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Posted 2 years ago.
See this poll on: http://cnnmoneytalkback.blogs.cnnmoney.cnn.com/2010/08/05/bus…
Tax cuts for the rich do not creat jobs! What creates jobs is demand for goods and services. It's simple economics people. Cut taxes for the people who will spend the money (the middle class) to spur demand wihich will spur job growth. The rich will just pocket the money. Let the tax cuts expier and create a middle class tax cut!
40% of tax filers already do NOT pay any income taxes. Almost half of them half of them have a negative tax liabiltiy, which means that the Government sends them a check for more money than they paid in income taxes. The top 5 percent pay around 40% of all income taxes on about 20% of all income. The top 20 percent of income earners are the only ones who are paying their "fair" share. The bottom 40% are a net drain on the tax system and the middle 40% pay slightly less than they earn in terms of percentages.
The Government, federal, state and local have for decades and continue to spend way too much. The problem isn't with taxe rates - its with the spending. Lower tax rates almost always result in higher revenue to the government and economic expansion. This happened under Coolidge, Kennedy, Reagan and Bush II.
This isn't rocket science. Government is a consumer of wealth and the private sector is a producer of wealth. Leave more money in the hands of the private sector through lower tax rates and they will create more wealth; that is what the evil, hated capitalists do, thank God. More wealth generates more revenue even though iti is taxed at a lower rate. More revenue means the deficits shrink and the debt can shrink. That would happen if the Government doesn't just increase its spending and expanding programs of questionable value and just spend every penny it collects and then some.
The same jerks that are calling for tax increases are the ones that got us in this mess! Greenspan is an idiot! Don`t raise the taxes stop giving raises to all the federal, state and local workers untill our country can afford it! Make them pay 30% to 50% of there medical plan.
What percent of Americans pay taxes ? What percent of American taxes are , at present, payed buy the top 5% of earners. Do the math, is it fair. Should you pay more for a loaf a bread than someone who makes less than you ?
Tax cuts not paid for are called EXPENSES, which is a form of SPENDING!
For all of you blaming this on the "rich", how much is enough? How much do you have to make to be "rich"?
I am the adopted son of a lifelong factory worker. It took me 9 years to complete my undergrad (which I paid for out of money I earned) and then another 2 years of graduate school (paid for by borrowed money which has since been repaid). Now, after 17 years of hard work and sacrifice (more 100 hour work weeks than I can remember), I am in a position where I do make more than $250,000/year. Does that make me rich? My wife and I drive vehicles (which are paid for) that are 8 and 9 years old, respectively. My children attend public school. The majority of my income goes back into expanding the business (or has been).
So now, with the way things are being put into place, I will be in a position of paying close to 60% of MY income in taxes. This does not include sales taxes, taxes paid on utilities, property taxes, etc. So all of you in favor of more taxes, please tell me why you think it is "fair" for me to work harder for the government, who gets a larger percentage of my income than I do, than I do for myself and my family.
The economy is languishing, at the same time numerous articles are printed about the "rich" cutting back spending disproportionately. Why? ...because everyone has it out for them, they are cutting spending because of the perceived permanent tax increase they face in January. Further, hiring has been remarkably slow. Why? ...because business owners and corporations are waiting for the other tax shoe to fall, they are hesitant to take on a permanent expense (hire a "permanent" employee) when there is this unknown out there that is the chorus of morons calling for higher taxes on "evil corporations" and rich people.
Corporations and business owners are the vehicles that keep our economy moving, they're not always perfect, but unless you want to slow our economy to a walk permanently you better quit complaining about them and pushing taxes on them. Begrudging corporate prosperity makes as much sense as cutting off your nose to spite your face.
If this were a deficit that I had help make I would say raise my taxes. However I did not buy the nice big house and a new SUV every year while drawing money against my house as it went up in value. I also did not go along with the great give away to the too big to fail folks. Instead I paid off all of my debt, thinking that tomorrow may not be a better day. If you are still lucky enough to have a 401K don't even think about takeing a large chunk of it after you retire to buy a house. You will find you are now rich, for one tax year, and wil end up paying a higher tax rate than you paid makeing it in your working years. So yes go ahead and tax those that big bonuses,tax the hedge funds that the government just had to prop up. This country is headed down the same path as Argentina went down....the ending will not be nice.
work hard, study hard, show some initiative, sacrifice become successful and then in this country, like all the other socialists countries..YOU GET TO SUPPORT ALL THE UNEDUCATED, LAZY, TV WATCHIN LOSERS WHO ARENT ABLE TO SUPPORT THEMSELVES AND THEIR FAMILIES!!!
to faux rich........don't let the airplane door hit you on the way out of the country.It sounds to me like you're one of those"born with a silver spoon in your mouth"individuals that do nothing all day and don't hire any employees to begin with,so-GOOD RIDDENS!Now,to the subject at hand........these tax increases for the wealthy are vastly overdue.Everyone seems to think that the taxes are to be levyed against their business,and that's not true.the tax increase is to be levyed against the ridiculous amount of money they put in their pocket.If the vast majority of Main Street decided that we are not going to spend our money in the consumer industry,what do you think these rich fatcats will do(AND HAS ALREADY DONE)to insure that their take home $millions will be sustained?THEY ELIMINATE JOBS!!!!!!Just look at the RECORD earnings they've filed this quarter,(which,by the way was made in investments overseas,making the Chinese and European fatcats wealthier off of our hard-earned money).I hope every spoiled,arrogant rich person,and their corporations in this country is forced out and not let back in and America boycotts the sell of their products in this country.54% of the jobs they've created overseas belongs in AMERICA.They only moved the jobs there so they can get richer and richer,while not giving a damn about America.One thing I've learned....when one company fails,another new one springs up in it's wake offering the same products.The tide is about to turn.We here on Main Street can easily sit on our money,if that's what it's going to take...........we're used to doing without.
