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CNBC chyron asks "Obama Budget: A Ticking Tax Bomb?"

April 03, 2009 1:02 pm ET

OBAMA BUDGET A TICKING TAX BOMB

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    • Author by pros2pros2940 (April 03, 2009 2:02 pm ET)
         

      Once again...........if you don't know IT'S NOT NEWS

      QUIT WITH THE QUESTIONS

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    • Author by seeryer (April 03, 2009 2:19 pm ET)
         

      It is for every national reporter or anchor or pundit on TV.  Conservatives are absolutely hopeless.  Every single thing Obama does is immediately met with consiparcy, propaganda and just pure BS.  Don't they realize people are sick of their reactionary tendencies and instead would enjoy some legitimate solutions if they have them.  Tax cut is not a solution, it is perpetuating the crisis.

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    • Author by Max Credits (April 03, 2009 2:37 pm ET)
         
      "A Ticking Tax Bomb: Hyperbolic Enough?"
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    • Author by steeve (April 03, 2009 7:06 pm ET)
         
      I sure hope so. If the deficits continue long enough, Obama will be forced to raise taxes on the rich. He doesn't seem to realize that it's free money, so something will have to push him.
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      • Author by oscar the grouch (April 03, 2009 7:38 pm ET)
           
        And when it is realized that the rich don't have enough to cover the bill, the rate creep (downward) will begin.
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        • Author by steeve (April 03, 2009 10:47 pm ET)
             
          They've been stockpiling for 30 years. Their wealth can't be comprehended.

          Still, I agree it'll be nice to see it empirically. So let's jack the tax rate up to 60% and watch.
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          • Author by oscar the grouch (April 04, 2009 10:08 am ET)
               
            And if they have it stockpiled, they can pretty well determine their taxable income going forth so that they can pretty much decide how much tax they want to pay (the super rich).  Again, revenues to the government from individual income taxes has been in the 17-18% of GDP each year since about 1960, except for one or two exceptions, no matter what the tax rates are, so it doesn't appear from history that raising the top marginal rates is going to have a real great effect on revenue to the government, that increasing the GDP will have more effect.
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            • Author by steeve (April 04, 2009 11:48 am ET)
                 
              The slowdown of the early 2000s barely touched GDP, but Bush's tax cuts hit revenue like a ton of bricks.

              But you made a better argument than I ever could that deficits in the name of spurring the economy are well worth it.
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