If Mitt Romney wants to give the rich tax cuts…?
Doesn't that mean the middle, and lower classes will have to pay more taxes? Making the economy worse?
- 8 years agoFavorite Answer
Economics isn't that simple... silly pants. Giving tax cuts to the rich does not automatically mean there will be tax increases elsewhere. I'll give you a math equation that should simplify things though:
Giving tax cuts to the rich = They have more money in their pockets
More money in pockets = More money spent
More money spent = More jobs
More jobs = More wealth
More wealth = Healthy economy and country
Private business works because they need to take care of funds and make sure business is profitable. Government wastes too much money.Source(s): Logic
- Anonymous8 years ago
I don't now if it means they'll have to pay more taxes, but I do think it means the rich get richer and the middle class get poorer.
MItt Romney's tax cut theory claims that if the wealthy get to keep more of their money, they will intern invest that money in making a better America by creating jobs and so forth. BUT, if u take some of their riches away by increasing their taxes, and they have to choose between buying that yacht, another mansion or other luxuries vs giving back to America they will always choose to be greedy and keep their wealth. So unless they get tax cuts we r doomed!!!!
- 3 years ago
the wealthy do choose tax breaks. each and every physique needs tax breaks. i will supply an occasion. permit's say that the better type make vehicles. the middle type sells the vehicles, and the decrease type works on those vehicles. in case you tax the better type greater, their going to place human beings off and make much less vehicles to make up for the taxes. which potential much less human beings sell the vehicles, much less human beings to artwork on the vehicles, and much less vehicles to sell and artwork on. each and every physique suffers. in the event that they have tax breaks, they might hire greater human beings and make greater vehicles. each and every physique wins. that's the reason the wealthy are job creators. probability is, multiple people who reads this has a job. Who do employes them? Yeah, Romney sent jobs distant places, yet he did it to save agencies that have been based right here in the U. S.. If he did no longer, the agencies could've long previous bankrupt and there does no longer be any jobs right here from those agencies in any respect. additionally, in accordance to the Congressional funds place of work, the wealthy already pay 70% of the country's taxes. Why do they ought to pay greater?
- 8 years ago
That does mean that but what it also means is that the rich will be able to give back more to their companies, produce more, pay their employees more, and ultimately boost the economy.
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- ?Lv 78 years ago
The middle and lower classes currently pay little or in most cases no income taxes.
- 8 years ago
Yes, but when you are rich, you don't care about any one else. He believes it will help, some how, but in reality, no.
- 8 years ago
Someone has to pick up the tab.