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"We're not a bad football team; we just do stupid stuff," said Eric Decker
MikeGangGree... Icon : (28 October 2014 - 09:28 PM) Jose Canseco just pulled a Plaxico Burress.
azjetfan Icon : (28 October 2014 - 10:01 PM) Shot himself in the leg?
HarlemHxC814 Icon : (28 October 2014 - 10:05 PM) Shot his middle finger
MikeGangGree... Icon : (28 October 2014 - 10:09 PM) Suck for the Duck
santana Icon : (29 October 2014 - 10:57 AM) Milber didnt die for this
azjetfan Icon : (29 October 2014 - 12:30 PM) How pissed are we all going to be if Vick comes in and wins a bunch of games knocking us out of the top 5 picks?
azjetfan Icon : (29 October 2014 - 12:32 PM) We are sitting in either 2 or 3 depending on the tie breaker with Jax
azjetfan Icon : (29 October 2014 - 12:32 PM) If Oakland can pull out a couple wins we would be in good shape.
Jetsfan0099 Icon : (29 October 2014 - 01:35 PM) Vick=$$$
MikeGangGree... Icon : (29 October 2014 - 07:09 PM) THE BEETS
santana Icon : (29 October 2014 - 07:10 PM) Patty mayonnaise never gave up that poon
santana Icon : (29 October 2014 - 07:51 PM) Game 7
MikeGangGree... Icon : (29 October 2014 - 07:54 PM) Forget the Beets
MikeGangGree... Icon : (29 October 2014 - 07:54 PM) forget game 7
MikeGangGree... Icon : (29 October 2014 - 07:54 PM) THE KNICKS
santana Icon : (29 October 2014 - 08:07 PM) No one cares about the Knicks
santana Icon : (29 October 2014 - 08:07 PM) NO ONE LIKES MILLHOUSE
MikeGangGree... Icon : (29 October 2014 - 09:14 PM) No one cares about Santana
MikeGangGree... Icon : (29 October 2014 - 09:15 PM) after we traded you
santana Icon : (29 October 2014 - 09:36 PM) Well fine! I'll start another fanboard with black jack and hookers! Infact forget the fanboard!
MikeGangGree... Icon : (29 October 2014 - 10:27 PM) Was the best time of your playing days the Monday night game against Dallas in 05??
MikeGangGree... Icon : (29 October 2014 - 10:31 PM) https://www.youtube....h?v=3MQnxQdvIgY
MikeGangGree... Icon : (29 October 2014 - 10:32 PM) just go to 2:50
MikeGangGree... Icon : (29 October 2014 - 10:33 PM) and 4:15
Jetsman05 Icon : (Yesterday, 06:48 AM) everyone i have a confession
Jetsman05 Icon : (Yesterday, 06:48 AM) santana is a solid individual
Chaos Icon : (Yesterday, 07:41 AM) hacked?
Chaos Icon : (Yesterday, 07:41 AM) Brady vs Denver or Brees vs Carolina?
santana Icon : (Yesterday, 10:45 AM) Brady
santana Icon : (Yesterday, 10:45 AM) Saints blow on the road
MikeGangGree... Icon : (Yesterday, 10:57 AM) Santana at his best https://www.youtube....h?v=CgmfTyITaY0
santana Icon : (Yesterday, 12:53 PM) Correction that's Quincy carter at his best
NJAzrael71 Icon : (Yesterday, 01:22 PM) Brees vs Carolina or Kaepernick vs St Louis? St Louis gives up the most to QB's but Brees can light up Carolina's D.
santana Icon : (Yesterday, 01:25 PM) Milber is love Milber is life
santana Icon : (Yesterday, 01:57 PM) seems like vick still has that fast ball
santana Icon : (Yesterday, 01:57 PM) $$
Jetsman05 Icon : (Yesterday, 04:33 PM) dipping my toe into this fanduel thing... just for basketball because it makes more sense to me than football
Jetsman05 Icon : (Yesterday, 04:33 PM) anyone played on it before
MikeGangGree... Icon : (Yesterday, 05:04 PM) We could use Quincy Carter right now
santana Icon : (Yesterday, 05:27 PM) pro basketball or college
Jetsman05 Icon : (Yesterday, 05:28 PM) pro
santana Icon : (Yesterday, 05:32 PM) I did it for two years it was frustrating
santana Icon : (Yesterday, 05:33 PM) I've given up on nba and mlb fantasy too many lineup changes
HarlemHxC814 Icon : (Yesterday, 07:45 PM) I'm on draft kings
MikeGangGree... Icon : (Yesterday, 09:39 PM) THE KNICKS
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The Bush Tax-Cut Failure Voodoo economics

#1 User is offline   Mr_Jet Icon

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Posted 22 May 2013 - 02:36 AM

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The Bush Tax-Cut Failure
May 21, 2013
by Bruce Bartlett

This post originally appeared on The New York Times Economix blog.

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President Bush touts his tax cut plan to a crowd at Lafayette Regional Airport March 9, 2001, in Lafayette, La. (AP Photo/Kenneth Lambert)

Ten years ago this month, Congress enacted the third major tax cut of the George W. Bush administration. Its centerpiece was a huge cut in the tax rate on dividends. Historically, they had been taxed as ordinary income, but the Bush plan, enacted by a Republican Congress, cut that rate to 15 percent. The tax rate on ordinary income went as high as 35 percent.

This initiative originated with the economist R. Glenn Hubbard, who had been chairman of the Council of Economic Advisers when the proposal was sent to Congress. Mr. Hubbard was a strong believer that the double taxation of corporate profits – first at the corporate level and again when paid out as dividends – was a major economic problem.

