Quote:
Originally Posted by dc_dux
And, not one has explained how supporting an extension of the Bush tax cuts for the top bracket will not result in significant loss of revenue ($4 trillion over 10 years) and growing debt.
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After the Bush tax cuts, money collected by the federal government went up, not down.
Obama's plan is not a tax cut, but a tax increase on top earners. A tax increase during a recession. The suggestion that "rich" people won't "spend" the money is an ignorant statement. the issue is not about "spending", it is about "investing". Investment has long lasting implications, spending does not. One reason job growth is slow is due to unwillingness of people to invest in the future. We are seeing an increase in merger and acquisition activity, which is not what we want. Corporations and "rich" people are sitting on cash, we need tax policy that is predictable so that people feel comfortable putting money to work. Buying TV's and cell phones, etc. does not make for a strong recovery.