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Originally Posted by Ustwo
The wealthy pay more taxes than ever right now, and those 'tax cuts for the wealthy' gave me a full tax break when I was making a grand total of 50k a year with my wife combined.
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When was that? I'm looking for a year here.
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Whenever someone says 'tax cuts for the wealthy' some logic dies in the world.
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Perhaps, but the dead logic is the "logic" of trickledown economics.
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As it is the poor don't pay any federal income tax.
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Tell that to the "new" photographer at my station (he's been with us 3 years, which is new at my shop). He's making 20,000 a year, barely making ends meet especially with the increase in energy prices, and, having done his taxes for him, since he can't afford a tax preparer, I can tell you that he most certainly did pay federal income tax. Unless you are defining the "poor" as "people who don't make ANY money" then you are wrong there.
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I really wish that the left would come to grips with the fact that lowering taxes can INCREASE tax revenue for the government as people are willing to do more transactions (taxable) and less sheltering.
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Well that's an economic theory that actually has some merit, but not in the trickledown way that Reagan and the Bushes want to do it. Cut taxes on the poor and middle class. Slash 'em. But giving ANY tax relief to the wealthy is crazy. Let me explain.
There are certain products that you have to buy. Food. Clothing. Shelter. Whether you make 20 thousand or 20 million a year, you're going to buy food, clothing and shelter. Then you get to non-essential expenses. Entertainment, nice cars, nicer food, clothing, and shelter. These cost more money and therefore generate more tax revenue. The rich are already buying all these non essentials because they can afford it even with their taxes. The poor and, to a somewhat lesser extent, the middle classes are NOT buying these items because they cannot afford them. But if we reduce THEIR tax burden, THEY start buying them as well. This results in more of the higher-tax-generating merchandise being bought.
What the trickle down proponents don't seem to understand is that the rich are already buying stuff like crazy. We need to stimulate MORE people into buying stuff that they aren't already buying.
If you really need proof that trickledown doesn't work, Reagan/Bush 1 tried it for 12 years and it tanked.
If you need further anecdotal evidence that it might not be such a good idea, the man that's pushing it now has financially destroyed just about everything he's ever touched, from businesses to the state of Texas. This guy obviously isn't real good with money, especially considering how much he's spending. Any economic theory he touts should be taken with a rather large grain of salt. In fact, you'd better make it a mountain of salt.