Which Vision Works for You?

As of Friday, September 14, 2012

If it’s the economy, stupid, then you might want to hear what the leading economists in the nation say.

The University of Chicago recently polled esteemed economists on the left and the right, and asked them two questions:

Did the stimulus passed by President Obama help reduce unemployment? Eighty percent answered “yes.”
Will the tax cuts proposed by Romney and Ryan boost the economy so much that they will pay for themselves? Not one single economist answered “yes.” The old trickle-down economics does not work, and that was proven beyond a doubt by the policies of former President Bush.

Regarding tax policy, it is clear that we need major reform of our bloated tax system. “Lower the rates and broaden the base” is the catchphrase of the Republican party, but what does that really mean?

“Broaden the base” will mean including more people, but those who do not pay federal income taxes are those living below the poverty level. “Lower the rates” means lower taxes for the highest earners in our country.

This is made to seem fair by statistics showing the upper 1 percent or 10 percent of the wage earners pay a large share of the income taxes collected.

However, that only documents the severe division of wealth in this country. Drastic cuts in federal spending will ensure that division increases.

Maybe we should consider reducing the corporate income tax rate and eliminate the loopholes which allow wealthy, powerful companies like General Electric to pay zero tax.

Republicans often say that it is a shame 50 percent of Americans do not pay federal income taxes. Democrats say that it is a shame that 50 percent of Americans live in poverty. You choose which vision of America agrees with your vision of America.

Linda Tableman

Seven Lakes

More like this story

Guy_Forks 8 months, 1 week ago

GE is a big backer of your preferred candidate. Like many of the crony companies rent seeking today, they only can get away with their corruption as long as there is someone with the power to enable them. The current administration has been practicing this since before '09, and continues today.

examples:

John Corzine, GE, Sollyndra, the Delfi non-union pension grab, the complete disregard for bankruptcy law (Auto bailout), exempted unions and favored business like GM from obamacare, and on and on.

But it's totally the republicans fault. Four more years of stagnation, money printing, pay for play, U-6 unemployment above 15%, and self subservience to the oh so peaceful religion of Islam. Oh and free condoms for women, because they're totally helpless! Sounds like the American dream to me.

Yha, Romney and the republicans suck, you'll get no argument from me, but the way I see it at least the large media outlets will chew on republican butts and actually investigate when the republicans display the same corruption.

fugitiveguy 8 months, 1 week ago

16T debt, >8% unemployment, $4/gal gas. Great job. I wonder if he wins how long he can ride his "blame Bush" bullshxx. Based on this letter and others singing his praises I guess for another 4 years.

fugitiveguy 8 months, 1 week ago

http://www.usnews.com/opinion/blogs/peter-roff/2012/08/16/nobel-economists-back-mitt-romneys-plan

these "esteemed" economists beg to differ, I think it says 400 of them. Caution:its from that uber right wing US News and World Report

geoffcutler 8 months, 1 week ago

Which vision? Well, that's easy. Not yours. Sorry I'm not going to make meeting this month. See you in October.

bigD 8 months, 1 week ago

http://economistsforromney.com/

AFCHIEF 8 months, 1 week ago

University of Chicago and you expected that poll to disagree with obamalanation

fugitiveguy 8 months, 1 week ago

Where are the libs?

DaveyNC 8 months, 1 week ago

Ms. Tableman, judging from this quote: "Maybe we should consider reducing the corporate income tax rate and eliminate the loopholes which allow wealthy, powerful companies like General Electric to pay zero tax." you should be voting for Mitt Romney. Because that is exactly what he is calling for.

From taxpolicycenter.org: http://goo.gl/w8SGf "The plan would reduce the six current income tax rates by one-fifth, bringing the top rate down from 35 percent to 28 percent and the bottom rate from 10 percent to 8 percent. The accompanying repeal of the AMT would increase the tax savings from the rate cuts—without that repeal, the AMT would reclaim much of the tax savings.

The plan would recoup the revenue loss caused by those changes by reducing or eliminating unspecified tax breaks, thereby making more income subject to tax. Gov. Romney says that the reductions in tax breaks, in combination with moderately faster economic growth brought about by lower tax rates, will make the individual income tax changes revenue neutral compared with simply extending the 2001 and 2003 tax cuts. He also promises that low- and middle-income households will pay no larger shares of federal taxes than they do now."

And by the way, those tax breaks that GE takes advantage of are legal and available to any company who chooses to take advantage of them. GE is just better at it than most. Think about this--it's said that GE's tax law division is the best tax law firm in the country. Isn't it a national shame that one of the biggest and best companies in the world finds it necessary to go to such lengths to protect it's employees and shareholders from the confiscatory tax rates that the US imposes on companies? Couldn't that massive amount of time, money and capital be put to better use? I bet it could.