Someone explain this to me, please (unemployment, salary, thought, Democrats)

[teatime]

OK, everyone knows the economy is suffering. The unemployment numbers are going up and many Americans are under-employed. Democrats and Republicans always promise to lower taxes for the poor and middle class, blah-blah-blah. American companies are operating and moving elsewhere.

I did quite well under the Clinton administration and I thought he was a good president. HOWEVER, I had to admit to myself that my taxes had never been higher. Throughout my working life, I've enjoyed great tax cuts when the Republicans take the White House.

A good summary of our current tax situation can be found here:
Guess Who Really Pays the Taxes — The American, A Magazine of Ideas

In that article, you will notice that the U.S. has the highest corporate taxes in the world, second only to Japan. Therein lies what I truly don't understand.

In these times of struggle, why on Earth would anyone propose going after the rich and raising capital gains tax and other taxes on businesses? How does that help the economy and grow jobs?

The well-off already pay the lion's share of taxes in this country but they fuel growth through their investments and expansion of business. Why would we tax them even MORE? Won't that hurt the economy?

And doesn't high taxation at the higher income levels actually encourage people NOT to work harder? If working harder, increasing my education, and expanding my opportunities meant that the government would be taking a bigger share of my salary, why would I? In other words, if I made $100,000, for example, and was taxed at, say, 35 percent and I knew that if I increased my earnings to $150,000 but my taxes would increase to 60 percent, why would I bother?

I really don't understand the reasoning behind hitting all of the wealthy and the businesses with more taxes, expecting that to help the economy.

[MovingForward]

Here's one way to look at it:

Under Clinton, and a higher tax burden for the wealthy, we had no national debt and the economy was fine.

Under Bush, with a lower tax burden for the wealthy, we are in the deepest debt in our nation's history and the economy is a mess.

In any case, maybe this will help to answer your question:

Economist's View: Does Increasing Taxes on the Richest One Percent Lower Economic Growth or Tax Revenues?

[Miborn]

Everybody but Obama say it is a bad idea....

[Miborn]

Originally Posted by MovingForward

Here's one way to look at it:

Under Clinton, and a higher tax burden for the wealthy, we had no national debt and the economy was fine.

Under Bush, with a lower tax burden for the wealthy, we are in the deepest debt in our nation's history and the economy is a mess.

In any case, maybe this will help to answer your question:

Economist's View: Does Increasing Taxes on the Richest One Percent Lower Economic Growth or Tax Revenues?

So under Clinton did you get your middle class tax cut he promised?

[MovingForward]

No, "everybody" does not say it is a bad idea. Many rich people think it is a very *good* idea, in fact.

[teatime]

Originally Posted by MovingForward

Here's one way to look at it:

Under Clinton, and a higher tax burden for the wealthy, we had no national debt and the economy was fine.

Under Bush, with a lower tax burden for the wealthy, we are in the deepest debt in our nation's history and the economy is a mess.

In any case, maybe this will help to answer your question:

Economist's View: Does Increasing Taxes on the Richest One Percent Lower Economic Growth or Tax Revenues?

Your statements are a drastic over-generalization/over-simplification. I've got to get some sleep. I'll read the linked article in the AM.

[MovingForward]

Good night!

[Miborn]

Who says?

[beenhereandthere]

Originally Posted by MovingForward

Here's one way to look at it:

Under Clinton, and a higher tax burden for the wealthy, we had no national debt and the economy was fine.

Under Bush, with a lower tax burden for the wealthy, we are in the deepest debt in our nation's history and the economy is a mess.

In any case, maybe this will help to answer your question:

Economist's View: Does Increasing Taxes on the Richest One Percent Lower Economic Growth or Tax Revenues?

Excellent, simple point.

[MovingForward]

Warren Buffett, Bill Gates, John Doerr--just to name a few billionaires. In fact, Buffett said that he thinks Obama's plan doesn't go far enough in taxing the rich. I read somewhere--although I cannot verify it with a source, since I've forgotten where I read it--that Buffett offered any CEO on Wall Street a million dollars if they could prove that they pay more taxes than their secretary. No one took him up on the offer. Buffett himself paid less tax than his own secretary.

Buffett blasts system that lets him pay less tax than secretary