Tiberius Posted May 1, 2015 Share Posted May 1, 2015 n balancing the budget on the backs of children, Kansas politicians are behaving shamefully. But they may also be doing the rest of the country a favor, by giving us a preview of what might happen if Republicans control the White House and Congress after the 2016 election. The consequences in Kansas, after all, are a result of fulfilling the great Laffer Curve dream that has Republican presidential hopefuls such as Marco Rubio, Scott Walker and Chris Christie all salivating: dramatic tax cuts, concentrated among those at the top, coupled with the promise that such action will, through trickle-down voodoo, increase tax revenue and boost economic growth. In the real world, politicians rarely get to carry out that budget plan in a big way. Then Kansas Gov. Sam Brownback ® came along and, with a Republican legislature on his side, passed sweeping tax cuts in 2012. Despite faith-based forecasts promising bountiful revenue, tax receipts have come in, again and again, hundreds of million dollars below projections. The latest estimates leave the state with a $422 million shortfall for the fiscal year beginning July 1. http://www.washingtonpost.com/opinions/kansas-schools-have-to-do-less-with-less/2015/04/30/6cd6ca70-ef74-11e4-a55f-38924fca94f9_story.html?tid=pm_opinions_pop_b But, but, but...its suppose to make more tax revenue!! Just like Bush's tax cuts were suppose to do Link to comment Share on other sites More sharing options...
DC Tom Posted May 1, 2015 Share Posted May 1, 2015 dramatic tax cuts, concentrated among those at the top If you make $30k or less a year in Kansas, your income tax was cut by 23%. If you make more than that, your income tax was cut by 20%. Yeah, that's really "concentrated at the top." Link to comment Share on other sites More sharing options...
Chef Jim Posted May 1, 2015 Share Posted May 1, 2015 (edited) The Bush tax cuts were done to stimulate the economy more than raise revenue. They were called Economic Growth and Tax Relief Reconciliation Act of 2001 after all. Edited May 1, 2015 by Chef Jim Link to comment Share on other sites More sharing options...
Magox Posted May 1, 2015 Share Posted May 1, 2015 Aside from the kiddy partisan jargon from the op ed author, this is what happens when you go too far to one side of the Laffer curve. If taxes get too high, tax revenues go down, if taxes are too low, revenues go down. There is a happy medium, and Kansas wasn't able to find that right balance. Also, the fact that the author states "The great Laffer curve dream" shows that she has a complete lack of understanding of what the Laffer curve represents. The Laffer curve doesn't advocate a tax rate, it simply illustrates the effects of taxation and revenues generated. Link to comment Share on other sites More sharing options...
B-Man Posted May 1, 2015 Share Posted May 1, 2015 I blame the cold weather. . Link to comment Share on other sites More sharing options...
Nanker Posted May 1, 2015 Share Posted May 1, 2015 Obviously a result of climate change. Link to comment Share on other sites More sharing options...
Tiberius Posted May 1, 2015 Author Share Posted May 1, 2015 The Bush tax cuts were done to stimulate the economy more than raise revenue. They were called Economic Growth and Tax Relief Reconciliation Act of 2001 after all. http://www.theatlantic.com/business/archive/2010/07/hey-mitch-mcconnell-bush-economists-said-tax-cuts-i-did-i-grow-the-deficit/59728/ Aside from the kiddy partisan jargon from the op ed author, this is what happens when you go too far to one side of the Laffer curve. If taxes get too high, tax revenues go down, if taxes are too low, revenues go down. There is a happy medium, and Kansas wasn't able to find that right balance. Also, the fact that the author states "The great Laffer curve dream" shows that she has a complete lack of understanding of what the Laffer curve represents. The Laffer curve doesn't advocate a tax rate, it simply illustrates the effects of taxation and revenues generated. She probably is right about what will happen with a GOP president though Link to comment Share on other sites More sharing options...
