2012 Presidential Election Part II -- Charlotte, a National Treasure or sede vacante

[5mn_Major]

Re: 2012 Presidential Election Part II -- Charlotte, a National Treasure or sede vaca

Another liberal explains why this is done.

Thanks for that. So the money quote is:

"And the thinking is that world number one where people with valuable skills take a large share of their labor income and transform it into capital goods is ultimately a richer world than the world in which such people just go out to a lot of fancy dinners."

To me, it's half an analysis. There is only evaluation of whether to invest or spend once I have money. It ignores my incentives to go out and actually work.

I see nowhere in the equation a question of two scenarios:

1. With higher LTCG Tax, lower labor tax. I have a million in the bank earning me 50k a year. I need to get a job and want to get a job due to incentives in tax.
2. With lower LTCG Tax, higher labor tax. I have a million in the bank earning me 50k a year. I don't need or want to get a job as tax disincentives me.

So the authors scenario paints a 'I spend or I invest' scenario. Both good as either the money's in capital or its funding a restaurant. Maybe there is some economics that says its slightly better to have this money invested. My scenario paints a 'I work or I sit on my butt' scenario. One absolutely better than the other.

So IMO macro economic factors still favor low labor taxation. Likewise, who do we want to tax? Someone who sits on their butt all day or the guy who is putting long hours and doing 'the right thing' by working.

Maybe I'm wrong here. But I think its much more likely that there are very powerful special interests that are selling a bill of goods that have no merits because there is alot of money at stake for people sitting on cash. And I see it highly likely that someone who is buried in macro economics and reads this stuff (liberal or not) can be sold on it.

[geezer]

Re: 2012 Presidential Election Part II -- Charlotte, a National Treasure or sede vaca

My scenario paints a 'I work or I sit on my butt' scenario. One absolutely better than the other.

So IMO macro economic factors still favor low labor taxation. Likewise, who do we want to tax? Someone who sits on their butt all day or the guy who is putting long hours and doing 'the right thing' by working.

I haven't thought a lot about this - but at first glance it appears you're mixing up "macro economic factors" with what are actually social values (just as, if not more, valid - but they're not economic considerations and may in fact be economically harmful while supporting other forms of "good").

[5mn_Major]

Re: 2012 Presidential Election Part II -- Charlotte, a National Treasure or sede vaca

I haven't thought a lot about this - but at first glance it appears you're mixing up "macro economic factors" with what are actually social values (just as, if not more, valid - but they're not economic considerations and may in fact be economically harmful while supporting other forms of "good").

IMO incenting folks to work vs. not work is as much of a macro economic factor as is whether to incent them to spend vs. invest. And frankly, I think the implications on the economy of the decision of whether to work or not are much more severe.

[joecct]

Re: 2012 Presidential Election Part II -- Charlotte, a National Treasure or sede vaca

The roots of conservative class war

[walrus]

Re: 2012 Presidential Election Part II -- Charlotte, a National Treasure or sede vaca

If you can't understand why people have a problem with that...

Why not whine about Obama then, "he isn't paying his fair share either"

[pirate]

The roots of conservative class war

Math aside, if you are receiving social security, you aren't getting a government handout...you paid it into the system and are getting it paid to you later, after the government has wasted their half of it.

Whether the government has calculated and provided sufficiently is another question.

[unofan]

Re: 2012 Presidential Election Part II -- Charlotte, a National Treasure or sede vaca

after the government has wasted their half of it.

You realize the administrative costs for social security is something like 1%, right?

[Slap Shot]

Re: 2012 Presidential Election Part II -- Charlotte, a National Treasure or sede vaca

Whats pure nonsense about Mitt following the letter of the law...

There's nothing wrong with him following the letter of the law. The problem is someone in his financial position crying about "taxing the rich" while the current letter of the law allows someone earning that much money to pay in at that rate while the middle class is getting raped. That's the problem and for once perhaps voters such as yourself would stop obfuscating where the objections come from.

[Old Pio]

Re: 2012 Presidential Election Part II -- Charlotte, a National Treasure or sede vaca

Meanwhile, Howard Stern fleshes out the definition of "low information voter." As it happens, this bunch of morons are all Obama supporters. And it's certainly true there are low information Romney voters are there, too. So just enjoy this. And remember, these are the people who may decide this election.

http://www.youtube.com/watch?feature...v=SeJbOU4nmHQ#!

[joecct]

Re: 2012 Presidential Election Part II -- Charlotte, a National Treasure or sede vaca

You realize the administrative costs for social security is something like 1%, right?

With a massive IOU from the general fund. If the gov't has to repay that anytime soon, its not going to be easy (or easing).

[walrus]

Re: 2012 Presidential Election Part II -- Charlotte, a National Treasure or sede vaca

There's nothing wrong with him following the letter of the law. The problem is someone in his financial position crying about "taxing the rich" while the current letter of the law allows someone earning that much money to pay in at that rate while the middle class is getting raped. That's the problem and for once perhaps voters such as yourself would stop obfuscating where the objections come from.

Its pretty simple, fix the tax code. The people whining about Mitt should be whining about Congress and not Mitt. He has no control of tax code. Nor will he

[Slap Shot]

Re: 2012 Presidential Election Part II -- Charlotte, a National Treasure or sede vaca

Its pretty simple, fix the tax code. The people whining about Mitt should be whining about Congress and not Mitt. He has no control of tax code. Nor will he

More avoidance. Mitt doesn't want to fix it as in make it right, he wants to fix it as in, "I want to continue to file at 14% and I want to do it on the backs of the middle class". Once again that is the problem people have with this topic.

[joecct]

Re: 2012 Presidential Election Part II -- Charlotte, a National Treasure or sede vaca

Just an FYI, my tax rate was 13.2% of AGI. Guess I am more of a freeloader than Mitt.

[Bill]

Re: 2012 Presidential Election Part II -- Charlotte, a National Treasure or sede vaca

Some perspective on "tax cuts for the rich":

http://www.tsowell.com/images/Hoover%20Proof.pdf

[FlagDUDE08]

Re: 2012 Presidential Election Part II -- Charlotte, a National Treasure or sede vaca

You realize the administrative costs for social security is something like 1%, right?

You realise he isn't referring to that, yes?