Me: “Did you take Econ 101?”

I’ll take that as a no.

If you raise the tax rate of someone making $250k by 1% they will not reduce their spending by $2.5k. Additionally, they will reduce their spending by less than if you take five people earning $50k and raise each of their tax rates by 1%.

“This was all covered in the second day of Econ 101.”

Did you take Econ 101?

This was all covered in the second day of Econ 101. Were you sick that day? (To be fair, you weren’t the only one. We also covered supply and demand that day. And every sports columnist in the country appears to have missed that nugget as well.)

Make all the snide remarks you want. I’ve told you what is going to eventually happen. The socialists and their power grab will be cut off.

Once again, yo comes out in favor of armed insurrection.

It doesn’t lead to as big of a difference the more you earn.

See…

“And there is a difference in how the same marginal rates affect spending between income groups.”

When trying to understand what someone says, you should take into account previous posts as well.

Simple put…

If you charge 1% more in taxes from a person making $250k a year, they will reduce their spending a lot less than if you increase the taxes of someone making $50k a year by 1%.

Look up the term, “Declining marginal value” and do some research.

I can’t believe we’re still having this conversation.

Longer answer: If you want to go back to the 90′s, don’t forget the other part of the equation.

Avg. growth of budget under Clinton: 4% (1.41T –> 1.87T)
Avg. growth of budget under Bush: 7% (2T –> 3.1T)
Avg. growth of budget under Obama: 17% (–> 3.6T)

Tell me O Great Economics Wizard CSS, if the 250K+ people have to pay more taxes, where will that money come from? That money is currently either

A) being used to buy “extravagent” luxuries like HDTVs, yachts, and Vegas vacations. By increasing taxes, you’re harming the TV and yahct manufacturers and the Vegas tourism industry.

B) Being invested into their business via paying for employees or equipment. Increasing taxes wiil then lead to either higher unemployment or decreases in productivity as equpiment cannot be replaced.

C) Invested in banks, stocks, mutual funds, whathaveyou. This allows OTHER companies to spend on employment and equpment. See Item B for tax increase repercussions.

How about just quoting the story…

“Cincinnati police said unofficially that about 4,000 protesters showed up Sunday, less than the 6,000-plus people lead organizer Mike Wilson had projected.”

No thanks, I’m good. But I appreciate the offer.

The socialists and their power grab will be cut off.

What “power grab” are you talking about? The way I heard it, there was an election and Obama* won decisively.

Hey, yo mama, where are you? Are you at your Objectivist Utopia yet? If so, does it totally kick ass? Is everybody there totally cool and everything?

*not a Socialist

SaveFarris… Stupid or lying?

Both. It has to be both.

People making over $250k won’t reduce their spending if they are asked to pay a few cents more and every dollar they earn over $250k. It’s not that complicated, and you should have learned it first year of university economics.

… What? You didn’t take economics in university?

Well. I’m shocked. The way you and your fellow right-wingers keep talking about the subject here, I assumed you had some formal education in the matter.

My mistake.

http://news.cincinnati.com/article/20090316/NEWS0108/903160337

Make all the snide remarks you want. I’ve told you what is going to eventually happen. The socialists and their power grab will be cut off.

Shorter SaveFarris: The concept of the decreasing marginal utility of money eludes me.

And ed makes my point for me. The top 5% are being asked to pay their “fair share”. The bottom 95% are not. Thanks ed!

Um, no. The latter does not necessarily follow the former, Wile E. We’re just asking dickweeds like yourself to pay your fair share, adhere to the Rule of Law, and take some pride in what our taxes pay for. Like The Troops, for example.

These people need to spend in order to get the economy going.

And there is a difference in how the same marginal rates affect spending between income groups.