Category Archives: taxes

Romney carefully details how he’ll pay for his tax cuts

Haha just kidding he won’t say shit. Now let me map out why a candidate would dodge this kind of questioning:

  1. He has a plan he won’t let us in on. Maybe he’s telling the truth. Maybe Mitt has discovered some mathematically feasible way to pay for gigantic tax cuts. So why wouldn’t he tell us? Well…
    1. His plan would be wildly unpopular with moderates. Given that he’s an ultra-wealthy businessman, odds are pretty good that anything he’s got on hand wouldn’t be with the middle and lower class in mind, likely slashes to social programs and the like.
    2. His plan would be wildly unpopular with the base. Okay, etch-a-sketch comments aside, Mitt can’t just abandon Republicans entirely in the hopes of courting the middle/left. So let’s say the only way to pay for tax cuts is via chopping away at defense spending and other GOP-friendly programs. What then? Keep a lid on it.
    3. He’s under the impression that tax plans are intellectual property and he doesn’t want Obama stealing it. If, you know, Mitt is just completely bonkers.
  2. He has no plan at all.Maybe he’s lying. Maybe Mitt is banking on the lie carrying him into the White House, hoping…
    1. By the time he gets elected he’ll come up with something. We’ve all done this and you know it. You say you have a plan for something before you do (I totally know how we’ll sneak you into the concert), crossing your fingers that when it comes time to actually do it, you’ll have it set.
    2. He can just get into the White House and not worry about it. So this one is pretty cynical, but certainly not out of the realm of possibility. Make a crazy claim with a “secret way to do it”, knowing that there’s kind of a “no backsies” policy with electing presidents, so he can just refocus on other things once in office like how Bush ran solely on an anti-terror platform in 2004 and immediately set about attempting economic reform.

These are all just possibilities. Who knows.

Awesome graph: GOP budget cut priorities

Thanks, ReChan, for ruining my day again. 😐

Like, it’s almost cartoon level evil. Taking help for the poor simply to give it back to the rich.

I’d like to point out that this is, in fact, a redistribution of wealth, and it’s giving it to the people who already have plenty of it. If this was actually good for the economy, you’d imagine that the US would have the greatest economy on the planet right now.

Cantor says it’s worth discussing taxing the poor.

He’s got a point, of course.

CANTOR: We also know that over 45 percent of the people in this country don’t pay income taxes at all, and we have to question whether that’s fair. And should we broaden the base in a way that we can lower the rates for everybody that pays taxes. […]

KARL: Just wondering, what do you do about that? Are you saying we need to have a tax increase on the 45 percent who right now pay no federal income tax?

CANTOR: I’m saying that, just in a macro way of looking at it, you’ve got to discuss that issue. […] I’ve never believed that you go raise taxes on those that have been successful that are paying in, taking away from them, so that you just hand out and give to someone else.

It’s worth remembering that the reason 45% of people don’t pay federal income taxes (not no income taxes at all) is that they don’t make enough money to owe federal income taxes. What Eric Cantor is asking is whether it’s fair for people to be poor enough not to be paying federal income taxes. As though people would intentionally remain impoverished to avoid paying income taxes.

A professor of mine once said something that really stuck with me: “fair” and “equal” are not the same thing. If everyone had to give a flat 25% of their income to taxes, that would be equal, but for someone making $1,000,000 a year, although paying $250,000 sounds like a lot, it means you have $750,000 left after. Meanwhile, for our poor shlub making minimum, he’s seeing his $15,000 drop to a little over $11,000, which is directly on the poverty line.

Speaking from a personal standpoint, I collected unemployment in the past, and had jobs so low paying that I didn’t pay federal income taxes. Stacked up against making enough money that I owe an appreciable chunk of it to the IRS at the end of the year, I’ll gladly hand some cash over to the guv’mint if it’s because I earn a fair amount that I can afford to kick it back into the pot.

Eric Cantor and his ilk aren’t worried about “fair”, they’re just greedy. They’re looking at their six and seven figure incomes and are incensed that they have to pay such high amounts while some “lucky ducky” doesn’t have to pay anything. Oh sure, after taxes they can still buy Cadillacs and first class plane tickets to Oahu, while the lucky fella paying no federal income taxes has to get his friend to fix the transmission on his 1986 Fiero because he can’t afford to take it to the shop, but still!

The only justification is the troubling possibility that the right genuinely believes that income and work ethic are intrinsically linked. That the reason Person A makes $20,000 a year and person B makes $200,000 a year is that person B works five times as hard. Taken through that lens, of course it’s unfair that Person A pays less. They sit around doin’ nothin’ and then don’t pay taxes? What an outrage! But that objectivist bullshit is… well, it’s been taking the GOP by storm in recent years, so I guess that’s what’s up.

The US: one of the lowest-taxed nations in the world

Just some dinner-table fodder for anyone who lives with conservatives.

Ever wondered just how your tax dollars are spent?

Well now you can find out!

Although I’m a little skeptical as to this page’s accuracy. I don’t see “abortion” and “NPR” at the top of the list, and everyone knows that’s where most of our tax dollars go.

Did the cost of Obamacare double?

Nope. Shut up.

Yes, you read that right: The real news of the CBO estimate is that, according to its models, health care reform is going to save even more taxpayer dollars than previously thought.

Yeah.

Study: GOP tax plans would make debt explode

Not that this should surprise anyone.

By 2021, the debt would rise by about $4.5 trillion under Santorum’s policies and by about $7 trillion under those advocated by Gingrich, pushing the portion of the debt held by outside investors to well over 100 percent of the nation’s economy.

The red ink would gush less heavily under former Massachusetts governor Mitt Romney, the report said — at least under earlier Romney proposals that paired $1.35 trillion in tax cuts with $1.2 trillion in spending reductions and would leave the debt rising on a trajectory that closely tracks current policies.

Ron Paul’s plan wouldn’t make the debt actually drop, but only because he plan on slashing $7 trillion in spending. I assume all he wants to leave standing are a couple wood shacks for Congress to work out of and a scooter that will serve as Air Force One.

The justification behind the Romney/Gingrich/Santorum tax plans is that huge tax cuts will work like throwing topsoil and lime on a brown lawn. Keep on cuttin’ dem taxes and the economy will just explode upwards somehow; this is why it’s often referred to as “voodoo economics”. And it’s never worked, with the last decade being a particularly damning piece of evidence. But because all the right wants to hear is cuts cuts and more cuts, that’s what they’ll advocate.

I should point out, just to cover my bases, that I’m not averse to tax cuts for any particular bracket, provided the economy is in a position for it. Taxes should adjust to keep things a-rolling as need be. What chuffs me are Republicans who seem to think that taxes can always be cut every year, no matter what.