Quote:
Originally Posted by MovingForward
Bush cut taxes on the wealthy for years. It did nothing to help the economy. Zero. Zilch.
Get real.
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Look. The wealthy pay the highest rate, and they pay over 90% of all taxes. The middle class and the so-called poor pay little or no taxes at all. This is a fact.
Secondly, you cannot "stimulate" the economy by "cutting taxes" of those who aren't paying them in the first place, or of those who pay very little, because to "cut taxes" of those who aren't paying is not a "tax cut" but it is a welfare check, and the money is coming from those who
do pay. It's called a "transfer payment" (redistribution of wealth, from someone who earned it, to someone who didn't).
If the economy is to be stimulated, you must cut the taxes of those paying the most, because they are the ones who are investing in the economy (businesses) and causing business to grow. They are the ones
forming new businesses and creating jobs. Only they have the ability to affect the economy. This is really very simple, and very basic.
Can you tell me if you've ever been given a job by a poor person? Other than mowing some guys lawn, or shoveling snow? No. Poor people rarely start businesses, because they do not have the finances. They are still at the bottom. Some may eventually move up, but the poor people will always be with us, because some people simply are not motivated to work hard. Others don't have the education or perhaps even the intelligence. These people
cannot affect the economy no matter how much money you throw at them.
Why is this so hard for you people to understand?
Business is what drives the economy. Not individuals getting freebee's from Uncle Sam.
Therefore, in order to bring us out of this, it is business that must be stimulated. And how do you do that? You do it by getting out of the way, and giving them every reason and opportunity to grow (this is what is meant by "promote the general welfare" in the Constitution). Cut the capital gains tax or eliminate it altogether. Do you want to see jobs come back to the USA? That would do it. The US has the highest capital gains rate in the world. We also have some of the highest labor costs in the world(thanks to out of control labor unions).
Bush cut taxes across the board. Everyone got a tax cut. It is a lie to say he only gave tax cuts to the wealthy (but the Democrats love to lie about this, because it gets the people angry, and to vote Democrat).