Tax cuts for the rich a mistake

[Chris]

WASHINGTON (CNNMoney.com) -- Treasury Secretary Tim Geithner is expected Wednesday to back the idea of letting tax cuts for the wealthiest Americans lapse as a step toward getting the nation's fiscal house in order.

"Borrowing to finance tax cuts for the top 2% would be a $700 billion fiscal mistake," Geithner is expected to say, according to released excerpts of his prepared remarks before the Center for American Progress in Washington. "It's not the prescription the economy needs right now, and the country can't afford it."

Geithner backs letting tax cuts for wealthiest lapse - Aug. 4, 2010

 

[Soggy in NOLA]

Sure, only in your world is not raising taxes a tax cut. Taxing the shit outta 2% of the population will go along way towards reducing the debt. Nevermind the 120,000,000 paying $0 income taxes and that spending is approaching 30% of GDP.

More leftwing, classwarfare claptrap.

 

[PLYMCO_PILGRIM]

WASHINGTON (CNNMoney.com) -- Treasury Secretary Tim Geithner is expected Wednesday to back the idea of letting tax cuts for the wealthiest Americans lapse as a step toward getting the nation's fiscal house in order.

"Borrowing to finance tax cuts for the top 2% would be a $700 billion fiscal mistake," Geithner is expected to say, according to released excerpts of his prepared remarks before the Center for American Progress in Washington. "It's not the prescription the economy needs right now, and the country can't afford it."

Geithner backs letting tax cuts for wealthiest lapse - Aug. 4, 2010

When they let the bush tax cuts expire are they going to take away my tax cut of 3% also? I only make a 5 figure salary so I hope they save my part of the bush tax cuts since obama has already gone back on his promise not to raise taxes on people under 250k/year

Unless you don't consider them taxing my employer paid for portion of my health insurance as tax increase on me....which if you do I would love to hear how you explain it.

 

[Avatar4321]

So providing an incentive for the wealthy to keep their money in the United States instead of taking it over seas where another country will get rich off the revenues instead our nation is a mistake?

Apparently putting more of the tax burden on the people who cant afford to move out is a good idea.

And lets pretend the real issue isn't spending.

 

[topspin]

I hope they let them expire, since I'll retire still just under that limit.
They will not change the definition of rich and a decade from now that tax hits the upper middle class. Soggy douche is right, 120,000,000 should not be escaping all taxes and should have their handout's halved.

 

[Chris]

Reagan and the two Bushes created 92% of the National Debt by lowering taxes for the rich.

Click on the link for more info...

ReaganBushDebt.org

 

[PLYMCO_PILGRIM]

No interest in a discussion on your topic chris? I gave you an opening but you didn't take it

 

[Soggy in NOLA]

Reagan and the two Bushes created 92% of the National Debt by lowering taxes for the rich.

Click on the link for more info...

ReaganBushDebt.org

Wow... citing a website dedicated to trashing Bush and Reagan?

Ok. Got it.

 

[Oddball]

And lets pretend the real issue isn't spending.

That's the one thing you can rely upon Marxist hack class warriors like Monica to do.

 

[Mr. Shaman]

Sure, only in your world is not raising taxes a tax cut. Taxing the shit outta 2% of the population will go along way towards reducing the debt. Nevermind the 120,000,000 paying $0 income taxes and that spending is approaching 30% of GDP.

More leftwing, classwarfare claptrap.

"The richest one percent of families will get an average tax cut of $92,000 in 2010."​

​

 

[PLYMCO_PILGRIM]

Sure, only in your world is not raising taxes a tax cut. Taxing the shit outta 2% of the population will go along way towards reducing the debt. Nevermind the 120,000,000 paying $0 income taxes and that spending is approaching 30% of GDP.

More leftwing, classwarfare claptrap.

"The richest one percent of families will get an average tax cut of $92,000 in 2010."​

​

Since your concerned about the size of their tax cut you should also look at the amount of taxes they actually paid.

If someone is getting a $92,000 break from bush's tax cut that means they made ~$4,600,000 for the year. In this instance that individual still paid $1,260,000 in taxes after getting the $92,000 "tax break"


You can't just throw out that 92,000 without providing this context as MANY MANY people dont understand the entire picture.

 

[Mr. Shaman]

Reagan and the two Bushes created 92% of the National Debt by lowering taxes for the rich.

Click on the link for more info...

ReaganBushDebt.org

Wow... citing a website dedicated to trashing Bush and Reagan?

Yeah.....imagine that!!!!​

 

[Soggy in NOLA]

Well, that and "it's all Bush's fault" seems to be the battle cry.

