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Who exactly is the 1 percent that the President is seeking to raise taxes on?

So the Repilicans are still dragging out. trickle Down Economics. If you raise taxes the wealthy will take it out on the working class and cut raises and cut jobs. But if we continue to give all the benefits to the wealthy well maybe they will hire someone or not cut jobs. Really. This sounds like a protection racket to me.


Asked by booklover545 at 12:41 PM on Nov. 18, 2012 in Politics & Current Events

Level 38 (104,764 Credits)
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Answers (11)
  • Ladies, the raise will be for those who make $250,000 or over a year!!! it won't completely help the deficit, but it will get us closer to doing just is obvious that the way it stands now is not helping or has helped to get jobs like they said it would. So it is time to try another approach...

    Answer by older at 4:20 PM on Nov. 19, 2012

  • Middle class faces higher taxes or prices regardless of what happens.

    Answer by QuinnMae at 1:07 PM on Nov. 18, 2012

  • I don't know but the richest, super wealthy actually voted for president Obama.

    Answer by HHx5 at 2:31 PM on Nov. 18, 2012

  • They are the people who already pay the lion's share of the taxes. If he gets his increase, the yearly revenue from that will pay the bills for 1 week. It isn't the answer. Lowering taxes and easing regulations on businesses to generate money in the consumer's hands that they can spend so the companies can make more, hire more, and ultimately pay more in taxes is the way. There is no way that 51% of the population can pay the way for 100% of the population and the number paying taxes is decreasing. I guess a person with a business degree instead of a law degree would understand this better. He wants laws. Romney wanted business. Sigh....4 years and then he is out of our hair.

    Answer by jesse123456 at 4:34 PM on Nov. 18, 2012

  • Oh, I would rather have trickle down economics that is not really true than trickle up poverty that is absolutely happening.

    Answer by jesse123456 at 4:35 PM on Nov. 18, 2012

  • I thought those making $250,000 or higher were who he had in mind. Even some conservatives (& wealthy) people are agreeing that this needs to be done, even if it's temporarily. Warren Buffet & Ben Stein have weighed in on their support of this in order to chip away at the deficit. Scary thing is, Warren Buffet and some of this rich investor buddies started pulling out their American stocks prior to the election. They must see something even worse on the horizon. Frightening! :(


    Answer by mrsmom110 at 5:11 PM on Nov. 18, 2012

  • So explain how raising taxes is going to help rebuild our economy.  Oh and please do it step by step on exactly how raising taxes on the wealthy is going to help the little people or for that matter the middle class.  Let's not forget that under the new Health Care Bill the politicians don't have to abide by that.  Which tells me any of the "buddies" on hte liberal side probably won't have to pay higher taxes like  the rest of us.


    Answer by Anonymous at 7:16 PM on Nov. 18, 2012

  • Answer by Anonymous at 7:16 PM on Nov. 18, 2012
    So explain how raising taxes is going to help rebuild our economy

    Do a little research. Even Ben Stein, a conservative economist, has been saying we need to raise revenue. A balanced approach - cut spending and raise revenue to decrease the deficit to improve the economy.

    Answer by Rnurse at 2:04 AM on Nov. 19, 2012

  • There is no way raising the taxes on just the rich will come close to even helping the budget. Instead it's going to have to be a combination of things all of which will hurt everyone. If we don't do something now then it will only get worse. OK raise taxes on the rich but it really needs to be across the board while at the same time cutting benefits across the board. Do I want to see my parents getting less on social security NO! Do I want to see the poor go hungry? NO! We talk about cutting the pork out of the budget but then you have to also realize that much of that pork results in jobs for someone. But cut it we must. Unfortunately we really need to cut things until we start to bleed if we want to get things back in order. The question is can we handle the pain that will come along with the cuts that are needed to balance the budget?

    Answer by baconbits at 11:09 AM on Nov. 19, 2012

  • They are not going to cut anything that needs cutting. The politicians are in no way going to do what is right for this country.  They already have another spending bill in mind.  HELLO!!  Things are only going to get worse and now we can say goodbye to the America we knew and hello to socialism/communism where the majority of Americans are going to be poor and all of the politicians and their cronies are going to be living off of us.


    Answer by Anonymous at 11:45 AM on Nov. 19, 2012