Why does the president want so many tax cuts??

It's only hurting our economy. And especially because he gives tax cuts only to the rich. What the heck?! I don't understand this at all. If there's going to be tax cuts, shouldn't he give tax cuts to the people who can't afford taxes. If anything, he should be raising taxes for the rich.

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  • 1 decade ago
    Best Answer

    First, Bush has given tax cuts to everyone, not just the rich. The rich benefit from them the most, because surprise!, the rich pay far more in taxes than the rest of us.

    Would it shock you to learn that the top 25% of income earners paid 85% of the federal income taxes? That's up from 80% in 1986. So not only do the rich pay the most taxes, their "share" has increased! The bottom 50%'s share went from 6.5% in 1986 to 3.3% in 2004. The poor and middle class are paying less in income taxes than ever before. See IRS data link below.

    OK, so now you are saying, well, that must be because rich have gotten richer while the poor have gotten poorer. Sorry, that's not true either. US Census data shows that all income groups got richer, or poorer, during the same periods. Furthermore, all income groups, including the poor and middle class, are richer today than they were 10, 20, 30, or more years ago. Please see the 2nd link below. Data is given in raw numbers, and more importantly, inflation adjusted dollars, so you can see the real gains made.

    Tax cuts do not hurt the economy. Kennedy cut taxes, Reagan, and Bush. And after each tax cut, the economy grows faster.

    You'll also discover that when the economy is growing faster, more people are working and unemployment becomes very low. Right now we have a very low unemployment rate of 4.7% and has been under 5% all this year. Anything under 5% is considered full employment. This also has the added benefit of bringing in more tax revenues, as more people are going back to work. That's why there was a recent story about the budget deficit coming down. Tax cuts do initially boost the budget deficit, but given a few years to work, they end up bringing in more revenue later on.

    Bet you didn't hear or read about that on CNN, ABC, NBC, CBS, the NY Times, or in school, huh? Check out the official data below.

    If nothing else, I hope you learn that you aren't getting the whole story from whatever your sources are now, and maybe they aren't giving you the whole story on other things, like global warming, or the war on terror. Learn to find your own facts!

  • keetch
    Lv 4
    3 years ago

    So i assume he's throwing the elderly under the bus? reducing the payroll tax without which contain a thank you to make up for the lost money skill that there is way less going to fund Social protection.

  • 1 decade ago

    Where did you get that idea? The economy is doing great. The rich are very often rich because they are ambitious and creative. They then hire lots of people so they enable other people who are not ambitious and creative to provide for their families. Look at the billions that have been given by the rich to charities.

  • 1 decade ago

    So if you ever get off your _ss and make money based on your good idea or business sense...and put 20 or 30 people who need a job to work...you should be taxed at a much higher rate for using your pumpkin to make life better for a lot of people...GOOD IDEA...Liberal!

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  • Anonymous
    1 decade ago

    Votes from the top.

    Actually, the tax cuts helped the wealthiest, but it also helped small business owners.

    I can see why he wants it.

  • notme
    Lv 5
    1 decade ago

    Free market government. It's the next big thing over at the white house.

  • 1 decade ago

    You would think but this is a Republican viewpoint so don't expect a change.

  • Anonymous
    1 decade ago

    you must not earn a paycheck I do and I pay too much thanks to BJ Clinton

  • Anonymous
    1 decade ago

    It's Satan's will.

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