TAX CUTS-CONTINUED
Dennis said...
Seriously? You believe that the money would go to fund these programs? Kind of like the lockbox myth of Social Security
Probably not, but it would eliminate some of the excuses from Capital Hill about not having the money to fund Social Security and Medicare.
Look at it this way. Take a person making $100,000 dollars a year, if they paid 10% of their income to taxes, that would be $10,000, right? But a person making that kind of money also (more than likely) has investments, tax shelters, off shore bank accounts, retirement plans. So, by the time he retires, he is still making $100,000 or more a year. Now take a person making $20,000 a year. They can't afford investments, tax shelters, maybe they could set up a 401K, maybe. By the time he retires, he is lucky to have enough to live off of.
When Enron collapsed, Ken Lay's wife was on tv crying about how poor they were going to be, while they still owned 5 houses. So, no I don't feel sorry for those who benefit off the backs of the working man, then get caught at it.
posted by Kenny @ 1:35 PM
1 comments
1 Comments:
Ok, lets look at this, That same person that is making $100,000 a year and pays $10,000 in taxes. Another person makes %50,000 a year and pays $5000 in takes. Ok, a tax cut is presented and passed for those who PAY taxes, lets say it takes 2% off, who gets the bigger tax cut? Well the one who pays $10,000 because he pays MORE in taxes. Believe it or not, Tax cuts work to boost the economy, create more jobs and help the man who makes $50,000 a year make $100,000 and thus contribute more to taxes. Brilliant idea. If taxes are raised, there is no incentive to make the higher brackets, Reagan knew this and by reducing the top tier from what 70 or 80% to 23, then raised by Clinton to 32% I believe, More wealth was created to contribute to taxes. Why do you think their are so many Millionaires know. More people making money means more taxes, you punish them for it, less taxes. Works every time its tried. JFK even knew that and sadly he was the last Democrat who has. Believe it or not, Sim City is a good lesson in economics, too punitive a tax and people leave, revenue goes down, lower taxes, people come in, revenue goes up. You want money for the entitlement programs? Dont punish the hand that feeds
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