Big 4 accounting firm says obama tax proposal could cost 700,000 jobs

[tonymctones]

http://news.yahoo.com/blogs/ticket/study-says-obama-tax-proposals-could-cost-700-145037841.html

Here is what the accounting firm concluded would happen:

·  Output in the long-run would fall by 1.3 percent, or $200 billion, in today's economy.

·  Employment in the long-run would fall by 0.5 percent, or roughly 710,000 fewer jobs, in today's 
economy.

·  Capital stock and investment in the long-run would fall by 1.4 percent and 2.4 percent, respectively.

·  Real after-tax wages would fall by 1.8 percent, reflecting a decline in workers' living standards 
relative to what would have occurred otherwise.

[tonymctones]

nothing?

one of the 5 biggest accounting firms in the country says that obamas tax plan could cost 700k and everybody still wants to talk about romneys tax returns?

curious, especially since we know that some individuals really do want to focus on the issues.

[Shockwave]

Most are too busy jizzing themselves over the Bain nonsense.

[tonymctones]

Most are too busy jizzing themselves over the Bain nonsense.

Agreed, I dont really know why with all the talk of wanting to focus on the issues.

This is a pretty big fuking deal, Ernst and Young are one of the most recognized accounting firms in the country

*Edit title change - I was mistaken they are one of the 4 biggest accounting firms in the US

[Soul Crusher]

Agreed, I dont really know why with all the talk of wanting to focus on the issues.

This is a pretty big fuking deal, Ernst and Young are one of the most recognized accounting firms in the country

*Edit title change - I was mistaken they are one of the 4 biggest accounting firms in the US

Doesn't matter.  Romney farted yesterday. 

[tonymctones]

Still nothing?

[tonymctones]

Huggy, Oz, Beach please pin this to the top

[tonymctones]

bump for the night

[whork]

What part of his tax plan will cause this? The Bush tax cuts ending or..?

[tonymctones]

What part of his tax plan will cause this? The Bush tax cuts ending or..?

On my phone so I'll give specifics later but answer this for me.

What does it matter?

700k jobs lost is 700k lost does it matter what part of his plan it comes from?

[whork]

On my phone so I'll give specifics later but answer this for me.

What does it matter?

700k jobs lost is 700k lost does it matter what part of his plan it comes from?

True but if companies where not outsourcing we might have a healthy economy. And republicans give money to firms that outsource. That makes Obamas plan totally irrelevant

[Shockwave]

True but if companies where not outsourcing we might have a healthy economy. And republicans give money to firms that outsource. That makes Obamas plan totally irrelevant

So youre squarely laying the blame at outsourcing?
BTW, provide proof they give money to firms to outsource please.

[tonymctones]

True but if companies where not outsourcing we might have a healthy economy. And republicans give money to firms that outsource. That makes Obamas plan totally irrelevant

That may be true but it has nothing to do with obamas tax plan costing 700k jobs, dont you think that one of the most respected accounting/consulting firms in the world would have taken that into account?

you do know the admin gave tons of money to companies that outsource right?

you do know that obamas job czar is the CEO of GE, who specializes in outsourcing, RIGHT?

[tonymctones]

here you go whork

The Ernst and Young study looked at the impact of seeing the top marginal tax rates rise—but also studied the effects of a range of other proposals included in the president's budget and broader tax plans.

This report examines four sets of provisions that would increase the top tax rates:

· The increase in the top two tax rates from 33 to 36 percent and from 35 to 39.6 percent.

· The reinstatement of the limitation on itemized deductions for high-income taxpayers (the "Pease" provision).

· The taxation of dividends as ordinary income and at a top income tax rate of 39.6 percent and increase in the top tax rate applied to capital gains to 20 percent.

· The increase in the 2.9 percent Medicare tax to 3.8 percent for high-income taxpayers and the application of the new 3.8 percent tax on investment income including flow-through business income, interest, dividends and capital gains.

[whork]

These people know what they are talking about and i dont.

Sounds like a bad plan i agree.

[tonymctones]

BUMP FOR ROMNEYS TAXES

[240 is Back]

BUMP FOR ROMNEYS TAXES

why bother?  You said by wednesday this will be out of the news.  Just another 72 hours and nobody will be talking about his taxes, right?

[tonymctones]

why bother?  You said by wednesday this will be out of the news.  Just another 72 hours and nobody will be talking about his taxes, right?

LMFAO just b/c its dead in the national media doesnt mean you wont try and keep humping it on here...

So no comment on the topic of the thread?

[240 is Back]

LMFAO just b/c its dead in the national media doesnt mean you wont try and keep humping it on here...

So no comment on the topic of the thread?

hahah this wont even be news in a week you moron

THis should be off the news websites by Wednesday.

and if you'll notice, i've defended romney as not breaking any laws.  It'd hurt him politically to release them, so he should not.

BUT

I do think they'll leak (from obama or someone on mccain campaign or someone who gets paid $$$) in october. 

[tonymctones]

THis should be off the news websites by Wednesday.

and if you'll notice, i've defended romney as not breaking any laws.  It'd hurt him politically to release them, so he should not.

BUT

I do think they'll leak (from obama or someone on mccain campaign or someone who gets paid $$$) in october. 

"Lets focus on the issues" hahahahha

[240 is Back]

"Lets focus on the issues" hahahahha

attack the messenger, not the message, much?

[240 is Back]

"Lets focus on the issues" hahahahha

and yes, it IS an issue for many people.

Romney called himself a job creator - now we see he was attending board meetings and taking a bain paycheck during that huge outsourcing phase.  He tried to get the "I created all these jobs, but missed out on all the outsourcing" card, which was bullshit.

And there ARE some voters who, if they read romney didn't pay taxes for 10 years and became a billionaire off of it, won't vote for him.  There are.

[tonymctones]

and yes, it IS an issue for many people.

Romney called himself a job creator - now we see he was attending board meetings and taking a bain paycheck during that huge outsourcing phase.  He tried to get the "I created all these jobs, but missed out on all the outsourcing" card, which was bullshit.

And there ARE some voters who, if they read romney didn't pay taxes for 10 years and became a billionaire off of it, won't vote for him.  There are.

this has what to do with the topic of the thread?

[tonymctones]

Raising this thread like obama wants to raise taxes!!!

[Soul Crusher]

Raising this thread like obama wants to raise taxes!!!

don't hold your breath.   I keep updating my misery index thread w serious articles on our dire situation and get little attention at all.