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General Discussion => The New Joe Montgomery Birther Pit => Topic started by: K-S-U-Wildcats! on February 22, 2012, 08:09:10 AM

Title: That's Strange... Taxes Up, Revenue Down
Post by: K-S-U-Wildcats! on February 22, 2012, 08:09:10 AM
UK's new 50% tax rate results in lower revenue (http://www.telegraph.co.uk/finance/personalfinance/consumertips/tax/9097219/50p-tax-rate-failing-to-boost-revenues.html).

Quote
50p tax rate 'failing to boost revenues’
The amount of income tax paid fell sharply last month in the first formal indication that the new 50p higher rate is not raising the expected amount of revenue.

The Treasury received £10.35 billion in income tax payments from those paying by self-assessment last month, a drop of £509 million compared with January 2011. Most other taxes produced higher revenues over the same period.

Senior sources said that the first official figures indicated that there had been “manoeuvring” by well-off Britons to avoid the new higher rate. The figures will add to pressure on the Coalition to drop the levy amid fears it is forcing entrepreneurs to relocate abroad.

The self-assessment returns from January, when most income tax is paid by the better-off, have been eagerly awaited by the Treasury and government ministers as they provide the first evidence of the success, or failure, of the 50p rate. It is the first year following the introduction of the 50p rate which had been expected to boost tax revenues from self-assessment by more than £1billion.

I guess Thatcher and Reagan were right.

If you want more revenue, you've got to do three things: (1) simplify the tax code, (2) broaden the base (meaning a less progressive code where the bottom 50% actually pay something in income tax), (3) improve the economy (in part by fixing the tax code, but also by setting a more pro-business agenda). Oh, and we'll almost certainly need to elect Republicans to the Senate and White House to accomplish this, so I guess that's four things.
Title: Re: That's Strange... Taxes Up, Revenue Down
Post by: Trim on February 22, 2012, 08:21:46 AM
HOW 'BOUT THAT GAME LAST NIGHT?!? :woot:
Title: Re: That's Strange... Taxes Up, Revenue Down
Post by: K-S-U-Wildcats! on February 22, 2012, 08:26:59 AM
HOW 'BOUT THAT GAME LAST NIGHT?!? :woot:

rough ridin' awesome! But now its back to business, as Frank would say. Let's not get distracted.
Title: Re: That's Strange... Taxes Up, Revenue Down
Post by: Trim on February 22, 2012, 08:58:41 AM
HOW 'BOUT THAT GAME LAST NIGHT?!? :woot:

rough ridin' awesome! But now its back to business, as Frank would say. Let's not get distracted.

When McGruder hit hat 3 after mizzou closed to within 3, man...
Title: Re: That's Strange... Taxes Up, Revenue Down
Post by: yoga-like_abana on February 22, 2012, 08:59:32 AM
Gs Up Hoes Down
Title: Re: That's Strange... Taxes Up, Revenue Down
Post by: Deez Nutz on February 22, 2012, 10:03:44 AM
HOW 'BOUT THAT GAME LAST NIGHT?!? :woot:

rough ridin' awesome! But now its back to business, as Frank would say. Let's not get distracted.

When McGruder hit hat 3 after mizzou closed to within 3, man...

You don't want people to talk about politics on the politics section of the board?   :dunno:
Title: Re: That's Strange... Taxes Up, Revenue Down
Post by: Trim on February 22, 2012, 11:18:49 AM
HOW 'BOUT THAT GAME LAST NIGHT?!? :woot:

rough ridin' awesome! But now its back to business, as Frank would say. Let's not get distracted.

When McGruder hit hat 3 after mizzou closed to within 3, man...

You don't want people to talk about politics on the politics section of the board?   :dunno:

Do whatever you want.
Title: Re: That's Strange... Taxes Up, Revenue Down
Post by: Stupid Fitz on February 22, 2012, 12:23:34 PM
If we would just tax the rich people more, it would fix everything. 
Title: Re: That's Strange... Taxes Up, Revenue Down
Post by: john "teach me how to" dougie on February 22, 2012, 01:22:12 PM
They say your brain needs some fat to work properly, I guess this is proof...

http://www.youtube.com/v/yrt_7uS9bwI?version=3&hl=en_US

Title: Re: That's Strange... Taxes Up, Revenue Down
Post by: jtksu on February 22, 2012, 01:26:16 PM
eff.  I knew those SOBs paid some serious taxes but I had no idea it was like 50%.  Pretty sure I'd become one of those dudes that move to Montana and declare their sovereignty if we had to pay 50%.
Title: Re: That's Strange... Taxes Up, Revenue Down
Post by: Rage Against the McKee on February 22, 2012, 03:11:49 PM
http://money.cnn.com/2012/02/22/news/economy/obama_corporate_taxes/index.htm?iid=HP_LN&hpt=hp_t1 (http://money.cnn.com/2012/02/22/news/economy/obama_corporate_taxes/index.htm?iid=HP_LN&hpt=hp_t1)

I'm betting the republicans vote against this plan to cut corporate taxes by 20%.
Title: Re: That's Strange... Taxes Up, Revenue Down
Post by: john "teach me how to" dougie on February 22, 2012, 06:18:23 PM
http://money.cnn.com/2012/02/22/news/economy/obama_corporate_taxes/index.htm?iid=HP_LN&hpt=hp_t1 (http://money.cnn.com/2012/02/22/news/economy/obama_corporate_taxes/index.htm?iid=HP_LN&hpt=hp_t1)

I'm betting the republicans vote against this plan to cut corporate taxes by 20%.

