In order to pay down our current deficit, the average American would have to pay 42% of their income.
Even if they cut, cut, cut spending and big government, how can they also lower taxes?
They can't. It's just something they are trying to sell you. It makes no sense to give the top a tax break right now. The only evidence we need is to look at how we were prospering when Clinton implemented this tax. They wold have to cut all government spending that includes medicare and social security to offset the cost of e tax breaks.
Answer by mommom2000 at 10:43 AM on Sep. 25, 2010
Answer by stringtheory at 10:57 AM on Sep. 25, 2010
Answer by Anonymous at 11:00 AM on Sep. 25, 2010
Cutting taxes always puts money back into the economy causing people to spend, invest and expand, therefore increasing employment. The more people you have working, the more money the government takes in from taxes. The more the government takes out of the economy through taxes, the less there is for us to spend and for the rich to invest and expand businesses. The rich account for 30% of the spending, and the top 1% also pays for 95% of the taxes the government takes in. So go ahead and soak them a little more, see what happens to the economy. The government is a big drain on the economy and causes it to be where we are now. Obama is not going to fix it by growing the government, and taking more money out of the economy.
Answer by Natesmom507 at 11:05 AM on Sep. 25, 2010
Answer by jesse123456 at 11:09 AM on Sep. 25, 2010
Answer by stringtheory at 11:10 AM on Sep. 25, 2010
Cutting taxes for the middle class puts money it back into the economy. They will spend the extra money. Cutting taxes for the top means they will be more likely to save that money and do nothing to help the economy. The CBO ranked this dead last on helping the economy, why would you argue against that.
Answer by mommom2000 at 11:15 AM on Sep. 25, 2010
Answer by yourspecialkid at 11:18 AM on Sep. 25, 2010
Company hire to meet demand which puts more people paying "payroll" taxes, point of sale taxes, inventory taxes.
The problem with this theory is that they aren't hiring American workers that would take in more payroll taxes. They are outsourcing and using loopholes to get away with paying any taxes. The top companies have the money neededto hire Americans right now they have a combined cash reserve of 1.8 trillion dollars. They benefit from not hiring American workers, so giving them another tax break does nothing for hiring. Sales tax, they are producing and selling overseas. Wasn't Exon who paid zero in taxes last year. Tax breaks isn't what we need. Closing the loopholes and taxing the crap out of companies that ship jobs overseas is what we need.
Answer by mommom2000 at 11:21 AM on Sep. 25, 2010