Why I think Tax Cuts For The Rich Are Good?

There is a historic struggle over the wealth of this nation.

On one hand (obv the the left one) you have the folks who believe as our current president does. Tax the wealthy (Define it any way you want) and use that money to fund the Government.

On the other hand (the right one...duh) you have the folks who want to keep their money and have the lowest marginal tax rate possible.

How in the world can we defend the right? Very simplistically it is the difference between investing and spending.

I hear lots of rhetoric form our current regime about investing (Government Spending) but nothing about Return on Investment. Where as even the smallest individual investor is all about return on investment.

So I say YES give tax cuts to the wealthy, let them invest (you don't think they are just sitting on piles of cash do you?) and let the government get back to what they are constitutionally mandated to do.

Yeah you don't want people to stop creating wealth or to take accumilated wealth somewhere else because of tax penalties

No one should get a tax cut.

Bonzi Lighthouse said:

There is a historic struggle over the wealth of this nation.

On one hand (obv the the left one) you have the folks who believe as our current president does. Tax the wealthy (Define it any way you want) and use that money to fund the Government.

On the other hand (the right one...duh) you have the folks who want to keep their money and have the lowest marginal tax rate possible.

How in the world can we defend the right? Very simplistically it is the difference between investing and spending.

I hear lots of rhetoric form our current regime about investing (Government Spending) but nothing about Return on Investment. Where as even the smallest individual investor is all about return on investment.

So I say YES give tax cuts to the wealthy, let them invest (you don't think they are just sitting on piles of cash do you?) and let the government get back to what they are constitutionally mandated to do.

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While I disagree with your conclusion I respect the fact that you framed the question in an honest and rhetoric free way. Most people when discussing political issues imitate the hack talking heads on TV, you clearly think for yourself. Well done. +rep

Oh. So the tax cuts for the rich will have a trickle down effect for the rest of us will it? WRONG!

Your average Joe has been making less ever since then.

But the rich have gotten richer.

Its a fantasy to think that the more wealthy the rich get, the more money the poor will have.

http://www.tax.com/taxcom/taxblog.nsf/Permalink/CHAS-89LPZ9

I say fuck those companies making threats.

Go ahead and take your company overseas or out of America. We'll boycott your sorry ass.

Look at GE for an example. Do you really think they can afford to close shop and move offshore? I dare you. They basically paid little to nothing in taxes while making billions.

chillwills said:

I say fuck those companies making threats.

Go ahead and take your company overseas or out of America. We'll boycott your sorry ass.

Look at GE for an example. Do you really think they can afford to close shop and move offshore? I dare you. They basically paid little to nothing in taxes while making billions.

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And what they don't want you to know is that they need us more than we need them. The US is the best marketplace in the world, without it they couldn't sell their goods at these prices. Yet we act like we need to be subservient to us when it should be the other way around.

If we closed all the loopholes, tax shelters, and put tariffs on companies who outsource do you know what they would do about it? Nothing. They'd have no choice but to comply. They need our marketplace.

The vast majority are already utilizing tax incentives for having already shipped the jobs over seas. In the last thirty years, ever since your hero Reagan and his brand of gov't coffers pilferage (tax relief for the wealthy) the top 5% has had income increase of 35% given inflation and cost of living while the rest of us poor bastards have actually lost 5% given inflation and COL. That 5% has as much of the pie as the remaining 95% combined! When you take that much of the pie it should be assumed that your piece of the bills is a higher one. Wealthy entities use more in the way of power, water, roads, and fuels so why shouldn't they pay the difference in subsidy? Taxes are at a historic low as a percentage of income, even at the returned rates of taxation while income for those who it will effect is at an all time high in terms of relative income by population. While most of us feel this recession, those whom you are referring ARE actually sitting on piles of cash! You should be mad as hell!

Bonzi Lighthouse said:

There is a historic struggle over the wealth of this nation.

