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Tax hike for wealthy Americans won't kill growth:CBO
Reuters ^ | Nov 8, 2012 | David Lawder and Kim Dixon

Posted on 11/08/2012 4:15:39 PM PST by mdittmar

(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.

(Excerpt) Read more at reuters.com ...


TOPICS: Business/Economy; News/Current Events
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See,there is always a silver cloud;)
1 posted on 11/08/2012 4:15:42 PM PST by mdittmar
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To: mdittmar

(Hahahaha!!!) How the @#$% do they KNOW that!? Lies, lies, lies, and more lies, layered and sprinkled with more lies....


2 posted on 11/08/2012 4:17:01 PM PST by Thorliveshere
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To: mdittmar

Operative word conveniently omitted

“much”


3 posted on 11/08/2012 4:17:21 PM PST by A_Former_Democrat
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To: mdittmar
"The report by the authoritative non-partisan arm of Congress"

Either this "non-partisan" (snort) office is populated by retards or overeducated Keynesians, for which there is scarcely a difference.

4 posted on 11/08/2012 4:21:10 PM PST by fieldmarshaldj (Resist We Much)
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To: A_Former_Democrat

Boehner should just have a press conference and say Obama believes that tax increases will help this country. So we are reluctantly going along. Say it so it can be a republican campaign commercial in 2014 and the media cannot change it.

Then sit back and wait. We are going to have to bend over one way or the other. Might as well do it in a way that Obama cannot claim it was Congress’s fault.


5 posted on 11/08/2012 4:21:30 PM PST by EQAndyBuzz (Media goes nuts in 2004 because Bush went to the dentist 20 years ago. Benghazi? Nothing.)
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To: mdittmar

When tax cuts are stopped is it really a tax increase or really a return to the tax rates of when the tax cuts were implemented?


6 posted on 11/08/2012 4:21:48 PM PST by stuartcr ("When silence speaks, it speaks only to those that have already decided what they want to hear.")
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To: mdittmar
CBO

Communist Barack Obama.

7 posted on 11/08/2012 4:23:07 PM PST by tflabo
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To: mdittmar

200,000 jobs isn’t “much”? These people have e’fing families, mortgages, car payments, need to eat and care for their children!


8 posted on 11/08/2012 4:23:10 PM PST by Oldeconomybuyer (The problem with socialism is that you eventually run out of other people's money.)
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To: mdittmar

how can it kill growth ?

there isn’t any growth now. It’ll just kill any remaining hope of growth for small businesses.

Parse the meaning correctly


9 posted on 11/08/2012 4:23:43 PM PST by mike_9958
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To: mdittmar

Assuming the CBO is telling the truth (which it isn’t), where but in the mind of a liberal MSM hack is the loss of 200,000 jobs not significant? Tell that to those 200,000 families that will have to rely on the welfare state to put food on the table,


10 posted on 11/08/2012 4:24:16 PM PST by NYRepublican72
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To: mdittmar

How about the 47% that PAY NO FEDERAL INCOME TAXES PAY SOMETHING??????? Hello????? EVERYONE needs some SKIN IN THE GAME!!!


11 posted on 11/08/2012 4:26:14 PM PST by Ann Archy ( ABORTION...the HUMAN Sacrifice to the god of Convenience.)
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To: EQAndyBuzz
Might as well do it in a way that Obama cannot claim it was Congress’s fault.

Interesting set-up for 2014: We did it his way, and look where it got us.

But probably too effective a strategy to warrant consideration by Boner.

12 posted on 11/08/2012 4:27:07 PM PST by kevao (Hey, Obama: The 1930s called, they want their economic policy back.)
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To: A_Former_Democrat
Cooking Books Officially
13 posted on 11/08/2012 4:27:07 PM PST by tflabo
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To: tflabo

IT may not... but OBAMACARE will....


14 posted on 11/08/2012 4:28:39 PM PST by Hojczyk
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To: mdittmar

” would not hurt U.S. economic growth much”

This won’t hurt you...much. - WC Fields, The Dentist


15 posted on 11/08/2012 4:28:39 PM PST by lowbridge (Joe Biden: "Look, the Taliban per se is not our enemy.")
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To: mdittmar

The Bush Tax were passed as a bundle so let them die as a bundle.


16 posted on 11/08/2012 4:29:51 PM PST by tobyhill
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To: mdittmar
You see the words “wealthy Americans” and think the folks in the Forbes 400 issue. The government sees those words and thinks folks making 250 grand a year.

“...Do I really need to say it?”

17 posted on 11/08/2012 4:29:57 PM PST by RichInOC (Palin 2016: The Perfect Storm.)
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To: Thorliveshere

The wealthy will leave and who is left? the middleclass, you know the middleclass that you heard him and the other ass clown spew at nausium. Thier sites are on the “middleclass” me and you to pay. We will be brought down to the poverty level like everyone else and then they will have thier utopia the dependents and the elitists


18 posted on 11/08/2012 4:29:57 PM PST by ronnie raygun (bb)
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To: mdittmar

When my taxes go up to 39.5, my spending and investments go down - it is that simple.


19 posted on 11/08/2012 4:30:37 PM PST by PMAS (All that is necessary for the triumph of evil is that good men do nothing)
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To: mdittmar
The same CBO that told us the Affordable Healthcare Act would cost under $900 billion?

Hilarious.

20 posted on 11/08/2012 4:31:06 PM PST by skeeter
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