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Read the word that wins the tax cut debate
Posted: Nov 29, 2010
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So much for bipartisanship....no wonder this party is imploding. - sam
[ In Reply To ..]You, who posted this...why are you against tax cuts for the jobmakers in this country? Why do you think the so-called "rich" owe more taxes than you do? They pay a significant portion already. Why do you feel you deserve something you did work for? These are serious questions, as I do not understand the mindset that says someone who worked hard and did well in the world owes those who did not a larger part of their income. I would just like to understand the rationale behind it. Do you honestly think your fellow Americans in another party are your enemies? This article certainly sounds like that. Are these your convictions, and if so, why?
Tax cut rationale - s/m
[ In Reply To ..]Not poster, but on tax cuts:
The share of national wealth held by the bottom 90% fell to 25% from 27% from 2007 to 2009. The low income and middle class have suffered the greatest hardships during this recession--dealing with the loss of jobs, housing, retirement funds, cuts in wages and benefits. Many need every penny for basic expenses of food, housing, and health care. Money to the lowest income groups will be spent and circulated throughout the economy (even the rich will get their piece.)
The top 1% held 34.6% of all national wealth in 2007. By Dec. 31, 2009, they held 35.6%. Somehow, they have managed to increase their wealth during the depression. If you truly are concerned about the deficit, if the tax cuts were allowed to expire for the rich, the deficit would be reduced by $700 billion over 10 years. Lowering the deficit would be would be good for the economy, agreed?
That is the rationale. This has been discussed many times. I hope this has refreshed your memory.
What was left out of this post is that while they may hold 35.6%... - sam
[ In Reply To ..]of the wealth, they also pay more than 85% of ALL taxes paid in this country. Don't understand why Democrats think that is not enough. The so-called rich (those making 250K or more) are Americans too. Successful Americans should have to pay more because they are successful? If programs were cut and spending decreased, the deficit would not continue to GROW. We would see those benefits NOW AND in the future; I suspect the long-term savings would exceed what raising taxes on the so-called "rich" who are also the jobmakers in this country.
This has also been discussed before and I stop short of personalizing my response.
Why not cut costs instead of raising taxes...on anyone? Why not at least TRY that first? Why is the Democratic answer always raise taxes FIRST?
How did the rich manage to increase their $$ - While everyone else lost?
[ In Reply To ..]I don't think they worked any harder.
Probably simple mathematics.... - sam
[ In Reply To ..]More to invest, so more return. When interest rates go down, they go down for the rich too. They didn't make as much, but they made some. It is a good thing they did, seeing as they are the jobmakers of this country. If they are not making money they lay off more people.
Again...why not cut costs first and at least see if that works? Why do the Democrats always want to raise taxes instead of address the problems that caused the deficits in the first place? Like SPENDING. Couldn't they just ONCE try cutting costs FIRST?
That is all I am sayin.
Oh, I think I understand your problem - sm
[ In Reply To ..]If the economy goes down 30% and the rich person has $250, he would then have $175.
If you had $100, you would only have $70.
It doesn't matter if you have more to start, it still goes down.
To make it go up, the 30% decrease apparently does not hold true for the rich person.
Sorry, probably simple mathematics.
Again, how did the wealthy manage to increase their wealth when everyone else lost?
First we need to do better than broad statements.... - sam
[ In Reply To ..]"All" the rich got richer and "all" the poor got poorer? That is kind of a broad statement. What I meant was, if you invested in savings or anywhere, and you have more to invest, you are going to "make" more money. Most of the "rich" people are the jobmakers and product makers. All the "poor" people buy and consume those products even when times are bad. You know that. It is a given that the "rich" are still going to "make" some money even if the "poor" do not. Common sense.
The "rich" also, as I stated, pay over 85% of all taxes in the US, whether or not they have 35% of the wealth. So as a group they pay 50% more in taxes than they are wealthy. What more do people want? A pint of blood?
Again, WHY is raising taxes always at the top of the Democrat agenda? Raising taxes is what made it more profitable for businesses to offshore. Do you know we have one of the highest, if not THE highest, corporate tax rate in the entire world?
I do not and never will understand why Democrats are stuck on raising taxes and will not entertain the idea of doing ANYthing else. Do you know why?
Odd, most corporations do not even pay tax. - sm
[ In Reply To ..]Many Firms Didn't Pay Taxes
Most Corporations Skipped Payments From '98 to '05, GAO Says
By David Cho
Washington Post Staff Writer
Tuesday, August 12, 2008
About two-thirds of corporations operating in the United States did not pay taxes annually from 1998 to 2005, according to a new report scheduled to be made public today from the U.S. Government Accountability Office.
