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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
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... http://www.wweek.com/portland/article-17350-9_things_th...
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gateley Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-14-11 10:15 PM
Response to Original message
1. K&R! nt
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cameozalaznick Donating Member (624 posts) Send PM | Profile | Ignore Thu Apr-14-11 10:31 PM
Response to Reply #1
2. Thanks for that
But it still sank like a stone.

I especially like number 7 - how some Corp tax breaks actually destroy jobs.

Good stuff. But I guess Palins pregnancy hoax is sexier.
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gateley Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-14-11 10:45 PM
Response to Reply #2
4. No, Palin's pregnancy hoax was more fun to toss around. This is frustrating
and causes our blood pressures to rise, but we need to know it (and pass it along!)

Thanks again! :hi:
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cameozalaznick Donating Member (624 posts) Send PM | Profile | Ignore Thu Apr-14-11 10:51 PM
Response to Reply #4
6. Yes... We do need to know it and be able to quote
From it to "refudiate" RW talking points.
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gateley Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-14-11 10:56 PM
Response to Reply #6
7. I printed it out! Otherwise I'll forget. DU = information overload. I can never
remember it all! :hi:
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Hissyspit Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-14-11 11:11 PM
Response to Reply #2
9. Kick & Recommend
and I emailed it to myself.
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Wilms Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-14-11 10:39 PM
Response to Original message
3. Great compilation. I recommend bookmarking. n/t
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midnight Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-14-11 10:47 PM
Response to Original message
5. Last night I watched the beginning of Capitalism: A Love Story..
There is a seen where Donald Regan at the N.Y.Stock exchange tells the president to hurry up? Michael Moors question is who tells the President of the United States to Hurry up? Then Don Regan moves into position as chief of staff as Ronald Reagan starts to show signs of decline.... The movie makes the claim that Corporate America went shopping for a spokesman to put into the White House,,, and they found one in Reagan.... Ronald Reagan dismantled unions in the 80's, and our manufacture infrastructure....
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gateley Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-14-11 11:00 PM
Response to Reply #5
8. That's pretty much been my sense of Reagan -- that he just did that he was told, but
because it was easy to convince him that his actions were right. I just get the sense that he didn't realize the damage he was doing. Regan, et al did -- but not Ronnie. IMO, natch.
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cameozalaznick Donating Member (624 posts) Send PM | Profile | Ignore Fri Apr-15-11 10:22 AM
Response to Reply #8
10. You could be right...
And who better than a washed up actor?
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gateley Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-15-11 10:38 AM
Response to Reply #10
11. Knows how to follow direction. nt
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cameozalaznick Donating Member (624 posts) Send PM | Profile | Ignore Fri Apr-15-11 10:07 PM
Response to Original message
12. Don't want this to sink....
The author has spent YEARS studying our tax code. This article rebuts all the BS RW talking points you've ever argued with your brother-in-law about. Please read...

http://www.wweek.com/portland/article-17350-9_things_th...
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cameozalaznick Donating Member (624 posts) Send PM | Profile | Ignore Fri Apr-15-11 10:08 PM
Response to Original message
13. And please kick if you agree with me. Eom.
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Nikia Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-16-11 10:11 AM
Response to Original message
14. I agree
With how badly the lower taxes on business and wealthy individuals have failed, it is amazing how these myths perpetuate.
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cameozalaznick Donating Member (624 posts) Send PM | Profile | Ignore Sat Apr-16-11 10:13 AM
Response to Reply #14
15. Thank you nt
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lonestarnot Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-16-11 10:15 AM
Response to Original message
16. other than they don't pay any, why would we bother with the other 8?
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cameozalaznick Donating Member (624 posts) Send PM | Profile | Ignore Sat Apr-16-11 10:34 AM
Response to Original message
17. +1
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Overseas Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-16-11 11:16 AM
Response to Original message
18. Excellent article.
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WillyT Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-16-11 11:48 AM
Response to Original message
19. Kick !!!
Thanks For posting that!!!

:yourock:

:kick:
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B Calm Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-16-11 11:57 AM
Response to Original message
20. K&R
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one_voice Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-16-11 11:59 AM
Response to Original message
21. I don't know how I missed this post...
Thanks for the info. A lot of good stuff all in one place. Wish I could rec.
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cameozalaznick Donating Member (624 posts) Send PM | Profile | Ignore Sat Apr-16-11 05:57 PM
Response to Reply #21
22. You missed it because it kept sinking...
I know it's not as sexy as Palin pregnancygate, but I think it's important.
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Quixote1818 Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-17-11 01:39 AM
Response to Original message
23. kick
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I Drink Water Donating Member (80 posts) Send PM | Profile | Ignore Sun Apr-17-11 01:42 AM
Response to Original message
24. Only one thing matters. They have stolen from us. They have captured the
productivity gains of the last three decades.

This is what Bastiat calls Legalized Plunder.
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Earth_First Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-17-11 03:30 AM
Response to Original message
25. Great (depressing) read... k&r n/t
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cameozalaznick Donating Member (624 posts) Send PM | Profile | Ignore Sun Apr-17-11 09:18 PM
Response to Original message
26. One more time...
Although I know it doesn't stand a chance against Trump's comb-over
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SDuderstadt Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-17-11 09:25 PM
Response to Original message
27. Let me also recommend the following books from...
David Cay Johnston:

Perfectly Legal

Free Lunch
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cameozalaznick Donating Member (624 posts) Send PM | Profile | Ignore Mon Apr-18-11 07:55 PM
Response to Reply #27
28. I'm in the middle of Free Lunch...
Really interesting.
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cameozalaznick Donating Member (624 posts) Send PM | Profile | Ignore Mon Apr-18-11 08:49 PM
Response to Original message
29. +1 nt
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