poor for a reason.

ANY change in the distribution of wealth is temporary. It is pure selfishness not to remember that.

[L.A. BRONCOS FAN]

Obama To GOP – ‘Americans Agree With Me,’ Will Veto Bush Tax Cuts