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Republican Tax Nonsense

So, sat down tonight and watched some Fox News, a little bit of Hannity, a little bit of Gretta.  The GOP talking heads are basically unified in their tax stance.  They will consider raising revenues, but not by raising tax rates because that will hurt the mythical job creators, stifling job growth, etc, etc.  BUT they will consider closing loopholes.  Hmmm.  Think about that.  If you take more money out of peoples pockets via raising tax rates – DOOM!  If you take it out of peoples pockets via closing loopholes, that is just fine and dandy.  This makes no sense whatsoever.  Taking money out of peoples pockets is taking money out of peoples pockets.  This is just another Republican bait and switch.  They have no intention of raising revenues.  The want to reinstate the Bush tax cuts and then … close loopholes? nahhhhhhh.

At the core of their argument is that high taxes inherently stifle economic growth.  Unfortunately this is demonstrably false, and it always confounds me that the Democrats don’t simply pull out some charts and graphs to show this to people.  A recent study from the congressional research service here shows that the tax argument is clearly bogus. So clearly in fact that the Republican congressional leadership squelched the report.

The two graphs from this report that show this most clearly are these,

What do these show?  The graph on the left shows that there is essentially ZERO correlation between the top marginal tax rates and economic growth.  Some of the highest economic growth we had in fact was when the top tax rate hovered about 90%.  The graph on the right shows that there is a (very) weak correlation between the capital gains tax rate and economic growth.  Unfortunately for Republicans, the correlation is positive.  Higher capital gains rates correspond with higher economic growth.

I decided to do a graph of my own.  I found a table of yearly federal deficits and tax rates going back to 1913.  I plotted the yearly federal deficits in inflation adjusted 1983 dollars (not sure why that year was chosen) versus the top marginal tax rate in a given year and this is what I came up with,

Whaddya know, even though it is a weak correlation,  higher tax rates tend to correspond with lower deficits.

All in all the Republican tax argument is … in short … utter bullshit.

 
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Posted by on November 26, 2012 in Economy, Politics

 

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Won’t learn Won’t change

The republican leaders are staying with the same program they ran their presidential campaign on.

( except I think they realize they have to say nicer things,… in public anyway,…. about those useless, moocher 47% people. And African Americans. And Latinos. And women. And young people.)

Looks like Grover Norquist and Paul Ryan still run the show.

We’ll see how that works out.

 
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Posted by on November 19, 2012 in Economy, Education, Environment, Health, Politics

 

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This is why these people scare the hell out of me

So,…. in my twisted brain, it would seem that if God despised Barack Obama and the policies he’s set forth soooo much,….

That instead of creating an economic meltdown in the world, with all the very bad, bad stuff that would accompany it,….

Maybe God could have just caused Barack Obama to lose the election.

Seems that might have been a simpler solution.

But I guess I’m not a deep enough thinker. And definitely not a pious enough individual.

Wonder if I’ll be saved on the day that I finally understand people like Franklin Graham.  I hope so.

From David Corn at Motherjones

Franklin Graham: God May Have to Cause “A Complete Economic Collapse” to Save Nation From Obama

Some conservatives are having a tough time with President Barack Obama’s reelection. Take social conservative leader Franklin Graham. In an interview with Newsmax.com, the Rev. Graham, a prominent evangelist and son of top-dog evangelist Billy Graham, maintained that Obama’s victory will put the country further along a “path of destruction.” And he suggested it would take a “complete economic collapse” to place the United States on a better course and return it to godliness.

Graham equated the Obama years with a national rejection of God. “In the last four years, we have begun to turn our backs on God,” he said. “We have taken God out of our education system. We have taken him out of government. You have lawyers that sue you every time you mention the name of Jesus Christ in any kind of a public forum.” Oddly, Graham ignored the fact that he and other shepherds of the Christian right have griped about such matters for much longer than four years. It didn’t start with Obama.

 
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Posted by on November 19, 2012 in Economy, Education, Humor, Uncategorized

 

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GOP Rape Advisory Chart

Are you confused by the constantly changing, and increasingly loony GOP stance on rape? Worry no more!  Here is a concise summary of the GOP standing …

 
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Posted by on October 24, 2012 in Politics, Rant

 

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Some Midweek Comics

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Posted by on April 11, 2012 in Humor, Politics

 

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Sunday Comics

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Posted by on February 26, 2012 in Humor, Politics

 

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Sunday Comics

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Posted by on February 19, 2012 in Humor, Politics

 

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