Taxes cuts for the wealthy! Do the democrats no how to lie or what?

@rodney850 (2145)
United States
March 6, 2008 10:37am CST
One of the most discussed and maligned issues on the campaign trail this year is taxes. The democrats want to portray the Bush tax cuts and any other republican sponsored tax cuts as irresponsible and mainly a cut for the wealthy. They want Americans to believe that it is wrong for the waelthy to recieve as much of a percentage of cuts but it is not wrong for them to have to pay a greater percentage of their income in taxes. What a bunch of political double-talking hooey! How do you take one bracket of income and say we are going to cut your taxes X% and then tell others you only get yours cut by 1/2 X%? Is it fair? Absolutely not! What the democrats are telling you is true, to a point. The top 1-2% of the wealthiest taxpayers are in fact getting the lions share of the tax cuts. What they DON'T want you to figure out is the percentage is the same all up and down the scale! This top 1-2 percent of the wealthiest taxpayers ALSO PAY the lions share of the taxes! If that weren't true they couldn't gain so much from the tax cuts! For example; 10 percent of 20,000 is 2,000 right? Easy math! 10 percent of 10,000,000 is 1,000,000 right? Again, easy math. Is it then unfair for the person who is paying 10 million in taxes to get his/her 10 percent cut even though the amount is 500 time as great? Of course not! The person who only paid 20,000 in taxes gets just as much as the person who paid 10 million proportionately!
3 people like this
3 responses
@vera5d (4006)
• United States
6 Mar 08
you have a very interesting point here that people don't seem to realize...i notice you are newer here - welcome to mylot!
@rodney850 (2145)
• United States
6 Mar 08
Thanks Vera! I just wish more people would get this!
3 people like this
@lightningd (1041)
• United States
23 Mar 08
OK, say you are in that top 1-2% making 1,000,000$ per year. and I am in the bottom 50% making 13,000$ per year. (that would be roughly minimum wage).... now who is going to be less affected by tax cuts. If you only have to pay taxes on 3/4 of your income, plus you have a lower tax rate, say, 20%(this would be total taxes(state and federal), medicare, social security, ect), that would be 150,000 you pay in taxes. Now, based on what I have already figured up from my pay stubs, I am getting 25% taken out of my income. That would be 3,250$ per year that leaves me with less than 10,000 a year to live on. Now, I have lost 25% of my yearly income, while you have only lost 15%. Who needs that tax relief more? You with 85% of your yearly income in your pocket, or me with only 75%. Not to mention, I scrape to get by the way it is, and you can afford fancy cars and homes, gormet dinners, and the best of medical care. Simple math alright. What it boils down to is who can afford to pay higher taxes?
@rodney850 (2145)
• United States
23 Mar 08
The problem, Lightningd, with the example you have given is that these people don't understand or want to understand that you can never over-tax the rich and wealthy. These are the Wal Marts, Ford corporations or Exxon/Mobile etc. All these people do when a bite is taken out of their bottom line is pass it on to the consumer and guess what, that's you! You may end up saving a few hundred dollars in income taxes but in the long run will spend thousands more in consumer goods! No, it's not fair but it is the truth! By the way, I am nowhere near that "top" range you stated, in fact I make less than 50,000 per year so I know what taxes do to your income. I just believe that trying to get more out of the huge companies in this country is anti-productive and we should be doing the opposite and ADD incentives for these people to create more jobs and raise wages instead of trying to make them pay "their fair share"! That just isn't going to happen!
1 person likes this
• United States
23 Mar 08
I am talking INDIVIDUAL taxes, not corporate taxes. Why not make it level across the board. A person making a million a year should have to pay the same percentage that I do. As for corproations, that is a complete different tax schedule. Something few people realize is the added expenses corporations or any business has in regards to employees. They have to pay unemployment taxes. The employee does not pay a portion of these. They have to MATCH the social security tax and FICA taxes. Meaning, whatever they withhold from your pay, the employer must also pay that amount from their profits. That means that for every dollar you pay in Social Security and FICA, your employer pays a dollar so you actually have 2 dollars deposited but it only costs you one dollar. Individuals who are making 500,000 a year or more should be paying the same percentage of taxes that you or I do. It's only fair. Why do they get a break on that last 25%? That is where it isn't fair. If you earn it, you should be taxes on it just like every dime I make is taxed. They get the same deductions I do.
@gewcew23 (8011)
• United States
8 Mar 08
It is a classic case of class warfare. There is more people that do not pay federal taxes than do pay federal taxes. The bottem 60% only pay 0.01% of all federal taxes. So if the top 40% is paying the rest then so be it. Tax payers are the minority in this country, so thing like tax increases on the top backet just does not matter, because they are out numbered. I have alwayed wondered what would happen if the tax payer just went on strike for a time period. Then the tax burden would be on the bottem 60%.