The revenue effect of a tax increase: it’s not what you think (via The right-wing liberal)

Why is President Obama adamant about raising taxes? That’s the question The right-wing liberal considers. That is, he notes tax increases stifle economic growth. Even the president’s own economic advisers know that.

As arguments over tax increases versus spending cuts continue, Veronique de Rugy (NRO – The Corner) refers to a paper by Christina and David Romer (the former was Chair of President Obama’s Council of Economic Advisors for over a year and a half) on the effects of tax increases on GDP. The National Bureau of Economic Research summary of the paper has this eye-popper (emphasis in original): Tax changes have very large effects: an exogenous tax in … Read More

via The right-wing liberal

So why is Obama so determined to raise taxes. When Boehner finally realized that negotiating with Obama is pointless, here is what the Democratic Congressional Campaign Committee sent to potential contributors.

Friend —

This is inexcusable.

Earlier this evening, Republican Speaker John Boehner quit negotiations with President Obama, refusing to raise the debt ceiling to secure tax breaks for big oil companies and his billionaire jet-owning friends.

 It’s now clearer than ever that Republicans won’t say yes to anything and would rather see our economy fall into catastrophic default than offend Grover Norquist and the Tea Party fringe by asking billionaires to pay their fair share.

Enough is enough. If Republicans would rather carry water for big oil companies and shadowy special interests than work on behalf of ordinary Americans, we are going to make sure their constituents know about it.

 The DCCC is launching a hard-hitting advertising campaign starting this weekend and continuing through August to hold Republicans accountable.

Contribute $3 or more immediately to our Emergency Rapid Response Fund >>

Thank you for standing with us.

Robby Mook
 DCCC Executive Director

 P.S. President Obama has been left at the altar several times now. Stubborn Republicans in the House are playing chicken with our economy in a dangerous and reckless ploy to preserve tax cuts for the wealthiest Americans while balancing our budget on the backs of the most vulnerable. Make the truth known now. Contribute to our Rapid Response efforts now >>

Any farmer can tell you that you can only get so much milk out of a cow. Trying to get more just hurts the cow. Similarly, our economy can only produce so much in tax revenue. That is, at some point increasing the tax rate will hurt our economy more than it is worth. Yet even in the middle of a severe recession Obama wants to “raise revenue”. Revenue doesn’t come from taxes?   🙄

Why such stupidity? Apparently, after he wrecks the economy, Obama believes he can persuade us to blame everybody except him and the Democratic Party. He and his party think we are that stupid!

Other Views

Here is a another view on the Dems fundraising. Dems are already trying to fundraise from Speaker Boehner quitting negotiations…tacky? by Greta Van Susteren.

Just in case you think Republicans will stand firm, think again. See Rep. Wolf Supports Gang of Six Budget Proposal By Krystle Weeks. Wolf represent you? Write him. Make him explain.

Need some comedy relief? See Little Known Reason for Budget Talk Collapse by isophorone.

7 thoughts on “The revenue effect of a tax increase: it’s not what you think (via The right-wing liberal)

  1. What is almost always left out of this debate? The answer: tax deductions are usually passed to further some public purpose, not to “enrich the rich”.
    What happens to the charities when the only ones paying taxes in this country can no longer deduct the charitable contributions?
    What happens to housing (real estate sales and mortgage/banking industry) when it is no longer advantageous to have a mortgage since you can’t deduct it any more?
    What happens to manufacturing when companies can’t amortize capital equipment anymore?

    So we should always demonize the people who are making money and actually paying taxes and forget the industries these people support because of tax deductions. Want to see a real collapse?

    Eliminate the ability to deduct and the less fortunate will wonder how come their lives just got worse!

    1. Interesting comment. Considering the volume of the discussion about eliminating tax loopholes for the “rich”, isn’t strange how few have mentioned why we have those loopholes?

      I fear we have elected too many Republican weathervanes. These are inclined to go whatever way the liberal news media blows. Fortunately, two can play that game. If enough people contact they congressmen, the Republicans in Congress will vote as Conservatives.

    1. Yep! We need to methodically replace some Republican. However, staying at home or voting for a Democrat does not work. We cannot afford another November 2008.

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