http://www.usatoday.com/money/perfi/taxes/2010-05-10-taxes_N.htm

Lowest taxes since 1950 and the economy is still in shambles. I thought if you lowered taxes spending would increase and the world would be a happy perfect place?

What does this imply?
My take
It is great that this is the lowest taxes since 1950. We are now at a very low tax rate over the course of 60 years. However the economy still is horrible so taxes are NOT the only factor.

.

Half the country pays no taxes. The only people the politicians want to raise taxes on are the filthy greedy "rich". Having only 1/2 of the country pay for everyone else is not a good idea. Of course, the moment any politician mentions raising real taxes on anyone not rich, s/he will get skewered. Of course, income tax isn't even the tip of the iceberg tax wise. There are plenty of "hidden" taxes that no one ever mentions.

tk421 wrote: Half the country pays no taxes. The only people the politicians want to raise taxes on are the filthy greedy "rich". Having only 1/2 of the country pay for everyone else is not a good idea. Of course, the moment any politician mentions raising real taxes on anyone not rich, s/he will get skewered. Of course, income tax isn't even the tip of the iceberg tax wise. There are plenty of "hidden" taxes that no one ever mentions.

Yeah...I'm moving to Canada so I can keep more of my hard earned money.

The economy has more to do with having such a high unemployment rate. That is why the tax bills are so low. Lowering taxes does work, expecially if unemployment is not nearly as high as it is currently.

tk421 wrote: Half the country pays no taxes. The only people the politicians want to raise taxes on are the filthy greedy "rich". Having only 1/2 of the country pay for everyone else is not a good idea. Of course, the moment any politician mentions raising real taxes on anyone not rich, s/he will get skewered. Of course, income tax isn't even the tip of the iceberg tax wise. There are plenty of "hidden" taxes that no one ever mentions.

a filthy lie please provide evidence that half the country pays no tax. better read the article.

You are so wrong it is sickening

BCSbunk wrote: http://www.usatoday.com/money/perfi/taxes/2010-05-10-taxes_N.htm

Lowest taxes since 1950 and the economy is still in shambles. I thought if you lowered taxes spending would increase and the world would be a happy perfect place?

What does this imply?
My take
It is great that this is the lowest taxes since 1950. We are now at a very low tax rate over the course of 60 years. However the economy still is horrible so taxes are NOT the only factor.

The tax argument kind of went out the window when the first decade of this century was a net jobs loser, even though we passed a series of huge tax cuts in 2001 and 2003. Lower taxes did not lead to job growth, so there certainly is more to it than tax rates.

I think the thing killing this country and business development/job creation is that banks/investment banks have stopped investing in the real economy because it is more profitable to trade the market than invest in it.

30 years ago there were 8 major Wallstreet investment banks that actually used to contribute to job creation by finacing business expansion, which was felt in the creation of new jobs and economic expansion.

Through mergers and failures we are down to 2 (GS & MS), and the majority of their money is money is made through prop trading (which doesn't create jobs), not the traditional functions investment banks used to fund. It is harder now to come up with capital for business expansion or new business creation, and as a result the economy stagnates.

Couple that fact with globalization (being able to go overseas where you can pay someone $2 a day for a full days work) and you get a 1-2 punch that no amount of tax cuts can reverse.

IggyPride00 wrote:

BCSbunk wrote: http://www.usatoday.com/money/perfi/taxes/2010-05-10-taxes_N.htm

Lowest taxes since 1950 and the economy is still in shambles. I thought if you lowered taxes spending would increase and the world would be a happy perfect place?

What does this imply?
My take
It is great that this is the lowest taxes since 1950. We are now at a very low tax rate over the course of 60 years. However the economy still is horrible so taxes are NOT the only factor.

The tax argument kind of went out the window when the first decade of this century was a net jobs loser, even though we passed a series of huge tax cuts in 2001 and 2003. Lower taxes did not lead to job growth, so there certainly is more to it than tax rates.

I think the thing killing this country and business development/job creation is that banks/investment banks have stopped investing in the real economy because it is more profitable to trade the market than invest in it.

30 years ago there were 8 major Wallstreet investment banks that actually used to contribute to job creation by finacing business expansion, which was felt in the creation of new jobs and economic expansion.

Through mergers and failures we are down to 2 (GS & MS), and the majority of their money is money is made through prop trading (which doesn't create jobs), not the traditional functions investment banks used to fund. It is harder now to come up with capital for business expansion or new business creation, and as a result the economy stagnates.

Couple that fact with globalization (being able to go overseas where you can pay someone $2 a day for a full days work) and you get a 1-2 punch that no amount of tax cuts can reverse.

Iggypride understands I am impressed. It must be that St Ignatius education (I am assuming since Iggy commonly refers to St Ignatius High school) If I am mistaken please correct me.

IggyPride00 wrote:I think the thing killing this country and business development/job creation is that banks/investment banks have stopped investing in the real economy because it is more profitable to trade the market than invest in it.

30 years ago there were 8 major Wallstreet investment banks that actually used to contribute to job creation by finacing business expansion, which was felt in the creation of new jobs and economic expansion.

Through mergers and failures we are down to 2 (GS & MS), and the majority of their money is money is made through prop trading (which doesn't create jobs), not the traditional functions investment banks used to fund. It is harder now to come up with capital for business expansion or new business creation, and as a result the economy stagnates.

Couple that fact with globalization (being able to go overseas where you can pay someone $2 a day for a full days work) and you get a 1-2 punch that no amount of tax cuts can reverse.

Our bailout tax dollars at work.

