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If you are poor enough you don't pay much, if any, in taxes so no break is necessary. If you are uber rich you pay a lot. I'm not sure tax/tax breaks are the right vehicle to try and equalize anything. Everyone should pay something, but I dont' like the current tax system anyway.
Bottom 47% of wage earners pay no taxes. So no tax breaks should apply. Somehow, Obama has been giving them tax credits - which in reality is government spending.
Everyone who pays taxes should have a rate cut to spur economic activity.
Corporate tax rates need to be drastically reduced as we have the second highest corporate tax rate in the world.
Bottom 47% of wage earners pay no taxes. So no tax breaks should apply. Somehow, Obama has been giving them tax credits - which in reality is government spending.
Do you mean the Earned Income Tax Credit, which Obama started when he was only 14 years old?
well lets look at some numbers shall we? the top 1% pay 40% of the taxes collected by the IRS, the top 50% pay 97% of the taxes collected by the IRS, so tell me which group you think deserves a tax cut?
or tell me how many businesses are started by poor people?
well lets look at some numbers shall we? the top 1% pay 40% of the taxes collected by the IRS, the top 50% pay 97% of the taxes collected by the IRS, so tell me which group you think deserves a tax cut?
or tell me how many businesses are started by poor people?
yes these people started poor, and built an empire, but both of them did NOT start a business when they were poor. they moved up in their respective businesses, saved and invested their money wisely, and when they had enough they then stepped out on a limb and went out on their own. both are fine examples of people who started with nothing, and made something of themselves. you can include dave thomas in that list as well as bill gates, steve jobs and the rest of the apple gang as well. but they all had one thing in common, they needed a minimum amount of capital to go out on their own.
In a consumer society, mass consumption of products and services is required to keep people employed.
A wealthy business owner isn't going to hire someone just because he gets a tax cut and more money. Thats going to get pocketed. (or spent on luxury goods, most of which are entirely made overseas)
However poor people that are underpaid and have very little will probably spend if they get more money, thus creating more demand for goods and services. This class is already overly dependent on credit because of decades of wage stagnation while rent and housing and gas increase (all benefitting the wealthy).
Warren Buffett, whom no one can deny is a wise man when it comes to economics thinks the rich are getting way to sweet a deal when it comes to taxes, maybe its time to listen....
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