You are viewing an obsolete version of the DU website which is no longer supported by the Administrators. Visit The New DU.
Democratic Underground Latest Greatest Lobby Journals Search Options Help Login

Nine things the rich don't want you to know about taxes [View All]

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » General Discussion Donate to DU
cameozalaznick Donating Member (624 posts) Send PM | Profile | Ignore Thu Apr-14-11 10:03 PM
Original message
Nine things the rich don't want you to know about taxes
Advertisements [?]
Great Article by an expert on taxes...

April 13th
By David Cay Johnstone
Willamette Week

For three decades we have conducted a massive economic experiment, testing a theory known as supply-side economics. The theory goes like this: Lower tax rates will encourage more investment, which in turn will mean more jobs and greater prosperityso much so that tax revenues will go up, despite lower rates. The late Milton Friedman, the libertarian economist who wanted to shut down public parks because he considered them socialism, promoted this strategy. Ronald Reagan embraced Friedmans ideas and made them into policy when he was elected president in 1980.

For the past decade, we have doubled down on this theory of supply-side economics with the tax cuts sponsored by President George W. Bush in 2001 and 2003, which President Obama has agreed to continue for two years.

You would think that whether this grand experiment worked would be settled after three decades. You would think the practitioners of the dismal science of economics would look at their demand curves and the data on incomes and taxes and pronounce a verdict, the way Galileo and Copernicus did when they showed that geocentrism was a fantasy because Earth revolves around the sun (known as heliocentrism). But economics is not like that. It is not like physics with its laws and arithmetic with its absolute values.

More at...
Printer Friendly | Permalink |  | Top
  -Nine things the rich don't want you to know about taxes cameozalaznick  Apr-14-11 10:03 PM   #0 
  - K&R! nt  gateley   Apr-14-11 10:15 PM   #1 
  - Thanks for that  cameozalaznick   Apr-14-11 10:31 PM   #2 
     - No, Palin's pregnancy hoax was more fun to toss around. This is frustrating  gateley   Apr-14-11 10:45 PM   #4 
     - Yes... We do need to know it and be able to quote  cameozalaznick   Apr-14-11 10:51 PM   #6 
        - I printed it out! Otherwise I'll forget. DU = information overload. I can never  gateley   Apr-14-11 10:56 PM   #7 
     - Kick & Recommend  Hissyspit   Apr-14-11 11:11 PM   #9 
  - Great compilation. I recommend bookmarking. n/t  Wilms   Apr-14-11 10:39 PM   #3 
  - Last night I watched the beginning of Capitalism: A Love Story..  midnight   Apr-14-11 10:47 PM   #5 
  - That's pretty much been my sense of Reagan -- that he just did that he was told, but  gateley   Apr-14-11 11:00 PM   #8 
     - You could be right...  cameozalaznick   Apr-15-11 10:22 AM   #10 
        - Knows how to follow direction. nt  gateley   Apr-15-11 10:38 AM   #11 
  - Don't want this to sink....  cameozalaznick   Apr-15-11 10:07 PM   #12 
  - And please kick if you agree with me. Eom.  cameozalaznick   Apr-15-11 10:08 PM   #13 
  - I agree  Nikia   Apr-16-11 10:11 AM   #14 
  - Thank you nt  cameozalaznick   Apr-16-11 10:13 AM   #15 
  - other than they don't pay any, why would we bother with the other 8?  lonestarnot   Apr-16-11 10:15 AM   #16 
  - +1  cameozalaznick   Apr-16-11 10:34 AM   #17 
  - Excellent article.  Overseas   Apr-16-11 11:16 AM   #18 
  - Kick !!!  WillyT   Apr-16-11 11:48 AM   #19 
  - K&R  B Calm   Apr-16-11 11:57 AM   #20 
  - I don't know how I missed this post...  one_voice   Apr-16-11 11:59 AM   #21 
  - You missed it because it kept sinking...  cameozalaznick   Apr-16-11 05:57 PM   #22 
     - +1 nt  cameozalaznick   Apr-16-11 06:14 PM   #23 
  - kick  Quixote1818   Apr-17-11 01:39 AM   #24 
  - Only one thing matters. They have stolen from us. They have captured the  I Drink Water   Apr-17-11 01:42 AM   #25 
  - Great (depressing) read... k&r n/t  Earth_First   Apr-17-11 03:30 AM   #26 
  - One more time...  cameozalaznick   Apr-17-11 09:18 PM   #27 
  - Let me also recommend the following books from...  SDuderstadt   Apr-17-11 09:25 PM   #28 
  - I'm in the middle of Free Lunch...  cameozalaznick   Apr-18-11 07:55 PM   #29 
  - +1 nt  cameozalaznick   Apr-18-11 08:49 PM   #30 

Home » Discuss » General Discussion Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002
Software has been extensively modified by the DU administrators

Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC