How are the Bush tax cuts hurting the working class?
I mean, seriously, everyone says the tax cuts only cater to the rich, when everyone who works for a living is allowed to keep more of their hard earned wages due to the tax cuts. The richest already pay the most in taxes, because they have/earn the most.
Tell you this, take away those tax cuts, and all of us who work will feel it, TELL ME I'M WRONG.
For all of you who believe tax cuts hurt the economy, how then do you explain the tax reduction bill President Reagan (God bless the man) signed into effect in 1981, the largest in the history of the country that everyone said would hurt the economy, actually resulted in 92 straight months of economic growth, another record??
What they should do is clean up all of the 'drains' on the economy, like fraud and open checkbooks with regards to welfare, and the ever worsening illegal immigration problem. they clear those things up, then lets see where we are with regards to the deficit. And to all of you out there who believe health care is a 'right' it's a right...to get a job, and pay for healthcare. They can work to make it more affordable, but you should still have to work to get it, not have it handed to you for free, unless of course you are truly 'physically' unable to work.
- JonnyTruantLv 41 decade agoFavorite Answer
Do you feel your dollar getting lighter and lighter? Can't you sense America's debt on your shoulders? You can blame massive tax cuts along side record expenditures for this. We have borrowed trillions of dollars to pay for things which don't help any of us directly while giving massive tax cuts to people who don't need them. Trust me, the costs he cut to pay for his tax cuts has ended up costing the middle and lower classes more to make up. Services the top wealth earners didn't even use, such as medicare/medicaid, government subsidized child's health care, public schools, college grants, veteran's benefits and reservists' health plans, food subsidies, workforce education programs to help the poor find better jobs, etc.
The concept is that the wealthy are channeling their money into growing American business. However, that's not how it's working out. Instead, they're making money faster than they can or want to invest it. The trickle down isn't working. It's time for something different.
Tax cuts which are targeted would work much better. Something more along the lines of what liberals proposed and what Obama supports now. A $1000 tax credit for working class families while returning high income earners' taxes to the pre-Bush levels.
The economy gets stronger when income inequality is narrowed and the middle class is stronger. The Bush tax cuts save the wealthiest Americans millions while amounting to about $300 for me and I make a pretty decent wage. TELL ME THAT'S FAIR. My cost of living has been directly and indirectly impacted by his tax cuts TELL ME THAT'S FAIR. Our lower class children are having a harder time because of his cuts while upper class children are uneffected - TELL ME THAT'S FAIR.
Edit: And for the idiot who say it's a Liberal thing that's convinced people that it's a lie that the wealthy should take care of the poor or whatever. The wealthy make their money on the backs of us working class. The government runs by the mandate of the people, most of us are working class. You make your wealth because we allow you to. I suggest you read up on what happened during the French Revolution.
- Anonymous1 decade ago
Alleluia- Someone who finally makes sense.
You are right. The working "rich", pay the most in taxes dollar for dollar. The real question is , maybe the top marginal tax bracket should be higher so they pay more percentage wise to their income.
You are right about all of us feeling it if the rich are over taxed. The "rich" are typically the people that take their tax savings and put it back into growing their business ventures which in turn creates more jobs. It is a proven fact that has been studied by economist for years.
I had a professor in college that had a belief that was somewhat biased- You take more in taxes from the rich and the result is less jobs. If you give the money to the poor it will not help them because they will always have more children which will keep them in poverty.
And if some idiot says to you that the rich don't pay taxes tell them they don't know what they are talking about. Believe me I know, I prepare tax returns for multi state conglomerates and millionaires.
The rich pay the most and have the highest overall tax rate compared to their income. The alternative minimum tax makes sure that they pay a higher rate if they have substantial capital gains.
- 4 years ago
The working class, by definition, works, and pays income taxes on its salaries and wages. The Bush tax cuts lowered the amount of tax they paid. That extra money goes to their wallets, where they can choose how to help themselves. Listen to Social Democrat and study Keynesianism: Keynes argued for the government printing money and injecting it into the economy during recessions, for two reasons: to kickstart economic activity, and to lower worker's wages. All economists agree, regardless of which shool of thought they follow, that wages must come down in a recession. The Keynesian method can do this mostly without people being aware of it, and without their consent.
- 1 decade ago
You are wrong because the result of the Bush tax cuts is that people making more than $10 million/year actually pay a smaller percentage of tax than people making $500,000/year.
The reason for this is that very rich people earn most of their money from capital gains and not in the form of ordinary income. The very rich don't work for a living; they just buy and sell investments.
So you are wrong because under the Bush tax cuts, the very rich are in fact paying a SMALLER share of the tax burden than well-off working people.Source(s): Martin A. Sullivan, "A Good Reason to Raise the Capital Gains Rate," 120 Tax Notes 535 (Aug. 11, 2008).
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- Anonymous1 decade ago
Well, sir, YOU ARE WRONG. Maybe not dollar by dollar, literally speaking....but fundamentally wrong. Its sort of like a chain reaction, really and it goes like this:
1. taxes increase to pay down the deficit, helping the economy
2. the deficit begins to drop, signaling better economic growth, more trade and, yes, eventually lower taxes
3. the American people prosper because the taxes have cut the deficit, funded what is really important like health care and education, not war and dick cheney's pockets. It would signal economic growth by giving companies more of an incentive to stay in american because people will then have more money to spend..etc
Its all simple, Bill Clinton did it--so it's proven to work. And anyways, when taxes are raised, its not that much that you would miss anyways.
You seem just incredibly selfish and self centered. maybe the country will be better when obama becomes president if all people like you move to canada. yeah, start packing now neo-con.
- 1 decade ago
It's not just Bush, it's also a do-little Congress for the past 9+ years. But the middle class is dying...we aren't just talking about a few lazy individuals, we are talking about the majority of the working class is evaporating. I have no problem with conservative tax policies...but the current ones are certainly not helping the economy any, either.
- Anonymous1 decade ago
The people who say that are fools and tools.
- mr pLv 51 decade ago
you are correct, somehow the dem's have convinced half of this country to believe that it is the responsibility of wealthy people to take care of poor and middle class people.
- White Knight!Lv 51 decade ago
.....and you can bet every liberal did not turn down that stimulus check. But explaining the truth to liberals is useless. They thrive on whining!Source(s): www.notready08.com
- truth_tellerLv 41 decade ago
if you paid taxes you got your rebate just like anybody else, my $$$ came in handy