Even Americas richest men admit tax cut is for rich only

[MattTheSkywalker]

You're wrong about your ideas about redistribution of wealth to the richest. Government has actually been working the other direction and redistributing money from the rich into programs for the poor. For example a family that together makes over 92k is considered rich (top 10%). This isn't rich in my opinion, and these people pay 70% of all taxes. The bottom 50% of wage earners pay 4% of taxes.

You're using a lot of the catch phrases piopular among talk show hosts, but you are not actually demonstrating anything empirical.
For example, even under a flat tax, the tax burden borne by the wealthiest segment of society would be disproportinately high.

You're using the same old class-warfare crap that got income tax passed in the first place. It's tired.

The idea that wealth has been redistruibuted downard is simply not true. The amount controlled by the top 1% has steadily increased over the last 25 years. More is being controlled by fewer people.

The government created the middle class. You should thank them.

 

[MattTheSkywalker]

oh yeah, it is 50% of tax payers pays 97% of the taxes, while the other 50% pays only 3%.

the democrats wanted to give tax cuts to those who only pay the 3%. what a great way to create new jobs! i forgot how many poor people hire others to work for them.

1. The top would be true even under a flat tax system. what is your point?

2. Spoken like someone who has never hired anyone.

 

[primetime21]

ACtually, Warren Buffett came out against it in Money magazine.

As the world's second wealthiest man, and truly the richest businessman (Gates is after all a one trick pony), he has some clout to speak on it.

He is also biased because he is so rich that his views are outside of financial realities. Nevertheless, he makes interesting points and you should read the article.

The same thing happens whenever there is talk of a tax cut. You get a couple of millionaires come out agaisnt it. You will probably also get ted turner and bill gates. Big deal. Didnt know that economic plicy was based on what 2 or 3 people thought. Especially those that can afford any tax.

 

[Testosterone boy]

You guys who don't think this tax cut is for the rich are simply well beyond denial.

 

[MattTheSkywalker]

The same thing happens whenever there is talk of a tax cut. You get a couple of millionaires come out agaisnt it. You will probably also get ted turner and bill gates. Big deal. Didnt know that economic plicy was based on what 2 or 3 people thought. Especially those that can afford any tax.

LOL.

Do you even understand the fundamental issue at the heart of the dividend debate? it is not about rich or poor - it is that dividends are already taxed once as corporate earnings and should not be taxed again.

As for the tax cut in general:

Tax cuts for the wealthy, while in theory are designed to stimulate the economy, are not as effective as people think when they say that the wealthy will reinvest this money in the economy when they spend it.

Rich people buy expensive goods. I don't shop at Target, I go to Saks and Neiman Marcus. And even though I am top 1%, there are a lot of people far richer than I am.

The point is this: the items that rich people buy are typically high margin: $2000 suits and $80,000 cars, or multi-million dollar homes and boats. This results in a lot of corporate profits but a smaller proportion of the money goes to the vendors of the goods, which is the heart of the economy. In turn, those that reap the profts from the high margin goods are corporate owners and execs, who go out and buy more high margin goods. The money goes back and forth among the same hands. The impact on the economy is insiginifcant in relation ot the amount of money saved by the tax cut.

Contrast that with middle class and below. Remeber that 90% of America makes under $90K per year. These people shop cost consciously, and less profit is made off of teh goods that they buy. This injects more money (as a percentage, not a total) into the economy (through the supply chain) than the purchase of high end luxury goods.

make no mistake, I support the tax cut. but let's call it what it is.

 

[muscle_geek]

Lets ignore what is fair and what is not fair and focus on what is best for the economy. I believe that we need more money invested and circulating through our economy. I would like my taxes cut as much as anyone. But we know what happens to rich people when their tax burden is increased. They cut back. If they own a company, they downsize. If they invest heavily, they scale down. I'm pro-big business. I work for one. I've seen layoffs cycle over and over. We need to create a climate where big business thrives. However there needs to be accountibility and truthful financial reporting. My bottom line is that by increasing the tax burden on big business or rich people negatively affects my ability to make a living. That is a fact.

 

[rsnoble]

Lets ignore what is fair and what is not fair and focus on what is best for the economy. I believe that we need more money invested and circulating through our economy. I would like my taxes cut as much as anyone. But we know what happens to rich people when their tax burden is increased. They cut back. If they own a company, they downsize. If they invest heavily, they scale down. I'm pro-big business. I work for one. I've seen layoffs cycle over and over. We need to create a climate where big business thrives. However there needs to be accountibility and truthful financial reporting. My bottom line is that by increasing the tax burden on big business or rich people negatively affects my ability to make a living. That is a fact.

Unfortunetely, corporate america from what ive seen so far, is going to make as much possible and pay as little as possible in all cases. You won't be getting a pay raise from this, but your employer will. The workers are one of the few adjustable expenses. The middle class would be a lot better off if they selected representatives for themselves instead of trusting the rich to take care of them because it's not going to happen.

As far as posting links for this, if you can't find more than enough info slamming these cuts for what they are you are spending way to much time trusting every word Bush has to tell you and that's your problem.

 

[rsnoble]

You guys who don't think this tax cut is for the rich are simply well beyond denial.

No shit, god I would just like to get my hands around their necks and choke them to death!

 

[2Thick]

When was the last time ANY government (dem or repub) created tax cuts for the poor or middle class? Cuz something like 92% of ALL TAXES are paid by the TOP 10% OF AMERICANS!

Keep that stat in mind.

-= nav =-

BS

 

[2Thick]

My bottom line is that by increasing the tax burden on big business or rich people negatively affects my ability to make a living. That is a fact.

Like the way you suffered through 1992-2000?

I did not think so. Back up your words with facts.