Obama, the Liar-In-Chief

[detbuch]

Originally Posted by zimmy

I beleive his point is that there is a choice between his policies and Mitts. He would close loopholes, slightly raise the rate on the top 1%, and keep middle and lower class taxes low. Romney would slash rates on the top 1%, who are already paying historically low rates. I am pretty sure he isn't trying to say he is more fiscally conservative than Reagan.

Then why bring in comparisons with Eisenhower and Reagan. Did he compare Mitt's policies to Eisenhower and Reagan? I just read the quote not the context from which it's taken, so don't know. As you must know by now since it's been mentioned here several times and there are articles on the subject, the "rates" under Eisenhower and others up to Reagan were more fiction than fact in terms of what was actually paid. In many cases, what was actually paid was far less than what is paid today. So the "rates" being historically low is a meaningless point.

Mentioning and comparing himself to Eisenhower and Reagan, who have become more widely admired by the public and historians now than in the past, is obviously a slant to make himself appear other than what he is. And it makes Eisenhower and Reagan look other than what they were. I mentioned Reagan's tremendous cuts in rates all-around. And though Obama compares "his" rates favorably to those other two, they are not even his rates, but Bush's, who also cut rates all-around. I mentioned that Obama has already raised some taxes and rates other than income, and that unlike his predecessors, his tax rate "vector" is up, not down.

As far as Mitt's policies, they might well be a corrective to the burden of previous rates that under different, market oriented, policies than Obama, would "stimulate" the economy more than throwing federal money at it.

Again, is this the great difference that we are voting for in Nov.?

[zimmy]

Originally Posted by detbuch

Then why bring in comparisons with Eisenhower and Reagan.

He brings it up because there is a loud group of people trying to spin the perception that we have tax rates like Belgium. They are not. The conversation needs to be based around reality.

[Jim in CT]

Originally Posted by zimmy

He brings it up because there is a loud group of people trying to spin the perception that we have tax rates like Belgium. They are not. The conversation needs to be based around reality.

Not yet, they aren't like Belgium's rates. But unless we make serious changes to entitlement programs, Belgium is going to be looking pretty good. That's future reality.

[detbuch]

Originally Posted by zimmy

He brings it up because there is a loud group of people trying to spin the perception that we have tax rates like Belgium. They are not. The conversation needs to be based around reality.

I am not familiar with this loud group claiming that we have tax rates like Belgium. That is so obviously wrong that it would hardly be worth trying to rebut by bringing up Reagan and Eisenhower. For one, Belgium has a VAT tax. Some (many?) here feel we are headed for such a tax here. Then we would be more like Belgium.

Also, the argument that U.S. corporations pay far less than our high corporate tax rate, as if that makes their tax burden less than foreign companies, is misleading. Some do pay an effective amount below the rate, but some pay close to it. On average, according to a N.Y. Times business section article on May 2, 2011, U.S. companies pay about 25% of their profits in corporate taxes. They pay state and local corp. taxes, as well, that many foreign companies don't pay. What they actually pay in federal taxes, according to the article is a few percentage points higher than those in most other major industrial countries. Nor does the article specify whether the comparison is to what most foreign companies actually pay, or if it is to their tax "rates." Most foreign countries also allow for many exemptions so that when we compare American "effective" rates to foreign tax "rates" it leaves out what foreign effective rates are.

As for our corporations shipping money offshore (transferring profits to countries with lower or non-existent rates) only happens because those countries DO have lower rates.

Again, is this what this coming election is about?