The Laffer Curve, Part III: Dynamic Scoring

[ElasticGiraffe]

This video is maddening. How can anybody take this worthless progressive JCT bullshit seriously if it refuses to treat macroeconomics as a SOCIAL science?

[p4h10oso]

Who would work as hard for less, not many. By the same token, wouldn't we have to trust the 'job makers' to trickle down $ to the rest of us? Thats alot of trust..........rock and a hard place if ya ask me.

[MrGregs]

Hold on a second basically the point made here is that if the tax rate is low enough the rich will admit to their earnings and pay their dues; if it high the stash their cash ....

Therefore lower taxes ...... who's funding the institute BTW ?

[flyoverjoe]

@MrGregs Of course you don't take measures to keep your taxable income as low as possible, right? It's always the other guy who's greedy:)

[bashfullashley]

I emailed these videos to every person I can think of.

[PENNA65000]

... and so now we are suffering from the sub-prime mortgage fiasco (brought to you by big banks, wall street and insurance companies) and still trying to use the Laffer Curve as if nothing has changed. That's nuts! And we have billionaires paying virtually no taxes at all and we keep lowering their tax rates. That's nuts! And the discrepancy between the lower earners and the upper earners is widening more and more. Keep that up and we'll have a revolution. Dan Mitchell is nuts!

[SuperGuitarman69]

Let's make it a 11% flat tax. Make a constitutional amendment and be done with that. Then set term limits make that a constitutional amendment. Then, for a final show of good will, let's have a constitutional balanced budget amendment. Do those 3 things? And we won't be talking about the JCT anymore. And the government unions (teachers etc..) will lose power. Because then all the government has to say is we simply cannot concede what you want. We can't make it work due to the budget.

[jannikmt]

propoganda

and ya if 3ed world contrys lower ther taxes everyone will want to otsorce

[cobrajock1]

Deep thinkers usually have no trouble spelling. Humm!

[hergs]

I would have enjoyed some disambiguation between "TAX RATE" and what this video actually talks about, which is the Top Marginal Tax Rate.

Everyone is taxed roughly the same on their first $300k. Every dollar of income OVER $300k is taxed at the Top Marginal Tax Rate.

Why you did not explain this, one can only speculate, so I speculate you're trying to convince average Americans that the big black socialist in the White House is coming after their beer money.

[hergs]

Approximately 1% of the US population earns enough to even pay the Top Marginal Tax Rate on their income over $300,000.

When the top 1% invest, it's rarely invested in Main Street, America. Since the Commodity Futures Modernization Act of 2000, the top 1% invested heavily in "Over-the-Counter" derivatives on sub-prime home loans. Bets on bets on bets that Joe Six-pack will (or will not) default on his home loan.

The top 1% caused this depression due to low top marginal taxes and deregulation.

[SimulacrumMaster]

@hergs rofl bets about "will (or will not)" caused the recession? that's like saying the sunrise and sunsets happen during hurricane seasons, therefore hurricanes must be caused by the sun. take your claptrap to the huffingtonpost where that kind of BS is appreciated

[hergs]

@SimulacrumMaster Hurricanes ARE caused by the sun, genius. The sun warms the oceans which generates tropical depressions which turn into hurricanes. But you can keep believing they're created by the benevolent, yet not benevolent old man in the clouds.

Your lack of understanding about the basic thermodynamics in weather tells me exactly how much you know about the complex financial instruments and deregulation thereof that caused the recession: FUCKALL.

[SimulacrumMaster]

@hergs the sun still exists outside of hurricane season, idiot. if the sun is the "cause" then why is there only a limited time of the year when hurricanes form? i brought up hurricanes specifically because the sun is playing a part, but it's not the cause, making it a brilliant analogy that totally went over your head.

forget not seeing the forest for the trees, you can't even see the trees with your eyes closed. like i said before, go preach your BS to huffers. :|

[hergs]

@SimulacrumMaster I don't know if you've noticed in the past 4 billion years, but the northern hemisphere tilts away from the sun during the hurricane off-season. You're 28 god damn years old and you don't know this shit? Go read a book, you bumblefuck redneck. Or better yet, why don't you just run along and get another copy of Going Rogue autographed by your queen of stupid?

And I don't have to preach anything to huffpo, they already understand this concept of "science" and "reality" as well.

