Quote Originally Posted by MadScientist
Quote Originally Posted by HowardRoark
Just which current tax cuts for individuals earning under $200000 ($250000 for families) are set to expire that will not be renewed? Factcheck is usually good at pointing out inconsistencies like that, and they haven't. As for tax and spend, at least it's more responsible than the republican BORROW (from China, and Saudi Arabia) AND SPEND. Personally I'd prefer if Obama's plan had no or much reduced tax breaks for the $75K-$250K range, with that money set to work towards balancing the budget and paying down the debt.
What are your thoughts on the Laffer Curve?
It's a joke

Seriously the real questions on the Laffer curve are where is the maximum, vs where the current tax rates are, and how does the curve change with change in income levels. Note, in 2003, the United States Department of the Treasury released a non-partisan economic study showing that the 1981 Kemp-Roth tax act produced a major loss in government revenues of almost 3% of GDP.
That's dishonest. Absolute tax receipts increased dramatically, because the economy grew because of the tax cuts. Same as under Coolidge and Kennedy and Dubya's tax cuts, and same as reducing cap gains taxes here as well as business taxes in the former Soviet Republics and Ireland, etc. The revenues may decrease relative to the GDP, but it's because the GDP grows so much. Bush's tax cuts increased tax receipts by about 200 billion/year. Problem was that government grew at an absurd rate because of automatic spending increases overwhelmingly in entitlement programs, new entitlement and governmental programs and also defense and war spending.