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Tax Cuts For the Rich?

Just a quick question. Correct me if I'm wrong, but why do the rich need tax cuts? I completely understand the notion of trickle down economics and that if one has more money, they can invest in a business or in a personal investment to stimulate the economy via employment, consumption, and stock. However, does Lil Wayne need a top 1% tax cut? What about Drake, Kobe Bryant, Snooki, Paris Hilton? Shouldn't it be fair to say that the 1% gets that tax cut only when they decide to OFFICIALLY open the business or show records of investing when they file their tax reports?

I think the only industry that benefits from a tax cut for the rich across the board is the Versace, Gucci, BMW, and Yacht industries.

Update:

By the way, I don't advocate trickle down economics, I was just approaching the philosophy of "What if it's true, then we need to only give it to the ones that pursue economically stimulating decisions like opening a small business to hire or investing"

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  • 8 years ago
    Favorite Answer

    First of all, I disagree with huge tax cuts for the rich. I feel that it is non-consequential if they get taxed more, since they have the money anyway.

    But the rationale of tax cuts for the rich is as you said it. The rich people are the ones creating businesses and employments, and therefore, if you tax them more, they won't be as willing to open new businesses and create jobs. And secondly, also you've said it already, the rich are spending tremendous amount of money shopping, buying yachts, cars, handbags. 70% of American economy is run by consumer spending. So you are correct. The industries like Versace , Gucci, BMW, will benefit, and that's good. That means they can continue to operate and expand and hire more Americans. If the rich stop spending, these businesses will lose profit.

    Anyway, that is the rationale. I don't agree completely. I still think the rich should pay as much taxes as the middle class.

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  • 8 years ago

    I am middle class and any tax cut is good for me, and if the rich get a cut it is OK as long as I get mine. Some people mooch off the government and pay zero tax. Are they paying their fair share? I think not because they don't do a damn thing.

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  • 8 years ago

    if you make more than $250,000 a year i think you can afford to pay a little more in taxes than the struggling middle class, its only fair!

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  • CharP
    Lv 7
    8 years ago

    Oh, come on--don't be a spoilsport! Tax cuts for EVERYONE!

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  • Ronald
    Lv 6
    8 years ago

    i agree you said it better than i could.

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