Chef Jim Posted May 1, 2015 Share Posted May 1, 2015 (edited) http://www.theatlantic.com/business/archive/2010/07/hey-mitch-mcconnell-bush-economists-said-tax-cuts-i-did-i-grow-the-deficit/59728/ And your point other than Mitch McConnell is a dumbass? The point is those tax cuts were not put in place to raise revenue they were put in place to stimulate the economy and the markets. One of the smartest things they did was reduce the tax on capital gains and qualified dividends which actually made dividend paying stocks more attractive for income than bonds which helped the stock market. Edited May 1, 2015 by Chef Jim Link to comment Share on other sites More sharing options...
Tiberius Posted May 1, 2015 Author Share Posted May 1, 2015 And your point other than Mitch McConnell is a dumbass? The point is those tax cuts were not put in place to raise revenue they were put in place to stimulate the economy and the markets. One of the smartest things they did was reduce the tax on capital gains and qualified dividends which actually made dividend paying stocks more attractive for income than bonds which helped the stock market. Ok, love the second point you made Link to comment Share on other sites More sharing options...
Chef Jim Posted May 1, 2015 Share Posted May 1, 2015 Ok, love the second point you made I figured you would. Link to comment Share on other sites More sharing options...
Magox Posted May 1, 2015 Share Posted May 1, 2015 http://www.theatlantic.com/business/archive/2010/07/hey-mitch-mcconnell-bush-economists-said-tax-cuts-i-did-i-grow-the-deficit/59728/ She probably is right about what will happen with a GOP president though I doubt it, she is not equipped to have an informed opinion. Link to comment Share on other sites More sharing options...
DC Tom Posted May 1, 2015 Share Posted May 1, 2015 Ok, love the second point you made Yet when you were bitching that Romney didn't pay enough taxes, that's why he didn't pay enough taxes, and you hated it. You're such a !@#$ing dipshit. Link to comment Share on other sites More sharing options...
Dante Posted May 1, 2015 Share Posted May 1, 2015 Damn we should move to Kansas. Cali weather is nice and all but it sure would be cool to keep more of my own money. Link to comment Share on other sites More sharing options...
keepthefaith Posted May 1, 2015 Share Posted May 1, 2015 http://www.washingtonpost.com/opinions/kansas-schools-have-to-do-less-with-less/2015/04/30/6cd6ca70-ef74-11e4-a55f-38924fca94f9_story.html?tid=pm_opinions_pop_b But, but, but...its suppose to make more tax revenue!! Just like Bush's tax cuts were suppose to do So does the author oppose all budget deficits? Link to comment Share on other sites More sharing options...
Chef Jim Posted May 1, 2015 Share Posted May 1, 2015 Yet when you were bitching that Romney didn't pay enough taxes, that's why he didn't pay enough taxes, and you hated it. You're such a !@#$ing dipshit. Yeah but does gator have a horse? I think not. Link to comment Share on other sites More sharing options...
keepthefaith Posted May 1, 2015 Share Posted May 1, 2015 Obviously a result of climate change. Yup, there is no end to the damage that does to society. Heck, that's probably what has ISIS all stirred up with the end of the world coming due to weather. Link to comment Share on other sites More sharing options...
Azalin Posted May 1, 2015 Share Posted May 1, 2015 Damn we should move to Kansas. Cali weather is nice and all but it sure would be cool to keep more of my own money. Texas is lowering the taxes here as well - the legislature is hashing out whether it will be reduced property taxes, reduced sales tax, or a combination of both. We don't have a state income tax. Link to comment Share on other sites More sharing options...
Very wide right Posted May 2, 2015 Share Posted May 2, 2015 http://www.washingtonpost.com/opinions/kansas-schools-have-to-do-less-with-less/2015/04/30/6cd6ca70-ef74-11e4-a55f-38924fca94f9_story.html?tid=pm_opinions_pop_b But, but, but...its suppose to make more tax revenue!! Just like Bush's tax cuts were suppose to do OMG, the sheer terror this invokes in liberals.The thought of people actually keeping the money they work for instead of the government getting to waste it. Link to comment Share on other sites More sharing options...
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