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| Name: |
water_watcher
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| Subject: |
CBO valuing Romney tax plan
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Date:
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3/8/2012 6:22:13 AM
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Watching CNBC and they have Judd Gregg (former senator and govenor) that I personally think is someone that should run for higher office.
But he was talking about the CBO and Obama comments on Romneys tax plan related to repatriating income earned in other countries .... Obama wants to tax it at 35% to come back to the US and Romney proposed 5% (I think it should be zero). So the CBO values it and says how many tax dollars we will lose at 5%.
Gregg pointed out that we already know that business will not repatriate at 35% and will reinvest in the country the dollars are in ... so the tax revenue at 35% is ZERO .... but at 5% a high percent of the dollars will come back to the US, raise tax revenue because of it and generate investment in the US, create jobs and generate additional tax revenue.
Come on ... this is not that difficult ... if Oblamer really wanted to help the economy and create jobs he would immediately allow a year window to bring dollars back to the US tax free and we would see the results.
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| Name: |
roswellric
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| Subject: |
CBO valuing Romney tax plan
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Date:
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3/8/2012 2:11:54 PM
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May not come back at 5%. Most US companies are still in expansion mode overseas.
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| Name: |
water_watcher
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| Subject: |
CBO valuing Romney tax plan
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Date:
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3/8/2012 2:34:29 PM
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Don't disagree ... but if it does not come back a 5%, it is sure as heck not coming back at 35%. So Oblamer and the CBO using 35% based on about $700,000,000 that could be repatriated is nuts ... they must be smoking something.
That is why Oblamers "proposed budget", that even dems will not get behind, is far far worse than it even shows on paper. He proposed all these tax increases and new tax collections, with no impact to the economy, in fact higher growth than anyone has projected. And he still has a $2 trillion deficit. Unbelievable.
Bernake has warned about the impact new taxes could have and against letting any of the current tax rates sunset for anyone ... he keeps printing money to pump liquidity and offset the distruction Oblamer is causing.
That is what is fueling the stock market.
We should have a good jobs report tomorrow (I hope so), but we are not making a dent in the hard core unemployed, companies are still afraid to expand. The best projection is 2% GDP growth and that will not create enough jobs to absorb new workers in the workforce. So under Oblamer we are stuck at 8-9% reported unemployment and 15% real unemployment counting all those he chooses not to count any more.
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