During the George H. W. Bush administration, Mr. Hubbard had been deputy assistant secretary of the Treasury for tax policy and wrote a Treasury report advocating full integration of the corporate and individual income taxes.

Mr. Hubbard had also spearheaded enactment of big tax cuts in 2001 and 2002 that he said would jump-start the American economy. In an op-ed article in The Washington Post on Nov. 16, 2001, he predicted that the soon-to-be-enacted 2002 tax cut, which President Bush signed on March 9, 2002, would “quickly deliver a boost to move the economy back toward its long-run growth path.”

Mr. Hubbard predicted that it would create 300,000 additional jobs in 2002 and add half a percentage point to the real gross domestic product growth rate.

There is no evidence that the tax cut had any such effect. The unemployment rate remained above 5.7 percent all year, rising to 5.9 percent in November and 6 percent in December. The real GDP growth rate fell each quarter of 2002, and by the fourth quarter growth was at a standstill. Hence the need for yet another big tax cut.

The idea of the 2003 legislation was to raise dividend payouts, thereby bolstering personal income, and raise the prices of common stock, which would improve household balance sheets. As President Bush explained in his signing statement, “This will encourage more companies to pay dividends, which in itself will not only be good for investors but will be a corporate reform measure.” He also said the dividend tax cut would “increase the wealth effect around America and help our markets.”

The Treasury Department issued a fact sheet on July 30 asserting that the decline in dividends had been a cause of the weak stock market and noting that dividend payouts had risen since enactment of the tax cut on May 28.

Subsequent research, however, found that the increase in dividends was a short-term phenomenon and mainly at companies where stock options were a major form of executive compensation. A 2005 Federal Reserve Board study found that the United States stock market did not outperform European stock markets after the dividend cut. Nor did stocks qualifying for lower dividend taxes outperform those, such as real estate investment trusts, that did not qualify for lower dividend taxes. Non-dividend paying stocks slightly outperformed dividend-paying stocks, and many corporations that did pay higher dividends scaled back stock repurchases by a similar amount.

Share repurchases were a common way that corporations returned profits to shareholders. They raised stock prices, which were untaxed as long as shareholders held the stock and were taxed at low capital gains tax rates when sold.

A 2006 Federal Reserve study found that a third of corporations cut share repurchases by the same amount they increased dividend payouts. Hence only the form of shareholder compensation changed, not the amount. A 2010 Federal Reserve study found little change in total dividend payouts after the 2003 rate cut as a percentage of corporate earnings. It concluded that the tax cut had little, if any, effect.

A 2008 study published in the National Tax Journal surveyed investment professionals to see their reaction to the dividend tax cut. It found that the tax cut was less significant than other factors, such as corporate cash flow and cash holdings that were unaffected by the tax change.

A 2011 study by the Treasury Department examined household portfolios. It found no evidence that households shifted their investments from those whose return was taxed as ordinary income into dividend-paying stocks whose income was taxed less.

Finally, a January 2013 study by Danny Yagan of the University of California, Berkeley, examined the impact of the 2003 tax cut on corporate investment. He found zero change.

It is hard to find even a reputable conservative economist willing to say anything good these days about President Bush’s tax and economic policies. In 2009, the Harvard economist Dale Jorgenson said he saw no redeeming features in them.

In 2011, the economist Alan Viard of the conservative American Enterprise Institute told Bloomberg News, “The effects of the Bush tax cuts on growth were ambiguous at best.” He added, “They were not much of a poster child for pro-growth tax policy.”

Even Mr. Hubbard now seems unwilling to defend the tax cuts he shepherded into law. Earlier this year, he was asked by The New York Times what he thought about the repeal of many of the Bush-era tax cuts on Jan. 1. He said many of those tax cuts were no longer relevant to our tax and economic problems.

Mr. Hubbard even suggested that higher revenues, long a Republican no-no, were not a bad thing. “We need a tax system that can promote economic growth and raise the revenue the American people want to devote to government,” he said.



-Bruce Bartlett held senior policy roles in the Reagan and George H. W. Bush administrations and served on the staffs of Representatives Jack Kemp and Ron Paul. He is the author of The Benefit and the Burden: Tax Reform – Why We Need It and What It Will Take. He’s been a guest of Bill’s twice on Moyers & Company.



Papa Bush had it right from the very beginning...

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View PostFlyHiJets, on 01 June 2013 - 08:35 PM, said:

You're the scumbag that thinks everyone should kiss the as$es of a bunch of criminals but I'm a dumbass. Yeah okay douchebag. Go give some illegal wetback or Revis another blowjob. But then again.....don't you live in an entirely different country but yet think you can tell us how to live? Go fvck yourself little boy. You're likely still living with mommy & daddy. Pu$$y.


View Postazjetfan, on 02 July 2014 - 03:36 PM, said:

There are a few things I have realized about Mr. Jet over a few topics.

1) He is a racist. By constantly using race as a battling tool.
2) He is an extreme Liberal. If you are on either extreme you are probabaly more wrong than right.
3) He is one of those people who will never admit fault, error or defeat.
4)His life sucks and he takes it out on people who don't share in his views.
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#2 User is offline   azjetfan Icon

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Posted 22 May 2013 - 05:15 PM

You have to have a reasonable budget for a tax code to work. Something our government has yet to do effectively no matter the party for one reason or another. Some people want more taxes and the government to be more evolved with their lives and some do not. Time to put all this Liberal vs Conservative or Democrate vs Republican crap aside. It's fun to talk about but eventually something will need to be done.
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