Maybe we should try cutting some spending. No?

Shane Falco wrote: Maybe we should try cutting some spending. No?

You'll never make it in Congress with a bad attitude like that.

Wow, cut taxes and spending??? What a great idea.

BCSbunk wrote: a filthy lie please provide evidence that half the country pays no tax. better read the article.

You are so wrong it is sickening

Half of the country pays no income tax...
http://finance.yahoo.com/news/Nearly-half-of-US-households-apf-1105567323.html?x=0

BCSbunk wrote: http://www.usatoday.com/money/perfi/taxes/2010-05-10-taxes_N.htm

Lowest taxes since 1950 and the economy is still in shambles. I thought if you lowered taxes spending would increase and the world would be a happy perfect place?

What does this imply?
My take
It is great that this is the lowest taxes since 1950. We are now at a very low tax rate over the course of 60 years. However the economy still is horrible so taxes are NOT the only factor.

Um...the tax bill is the lowest since the 50s because of unemployment and underemployment. More people are not paying federal income taxes at all than ever (50%).

what's the % of taxes to GDP? isn't that the true indicator?

BCSbunk wrote: http://www.usatoday.com/money/perfi/taxes/2010-05-10-taxes_N.htm

Lowest taxes since 1950 and the economy is still in shambles. I thought if you lowered taxes spending would increase and the world would be a happy perfect place?

What does this imply?
My take
It is great that this is the lowest taxes since 1950. We are now at a very low tax rate over the course of 60 years. However the economy still is horrible so taxes are NOT the only factor.

It implies that Dennis Cauchon is adept at writing an agenda-driven "news story." Other than that, not much.

Actually I thought the article was pretty fair, does anyone think this article is good news?

If you're a politician and you point to this article and say "hey, look how far taxes have fallen, now is the time to raise them" you would be locked in stocks and have tomatoes thrown at you.

The article mentions that the progressive rate structure is a factor in the decrease, ergo the lack of income tax producing jobs are a factor. As much as a "progressive" may have hated the Lehman Bros. banker that pulled in $500,000, they are certainly going to miss the 33% or so of taxes that person paid, compared to the 0% taxes they pay now.

It isn't as if taxes were magically lowered in the last year (other than the stimulus payment), this is a primarily a factor of the crap economy and rampant un/undermployment. This is horrible news to anyone currently in office.

iclfan2 wrote:

BCSbunk wrote: a filthy lie please provide evidence that half the country pays no tax. better read the article.

You are so wrong it is sickening

Half of the country pays no income tax...
http://finance.yahoo.com/news/Nearly-half-of-US-households-apf-1105567323.html?x=0

Correct but they do pay other kind of taxes, gasoline, sales, alcohol tobacco etc...

Bigdogg wrote:

iclfan2 wrote:

BCSbunk wrote: a filthy lie please provide evidence that half the country pays no tax. better read the article.

You are so wrong it is sickening

Half of the country pays no income tax...
http://finance.yahoo.com/news/Nearly-half-of-US-households-apf-1105567323.html?x=0

Correct but they do pay other kind of taxes, gasoline, sales, alcohol tobacco etc...

Those are consumption taxes not income taxes. Those are different.

Anyways, all politics aside, MB is right. This is actually quite terrible news and just shows how bad the unemployment and underemployment is in this country. This is why politics and economics do not go together.

Bigdogg wrote:

iclfan2 wrote:

BCSbunk wrote: a filthy lie please provide evidence that half the country pays no tax. better read the article.

You are so wrong it is sickening

Half of the country pays no income tax...
http://finance.yahoo.com/news/Nearly-half-of-US-households-apf-1105567323.html?x=0

Correct but they do pay other kind of taxes, gasoline, sales, alcohol tobacco etc...

Probably their biggest contribution....even though THAT is still paid for with OUR (taxpayers) money.

This is actually quite terrible news and just shows how bad the unemployment and underemployment is in this country.

You can say that again.

In the past decade we have done multiple rounds of tax cuts, massive stimulus spending, cut interest rates to almost zero.....and we still have a net loss in jobs since the turn of the century.

That should scare the bejesus out of everyone.

iclfan2 wrote:

BCSbunk wrote: a filthy lie please provide evidence that half the country pays no tax. better read the article.

You are so wrong it is sickening

Half of the country pays no income tax...
http://finance.yahoo.com/news/Nearly-half-of-US-households-apf-1105567323.html?x=0

You got me. You are right why are elementary school children not paying their fair share and the the poor people who make less than 10 k

LOL Oh yeah I forgot about the elderly and their massive SS checks.

BCSbunk wrote:

iclfan2 wrote:

BCSbunk wrote: a filthy lie please provide evidence that half the country pays no tax. better read the article.

You are so wrong it is sickening

Half of the country pays no income tax...
http://finance.yahoo.com/news/Nearly-half-of-US-households-apf-1105567323.html?x=0

You got me. You are right why are elementary school children not paying their fair share and the the poor people who make less than 10 k

LOL Oh yeah I forgot about the elderly and their massive SS checks.

Elementary school children? really?

You do realize that the 50% statistic is of working adults right?

The threshold is also far above $10k as well.

BCSbunk wrote: http://www.usatoday.com/money/perfi/taxes/2010-05-10-taxes_N.htm

Lowest taxes since 1950 and the economy is still in shambles. I thought if you lowered taxes spending would increase and the world would be a happy perfect place?

What does this imply?

It implies that the raising or lowering of taxes, or the increase or decrease of federal revenue is not the issue. The real problem is the federal government can't consistently balance a budget.