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Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,655,470 times
Reputation: 3587
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The fastest way to cure a slowdown (we are NOT in a recession) are tax cuts! Not tax cuts for the rich but tax cuts aimed at the middle class who will go out and spend the extra cash! Not these dumb little "stimulus" gigs that they have been doing.
Cutting the taxes of a working person is the same as giving that person a raise in pay. It shows up immediately in their paycheck. Pass it today and the cash is in the economy within the month!
I say repeal the Bush tax cuts for the rich and pass REAL tax cuts that will work!
I agree with Jim Cramer. But make no mistake, we are in a recession. Define it anyway you wish but it is a recession. Some places like Las Vegas, Phoenix, Miami and Detroit will argue with you that they are in a DEpression.
There are a few bright spots in this country and those who live in them are oblivious to what goes on around them.
Tax cuts do work but to be honest, the middle class haven't really "paid" that much at all in taxes... the taxes the government gets is mostly from the upper income classes. So you are saying that everyone should "not" pay tax except the people who make more? Does that sound fair at all to you? Tax cuts do work but I don't say cut taxes for only specific people... It amazes me that people don't realize most of the infrastructure and programs were given to them by the higher income classes... they thought "their" taxes paid for it... when it barely accounts for anything in what the government collects... Yet it is these very same people who thinks "their" taxes should be decreased and others increased...
a cut in taxes without a cut in spending simply means the public will pay the difference through the interest of debt accumulated. the federal reserve will finance this deficit, increasing the money supply and driving up the cost of goods.
Bush cut taxes across the board, which brought in record amounts of revenue to the federal government. He didn't play class warfare as he realized it's the rich that employ people. Congress saw all of that cash rolling in and went on a spending spree instead of rolling back that money to the tax payer. Bureaucrats subsidized their campaign financers, fattend up their own wallets, protected their incumbancy, provided subsidies for farmers, foreign nations, defense contracters, people who don't work and make babies, oil companies, wall street banks, green energy (that wouldn't survive in the free market), irresponsible home owners, a failing public school system, ect.
The problem isn't that the rich aren't paying their fair share. The problem is that we spend entirely too much.
The middle class doesn't need tax cuts..they need a way to get out of debt.
The last the the middle class needs to do is go out and spend money.
Sorry KevK this won't solve our problems.
Location: Sitting on a bar stool. Guinness in hand.
4,428 posts, read 6,480,890 times
Reputation: 1721
Hey Kev.
When the Fook are we as a nation going to start paying our bills. Even if we did cut government spending we still go credit lines out. So enough of the B.S. This "leveraged" society we have is DONE! Let do what the smart people do, that is to pay down our bills especially the ones with interest attached to them.
The fastest way to cure a slowdown (we are NOT in a recession) are tax cuts! Not tax cuts for the rich but tax cuts aimed at the middle class who will go out and spend the extra cash! Not these dumb little "stimulus" gigs that they have been doing.
Cutting the taxes of a working person is the same as giving that person a raise in pay. It shows up immediately in their paycheck. Pass it today and the cash is in the economy within the month!
I say repeal the Bush tax cuts for the rich and pass REAL tax cuts that will work!
And, who is going to pay for that tax cut? The working and middle class, that's who. When Mr. Bush cut taxes last time, the federal govt. cut out a lot of the budgets in several social programs. The state and local govt. were sticked with the bill. And, guess what, they raised property and sales taxes to balance the bugdet. And, who paid those bills? Nobody is doing us any favor by cutting taxes.
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,655,470 times
Reputation: 3587
Quote:
Originally Posted by evilnewbie
Tax cuts do work but to be honest, the middle class haven't really "paid" that much at all in taxes... the taxes the government gets is mostly from the upper income classes. So you are saying that everyone should "not" pay tax except the people who make more? Does that sound fair at all to you? Tax cuts do work but I don't say cut taxes for only specific people... It amazes me that people don't realize most of the infrastructure and programs were given to them by the higher income classes... they thought "their" taxes paid for it... when it barely accounts for anything in what the government collects... Yet it is these very same people who thinks "their" taxes should be decreased and others increased...
As a percentage of income the middle class pays more in ALL taxes than the rich do. They pay a higher percent of sales tax because we spend a much higher percentage of our income. Also we pay a higher percentage of federal taxes- many rich people pay the low capital gains rate. Also we pay SS and Medicare are 100% of wages.
As a percentage of income the middle class pays more in ALL taxes than the rich do. They pay a higher percent of sales tax because we spend a much higher percentage of our income. Also we pay a higher percentage of federal taxes- many rich people pay the low capital gains rate. Also we pay SS and Medicare are 100% of wages.
That is incorrect. According to the U.S. Treasury, a small group of higher-income taxpayers pay most of the individual income taxes:
The top 1% of taxpayers paid 33.7% of all individual income taxes in 2002. This group of taxpayers has paid more than 30% of individual income taxes since 1995. Moreover, since 1990 this group’s tax share has grown faster than their income share.
In 2002 (the last year of available data), the top 5% of taxpayers paid more than one-half (53.8%) of all individual income taxes, but reported roughly one-third (30.6%) of income.
Taxpayers who rank in the top 50% of taxpayers by income pay virtually all individual income taxes. In all years since 1990, taxpayers in this group have paid over 94% of all individual income taxes. In 2000, 2001, and 2002, this group paid over 96% of the total.
President Bush's tax cuts shifted a larger share of the individual income taxes paid to higher income taxpayers. Since 2005, with the tax cut provisions fully in effect (e.g., lower tax rates, the $1,000 child credit, marriage penalty relief), the projected tax share for lower-income taxpayers has fallen, while the tax share for higher-income taxpayers has risen.
Take another look at those sales tax payouts and you will see the same thing. The top earners pay the majority of the taxes. They spend more... and they're taxed more. They keep America going. If it weren't for them, we would live in a far different country. I don't blame them for wanting to shield more of their money. They earn it, and I doubt they appreciate the way their government stewards are allocating it.
And, who is going to pay for that tax cut? The working and middle class, that's who. When Mr. Bush cut taxes last time, the federal govt. cut out a lot of the budgets in several social programs. The state and local govt. were sticked with the bill. And, guess what, they raised property and sales taxes to balance the bugdet. And, who paid those bills? Nobody is doing us any favor by cutting taxes.
Having to "pay" for tax cuts is a myth perpetuated by those who benefit from class envy and income redistribution. Tax cuts stimulate the economy and expand the GDP leading to more tax revenues. It's called Hauser's Law:
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