....why not according to this article: http://money.msn.com/investing/why-us-should-spread-the-wealth-fiscaltimes.aspx "The economy did grow after the Bush tax cuts, but the rate of growth was unremarkable, especially for jobs, and there's little evidence that they caused large increases in output growth, as promised." "the tax cuts at the upper end of the income distribution did nothing to correct for the fact that although worker productivity was rising, wages remained flat" "there is plenty of evidence that the compensation of financial executives, CEOs of major corporations and others at the top of the pyramid far exceeds the value of what they contribute to society" "There has been an attempt to make it appear that taxes are mostly paid by the wealthy; the deceptive claim that half of the people pay no taxes is part of this. But taxes are less progressive than before the Bush tax cuts, and when all taxes at all levels of government are taken into account, "the U.S. tax system just barely qualifies as progressive," One of these days the jig will be up and the completely fooled middle class denizens of the GOP voting base will wake up and smell the coffee.....or rat.
It's not a deceptive claim, it's the truth. 1/2 the people pay Zero Federal Income Taxes. But people who claim that is a lie, point to Social Security taxes taken out of everybody's check as proof that the lower group does pay taxes, of course it's an apples and oranges comparison. Federal Income Tax goes to support the Govt and all it's missions, Social Sec/Unemployment taxes go towards benefits that they will eventually recieve back from the Govt and if they are unemployed they will get it sooner rather than later.
So Terry....in spite of all of the evidence that not a damn thing has "trickled down" why don't we take more money from those that have not and give more tax breaks to those whose wealth has been growing by leaps and bounds over that of the other 95%. One of these days it will just fall out of their stuffed pockets I guess.... :roll:
That gets back to redistribute the wealth, ie socialism. I'm all for changing the tax system, and there are a lot of deductions and loopholes that should be looked at and closed/eliminated. That would result in more revenue for the Federal Govt and be fair to all. Sometimes it's hard to figure the impact though of changing things that seemingly only benefit the rich. Let's say you cap the mortage deduction at some amount, and limit it to a single residence. How does that affect the home building industry. Will it kill the building of second homes at the seashore, the lake, etc? If so are people going to be put out of work? There are lots of sacred cows out there that need to be looked at. Heck should office parties be deductable for a business? :twisted:
So Terry....in spite of all of the evidence that not a damn thing has "trickled down" why don't we take more money from those that have not and give more tax breaks to those whose wealth has been growing by leaps and bounds over that of the other 95%. Yes sir those wealthy are just raking it in http://www.moneynews.com/StreetTalk/Rich-Poorer-Number-Millionaires/2011/08/18/id/407774 Since the wealthy are the only ones paying the freight in this country, just what happens when taxes ruin them or take away the incentive to create wealth? Who do the socialists steal from then?
Yeah the whole wealthier aren't paying their fair share is just nuts, but to liberals/Dems it's become a mantra. Fact is we are spending way too much and while I do think Tax reform is needed it should not be just tax the rich even more, the whole code needs to be simplified and there are loopholes that need to be closed and deductions that need to be looked at to see if they serve a purpose that is beneficial to the whole.
Agreed on that and agreed on spending too much. Getting everyone home from Iraq is a step in the right direction for instance. "Since the wealthy are the only ones paying the freight " Gipper.....my last 8 years in Detroit I considered myself to be middle class and yet I paid over $225,000.00 in federal taxes during those 8 years. Yep.....only the wealthy pay the freight.... :lol: :lol: :lol: :shock: You see....I was in the group that Bush left behind......didn't make enough to be wealthy....didn't have the tax breaks that the real wealthy get but made too much to benefit from much of anything else. The "black hole" of tax paying if you will. I have obviously paid a crapload of federal taxes over the years thank you very much.....and I am middle class.....which is the giant misconception the GOP voting base has about all of this.
You missed my point BT.... I am saying that you're talking to the wrong guy here when it is suggested that this middle class taxpayer hasn't been shouldering his share of the tax burden. Sure....the largest tax bracket was a cut by Bush...for me included.... but I also was left in the abyss of the AMT....so I paid a great percentage of my earnings in taxes when compared to the wealthest of individuals. I was just a worker bee (although it was in sales) so I didn't enjoy the benefit of having the personal car written off by the business I owned etc. etc. Once again I guess you are slamming my personal choice to pursue a sales career and work for someone else. Worked my ass off and accomplished a lot and made a ton of money for my employer and a good living for myself. If those choices disturb you....are beneath you......so be it.
I just asked a simple question as to how, as you claimed, you managed to get "left behind" by President Bush.....an extraordinary achievement in view of the fact that you had been in the post-college work force for 20 years or so before he was ever in office. No doubt all this hopey changey stuff is getting you caught back up......
I'll give you that while Bush was in office I did make a very good living.....but that wasn't his doing....it was my own hard work and accomplishments. At the same time I paid a zillion in taxes and nothing Bush did seemed geared to where I was from a tax standpoint and I began to realize that even though I did well it wasn't well enough to fall into that GOP coddled elite zone of income earners. So it forever puzzles me how anyone in the middle class can also see themselves as full fledged members of the GOP....that they "belong" in the brotherhood of the elite and that the GOP really cares about their economic status. I remain unconvinced that is the case.
This chart speaks for itself http://www.heritage.org/budgetchartbook/top10-percent-income-earners Why would the middle class vote for the party that allows 50% of the population to pay almost nothing yet takes a great deal of their income? BTW I assume that the author of the article you linked to in the OP doesnt' pay any US Federal income tax. He's writing for a British paper.
So you're doing well, Bush had nothing to do with it of course, but because he didn't implement favorable tax policies specifically designed to benefit you and therefore he " left you behind". I get it..... :roll:
I understand now. It was MCG's hard work that made him succeed but it was George Bush who made him fail. I got it. And the only way to rectify this is to steal some other guys money( who only got it because of George Bush ) and give it to MCG. For all the years of repetitive discussion, I think I summed it up in two sentences. Move along, folks. Nothing going on here.
Absolutely......just didn't want the inevitable "see what George did for you" comment. And Krebsie......why is it you always think I want something "given" to me. I clearly pointed out that I paid my dues and taxes but that Bush didn't do a whole lot for me tax wise as much as he did for the higher income earners. And now Perry comes up with what is laughably geared to the highest income earners......the 20% flat tax option. Jezzus my wife and I do...OK....not high income earners and not low either but this 20% flat tax would cost us about $5,000-$7,000.00 annually more than the present system. Man....the first GOP or Dem that comes up with something truly for the middle class has my vote.
Have you even looked at his plan? I am not in favor of it, but... So how does that increase your taxes?...just stay with the old system. http://www.foxnews.com/opinion/2011/10/25/rick-perrys-tax-plan-would-be-disaster-for-america/
Because I don't currently pay a 20% amount on most of my earnings Stu. If he was talking about a $12,500.00 credit.....then he would have something for me.
I'm sorry...on his plan, you can stay right where you are now... So how does that increase your taxes?
Stu....what I am saying is that his plan therefore does not do a friggin thing for 90% of the people and again....it amazes me all the time how so many idiots think they are in fact in the top 10% of wage earners. They either think they are in the top 10% or they are quite certain that if they are not in that group that someone else who is in that group is going to reward their hard work just because they have it to give thanks to some tax cuts. That's hilarious.