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Originally Posted by Poppinjay
If I had $2.87 million, I'd be happy to pay 24%.
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Me too, but that is not the point. The point is if you had $2.87 million and an easy opportunity to pay less than 24%, would you?
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As it is, we barely breach 6 figures and have been paying 36%.
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I think our tax code is screwed up and needs major change. I would not tax income, savings and investment, I would tax consumption.
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McCain's trickle down plan is ridiculous. Here Mr. 18k, have a dollar, and Mr. Millionaire, you can have back $269,000.
So the poor guy gets a hamburger and the rich guy gets another home.
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Again, I think the point is for the $18k guy, have an opportunity to make more. If the $2.87 million guy builds a house and is willing to pay the $18k guy $60k to be a carpenter on his new house, everyone wins. the $18k guy makes real money, gets additional marketable job experience and maybe able to buy his own home. The $500 credit does nothing, but buys a few weeks of food. I am not saying the money is not meaningful, but I think in the long-term making more money is a better way to go.
-----Added 30/10/2008 at 12 : 07 : 51-----
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Originally Posted by Derwood
no one is spreading any wealth around. I don't expect a check to come in the mail that contains money taken from a wealthy person.
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Where do you think the money will come from?
-----Added 30/10/2008 at 12 : 12 : 01-----
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Originally Posted by dc_dux
ace...I acknowldege that supply side economics has an impact.
It contribututes to the nation's debt in record amounts...first in the 80s, when we experienced the first explosion of the national debt... and then over the last eight years where the debt has increased from $5 trillion to $10 trillion and anywhere from 1/4 to 1/3 resulting from the impact of the Bush tax cuts
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Obama's plan shows a bottom line net cut (-$160, adding to the deficit/debt), isn't that a form of supply side economics? Isn't the real difference just in terms of who is getting the tax cut? What happened to pay as you go?
And, what is going to happen to the Obama plan when "rich" people do things to reduce the increased tax burden?