tag:blogger.com,1999:blog-6616959642391988608.post1820885467652190492..comments2024-03-28T00:18:25.641-07:00Comments on Calafia Beach Pundit: Delaying tax cuts is ballooning the deficitScott Grannishttp://www.blogger.com/profile/14028519647946868684noreply@blogger.comBlogger12125tag:blogger.com,1999:blog-6616959642391988608.post-82772999839748903502017-11-15T07:38:33.136-08:002017-11-15T07:38:33.136-08:00Term Limits for Congress - These guys continue to ...Term Limits for Congress - These guys continue to under-perform.Stevehttps://www.blogger.com/profile/10126615900972712087noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-49238162029656922342017-11-14T18:51:45.561-08:002017-11-14T18:51:45.561-08:00Re our progressive taxation regime. As a society i...Re our progressive taxation regime. As a society it appears we have decided that tax rates should be highly progressive, but that doesn’t mean it’s the optimal strategy. Art Laffer argues very convincingly that the optimal tax system is one that taxes everyone at the same rate (e.g, a flat tax system), with the exception that those on the bottom rungs of the income ladder pay nothing. The optimalScott Grannishttps://www.blogger.com/profile/14028519647946868684noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-87265824302836114692017-11-14T13:25:24.527-08:002017-11-14T13:25:24.527-08:00Scott - "our incomes are taxed several times ...Scott - "our incomes are taxed several times under current law: at the federal, state and local level." No they are not. State and local property taxes are deductible at the federal level. Your other items might be getting double taxed but I don't have the experience to know. In any case you are arguing that we SHOULD start double taxing income by eliminating the state and property amritsarihttps://www.blogger.com/profile/03968805404670583901noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-3060484095568274212017-11-14T13:21:50.345-08:002017-11-14T13:21:50.345-08:00Steve - we as a society already decided that progr...Steve - we as a society already decided that progressive taxation is ok ... higher incomes pay more in taxes both in absolute and percentage terms. What is a fair rate for the richest is almost academic at that point.amritsarihttps://www.blogger.com/profile/03968805404670583901noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-13583304485889330102017-11-14T13:17:15.094-08:002017-11-14T13:17:15.094-08:00Scott - and how many of those "low tax states...Scott - and how many of those "low tax states" get more back in federal expenditures than they pay in taxes ??? States like CA and NY pay more in taxes to the feds than they get back. So lets be careful before making generalized statements that low tax states subsidize high tax states.amritsarihttps://www.blogger.com/profile/03968805404670583901noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-23444122500357735892017-11-14T11:56:32.579-08:002017-11-14T11:56:32.579-08:00Tax cuts do not reduce deficits.
The national deb...Tax cuts do not reduce deficits.<br /><br />The national debt tripled under Reagan and his tax cuts!<br /><br />That is a fact -- and Reagan made huge cuts in marginal rates,<br />which are the best kind of tax cuts for stimulating growth --<br />we don't have 70% rates today that could be cut in half <br />that could only happen once. <br /><br />If tax cuts really reduced deficits,<br />The Cliff Claven of Financehttps://www.blogger.com/profile/13541954550199246606noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-13288080118102964602017-11-14T08:07:58.798-08:002017-11-14T08:07:58.798-08:00amritsari: the current practice of allowing the de...amritsari: the current practice of allowing the deduction on federal tax returns for state income taxes is arguably unfair to all those taxpayers who live in low-tax states, since they are effectively subsidizing those who live in high-tax states. In any event, our incomes are taxed several times under current law: at the federal, state and local level. I pay sales tax on the things I buy. I pay Scott Grannishttps://www.blogger.com/profile/14028519647946868684noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-8790716588682146012017-11-14T08:00:17.044-08:002017-11-14T08:00:17.044-08:00konrad: There is ample evidence to support your cl...konrad: There is ample evidence to support your claim that announcing tax increases would result in a surge of government revenue. Of course it would. The point is that people respond to incentives: the anticipation of lower taxes results in a loss of revenue, while the anticipation of higher taxes results in an increase in revenue to Treasury. Since people respond to incentives, a significant Scott Grannishttps://www.blogger.com/profile/14028519647946868684noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-13815251120656297672017-11-14T05:48:11.455-08:002017-11-14T05:48:11.455-08:00BTW, given that deficits are rising-and let's ...BTW, given that deficits are rising-and let's be honest, it's not going to stop AND given that inflation is starting to rise a bit from a moribund 1-2% to a still low 2-3% AND given that virtually all world economies are doing well...I think we'll finally start to see the long bond yield rise from the dead. I know! Many have called for it! Still, being an investor in 10-30 year govt stevehttps://www.blogger.com/profile/07387986994469835875noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-91002118974210434062017-11-14T05:43:00.076-08:002017-11-14T05:43:00.076-08:00Amritsari, and yet the "rich" (top 1% of...Amritsari, and yet the "rich" (top 1% of income earners) pay nearly 40% of all fed tax. How much would you suggest they pay?stevehttps://www.blogger.com/profile/07387986994469835875noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-22368285321319342772017-11-14T04:41:51.113-08:002017-11-14T04:41:51.113-08:00hmmm, I'm not sure about your thesis there tha...hmmm, I'm not sure about your thesis there that lowering tax rates will increase govt rev, and thus reduce the deficit. Does the bond mkt agree with you on that ??<br /><br />How about telegraphing that taxes are about to go up (similar to commercials that encourage to buy now bfore prices rise ). This should bring fwd the investment, selling etc that you claim will come, casue now you'veKmanhttps://www.blogger.com/profile/13486509536114426115noreply@blogger.comtag:blogger.com,1999:blog-6616959642391988608.post-74049331569590852372017-11-13T23:22:13.958-08:002017-11-13T23:22:13.958-08:00how did those tax cuts in Kansas work out :) ??
...how did those tax cuts in Kansas work out :) ?? <br /><br />Why are they trying to get rid of the state and local tax deductions ? Why do republicans think that double taxation is OK ????!!!!<br /><br />I see dozens of weird and extraordinary deduction possibilities whenever I do my taxes. None apply to ordinary individuals like me. Yet republicans want to get rid of the deductions that benefit amritsarihttps://www.blogger.com/profile/03968805404670583901noreply@blogger.com