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Changing from Mitt to Newt
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capetonian



Joined: 11 Aug 2006
Posts: 899
Location: Oahu

PostPosted: Tue Jan 31, 2012 3:54 pm    Post subject: Changing from Mitt to Newt Reply with quote

The clincher:
http://online.wsj.com/article/SB10001424052970204652904577192660439187438.html?mod=googlenews_wsj

"the best way for government to raise revenue is a broad-based, low-rate flat tax that provides people and businesses with the fewest incentives to avoid or otherwise not report taxable income, and the least number of places where they can escape taxation."

Personally I'd feel a hell of a lot better handing over all that money if I felt taxes were fair.
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jpbassking



Joined: 19 May 1998
Posts: 2369
Location: Leo

PostPosted: Tue Jan 31, 2012 4:27 pm    Post subject: Reply with quote

In previous elections we've had guys named George, Bill, Richard, Jack, and even Dwight. This election we have guys named Mitt, Newt, and Barack. Is this a sign of the times?
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coboardhead



Joined: 26 Oct 2009
Posts: 1943

PostPosted: Tue Jan 31, 2012 4:30 pm    Post subject: Reply with quote

Gingrich admits his tax plan is not revenue neutral. In other words we will take in less taxes. Cut bloated spending to make up the difference? Not the way the math looks to me...

Defense is sacred, Medicare is sacred, SS is sacred, Military and Govern. Retirement and Healthcare is sacred, interest on debt... Those total over 60% of the budget (approx. $2.3T). The total budget is $3.7T. Revenues are $2.6T. Current deficit $1.1T. We cut out 50% of every dollar for Medicaid, Unempl.,Transport.,Education,Foreign Aid...and we still will not balance the budget.

http://www.whitehouse.gov/winning-the-future/interactive-budget

A flat tax of 15%, while easier to calculate, still leaves the lowest paid workers with a total tax rate SS,Medicare,State Income Taxes of about 35%.

The theory, I assume, is that the better paid workers will spend more propping up the economy and will generate revenue. Will it? And, if so, why not use tax credits now to promote spending and reduce taxes within the current framework?
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isobars



Joined: 12 Dec 1999
Posts: 14143

PostPosted: Tue Jan 31, 2012 4:59 pm    Post subject: Reply with quote

It sounds good -- it approaches the REAL winner, the Fair Tax -- but I'm afraid of the extensive credible claims that Newt is extremely unpopular among even the GOP congressmen he has worked with in the past. They purportedly do not regard him as a good leader ... all ideas, no follow-through, and too much knee-jerking as new ideas pop up like moles. On the contrary, assessment I trust says people have really liked working with and for Mitt. In the long haul, that's extremely valuable. Mitt can (and I hope will) change his tax ideas, but Newt's not going to change his idea-a-minute paradigm.

BTW, I hope every open-minded voter who believes the total BS about Newt's ethics violations, his $300M "fine", and his "resignation in disgrace" does more research. All 84 "ethics violations" were proved to be false charges invented by the Dems because Newt orchestrated the first GOP senate/house majority in 40 years, the "fine" was just litigation costs Newt agreed to pay and NOT a fine, and he resigned largely to avoid party strife when it became likely that he would be voted out as House Speaker.

When high-level bosses have an idea out loud, their sycophants translate them into commands. I've witnessed, often suffered first-hand, the chaos this creates as these "thought turds" roll downhill with increasing momentum. That kind of loose-cannon thinking, if accompanied by horsepower, mires its supporting pyramid in cold molasses. Results I've experienced and/or witnessed first-hand from that include the decades of delay in cleaning up the free world's most toxic nuclear waste dump, very significant Star Wars SNAFUS, and B-1 bomber program bungles, each to the tune of many billions of dollars.

Consistency is priceless, the most consistent current GOP candidate is Ron Paul, and I'd rather see Justin Beiber or Paris Hilton as president than Paul or Obama.
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swchandler



Joined: 08 Nov 1993
Posts: 5808

PostPosted: Thu Feb 02, 2012 3:02 pm    Post subject: Reply with quote

I don't know what Laffer has been smoking, but it's clear to me that it doesn't make him in anyway sensible or realistic. While he doesn't talk about it, I have to assume that there aren't any deductions or exemptions of any kind. A 15% flat tax on gross income would absolutely hammer the lower and middle classes while giving the wealthy a windfall. I know for myself that it would better than double my income tax responsibility.

I have to say though, that when Laffer stated that Newt Gringrich would make an excellent president, he absolutely lost any real credibility in my view. How can he think folks are so stupid is beyond me.
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isobars



Joined: 12 Dec 1999
Posts: 14143

PostPosted: Thu Feb 02, 2012 3:58 pm    Post subject: Reply with quote

Trump is preparing to endorse Gingrich ... according to Gingrich and the left wing news media such as AP, ABC, CNN, etc. who don't independently verify much of anything
Fox said Trump will endorse Romney.
Then hours later, Trump ACTUALLY endorsed Romney.
Did Trump reverse his decision that quickly, or has Gingrich gone off the deep end and the left wing "journalists" are nothing more than parrots?
Ooh, ooh ... I know! I know!
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boggsman1



Joined: 24 Jun 2002
Posts: 3549
Location: at a computer

PostPosted: Thu Feb 02, 2012 4:04 pm    Post subject: Reply with quote

Hey ISO, focus on the story , not the media. Donald Trump, one of the great D-Bags in our country, has endorsed Mittens....I'm sure this will catapult him straight to 1600 Pennsylvania Ave.
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feuser



Joined: 29 Oct 2002
Posts: 1395

PostPosted: Thu Feb 02, 2012 4:22 pm    Post subject: Re: Changing from Mitt to Newt Reply with quote

capetonian wrote:
The clincher:
http://online.wsj.com/article/SB10001424052970204652904577192660439187438.html?mod=googlenews_wsj


Another hit piece in WSJ authored by Arthur Laffer himself...
Yes, THAT Arthur Laffer....

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stevenbard



Joined: 11 Nov 1993
Posts: 4107

PostPosted: Thu Feb 02, 2012 5:26 pm    Post subject: Reply with quote

Taxes as they stand are completely unfair. Let's take Buffett for example. He gave away most of his money....TO WHO??? WARREN BUFFETT. He eliminated his tax liability, but still controls the money. HOW CONVIENIENT. Meanwhile he gets to decide what to do with his fortune, or his kids get to decide. They can pay themselves as administrators for the next 10,000 years, and the U.S. will never see a dime.

And what's even more convenient is that the other half that he hasn't given away is his tax free, because of the write off. TOTAL BULLSHIT if you ask me. And he wants the small business investor to pay 30%. What a Schmuck.
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pueno



Joined: 03 Mar 2007
Posts: 2662

PostPosted: Thu Feb 02, 2012 6:31 pm    Post subject: Reply with quote

stevenbard wrote:
Taxes as they stand are completely unfair. Let's take Buffett for example. He gave away most of his money....TO WHO??? WARREN BUFFETT.

Citation for this claim, please?


stevenbard wrote:
They can pay themselves as administrators for the next 10,000 years, and the U.S. will never see a dime.

Seems to me that if they "pay themselves as administrators," then that pay would appear as earned income and they'd be taxed at the appropriate rate for ordinary income in their tax bracket..... 28%, or whatever.


stevenbard wrote:
What a Schmuck.

So, to be clear, you think that the guy who stood up and said, "I don't pay enough taxes," is a schmuck?

---------------------

Mr. B, this sounds like another of your visceral, from-the-gut rants.

And it probably has the same value as the other stuff from your gut.
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