Dave Camp (R-MI): Cut tax rate for the richest individuals & corporations to 25% spur job growth

[Amerigo Vespucci]

Republican tax chairman: Reduce taxes for the richest Americans

By Eric W. Dolan
Thursday, March 17th, 2011 -- 10:02 pm



http://www.rawstory.com/rs/2011/03/17/republican-tax-chairman-reduce-taxes-for-the-richest-americans/

Congressman Dave Camp (R-MI), the chairman of the House Ways and Means Committee, said he hopes to cut the tax rate for the richest individuals and corporations to 25 percent to help spur job growth.

The top U.S. tax rate has been 35 percent for both individuals and corporations since 2001, when President George W. Bush pushed for tax cuts. The previous rate, which President Barack Obama has proposed the US returns to, was 39.6 percent.

"There is no doubt that today’s tax code is too complex, too costly and takes too much time to comply with," Rep. Camp, who heads the House committee charged with writing tax legislation, said in a statement. "Add to that the unpleasant reality that America will soon have the highest corporate tax rate in the world, and it is no wonder that the current economic recovery has been far more muted than in past recoveries."

Along with Senate Finance Committee Chairman Max Baucus (D-MT), Rep. Camp has directed the Joint Committee on Taxation (JCT) to investigate ways the Congress can enact comprehensive tax reform.

[Supply Side Jesus]

1. I Live!!!

Supply Side never dies.....

and we just keep sending wealth upwards....

[Marr]

2. There you go. Hand them their tax cuts for the wealthy, and they

demand further tax cuts for the wealthy.

[SpiralHawk]

15. "More more more for rich republicons. Sneer." - Rush DraftDodger Limbaugh (R)

[aquart]

3. 25% is juvenile for a nation at war. 90% is the rational figure.

Tell him to stop being a baby.

[Oasis_]

7. I'd really like to know...

Just how's a confiscatory tax rate of 90% (or 80, 70, 60 or 50) going to promote economic growth and prosperity (for all)?

The aforementioned rates that were possible in 1940's and 50's existed only because we were the sole fully functional economy in the world. Much of Europe (as well as Japan) was still in tatters and rebuilding their post-war foundations, while India and China were in the very nascent stages of economic development--nothing even remotely similar to what we witness today.

Capital flows to and from business. Government confiscates it as a middle man (with a very large take). Government does not create wealth, it can only redistribute it. Taking nearly all of the wealth results in a net zero for everyone involved in the process. Eventually, there's nothing left to redistribute.

Oasis

[aquart]

10. War tax pays for war.

Which reduces debt.

Sorry you believe that reducing debt is bad for a national economy.

[katnapped]

12. Hey, here's an idea

Why don't we shlubs on the bottom turn over all our wealth to the rich, and as an added gesture, not take a salary for working (since that's just immorally stealing more money from them). That way they can create more growth!

:sarcasm: :eyes:

[sendero]

17. Hey..

.... how is tax cuts to the rich going to support economic growth? Fuck all of your bullshit theories that you have been fed since you were 12 and believe hook line and sinker.

WE GAVE HUGE TAX CUTS TO THE RICH AND WE GAVE BUSINESS THE HUGE DEREGULATION THEY CLAMORED FOR, WHERE IS OUR GLORIOUS ECONOMY?

You idiot talking point TARD - WE DID IT AND IT DID NOT WORK AND HERE YOU ARE BLATHERING ABOUT DOING SOME MORE. If you aren't paid to spout this bullshit you really are a piece of stupid work.

The PROBLEM is that Libertarian policies have shifted income to the top and impoverished the middle class and poor. The ANSWER is to start making the rich pay THEIR FAIR SHARE.

Capital flows, geez what a fucking tard.

[Waiting For Everyman]

4. Has he heard of Ireland?

Has he been in a coma here too for the last 30 years? Especially the year 2008?

Unbelievable - that anybody has the nerve to keep promoting this trash, and that anybody would buy it and vote for jerks like him.

I sure as heck hope by some miracle, the rich and corps. get a hefty tax INCREASE. When that happens, I'll know that's the beginning of a return to sanity.

