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Ben Stein destroys O’Reilly’s ‘Talking Points’ on taxes

Discussion in 'Political Discussion' started by Patters, Aug 23, 2011.

  1. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    Rawstory is a liberal website, but they do provide a video to support their reporting. This is interesting because Ben Stein is held in high regard by many conservatives.

    Ben Stein destroys O’Reilly’s ‘Talking Points’ on taxes  | Raw Replay

    ...

    O’Reilly went on to argue that raising taxes on the rich would make the recession worse.

    “That isn’t true,” Stein said. “There is no correlation, Mr. O’Reilly, between taxes rates on millionaires and people above that level, billionaires, and the growth of the economy… Higher taxes have historically correlated with more growth.”

    “Mr. O’Reilly, sir, there is no correlation of raising taxes and unemployment,” he added later. “If you can show it to me, I’ll eat your shoe.”
  2. khayos

    khayos Rookie

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  3. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    Why would lead one to think that O'Reilly could make a coherent argument on anything?
  4. PatsFanInVa

    PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    So I take it that O'Reilly is wrong because he's too stupid to understand that higher taxation of the rich does not cause higher unemployment?
    Last edited: Aug 24, 2011
  5. IcyPatriot

    IcyPatriot ------------- PatsFans.com Supporter

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    #87 Jersey

    Why would anyone watch Ben Stein - like watching paint dry for cripes sake.
  6. Patsfanin Philly

    Patsfanin Philly Rookie

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    #95 Jersey


    On a state level, the millionaire's tax is a failure as was shown in Maryland because the uber rich will move to a low tax state to avoid the taxes. In Maryland IIRC ( link in an old post) tax revenues among the ultra rich actually went down after the tax was instituted because they moved to Delaware, Tenn and Texas..
    On a Federal level, it may have a different effect as there is no rational response in the US ( e.g. moving to a low tax state)
  7. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    State Millionaire Taxes - Are They Driving Out the Millionaires?

    ... New York and California have both seen an increase in state tax revenue as a result of tax hikes on the rich. According to the Rockefeller study, in the first quarter of 2010, New York’s tax revenue rose by 15.8 percent and California’s increased by 19.1 percent compared to the same period in 2009.

    ...

    Their findings showed that out of 3,837 less millionaire tax returns filed in 2008 (in Maryland) compared to 2007, only 547 of them were due to state residency changes. The other 3,290 millionaires simply made less money during the recession and were therefore not subject to the millionaire tax.

    ...Princeton University’s Policy Research Institute studied the effects of New Jersey’s “half millionaire” tax that was passed in 2000. This “half millionaire” tax created a new tax bracket for those making over $500,000 a year. The study found that while some out-migration did occur, the increase in tax revenue more than made up for the losses. New Jersey lost $37.7 million in tax revenue after wealthy taxpayers left the state, but they gained over $1 billion in revenue from the tax increase.
  8. khayos

    khayos Rookie

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    Go look at Illinois raising taxes...
  9. JackBauer

    JackBauer On the Roster

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    What about Illinois raising taxes?

    At the federal level, there is no question taxes will need to go up, and this is supported by an overwhelming majority of the American public as well as economists.
    Last edited: Aug 24, 2011
  10. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    Certainly, there will be some companies leaving Illinois and also Illinois cut a lot of state jobs, but it appears that unemployment actually fell for awhile, though last month (not only in Illinois) was bad. Obviously, Illinois has a lot of work to do, and it remains to be seen if getting their deficit in order through taxation will be an effective policy. At any rate, it appears to have been an effective policy for states like NY, New Jersey, and CA (a tax hike on millionaires at least).

    Unemployment in the U.S. - Google Public Data Explorer
    Last edited: Aug 24, 2011
  11. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    You are confusing revenues and rates again, not a linear relationship.
  12. JackBauer

    JackBauer On the Roster

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    I'm not confusing anything, thanks.
  13. chicowalker

    chicowalker On the Roster

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    As PatsfaninPhilly already pointed out to you, there's a difference between one state increasing tax rates and the nation increasing tax rates.

    I have a friend / former client with a successful company who moved his personal residence from LA to Vegas in order to decrease taxation on the sale of his company. He wasn't going to move to a different nation, though (he wouldn't even have moved to Texas or Florida).
  14. PatriotsReign

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    I agree that raising taxes on the extremely wealthy would have little affect upon our economy, but I can state for a fact that raising taxes on the middle-class (<$250k/yr) would have a significant negative affect.

    In no way should we even consider raising taxes on the middle class. At least not until our economy is back on solid ground to prosperity.

    If my taxes were raised, I would simply spend less...just like everyone else.
    Last edited: Aug 25, 2011
  15. wistahpatsfan

    wistahpatsfan Rookie

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    #75 Jersey

    What is this "middle class" you speak of?
  16. wistahpatsfan

    wistahpatsfan Rookie

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    #75 Jersey

    Massachusetts is #16 lowest unemployment rate. I thought the tax burden here is "UNBEARABLE"! More evidence that those who love to bash Mass do so out of jealousy and/or ignorance....

    Sincerely,
    Ultimate Masswhole
    Last edited: Aug 25, 2011

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