On one hand (obv the the left one) you have the folks who believe as our current president does. Tax the wealthy (Define it any way you want) and use that money to fund the Government.

On the other hand (the right one...duh) you have the folks who want to keep their money and have the lowest marginal tax rate possible.

How in the world can we defend the right? Very simplistically it is the difference between investing and spending.

I hear lots of rhetoric form our current regime about investing (Government Spending) but nothing about Return on Investment. Where as even the smallest individual investor is all about return on investment.

So I say YES give tax cuts to the wealthy, let them invest (you don't think they are just sitting on piles of cash do you?) and let the government get back to what they are constitutionally mandated to do.

Click to expand...

Tax for "Who" and for "Why" would help.

i agree...if they weren't sitting on piles of cash they wouldn't be rich

...you got more you give more

Everybody should pay taxes. Even the top 1%.

Hell like odumbass said, we are a great country because we have welfare, medicare. Tax every body that works 100% and redisturbute the wealth.

Bonzi Lighthouse said:

There is a historic struggle over the wealth of this nation.

On one hand (obv the the left one) you have the folks who believe as our current president does. Tax the wealthy (Define it any way you want) and use that money to fund the Government.

On the other hand (the right one...duh) you have the folks who want to keep their money and have the lowest marginal tax rate possible.

How in the world can we defend the right? Very simplistically it is the difference between investing and spending.

I hear lots of rhetoric form our current regime about investing (Government Spending) but nothing about Return on Investment. Where as even the smallest individual investor is all about return on investment.

So I say YES give tax cuts to the wealthy, let them invest (you don't think they are just sitting on piles of cash do you?) and let the government get back to what they are constitutionally mandated to do.

Click to expand...

90% of the people on this forum need to go to Barnes and Nobles and pick up Macroeconomics AND Microeconomics for dummies. your whole post is riddled with inaccuracies. NO ONE that i have seen on this site understands how money is made, you all think they just print more of it when they need it LOL.

one guy is using tax.com as a reference in this thread.

go buy a textbook on economics, read it front to back then make up your mind on how much taxes or w/e else you think is right.

just to give you a preview an income tax on a wealthy person works just like any other person. there is a a diminishing return as the tax goes up and an exponentially increasing dead weight loss untill eventually you are doing more harm than good with your tax. this has social effects as well, you attempted to touch on those but fumbled.

bottom line is go read an economics book, ALL OF IT, then decide how you think things should work. all of you should do this not just the OP.

The problem is all this talk about tax the hell out of them, unless its me. You can tax the rich 100% and they will likely pay 5% there are so many loopholes for the rich, hell everyone for that matter. We need a flat tax with no deductions! Maybe even a progressive tax that has no deductions. If you have kids, thats your problem. If you have a house, thats your problem. Your spending habits should not be my burden.

chillwills said:

Oh. So the tax cuts for the rich will have a trickle down effect for the rest of us will it? WRONG!

Your average Joe has been making less ever since then.

But the rich have gotten richer.

Its a fantasy to think that the more wealthy the rich get, the more money the poor will have.

http://www.tax.com/taxcom/taxblog.nsf/Permalink/CHAS-89LPZ9

Click to expand...

I said nothing about about trickle down or more money for the poor.

This is about who is more qualified to run the economy of this country, the government or the people. The Government invests (spends on its programs) and people invest with an expectation of return.

Government wants to redistribute this nations wealth as it sees fit, they want to spend our money with absolutely no expectation of a return.

UGA said:

90% of the people on this forum need to go to Barnes and Nobles and pick up Macroeconomics AND Microeconomics for dummies. your whole post is riddled with inaccuracies. NO ONE that i have seen on this site understands how money is made, you all think they just print more of it when they need it LOL.

one guy is using tax.com as a reference in this thread.

go buy a textbook on economics, read it front to back then make up your mind on how much taxes or w/e else you think is right.

just to give you a preview an income tax on a wealthy person works just like any other person. there is a a diminishing return as the tax goes up and an exponentially increasing dead weight loss untill eventually you are doing more harm than good with your tax. this has social effects as well, you attempted to touch on those but fumbled.

bottom line is go read an economics book, ALL OF IT, then decide how you think things should work. all of you should do this not just the OP.

