More liberal propaganda. For the past 75 years the average Receipts by Percentage of GDP in the U.S. is 18%, with a high of 22% and the low somewhere around 12%. Over that same time period The top Marginal Tax Rate has been as high as 92% in the 1950's to as low as 8% in 1912. Government spending in 1930 was 12% of GDP and steadily increased to 35% in 2008 and expected to rise to 45% by 2015. The historical data is proof that raising taxes does not equate to increased revenue. Like it or not, the only way to cut the deficit is with spending cuts. It's the same old liberal class warfare bullchit argument. How on earth are YOU paying for a billionaires existence?
Red, Ok so say that every rich person doesn’t create jobs, but rather invests like you said, what could they invest in that wouldn't create a job elsewhere? I mean the idea of investing ones money in a company allows for things such as growth. Maybe you should be more clear so the rest of us idiots know which investments you speak of that only pay the rich and DO NOT create any jobs or provide the means for jobs in the future. Also about the b/c the rich are taxed less the government is in more debt argument, that’s just absurd. The reason we are in debt as a country is b/c of over spending. There are states out there that have cut all taxes and managed to cut their debt in the same process. I’ll say it again, I do not pay attention to politics and all things of the same manner as most, still, logic prevails and rich PRIVATE citizens that are taxed less in no way add to debt. Only one thing created debt and adds to it, OVER SPENDING by POOR leadership.
businesses and capital gains should not be taxed at all. so many jobs would be created. we owe so much to the rich anyway, we should be more grateful.
Of course it does. Your numbers to not contradict this. We are collecting $billions less revenue than we did in the 90's when the economy was flourishing and unemployment was ridiculously low due to tax cuts that were supposed to be temporary to stimulate the economy, which it failed to do. They need to expire as was always the plan. Republicans want to renege on the act. Untrue. You cut a deficit from both ends by raising taxes and lowering spending. It takes a balanced approach. I've never claimed that, don't put words in my mouth. I claim that the billionaires should back to their old tax rates and pay the same percentage of their income as the rest of us for the fiscal health of the country.
It's been class warfare for a very long time, and the middle class and poor ain't winning. I can understand why the rich wouldn't want to be taxed, I mean that might mean Daddy Warbucks can't buy the ms. her 3rd Bentley. No piano lessons for the family poodle. No 5th yacht. No 64 inch LED that pops out of the 24 karat gold toilet, tough times for the rich I tell ya.
Uhhh . . . Sure. If they invest overseas, and most investors do, it does not create jobs in America. If they buy and hold gold, it creates no jobs. If they send money traveling overseas, it creates no US jobs. If they buy more rental property, it creates no jobs. They can hoard huge amounts of cash that creates no jobs. They can buy and hold property that creates no jobs. They can hide financial transactions in offshore banks that create no US jobs. They can have an untaxed pile of cash in Swiss banks. Etc., etc. Try to understand . . . debt is simply having insufficient income to pay expenses. We get in that situation in two ways. One, by adding unfunded spending mandates likes "No Child" and the Medicare Prescription Drug Plan. Two, by cutting income (taxes). The Republicans did both of these while in office. Likewise a deficit can be eliminated in two ways. One, by eliminating unfunded mandates. Two, by restoring the income that was given away.
Red will never understand that the govt takes in some 2.2B a year but spends 3.5B a year. We don't need to tax more people. We need to STOP spending and borrowing. What to cut you say.. EVERYTHING by atleast 20%. Reform entitlements and then phase them out.