[SimulacrumMaster]

@hergs maybe you should look up undersea currents that move heated/cooled waters into various locations. during certain seasons this creates hurricane conditions at certain points... the sun is not the sole cause, or even the primary cause. also, i always put false info into every profile on the internet. keep swinging, though, i'm sure you'll stumble into a real point eventually. :/

[hergs]

@SimulacrumMaster You're ignorant, and in denial. And if your age is fake, then I'm going to assume you're 12 by your level of intelligence. And I'm hardly surprised that you're a liar as well. Fucking troll.

[SimulacrumMaster]

@hergs aw, is the poor baby upset that his ad hominems aren't working? rofl you huffers are all the same, if you can't attack the person then you're useless. 

[hergs]

@SimulacrumMaster I don't get why you have such a hate boner for the huffington post, they're a mediocre news aggregator, not some liberal keystone. You've made yourself out to be a fool by denying facts and reality, so I'll leave you to it. Have fun at your weekly Sarah Palin Teabagger circle-jerk.

[hergs]

@SimulacrumMaster Do you even know what a financial derivative is? Most of them are created with leverage ratios near 30,000:1. So $30,000 worth of "bets" can be created from $1 of real assets. The Bank for International Settlements estimated that at the height of the real estate bubble, there were $900 Trillion worth of these leveraged bets in existence. The world GDP is only $61 Trillion. This is the direct result of financial deregulation. I know you won't believe me, so just Google it.

[SimulacrumMaster]

@hergs don't put the burden of proof on me because you can't back up your claims. lazy and wrong isn't a winning combo, although they do complement each other.

on top of that, mortgage lenders and mortgage traders would never have bothered if they hadn't been secured by the FDIC, Fannie/Freddie and other federal organs... the underlying currents directing conditions. i'm amused at how often libs start ranting in the middle of a story rofl

[hergs]

@SimulacrumMaster Fannie/Freddie didn't begin trading in leveraged mortgage-backed securities until very late in the game (07-08). They didn't start the trend, but they definitely got screwed by it when the Wall Street derivative house of cards collapsed.

And I gave you a reference for my claims. You're the ignorant sod who won't bother to learn the truth. You've come back with nothing but Fox News talking points.

[SimulacrumMaster]

@hergs fannie/freddie have been buying subprime mortgages for decades (THAT'S WHY THEY EXIST) which is what allowed small banks and mortgage traders to flood the market with them, which in turn poisoned the securities. again, you're obsessing over the most blindingly obvious part of the equation while ignoring the underlying currents.

[hergs]

@SimulacrumMaster Once again, you're spouting FNC bullshit. Prior to the banking and mortgage deregulation at the end of Clinton's presidency, sub-prime loans were highly regulated with very strict rules on verifying income and ability to repay. After the rules were thrown out, hundreds of fly-by-night mortgage companies sprouted up, which packaged and resold these mortgages. An FBI investigation revealed 80% of the bad loans were due to fraud by the fly-by-night mortgage companies.

[SimulacrumMaster]

@hergs you post a lot of numbers but give no sources. don't bother telling me to do the legwork to prove your points again.

plus you're changing subjects. at first you claimed it was deregs that allowed the "rich" to bet on/against the market, now it's deregs that allowed the market to be flooded with subprimes (which doesnt defeat my point, btw) while ignoring all the OTHER new regulations that pushed banks into making those loans. fucking huffers, i'm done here.

[hergs]

@SimulacrumMaster It's not my job to educate you. Go read the Financial Times.

If you don't understand what the Commodity Futures Modernization Act or the Gramm-Leach-Bliley Act did, then there's no point in having a conversation. Banks were allowed to act as investment houses, creating complex financial products backed by bundles of subprime loans that turned out to be shit because mortgage brokers were incentivised to fraudulently dump people into subprime loans which exploded on them.

[Robodude288]

I read this as satire and therefore laughed, however if you were serious you are in need of serious deprogramming (you've been brainwashed) and reeducation I recommend you start with Milton Friedman

[Jollyprez]

@Robodude288 So, is there an argument in there some where? Just attack the opponent and point them somewhere? Seriously, how about refuting something said here. Did you look at the video?

[haveldad]

@Jollyprez Did you watch the other two videos where he provided arguments? Seriously...

[sayanythingkicksass]

email all three videos to every congressman and senator in the damn country