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It isn't lower. Rich people are paying a higher % than you are. Buffet was lying, and the Democrats are lying.
If you are talking about earned income, they pay a higher percentage than you do. And 50% of Americans pay no income tax at all! How fair is that?
Why should the rich be shouldering almost the entire tax burden? Why do the top 10% pay 80% of all taxes? Yet, the Democrats say they aren't paying their "fair share?" Give me a break!
Further, even middle class taxpayers get the advantage of the lower capital gains rate if they are investing some of their savings. It isn't just for the rich.
But, Obama has increased the capital gains rate, which means he has increased taxes on the middle class.
The entire apparatus encompassing the courts, defense, government works primarily for the benefit of the wealthy, the business class and the capitalists. The wealthy also control a disproportionate amount of the WEALTH and RESOURCES in this country. Is that ALSO "unfair" to you?
I don't understand why those who benefit the most from our society, capitalist system, and all the wars and resources we engage in to "secure capitalism" and "strategic resources" kvetch about paying a bit more for the maintenance of that apparatus.
The bottom of society's condition is the same no matter who the rulers are.
I don't care that I pay a bit more % of my income in taxes than the bottom rung of society, because I know who the government and courts and police REALLY work for (and it's not the shlub making 12k per year). I actually want to live in a country that DOESN'T resemble Rio De Janeiro, and if Americans actually got out and TRAVELLED they would see the consequences of Banana Republics and wealth concentration.
The proof is all around you. Every business that you see is proof. Every product that you buy is proof.
A company is not built out of nothing. It takes money. Capital investment. That money usually comes from the "rich," venture capitalists, through sources such as Bain Capital. Or it may be loaned directly to the owner starting the business, but it still has as it's source, investors. Not all who invest are rich either. Anyone who puts some of their money into stocks is helping a company to grow, and they depend on the company's growth to make their investment grow.
Businesses are what grow our economy. When businesses grow, the economy expands. Every dollar taken out of the private sector through taxation is a dollar not invested in the economy. That is why tax cuts work to achieve economic growth.
When business is allowed to grow and expand by keeping more of their profits, jobs are created because expansion usually means more employees are needed.
The term "trickle down" does not mean you receive more money in your pocket for doing nothing. It means that opportunity is created. It means that there are more jobs available to be had, and therefore less unemployment.
What nononsenseguy attempted to do is give a good short basic lesson on the economy. Its good reading for those who have an open mind and want more than simply listen to people who's main goal is to get re-elected. If you didn't really read it go back to page 8 and read the 3 posts from nononsenseguy.
So the market regains it loses, corporations earn record profits, and the rich are getting richer, but they are just waiting to start handing out jobs left and right until Obama leaves town?
Wow, that's just dumb.
So true. If you're a successful businessman getting more and more customers to wait on, it's dumb to wait around for whatever is going on in Washington, DC before you'll hire new people.
It isn't lower. Rich people are paying a higher % than you are. Buffet was lying, and the Democrats are lying.
If you are talking about earned income, they pay a higher percentage than you do. And 50% of Americans pay no income tax at all! How fair is that?
Why should the rich be shouldering almost the entire tax burden? Why do the top 10% pay 80% of all taxes? Yet, the Democrats say they aren't paying their "fair share?" Give me a break!
Further, even middle class taxpayers get the advantage of the lower capital gains rate if they are investing some of their savings. It isn't just for the rich.
But, Obama has increased the capital gains rate, which means he has increased taxes on the middle class.
This is also true. When 50% don't pay federal income tax at all and the rich are paying taxes. Even if you want to argue that its not a high percentage.
If a millionaire pays 20% ($200,000.00) ,
Someone who earns 50K a year is paying 15% ($7,500.00)
The poor (who we give money to) pays 0%.
There is more to it but do the math.
Most importantly:
What right does someone who is on welfare who gets money for doing nothing and pays 0% in taxes have to complain? That! is called greed!
