Well, what do you all think?
I think the republicans in Congress made him do it and I LOVE IT.
Shit, tax cuts for the rich is nothing more than another entitlement program at this point.
I don't understand that comment. The more people get to keep THERE money the better. It matters not whether they be rich or middle class. Besides the rich pay something like 70% of all taxes.
Their, not there. Sorry, couldn't resist.
The rich have the most to gain in this country and capitalism in general (at least in this country, anyways) works to their advantage more than it does to any other "class". So I don't think that it is unfair at all to expect them to pay a larger % of their earnings back into the system in the form of taxes as long as we have any system of taxation to begin with.
I think the last 8-10 years, and especially the summer/fall of 2008, would pretty much invalidate the theory that lowering taxes for the rich leads to some sort of trickle down effect that is good for the economy as a whole. But the rich keep telling us that this works and that they are essentially "entitled" to take home more of their taxes than other class groups.
In the days of Eisenhower the rich used to pay more like 80% of their income back in taxes. I don't like this option anymore than I like the Bush-era tax cuts. But the bottom line is that the rich have it better in this country than they ever have before. In dire economic times they still have it better than ever before. Given that we are basically taking in less than we spend, it doesn't make sense to give the tax cuts to the rich at this particular point in time.
I'd like to see taxes lowered across the board, but this is not the time to do so. The country as a whole has to make some sacrifices, and it is the rich who are best in position to do this. Besides, ending the Bush-era tax cuts isn't really a raise in taxes as much as it is a return to a previous level. They'll still be much lower than they have been in general in the last 50 years.
We are slowly turning into a two-class system at the expense of the middle class and at the expense of future generations. It is the lower and middle classes that NEED the tax cuts. The rich will be just fine paying 38% instead of 33% or whatever the figures are. But the lower and middle classes would not be. We are a service-based economy now, and regardless of what tax rates the rich pay, they will continue to use and enjoy these "services" because they can afford to, whereas it is the lower and middle classes who will be forced to curtail their use of these services. Like I said before, I'd like to see taxes cut for everyone, but it is just too unrealistic to expect NOW to be the time to do so. I think Warren Buffett was right in his assessment of these tax cuts/hikes.
The more people that get to keep their money, the better, yes. But it is situation-dependent. For example, to reduce the budget right now by spending cuts alone can be very dangerous to prolong, or introduce another, recession. Extreme austerity measures have historically not worked.
I'm glad Obama is caving to the GOP's manifesto of 'tax cuts or we ain't doing shit'. It appears we might get something done in the next two years.
It always shocks me how difficult it is for people to grasp this^
The past 25 years have seen a steady decline in tax rates in the upper income brackets and the exact opposite of what has been promised by those pushing these policies has occurred... and, yet they somehow manage to spin their failures into convincing the public that they just need to do the same thing... but more of it.
It sickens me. All rational policies have a time and place, but no rational policy should ALWAYS be pursued.
Then please do not ever complain about the deficit again.
By the way, is this really surprising? He already cut taxes in the stimulus package, and he's proven himself to be conservative on economic policy.
I am really impressed with those deficit hawks we just elected , I mean more unfunded programs , truly impressive
None, not one single thing that you said makes any sense. The rich virtually created that successful economic climate with their own two hands. Now they should be punished for it? Taxes are already too high on the rich. There should be a flat tax where everyone pays 20% no exceptions no deductions. How many businesses would succeed if they had a workforce that was penalized for selling more widgets?
We will never have a booming economy again until government is removed from the backs of all working people, including the rich!
with the tax cuts, revenue went up.
An increase in funds always leads to an increase in spending in Washington, not a reduction of deficit.
It is just that, a spending problem, not a revenue problem. Giving politicians more of someone else's money is like raising the credit limit of a credit card junky who is deeply in dept.
First of all you've failed to grasp one of the most fundamental reasons as to why it has not worked. Two words; Big Government. We've failed economically because of far reaching government programs. A recent example is Obama care. Of course allowing people to keep more of their own money is a good thing (how foolish to even have to argue this point). But in keeping with that government must be shrunk to a size where the money is not needed. Large government and big tax cuts do not go together and never will. Do you realize how many people in the US are employed by either local, state or the federal government? And in addition to that how many people pay no taxes each year? There is an increasing reliance on the wealthy (they pay 75% of all taxes) to pull this lopsided wagon. How much longer do you think they'll can or will do it?
Simple concept, STOP SPENDING. Spending cuts MUST be accompanied with any tax cut. But here is where all politicians especially the democrats lose the fight.
By the way they can begin with Jimmy Carters Department of Education.
What exactly is too big about our government? And, how do you propose to fix it?
Yeah... simple. We will just stop spending... on what exactly?
BTW - public education is one of the best investments we can make in the future of our county's economic competitiveness.
Because our government has shown that regardless of how much money they take in they will use it wisely....
I mean... Really?? its our money (the peoples) not theirs to take and spend as they wish. Worried about the budget? Then cut cut cut cut cut... fire fire fire fire fire people working for the government.... PERIOD.
In case you weren't aware, public education is the responsibility of states, the fed is redundant. And it results in horrible horrible conditions is places.
Cut military, education, medicare, medicaid, welfare, subsidies, est.
cut defense, cut the amount of staff the governemtn has (companies do this), cut the federal commissions on things like education and such and let states run it. Increase SS to when most people are dead (like it was when it started). Stop prolonging unemployment, cut / end medicare and let states do it.
Oh, and I hope you realize that if we didnt give away so much money for kids to go to college, college would be a LOT cheaper, not to mention we would hold people more accountable during their education.
Yes, it is surprising to me. And most of the tax "cuts" in the stimulus bill are in fact tax credits. Apples to oranges.
Why is government the ONLY entity that never has to do more with less? Businesses, families, just about any organization that operates on a budget is ALWAYS being forced to do more with less.
Why can't our government?