Anonymous
Anonymous asked in Politics & GovernmentOther - Politics & Government · 1 decade ago

Do you agree with Obama on his tax cuts?

Do you agree that giving the lower income brackets a tax cut is more helpful to the economy then giving tax cuts to the wealthy?

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  • TK
    Lv 7
    1 decade ago
    Favorite Answer

    Yes. If you compare the bang for the buck for each tax cut, then the conclusion is unavoidable that boosting lower income purchasing power positively affects the American economy while increasing the standard of living of those on the lower end of the socioeconomic scale.

    When you cut the taxes of wealthier Americans you don't get the same broad economic effect. That's because the wealthy will spend even more of its income, and make more investments, outside of the United States of America. More generally, however, they will invest more rather than spend more of their tax savings, and that reduces the multiplier effect associated with spending that leads to organic job growth. It also reduces future tax benefits as some long-term investments are often subject to depreciation writeoffs and virtually all are given favorable capital gains tax treatment when the investment is cashed out and presumably re-invested in a similar investment vehicle.

    I think we need a simpler and more equitable tax code, but I agree with the proposition you set forth above.

  • Don M
    Lv 7
    1 decade ago

    No, I do not agree with that at all.

    No one is really getting a tax cut, because tax rates are not cut. There are rebates, and a lot of them are going to people who don't pay income taxes in the first place. The "tax cuts" are really nothing more than another wealth redistribution scheme.

    It has been proven that the economy gains real stimulation from tax rate cuts that benefit all taxpayers. President Reagan's and President Bush's tax cuts were not just for the wealthy, but for all taxpayers. Yes, the wealthy got a bigger chunk of change because they PAID more to begin with. And, knowing that they could keep more of what they earn, they invested more, expanded their businesses, and hired more people. Obama's "tax cut" will bring the average person $13 a month extra. How many people can you hire for that?

  • 1 decade ago

    How about we give the middle class working man a tax break? My guess is that probably about 90% of Americans HOPE every week that they will have money last from payday to payday... and those Americans would probably love to see that CHANGE. Does Obama have a plan for this common problem? I know that's not answering a question, but while we're already on the discussion of tax cuts, I figured I'd put it out there.

  • 1 decade ago

    What tax cuts? The fuax tax cut, then the raise in payroll tax on the employers which counters the "tax cut"? Maybe giving the business owners a break on their taxes so they can give everyone raises instead of having to fire more people because business taxes on the "wealthy" just went threw the roof! And does it really matter when inflation is quadrupling.

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  • 5 years ago

    I don't know what a Tea Bagger is, so you rants are probably as made up as your terms. I do know about Tea Partiers and they are for fiscal responsibility and smaller government and will not push out short term propaganda while letting the Bush tax cuts expire. Plus the CBO! lol They are the ones that forgot about the IRS agents that needed to be hired and the cost to private companies. These guys work for government because no company would hire the idiots.

  • Anonymous
    1 decade ago

    The so-called tax cuts are a smoke screen, everything you buy will go up in price because he will tax the providers of the things you purchase. Remember, corporations pass on all expenses to the consumer. Also, since B.O. will have to print paper money to pay for the huge expansion of government, inflation will make your so-called tax cut a farce.

  • 1 decade ago

    what tax cuts

    the only ones he gave tax cuts too don't pay taxes anyway.. low income very seldom pay federal taxes..but the main problem with his supposed tax cuts is that sure he dropped the tax rate from 15 % to 10 percent ..but what he didn't advertise is that he dropped the 118000 threshold on taxes ..before you you didn't pay taxes on anything less than 11800 dollars of income ..obama dropped it down too no threshold and you pay on every penny you make ..wont make much difference but it will show up on some peoples returns

  • Anonymous
    1 decade ago

    I agree in giving the tax "payers" a tax cut!

  • 1 decade ago

    In exchange for a $400 average yearly tax rebate (which won't materialize btw), each family gets to be $140,000 in debt. What's not to agree with?

  • Anonymous
    1 decade ago

    Ya, poor people spend more money than they have. The bottom 50% of americans in money, spend more money than they have and have a net worth of -3000 on average. Rich people save so they dont spend lots of their money

    Source(s): Th
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