Anonymous
Anonymous asked in Politics & GovernmentPolitics · 7 years ago

Would the House of Representatives approve a bill giving huge tax cuts for people in the top 2% of Income?

Paid for by huge tax increases for the bottom 98%?

8 Answers

Relevance
  • 7 years ago
    Favorite Answer

    Its a strong possibility they will. Unless of course they get an attack of religion and do the opposite. Like Justice Roberts got in passing the mandate in the AFCA.

  • Gungy
    Lv 6
    7 years ago

    The debt adds $1 trillion+ every year. Taxing the top 2% adds $1.7 trillion over 10years.

    CBO says.....

    Let's see, $1 trillion x 10 years = 10 trillion + the $16 trillion now = $26 trillion.

    Taxing the top 2% $1.7 trillion totally collected by the 10th year. = $1.7 trillion.

    ===> That $1.7 trillion doesn't even dent the interest rate on borrowed money in 10 years.

    Makes a lot of sense to liberal math wizards though.

    @Brian.....the deficit is an annual calculation based on spending vs. revenue. The national debt is the running total of each year's deficits. It's mathematically impossible to collect $1.7 trillion from any source and expect it to reduce the debt which the borrowed money interest rates are higher than what you collect. when it all adds up, there's is no math that can result in having $1 pay off a $20 debt.

    It's all politically barking at a tree. The original Simpson/ Bowles report commission by Obama came to the exact same conclusions. Politically, Obama tossed it in the garbage. The commission clearly verified that the only way to reduce the debt is to cut an amount higher than your spending and increase revenues higher than your annual deficit. The top 2% or even every person over $250k is nothing and wastes every ones time except those who buy into the campaign rhetoric. It's all spin and junk economics. Obama's own joint commission said so. There is no credibility in it.

  • 7 years ago

    The Republican Party ran this year on a 20% flat tax, also known as 40% reduction in the wealthy's tax rate and a 33% increase in the poor's tax rate.

    @ Gungy. You are doing your math wrong. Tax revenues are considered a credit for the purposes of debt calculation. The tax on the rich will reduce the deficit by 6% a year.

  • 7 years ago

    You're retarded. Tax cuts aren't "paid for" by anyone, least of all the bottom 98%. Hell, half the country pays no net taxes.

  • How do you think about the answers? You can sign in to vote the answer.
  • EP
    Lv 7
    7 years ago

    No, why would you think that. Already there are people who get more back than they put in, do you think that makes any good sense?

  • Big Mo
    Lv 7
    7 years ago

    Yep, maybe thats what John Boehner is holding out for.

  • 7 years ago

    Absolutely! After all, the top2% are the "job creators" and the lower classes really don't need the money.

  • Emma
    Lv 7
    7 years ago

    all indications coming from the right says...absolutely

Still have questions? Get your answers by asking now.