Now history is about to repeat itself. Why? Because Obama promised during his campaign not to raise the taxes on people making less than $250,000. If the Bush Tax Cut is allowed to expire at the end of the year the middle class will see a rise in their taxes also. Hence, some legislation is needed. The question is will the Democrats have enough spine to pass the legislation to exempt the middle class, while allowing the handout for the rich to expire.
If the Bush Tax Cut is not allowed to expire, the wealthiest 120,000 people in the United States ( you probably don't know many of them) will be given three million dollars each over the next decade. Overall, that's 680 billion dollars of revenues that disappears from the federal budget. The Republicans will tell you that making the Bush Tax Cut permanent will stimulate the economy. Bull shit. It means a lot of rich people, who already have everything under the sun, will just stick some more money in their pockets.
The Democrats need to step up to the plate and provide some protection for the middle class. But, when it comes to making the Bush Tax Cut permanent, JUST SAY NO!!!!!!
Yes Your Highness, you are so right and the Repubs are so out of it and off track filling their pockets.
ReplyDeleteThe main concern for Republicans is making money for themselves and their friends. And, with their expert use of wedge issues, they often get away with it.
ReplyDeleteGive away? Handout?
ReplyDeleteI'm no fan of moronic so-called "conservatives", but these are by no means proper descriptors. They are being allowed to keep more of the money they themselves earned. Calling it a handout is like saying it was charity when the mugger left you cab fare.
Well said tprjones!
ReplyDelete@tprjones: True, they have earned the money, however even after paying a not unfair portion of it as taxes, to support socialist things like roads and fire departments, they still get to keep far more than my wife and I do in real dollars.
ReplyDeleteDo remember that Warren Buffet's secretary pays taxes at a higher rate than he does.
The problem is no matter how you slice them, income taxation is inherently divisive. If everyone pays the same rate, then you have liberals complaining because the rich get to keep more dollars in their pocket after taxes. If you have progressive rates then anyone that can do math can rightfully claim that you are overtaxing the rich. If you have everyone pay the same amount, well we haven't tried that but it's pretty clear it wouldn't work if everyone had to pay $8000 individually per person, because some people just don't make that much (based on 2007 figures).
ReplyDeleteThere is no such thing as a fair and equitable income tax, because there are too many mutually exclusive definitions of fair and none of them show a clear truth to them. Perhaps it's time to consider other less divisive forms of tax revenue for the US.
Sorry, I think that the graduated income tax is fair and equitable. I've never been fortunate enough to pay at the highest rate, although I've come close, but have never thought that what I was paying was out of proportion.
ReplyDeleteGive away? Handout?
ReplyDeleteI'm no fan of moronic so-called "conservatives", but these are by no means proper descriptors. They are being allowed to keep more of the money they themselves earned. Calling it a handout is like saying it was charity when the mugger left you cab fare.