Click to expand...

Nice back handed way of calling the members of this board ignorant.

Read your post, you contributed nothing to this discussion.

You might as well posted "read a book"

Thanks for your useless input.

ChubbySoap said:

i agree...if they weren't sitting on piles of cash they wouldn't be rich

...you got more you give more

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Where are these piles of cash? It's invested, treasuries (uck) munies, Money market, bonds stocks this money is not just sitting there it is working.

Money makes money and the money money makes makes more money.

laughingduck said:

The problem is all this talk about tax the hell out of them, unless its me. You can tax the rich 100% and they will likely pay 5% there are so many loopholes for the rich, hell everyone for that matter. We need a flat tax with no deductions! Maybe even a progressive tax that has no deductions. If you have kids, thats your problem. If you have a house, thats your problem. Your spending habits should not be my burden.

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Yes we need tax reform. The real question is how much money do we give to the government and for what?

laughingduck said:

The problem is all this talk about tax the hell out of them, unless its me. You can tax the rich 100% and they will likely pay 5% there are so many loopholes for the rich, hell everyone for that matter. We need a flat tax with no deductions! Maybe even a progressive tax that has no deductions. If you have kids, thats your problem. If you have a house, thats your problem. Your spending habits should not be my burden.

Click to expand...

I was ready to post about some thing similar, the tax cuts seem like a minor issue too me compared to this. I've read that 2/3's of these multinational companies pay zero taxes because of loopholes and yet we friggin bail them out when they get into trouble. I would harbor a guess, that through subsidies etc. some of them actually make money off the government while paying zero taxes.

You can call it what you will, I do not consider it a tax increase, I consider it the end of a tax cut. We have tried for many years in the past to grant tax cuts to our wealthiest Americans, who by the way, just keep getting richer, while we take away benefits from the poor and elderly. I don't see how anyone with a conscience can ask Grandma to give up her Medicare benefits so Donald Trump can afford a new yacht every year. The reason our debt has greatly increased is due to lost revenue, lost from a tax base that experience double digit unemployment, a low consumer confidence index, and tax cuts to the wealthiest Americans.

And if you do give the wealthy even more, and then turn around and ask the elderly to accept vouchers instead of health care, who is to say those wealthy Americans benefiting from even higher tax cuts will invest their money in new jobs and ventures? They may simply purchase stocks, bonds, CD's, etc.... simply transferring money from one individual to another, creating 0 new jobs. Trickle down economics doesn't work. It didn't work under Reagan or bush, it's not going to work under anyone. You give them tax breaks, then they still look for loopholes. They even hide money in offshore accounts. Remember how many rich and patriotic Americans were hiding money in Swiss accounts that came forward to take advantage of Obama's amnesty? hundreds of the roaches did....

The government is mandated to collect revenues and fund the national security of this country. I agree with your statement that they should get back to governing, and part of that is to collect taxes, not give them away.....

btw.... Most new jobs today are created by small business, not the wealthy.....

Bonzi Lighthouse said:

There is a historic struggle over the wealth of this nation.

On one hand (obv the the left one) you have the folks who believe as our current president does. Tax the wealthy (Define it any way you want) and use that money to fund the Government.

On the other hand (the right one...duh) you have the folks who want to keep their money and have the lowest marginal tax rate possible.

How in the world can we defend the right? Very simplistically it is the difference between investing and spending.

I hear lots of rhetoric form our current regime about investing (Government Spending) but nothing about Return on Investment. Where as even the smallest individual investor is all about return on investment.

So I say YES give tax cuts to the wealthy, let them invest (you don't think they are just sitting on piles of cash do you?) and let the government get back to what they are constitutionally mandated to do.

Click to expand...