Posted on 09/15/2008 3:01:33 AM PDT by The Raven
The new Census Bureau data on income and poverty reveal that many of the economic trends in this country are a lot more favorable than America's detractors seems to think. In 2007, overall real median family income increased to $50,233, up $600 from 2006. The real median income for intact families -- mother and father in the home -- rose to $78,000, an all-time high.
Although incomes fell sharply in the U.S. after the dot-com bubble burst in 2000 (and still haven't fully recovered), these latest statistics reflect a 25-year trend of upward economic mobility. More important, Barack Obama is wrong when he states on his campaign Web site that the economic policies started by Ronald Reagan have rewarded "wealth not work." Based on this false claim -- that the rich have benefited by economic growth while others have not -- he intends to raise tax rates on high-income individuals
(Excerpt) Read more at online.wsj.com ...
Obama and his minions spread their lies and are not challenged. We expect it from the media, but not the opposition party.
Yep - that Laffer.
ping for future reference
Ping for later.
Is there a methodology for determining where that optimal point is?
Dot.com another Greenspan failure.
Anyone? Anyone?
tax ping
Taking from the rich through much higher tax rates in order to help the poor and middle class makes no sense intellectually and has seldom worked in practice. Reducing rates, on the other hand, does increase the share of taxes paid by the highest income-earning group. For example, in 1981, when the highest tax rate on the rich was 70% and the top capital gains tax rate was close to 45%, the richest 1% of Americans paid 17% of total income taxes. In 2005, with a top income tax rate of 35% and capital gains at 15%, the richest 1% of Americans paid 39%.
We suspect that Mr. Obama will discover that when you put "tax fairness" ahead of economic progress, you produce neither.
This presupposes that "fairness," whatever that is, is Obama's goal. Nothing could be farther from the truth. His goal is to appeal to the usual Democratic base of lazy envious resentful losers whose primary characteristic is a profound sense of entitlement to go along with a totally undeserved and inflated sense of self-worth. Although McCain is a liberal anti-gun Vincente Fox suck up, Obama is so much worse from every aspect, that there really isn't much of a decision.
What is the optimal?
seems I remember it being somewhere in the 15-18% range?
After the bloodbath on Wall St., there won’t be nearly as many of the “evil rich” for Obama to tax.
And does anyone follow up to see who those “little donors” are who gave Obama $66,000,000 in August? Something is smelly about his fund raising.
The way I like is to have a tax cut, watch tax revenue increase, and that proves we still need to cut more.
The controversy is over the fact that it usually takes a year or so for the tax/economy/income/revenue connection to kick in so we end up with several quarters of Dem complaining about less revenue for pork spending...
bkmk
What a load of crap. The O does not realize he shouldn’t raise taxes.
Btw. is this the same Laffer that created the Laffer Curve?
bump
Laffer is a right-on guy even if he is a big fan of Bill Clinton.
Bookmark
Democrats who never have to get real jobs and never run businesses have the mistaken belief that rich people are always rich and poor people will always be poor. If the world were static like their liberal idea, they wouldn’t be so incredibly wrong.
The Democrat party is the party of the poor and the extremely rich. The Republican Party is the party of people who WANT to become rich.
Straight from STALIN.
Marx/Stalin believed that "idle capital" (ie, investment) shouldn't be rewarded, only labor should be paid.
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