Here is the whole article....seems those are old numbers and.... - sam
[ In Reply To ..]and many in those numbers were new or small corporations that didn't make any money. The "poor" corporations vs. the "rich" ones I guess.
Further investigation reveals:
http://blog.heritage.org/2010/05/05/high-corporate-income-tax-rate-driving-jobs-overseas/
I don't read anything from Heritage, Malkin, Fox because too much bias to be worth my time - nm
[ In Reply To ..]
Ahh. Guess the OECD is biased too. lol. - sam
[ In Reply To ..]The United States has the second highest corporate tax rate of any of the 30 countries in the Organization for Economic Cooperation and Development (OECD) â a collection of the most economically developed countries in the world. The federal rate is 35 percent. Add on the average state corporate income tax and United States businesses pay a top rate over 39 percent. This is just below Japan which has a rate slightly over 39.5 percent.
The average corporate income tax rate in the OECD is about 25 percent. The United Statesâ rate is almost 15 percentage points higher. Of the 30 countries in the OECD, 27 of them have cut their corporate income tax rates since 2000. By standing still, the United States has fallen behind.
There is no way anyone can argue against cutting the rate. There is bipartisan acknowledgement in Congress that the corporate income tax rate must be lowered; Catoâs compelling new evidence shows the need for Congress to act soon before more jobs are lost to foreign countries more welcoming to new investment.
How can the truth be biased? Explain that one to me. Please.
Yes, close the loopholes and the tax rate can - be lowered
[ In Reply To ..]Corporations are not actually paying the percentage the OECD reports on the amount they would be paying if it weren't for the loopholes. Those need to be eliminated and the percentage can be lowered by quite a bit and they would still be paying the same or more.
I am all for that if loopholes are closed for everybody. - sam
[ In Reply To ..]Jobmakers have a lot more overhead than we the workers. If you want a level playing field, then have a flat tax across the board for everyone. No matter how much or how little they make. That way EVERY person earning income is contributing to the tax base.
I would be all for it in that case.
However, standing on ceremony and making excuses by politicians about tax loopholes when politicians created the loopholes in the first place and take advantage of them as does every American...does not fix the current problem of corporations being forced off shore by high taxes (even with loopholes their taxes are higher than the other countries, that is the issue)...therefore jobs going offshore.
I do not get the lay the blame here and there and everywhere and not getting to the heart of the problem. Lower the taxes and make it profitable for corporations to keep their employees HERE. Period. If they want to close loopholes, close them for everyone. Everyone who is making income SHOULD be contributing to the tax base.
And, note, even if all loopholes were closed and there was a flat tax on everyone who has income, the rich are still going to be payinfg 85% or more of all taxes collected. That is a fact of life. So really need to stop demonizing them. They are funding 85% of the programs that Dems are so heck-bent on keeping.
How that escapes people is beyond me. Keep on raising their taxes and they will eventually move everything offshore and who the heck can blame them. Sheesh. lol.
"I dont think they worked any harder". Tell me, how - do YOU know that? gee... you are unbelievable.nm
[ In Reply To ..]nm
You don't believe that I and the majority of the - American people are hard workers? nm
[ In Reply To ..]The question is, why and/or how did the wealthiest get richer during recession?
Oh, please, maybe they DID work harder, so what? - Paranoia will get you nowhere eventually.nm
[ In Reply To ..]nm
Very interesting debate on whether the rich pay - their fair share of taxes
[ In Reply To ..]Not sure when it was written, but interesting nonetheless.
Exactly. I am not rich, but hey, its their money in the - first place. Why is it okay in some minds
[ In Reply To ..]to take their money because they made more of it when they already pay the majority of the taxes in the first place? Its truly disgusting!! It is not what made the USA successful in the first place. The dems and their Robin-Hood attitude is so cynical. I dont see how they can be anything but ashamed of their thinking, but they seem proud of it, as if to say.. \"oh, rob from the rich to give to the poor... oh we are such thoughtful giving people\" ...Again, the rich already pay tons in taxes, and if we keep it up, they WILL stop hiring. There are other ways to help the economy. Being a thief should not be the option!
So much faulty logic - sm
[ In Reply To ..]Maybe I'm confused, but I don't understand how someone can argue with a straight face that extending the tax cuts for the wealthy is going to help the economy. What is they say...insanity is doing the same thing over and over again and expecting a different result? These tax cuts have had quite a few years to stimulate the economy and things have only gotten worse. Despite what some think, the current admin is not certifiable, so it's time to try something else.
Yup--they call them Bush\'s tax cuts - didn\'t get us anywhere - nm
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