The DOW is almost back to where it was before the recession began back in 2007, corporate profits are hitting historical highs, and the rich are getting richer. I'm just wondering when the economy is suppose to start improving? I was told that if those at the top make more it would lead to gains for the poor and middle class. Why is that not happening?
The phrase "trickle down" was just a phrase used in a political campaign, and an witty attempt to refer to capitalism. Capitalism is free enterprise at work, but it is also a partnership between the framework of government laws and regulations and the private enterprise of the people. We aren't seeing much capitalism going on because Obama is hostile to the concept of the system of free enterprise, and the system is taking on a posture of self defense, waiting for the Obama storm to pass over.
So true. If you're a successful businessman getting more and more customers to wait on, it's dumb to wait around for whatever is going on in Washington, DC before you'll hire new people.
Companies are proactive when possible and they know Obama policies and that he veto Bush tax cuts. Of course companies are not waiting for it to happen.
A lot of people don't even know that an employee cost more to employers than what you get in a paycheck and Obamacare has increased that cost also resulting in less hiring.
pknopp brings up an important point. When he government used taxpayer dollars to bail out GM they were essentially attempting to support capitalism and trickle down. Obama doesn't understand economics and the basics that there are two sides to the equation. Demand is lacking.
So through the threat of higher taxation, the increased cost of employing people and lack of demand companies are making a smart decision hold off on hiring and investing.
Obama knows that the majority of people don't understand the economy and he found a common theme that most have wishing they were rich. He is using envy and jealously so you will join him in his battle cry against productive people so government can increase taxes and he can spend the money as he wishes and will be green energy which has already been proven a failure.
It makes me laugh how people so willingly buy the current propaganda not realizing that Obama is actually hurting the middle class in his attempt to go after the rich.
1. The stock market is not the economy I agree with this
2. Most of the Wall Street "heavies" were Obama supporters- their loyalty was rewarded at the expense of the American people through the bailouts Obama supported. I agree with this as well.
3. Corporate profits do not mean US prosperity if the corporations have significant business outside the US. (I agree with this too)What we need is what Obama opposes-
a. reduction in corporate taxes (Obama does not oppose this)
b. eliminate Obamacare (Obama does oppose this)
c. eliminate hefty EPA regulations (Obama does not oppose this either)
d. reduced the legal burden of class action lawsuits (Obama does not oppose this)
e. national right to work act. (Obama has no say in this, it is a state issue and many states are starting to become right to work states anyway so don't see how this has any relevance)
4. Poor trade policies (NAFTA and China trade policy- gifts of Clinton) have not been addressed via Obama I agree here.
5. Obama supports illegal immigration, which drives down labor costs and reduces the US standard of living Obama doesn't support illegal immigration, the amnesty thing, even though I have a poor opinion of it personally, doesn't mean he is saying "come on in here illegals!" It was just directed toward a specific section of the population and not all people here illegally. If he supported illegal immigration, record numbers of deported illegals would not be prevalent in his administration.
6. Obama opposes a corporate consumption tax, which rewards net exporters. Never heard him directly speak or address this issue.
7. Obama has tried to single handedly bankrupt the coal industry Not true, see previous post about coal industry. The coal industry stands to gain if we move toward electricity and clean coal technology over oil.
That is an opinion piece about the big lay offs that happened in 2008. And regardless, if what many of you are saying is true, I do feel that business owners are being petty to not hire just because Obama is president. I personally don't think that is true. Private entities are hiring more lately and Obama is still president. Most smart business people are in business to make money regardless of who is in office and if they have a chance to make more money and need more people to do it, then they will hire more people. I do feel in some industries there is a lot of greed (banking) but even there, more businesses are hiring it is just that so many who have been unemployed for so long or who do not have the skills to perform tech jobs in manufacturing are suffering and I do hope that more corporations in manufacturing especially will start up training programs like they used to have to get a new crop of American workers working for them, but the bottom line is that they can hire an Indian or Chinese or Mexican worker to work for less and not have to pay them benefits and like I said, most companies are about money, so they will do what they need to do to make more money and usually that means hiring a foreign worker for cheap.
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