[OHdem10]

5. Please draw this guy a picture. The Business Community used

the great recession to ADJUST to the NEW NORMAL. They did
their Permanenent Layoffs (firing) and now have the workforce
sized for the current economy. Honest businessmen have
said on various programs, tax cuts will not make them hire
new people. NEW CUSTOMERS will make them hire and expand
their business. Old Customers and people out of jobs will make
them rehire.

This is why Conservative Economic Fundamentalism does not
work in deep recession. No matter how deep into Denial the
GOP dive, only Keynes works to bring a country out of recession.

If only the Republicans could take a deep breath and do some
targeted Infrastructure spending. Even if it is the Government
putting them to work, the major portion of the money circulates
through the system. Those Business will gain heart, they see
new customers and gradually they begin to hire back. Once
we are totally out of the woods and economy is strong drop the
stimulus spending on Infrastructure, etc. and we should be
off and running.

Cutting taxes is not always the right answer

The Conservative approach tightening the belt too soon loses
jobs and prolongs the recession. Right now in Ohio, Teachers
and Public Workers are being laid off just as the Private
Sector jobs are trying to get stabilized and starting to increase.
Before ever recession in History the GOP tightened the belts
or made severe cuts in budgets which landed in an ever deeper
recession.

[bluestateguy]

6. Tell you what

I could support that on one condition:

That they were required to create good union jobs in the U.S that cannot be outsourced.

But I'm sure that would be a dealbreaker to them.

[Oasis_]

8. That's the key

To promoting progressive economic ideals, imo. Make the US corporate tax system one that makes makes ours the most competitive in the world--sans confiscatory tax rates levied against corporations. Make doing business in the United States the most profitable of global tax and business solutions.

However, make unionization via regulation and legislation just as easy. That's the trade-off. The bottom line will swell-- as well as return to shareholders--but workers will realize a net gain as well.

Oasis

[atreides1]

9. How

"Make the US corporate tax system one that makes makes ours the most competitive in the world--sans confiscatory tax rates levied against corporations. Make doing business in the United States the most profitable of global tax and business solutions."

Most corporations don't pay the current 35% now, they're making a profit by sending jobs overseas, where cheap labor is readily available. The constant complaining of too many regulations, too many safety requirements, these affect their bottom line. And the belief that a corporation will do the right thing without being made too, is been debunked time and time again

So, how do you accomplish your Utopian concept without adversely affecting the American worker, how do you guarantee safe working conditions, a living wage, the ability for the worker to be able to feed, house, and clothe their families?

As it is now, the tax rate on corporations has gone down over the decades, executive pay has gone through the roof, employees work longer hours for less pay, and the cost of living has increased.

How do you make doing business in the US the most profitable without tossing the American worker under the bus?

[aquart]

11. Key? No.

Corporations are parasites unless tightly regulated and enforced. Parasites kill the host.

But every body has friendly, symbiotic parasites that help it function. Right now, you don't seem able to distinguish between them.

[coyote]

13. Oh not this bullshit again....

"cut taxes for the rich, they will create jobs"...blah blah blah. The rich are the biggest hoarders are earth and the are rich for that very reason. I like to see 70% tax rates, and a more equitable redistribution of wealth. Unfortunately I think are whole government will need to be washed out before that ever happens because it appears to be more or less a criminal organizations for corporations and people with interest (read Koch brothers).

I don't even consider myself a democrat anymore....both parties are the same taking from the same trough. It's not about conservative. vs liberal, democrat, vs. republican, etc. What it is about is the rich against the rest of us. It's class warfare....nothing more, nothing less.

[bulloney]

14. Hey you Bozo! We've been doing this for 30 years! IT DOESN'T WORK!!!

He knows it, too. He's just whoring for his rich campaign contributors.

[sakabatou]

16. +1

[Name removed]

18. Deleted message

Message removed by moderator. Click here to review the message board rules.

[deacon]

19. Been there-done that. Never works. n/t

[ladjf]

20. Willfully lying to the American people should be a criminal

offense. nt