America has become a nation that expects to get somthing for nothing.My wife and I do not make two hundred thousand dollars between us,but we both agree that for this nation's debt crisis to be solved everyone is going to have to share the pain. A combination of tax reform and cuts are going to have to be made to secure the economic future of this country.I would personallly like to see businesses get tax incentives for hiring american workers and keeping jobs in this country.
I cant believe some people still think supply side economics works. It doesnt. We proved that under Reagan and Bush. Yes in the short term government revenues increase, but its a temporary effect and results utlimately in huge deficits. More jobs were created under Clinton, and we ran a budget surplus AFTER he raised taxes. Above a certain income level people dont spend the money they save on tax cuts, they stash it. To get the economy moving keep taxes lower for people who have no choice but to spend it, the middle and lower income groups.
And while you can argue about the fairness or wisdom of using tax policy to redistribute wealth, if we continue to create this much income discrepency we seriously flirt with social unrest. And the ability of the rich to continue to make lots of money and safely spend and enjoy their wealth depends on the stable social fabric of America. Everyone should worry about that.
I have 2 simple questions for anyone thinking that the world will end if we expire the tax cuts for the wealthy:
1. How many jobs were created within the first 2 years after these tax cuts were enacted?
2. How effective were these tax cuts for the wealthy in preventing collapse of our economy in 2008?
Answers:
1. 3,660,000 jobs were LOST
2. They were completely ineffective.
Conclusion - raising these taxes and reducing the deficit will have no negative effect on the economy.
I hope the so called rich leave the country and chunk their US passport in the trash on the jetway! I will be one of them! I am packing up now - ready to drop the tax ball on the poor people!
Budweiser is my favorite beer. I like beer and low taxes..........:)
The estate tax should return. Much of the accumulated wealth has never been taxed, it didn't go through the long term capital gain process or in the case of a home, let the normal exemption apply.
America is falling in world wealth, influence, leadership and education, largely because the rich and corporations are pulling the strings in Washington. One way to rebuild our strength is through better fiscal management and more education. Better fiscal management does not necessarily mean lower taxes and smaller government, it means doing the right thing. And the right thing is to take some of the largess that those who make $400K, $4 million, or $40 million and use it wisely to repair roads and bridges, buy the right kind of armor and gear for our armed forces before sending them into harm's way, and gearing up our education and research to regain our world leadership position. This all costs money, and it's gotta' come from the lucky. If a successful entrepreneur from a ghetto or economically disadvantaged background grows up to make great medical advances, or energy technology, or other successes, then we all win. But those of us who make less than $100K are struggling to pay for homes, our kids' education, and (OMG!) health care.
Restore the taxes, stop the widening economic gulf among Americans. Give our children and grandchildren a chance to make a difference by allowing all of them educational opportunities of the highest caliber. And let's not saddle them with the debt that 8 years of the Bush II administration set us on course to accrue.
George, you must have a small mind! First, let me make this clear, I am NOT rich and I am not a republican (libertarian)! My wife and I both work and we both grew up middle class (and still are for that matter). However, you're comments above seem to resemble the byproduct of years of government education! Why do I not want the rich to pay any higher taxes? Well for starters, they are the ones who employ everyone. When was the last time you approached a poor person and asked them for a job? Small business owners are responsible for about 80% of the hiring. What you probably don't know is that most of them show their business income on their individual income tax returns. So for the last decade, even during the Clinton years, small business owners could keep more of their money and use that money to grow their businesses (which means more jobs). By increasing their taxes, they have two simple choices. Either live on less money and delay (or cease) hiring, or lay off people and keep the same amount. Pretty simple choice isn't it? Also, by reducing taxes, revenues to the government actually increase! This happened under Ronald Reagan and George Bush. The reason is you have more businesses and people (with jobs) paying more, collectively, into the system. While I do agree wiht you that the government needs to focus on reducing the deficit, the way to do is to cut spending (like Bill Clinton did)! As far as spending goes, Barack Obama is follwing in the footsteps of George Bush...spending like a drunken sailor! With that said, I will agree with you that many republicans were in bed with these corporations (noticed I said corporations, not small business owners) and there was plenty of corruption to go around. The lack of oversight and corruption (on both sides) iis what got us into this mess. However, if this administration had of come on board and cut taxes and cut spending, we would not have this problem we have today. That is high school economics. It doesn't take a genius to figure that out!
In closing, I agree with Obama that more oversight is needed on Wall Street. However, increasing taxes on the very people that create jobs is not the smartest idea. Again, not hard to figure out.
The concentration of wealth has only contiued to accelerate over the past 3 decades. The ever increasing share of our nation's wealth held by the top 5% of households has come at the expense of the middle and lower income households. This is a dangerous trend for the health of our economy and the health of our democracy in the longrun if it continues. Higher taxation is a means of redistributing the wealth of our country. Other wise the middle class is, ironically, "on the road to serfdom".
I feel sorry for those only making 200,000 a year and trying to keep the payments up on their McMansions. But this is a way for us to get some of our money back from the hedge managers, wall street insiders and CEOs that have been ripping us off for years. Being in the middle class, I don't care if they raise my taxes either. I can come up with another $240 a year or so. Seriously, if you want to reduce the budget this is the way that doesn't single out the most helpless among us. As for Republican plans to reduce social security and medicare and medicaid, this is emblematic of the short sighted, self serving claptrap that they are famous for. I look for their stimulus and deficit reduction plans that Mitch McConnel announced that they would have in September to be a rehash of the stupid ideologically driven ideas that got us into this mess. And why don't they already have a plan. It's been almost two years. All they seem to have is tax cuts for the wealthy and deregulation in their quivers.