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Should millionaires who benefit from Bush tax cut extensions compensate the poor in other ways?
Low taxes for years and years. Driving the deficit through the roof. Living a lavish lifestyle at the expense of the poor. What could the rich do to compensate the poor for what they have done to them.
- JLv 61 decade agoFavorite Answer
The rich did not spend more money than they earned so why should they be punished. The deficit has nothing to do with tax cuts, as a matter of a fact Government revenue rose after the tax cuts but government continued to spend more than they received.
- 1 decade ago
That's a tricky question and one that will inevitably receive numerous partisan answers.
I suppose there are two core aspects to the question:
"done to them"
"Should" is an ethical question but it's also an economic question. The ethics are entirely subjective. The economics, less so. At the very least, the rich "should" pay their fair share. No one would disagree with that. The rich benefit tremendously from government. They have more to be protected by the police, fire, and military, they impose larger burdens on the environment, they make greater use of infrastructure, health care, etc. So certainly they "should" do more and, generally, they do. The question is "should" they do more, relative to income.
"Done to them" is also a tricky question. Are the rich 'doing something' to the poor? Some certainly are, corrupting markets to drive down wages, working conditions, living conditions, etc and to externalize the societal costs of their production and wealth. But others don't, at least directly. They treat their employees well, donate tremendous sums to charity, advocate for a better, more equitable, society. There are also certainly significant lingering issues from when we had a far less equitable society than we do today that have created long term cycles/cultures of poverty, much of which was created by rich people, though generally not the same rich people as we know today.
Personally, I believe the rich should contribute a more significant portion of their income/wealth to support the society that has benefited them so generously.
Some of them "earned" it, through hard work and personal achievement. Others didn't. The first group made the most of the gifts they were born with. The second group was born on third base and celebrated hitting a triple. I can understand conservatives' desire to have a less progressive income tax. I cannot understand their desire to protect the inherited fortunes of wealthy heiress' who have made the least of the gifts given them.
- VeritasLv 71 decade ago
Millionaires and billionaires are millionaires and billionaires because they know how to spend their wealth wisely. Most of them have created jobs for millions of people....Bill Gates for instance. If the government taxed Bill Gates to the point he would not be able to spread his wealth, what would the government have done with it? Squandered it..........Bill Gates isn't bankrupt and the government is.
- Anonymous1 decade ago
Extending the tax cuts is supposed to somehow magically cause the economy to recover overnight, even though they are the same tax rates we've had for years.
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- BigRichGuyLv 61 decade ago
I understand your point. Help me out so I can argue with my friends on this. Tell me the rich people, specifically, that don't contribute to charity, pay huge lumps of cash in taxes and employ those who are less well off. I need specifics so my friends will believe me.
- Anonymous1 decade ago
They do by paying millions in taxes. Whey are you going to start paying your fair share?
- Eazyee8888Lv 41 decade ago
Damn, the sense of entitlement many Americans have now is astounding.