If you want to call it a tax cut, corps would actually need to pay less instead of more.  :facepalm:
Title: Re: That's Strange... Taxes Up, Revenue Down
Post by: Rage Against the McKee on February 22, 2012, 07:13:42 PM
http://money.cnn.com/2012/02/22/news/economy/obama_corporate_taxes/index.htm?iid=HP_LN&hpt=hp_t1 (http://money.cnn.com/2012/02/22/news/economy/obama_corporate_taxes/index.htm?iid=HP_LN&hpt=hp_t1)

I'm betting the republicans vote against this plan to cut corporate taxes by 20%.

If you want to call it a tax cut, corps would actually need to pay less instead of more.  :facepalm:

Quote
The main proposal for reform would slash the corporate tax rate to 28% from 35% and pay for the reduction by eliminating "dozens" of business tax breaks.

Cut taxes and close loopholes . . .
Title: Re: That's Strange... Taxes Up, Revenue Down
Post by: star seed 7 on February 22, 2012, 07:39:32 PM
Its hard to "talk politics" when one of the sides arguments is that to increase revenue we need to raise taxes on poor and middle class, and eliminate taxes for the rich and corporations.
 :jerk:
Title: Re: That's Strange... Taxes Up, Revenue Down
Post by: john "teach me how to" dougie on February 22, 2012, 08:03:41 PM
http://money.cnn.com/2012/02/22/news/economy/obama_corporate_taxes/index.htm?iid=HP_LN&hpt=hp_t1 (http://money.cnn.com/2012/02/22/news/economy/obama_corporate_taxes/index.htm?iid=HP_LN&hpt=hp_t1)

I'm betting the republicans vote against this plan to cut corporate taxes by 20%.

If you want to call it a tax cut, corps would actually need to pay less instead of more.  :facepalm:

Quote
The main proposal for reform would slash the corporate tax rate to 28% from 35% and pay for the reduction by eliminating "dozens" of business tax breaks.

Cut taxes and close loopholes . . .

Quote
Today, however, thanks to the bevy of tax breaks available to them, most of the largest corporations end up with effective tax rates far below 35%. Indeed, in many cases, they may pay far less than 25%.
Title: Re: That's Strange... Taxes Up, Revenue Down
Post by: Rage Against the McKee on February 22, 2012, 08:53:19 PM
http://money.cnn.com/2012/02/22/news/economy/obama_corporate_taxes/index.htm?iid=HP_LN&hpt=hp_t1 (http://money.cnn.com/2012/02/22/news/economy/obama_corporate_taxes/index.htm?iid=HP_LN&hpt=hp_t1)

I'm betting the republicans vote against this plan to cut corporate taxes by 20%.

If you want to call it a tax cut, corps would actually need to pay less instead of more.  :facepalm:

Quote
The main proposal for reform would slash the corporate tax rate to 28% from 35% and pay for the reduction by eliminating "dozens" of business tax breaks.

Cut taxes and close loopholes . . .

Quote
Today, however, thanks to the bevy of tax breaks available to them, most of the largest corporations end up with effective tax rates far below 35%. Indeed, in many cases, they may pay far less than 25%.

No crap. It's a progressive tax system. Obama is proposing lowering the top tier of that progressive system from 35% to 28%. Stop pretending that it's a tax hike.
Title: Re: That's Strange... Taxes Up, Revenue Down
Post by: LickNeckey on February 23, 2012, 01:06:10 PM
wouldn't this plan fulfill #1 of KSU's three point tax advice
Title: Re: That's Strange... Taxes Up, Revenue Down
Post by: Rage Against the McKee on February 23, 2012, 01:22:20 PM
wouldn't this plan fulfill #1 of KSU's three point tax advice

Yes.
Title: Re: That's Strange... Taxes Up, Revenue Down
Post by: LickNeckey on February 23, 2012, 03:12:50 PM
 :thumbsup: then we are on the right track
Title: Re: That's Strange... Taxes Up, Revenue Down
Post by: K-S-U-Wildcats! on February 23, 2012, 03:23:18 PM
The devil is in the details.
Title: Re: That's Strange... Taxes Up, Revenue Down
Post by: ednksu on February 24, 2012, 12:02:48 AM
UK's new 50% tax rate results in lower revenue (http://www.telegraph.co.uk/finance/personalfinance/consumertips/tax/9097219/50p-tax-rate-failing-to-boost-revenues.html).

Quote
50p tax rate 'failing to boost revenues’
The amount of income tax paid fell sharply last month in the first formal indication that the new 50p higher rate is not raising the expected amount of revenue.

The Treasury received £10.35 billion in income tax payments from those paying by self-assessment last month, a drop of £509 million compared with January 2011. Most other taxes produced higher revenues over the same period.

Senior sources said that the first official figures indicated that there had been “manoeuvring” by well-off Britons to avoid the new higher rate. The figures will add to pressure on the Coalition to drop the levy amid fears it is forcing entrepreneurs to relocate abroad.

The self-assessment returns from January, when most income tax is paid by the better-off, have been eagerly awaited by the Treasury and government ministers as they provide the first evidence of the success, or failure, of the 50p rate. It is the first year following the introduction of the 50p rate which had been expected to boost tax revenues from self-assessment by more than £1billion.

I guess Thatcher and Reagan were right.

If you want more revenue, you've got to do three things: (1) simplify the tax code, (2) broaden the base (meaning a less progressive code where the bottom 50% actually pay something in income tax), (3) improve the economy (in part by fixing the tax code, but also by setting a more pro-business agenda). Oh, and we'll almost certainly need to elect Republicans to the Senate and White House to accomplish this, so I guess that's four things.

wow you're so wrong here.  Massive facepalm.
Title: Re: That's Strange... Taxes Up, Revenue Down
Post by: Fake Sugar Dick (WARNING, NOT THE REAL SUGAR DICK!) on February 24, 2012, 03:57:34 PM
More proof libs hate facts.