home

Obama: Tax Cuts for The Rich = Gov't Spending

By Big Tent Democrat, Section Obama Administration
Posted on Sat Jan 30, 2010 at 09:54:31 AM EST
Tags: (all tags)
Share This: Digg! StumbleUpon del.icio.us reddit reddit

Via SusanG, this is an interesting formulation by the President:

I’ve also proposed a spending freeze, so that as we increase investments in things we need, like job creation and middle class tax cuts – we cut spending on those we don’t, like tax cuts for oil companies and investment fund managers [. . .]

This is not bad as political framing. We'll see if there is any follow through on this. Anyway, here is the President's Saturday address:

< The Case For Progressive Taxation | Rahmbo >

  • The Online Magazine with Liberal coverage of crime-related political and injustice news

  • Contribute To TalkLeft


    • Display: Sort:
    Obama: Tax Cuts for The Rich = Gov't Spending | 8 comments (8 topical)

    Readers Must Login or Create an Account to Comment

    I very much hope (5.00 / 1) (#1)
    by andgarden on Sat Jan 30, 2010 at 10:05:58 AM EST
    that the President draws the lesson of Oregon.

    Americans will vote to tax the rich. Heck, increase taxes on $250k+ earners by 5-10% and see what that does to the deficit.

    investing in (5.00 / 1) (#5)
    by cpinva on Sat Jan 30, 2010 at 04:48:28 PM EST
    previously issued shares of stock merely serves to increase the earnings of the brokers, no one else. it doesn't add to the capital available of the issuing corp., nor does it create any new jobs.

    the whole republican "reduce taxes on the wealthy, and it will actually increase tax revenues and create jobs." mantra has been debunked so many times, it's become a broken record.

    anytime you reduce tax rates, or create/increase tax credits, it's indirect government spending, since it reduces revenues that might be available for use on other programs.

    however, in order to appreciate this, a basic knowledge of economics is required. the person clueless about basic civics is not likely to simultaneously be knowledgeable about how the economy works. maybe, but not too likely.

    the wingnuts are right, then? (5.00 / 0) (#6)
    by diogenes on Sat Jan 30, 2010 at 07:48:20 PM EST
    "Tax cuts for the rich are indeed a spending program."
    So the wingnuts are really right when they say that liberals believe that the government owns all of your money, and whatever it lets you keep is a "spending program"?
    If that is plank one of the Democratic platform then good luck.

    Yes (5.00 / 0) (#7)
    by TeresaInSnow2 on Sun Jan 31, 2010 at 10:21:39 AM EST
    It's a pretty awful framing.

    Plays right into Republican hands.

    Parent

    Keep voting for your run-up-the-deficit (none / 0) (#8)
    by jondee on Sun Jan 31, 2010 at 01:30:10 PM EST
    liberal-addled pals, and eventually you'll find out what "government spending programs" are REALLY like, Diogenes.

    Your pals already pretty much sold your money to China. Complain to them, they're the ones who hold your marker.

    Parent

    I thought that was what I was hearing (none / 0) (#2)
    by Militarytracy on Sat Jan 30, 2010 at 11:35:01 AM EST
    I thought he hinted at it during the SOTU that was so disappointing to me that I could barely hear much after a certain point.  This works

    Absolutely (none / 0) (#3)
    by cal1942 on Sat Jan 30, 2010 at 01:02:51 PM EST
    Tax cuts for the rich are indeed a spending program.  

    In a way, Republicans actually frame it that way always claiming that tax cuts for the rich increases investment.

    But a poor return we get on those "investments."

    The deficits that result are in part covered by Social Security withholding paid for by working people.

    SOTU (none / 0) (#4)
    by MiamiGuy on Sat Jan 30, 2010 at 03:40:06 PM EST
    It was most emphatically in the SOTU.  I thought it was a brilliant stroke.

    Obama: Tax Cuts for The Rich = Gov't Spending | 8 comments (8 topical)

    Readers Must Login or Create an Account to Comment