With a 12 trillion dollar debt, why should we keep the tax cuts on those who make over 250k?

This is going to put us further into debt if we extend the tax cuts for the wealthy, don't conservatives want to pay it off?

Update:

Are you saying that letting the tax cuts expire on the ultra wealthy will somehow stop jobs from being created?

Update 2:

We are not going to cut spending... even with republicans in office.

29 Answers

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  • 9 years ago
    Favorite Answer

    The tax cuts WILL create Jobs. This is from Harvard and Yale Economics Dept.! Also the richest people in the US NEED a Tax Cut! Do you have any idea who pays what percentage of Income Tax in The US? Read the FACTS below from The US GOV! Tax and Spend Liberals read the LAST line!

    •In 2002 the latest year of available data, the top 5 percent of taxpayers paid more than one-half (53.8 percent) of all individual income taxes, but reported roughly one-third (30.6 percent) of income.

    •The top 1 percent of taxpayers paid 33.7 percent of all individual income taxes in 2002. This group of taxpayers has paid more than 30 percent of individual income taxes since 1995. Moreover, since 1990 this group’s tax share has grown faster than their income share.

    •Taxpayers who rank in the top 50 percent of taxpayers by income pay virtually all individual income taxes. In all years since 1990, taxpayers in this group have paid over 94 percent of all individual income taxes. In 2000, 2001, and 2002, this group paid over 96 percent of the total.

    Treasury Department analysts credit President Bush's tax cuts with shifting a larger share of the individual income taxes paid to higher income taxpayers. In 2005, says the Treasury, when most of the tax cut provisions are fully in effect (e.g., lower tax rates, the $1,000 child credit, marriage penalty relief), the projected tax share for lower-income taxpayers will fall, while the tax share for higher-income taxpayers will rise.

    •The share of taxes paid by the bottom 50 percent of taxpayers will fall from 4.1 percent to 3.6 percent.

  • Anonymous
    9 years ago

    Well there's 2 ways to answer this in my opinion, the conspiracy answer and the conservative economic answer (Don't bother googling any of that, I just kinda made those names up)

    Anyway, the Conspiracy answer is that the G.O.P is using the whole debt thing as a political tactic to gain more votes in November, they really don't care about the debt. This is supported by the fact that they caused huge deficit spending in the early 2000's while they still had Congress, and by the fact that they want to keep the tax cuts to the rich.

    The next answer is that they truly believe that tax cuts to the wealthy will help them create more jobs and help the economy, a very basic principle in conservative thought.

    I can't tell you which answer is the right one, nobody really can, but those are the two reasons they would want to extend the tax cuts.

  • Anonymous
    9 years ago

    Yes.

    Why do Dems ALWAYS say that tax cuts cost us money and, therefore, taxes cannot be cut?

    Do these guys have a clue? I have NEVER heard Obama and the Dems advocate lower spending as a way to reduce deficits. What a novel idea, eh? Instead these imbeciles have spent us into fiscal oblivion (and that is with historically low interest rates). Just wait until rates double, triple, quadruple, etc.... These imbeciles will then tell us that they did not think that debt service would eat up half of the annual budget? Do you think Dems would advocate lower spending in response to higher rates, or would they want to impose additional taxes? Take a wild guess.

    Obama and the Dems will be the ruin of this nation. They really are despicable.

  • 9 years ago

    While in fact taxes should be levied based the ability to pay, giving a break to the wealthy deepens the divide of an already split country. The key here is equity... in this particular case what we do for one we must do for all. Remember, 50% of all Americans paid no tax last year. Don't you think this 'puts off' those who are working hard and getting more than $250K for it? Let's stop penalizing achievement and dumbing down our legacy. Stand for your country or leave it.

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  • 9 years ago

    What surprises me most about supply-side economics is that it is the antithesis of conservative thinking. It requires a tremendous amount of short-term debt and relies on it's own assumption to recover from that debt: the assumption is continued growth. Without rapid and continued growth to expand the tax base, supply-side policies would bankrupt the nation. The ongoing problem of supply-side economics is that it fails to account for two things: the political realities of the budgeting and spending processes in Washington and every other state and local government, and the inherent chaos and unpredictable nature of world events. Supply-side economics has always been, and will always be, a crap shoot in a high-stakes game -- sometimes we'll win big and sometimes we may dig ourselves into a hole that may result in goons coming for our kneecaps.

    There is nothing conservative about taking such unnecessary risk.

  • 9 years ago

    Collecting more taxes on the wealthy is not going to pay down the debt. Conservative Republicans in charge WILL cut spending. Trouble is, liberals will start crying when their hand outs get cut.

  • 9 years ago

    Consider John Kerry who bought a yacht in New Zealand to avoid taxes.

    Typical of the greedy rich.

    If you raise their taxes, they Will quit hiring and/or start firing to keep their profits.

    Personally I believe they should pay more because without the American system, where would their wealth come from?

    Never the less, they provide the jobs and will take their piece of flesh from the poor and jobless.

    Raise taxes, increase unemployment.

  • 9 years ago

    You've almost got the class warfare thing down pat, and should make a great liberal.

    Have you even considered the idea that government could balance its budget by tightening its belt to 2007 levels? What on earth does the government do to earn "the ultra wealthy's" money? 1% of the people paying 40% of our taxes is a sham.

    Oh, that's right - liberals actually like deficit spending (unless it was spent when a Republican was President).

  • Erik
    Lv 7
    9 years ago

    The theory is those rich will use the money we let them keep to create new jobs, which will make the economy better, bring in more new taxes, and pay down the debt.

    It's debatable. I think they just keep the money. They seem to keep getting richer somehow.

  • To sum it up from the other side: "Welfare welfare, cut spending, welfare. never worked for a poor person"

    Never mind less than 2% of America is on "welfare" OK kick them to the curb, theres less than 1% of the deficit, whats next? Cut spending? Where? Defense? OK sounds good.

    Never worked for the poor. Ok well we tried to bribe the wealthy into creating jobs, it hasn't worked, yeah they create jobs, in India.

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