Beats saying "we got nutt'n but spending and taxes".

 

[Big Fitz]

WASHINGTON (CNNMoney.com) -- Treasury Secretary Tim Geithner is expected Wednesday to back the idea of letting tax cuts for the wealthiest Americans lapse as a step toward getting the nation's fiscal house in order.

"Borrowing to finance tax cuts for the top 2% would be a $700 billion fiscal mistake," Geithner is expected to say, according to released excerpts of his prepared remarks before the Center for American Progress in Washington. "It's not the prescription the economy needs right now, and the country can't afford it."

Geithner backs letting tax cuts for wealthiest lapse - Aug. 4, 2010

we're going to listen to a tax cheat explain how the rich won't weasel out of 'their fair share'?

What's the last job you got from someone getting welfare?

 

[Big Fitz]

Obviously someone forgot to inform both Chris and the White House that wealth is mobile and doesn't have to live here if it doesn't want to. Nor does it have to do business here, or support their redistributionist fantasies. It can move and not work and get out of paying ANY taxes to us, wait till we are starving enough for intelligent leadership that wants money back in this nation and say fuck off to income equality and social justice so people can earn a free and fair living again. Social justice is corrupt, and income equality is thievery.

Equal opportunity and equal justice only, thank you.

You leftists are your own worst enemies and deserve the fruits of your oppression and evil that is to come.

 

[chikenwing]

"Borrowing to finance tax cuts for the top 2% would be a $700 billion fiscal mistake



Yes it would be.so the simple solution,and the root of this problem anyway


CUT SPENDING!!


Its a hoot how people purposely leave out information,just to get the lemmings to jump.

The TV adds back in 03 where hysterically sad,Look this guys will get a big screen TV,but this guy,who most likely made money of the tax code will just get a muffler.

They got cha right were they want cha

 

[Chris]

"Borrowing to finance tax cuts for the top 2% would be a $700 billion fiscal mistake



Yes it would be.so the simple solution,and the root of this problem anyway


CUT SPENDING!!


Its a hoot how people purposely leave out information,just to get the lemmings to jump.

The TV adds back in 03 where hysterically sad,Look this guys will get a big screen TV,but this guy,who most likely made money of the tax code will just get a muffler.

They got cha right were they want cha

Raise taxes on the rich and cut spending.

Let's start with the defense department.

 

[oreo]

"Borrowing to finance tax cuts for the top 2% would be a $700 billion fiscal mistake



Yes it would be.so the simple solution,and the root of this problem anyway


CUT SPENDING!!


Its a hoot how people purposely leave out information,just to get the lemmings to jump.

The TV adds back in 03 where hysterically sad,Look this guys will get a big screen TV,but this guy,who most likely made money of the tax code will just get a muffler.

They got cha right were they want cha

Only 1% of the entire working population make over 300K -- and only 5% of the entire working population make 250K to 300K.

So I really don't know where you're getting all this money from? Out of the 250K you can be certain that most are small business owners that are the largest employer in this country.

And someone who is filthy rich--is always capable of spending their money in foreign countries, of course (after they move out of the United States)--

 

[Chris]

"Borrowing to finance tax cuts for the top 2% would be a $700 billion fiscal mistake



Yes it would be.so the simple solution,and the root of this problem anyway


CUT SPENDING!!


Its a hoot how people purposely leave out information,just to get the lemmings to jump.

The TV adds back in 03 where hysterically sad,Look this guys will get a big screen TV,but this guy,who most likely made money of the tax code will just get a muffler.

They got cha right were they want cha

Only 1% of the entire working population make over 300K -- and only 5% of the entire working population make 250K to 300K.

So I really don't know where you're getting all this money from? Out of the 250K you can be certain that most are small business owners that are the largest employer in this country.

And someone who is filthy rich--is always capable of spending their money in foreign countries, of course (after they move out of the United States)--

The rich aren't going anywhere.

Another bullshit argument from the right.

 

[Mr. Shaman]

"Borrowing to finance tax cuts for the top 2% would be a $700 billion fiscal mistake



Yes it would be.so the simple solution,and the root of this problem anyway


CUT SPENDING!!


Its a hoot how people purposely leave out information,just to get the lemmings to jump.

The TV adds back in 03 where hysterically sad,Look this guys will get a big screen TV,but this guy,who most likely made money of the tax code will just get a muffler.

They got cha right were they want cha

Only 1% of the entire working population make over 300K -- and only 5% of the entire working population make 250K to 300K.

So I really don't know where you're getting all this money from? Out of the 250K you can be certain that most are small business owners that are the largest employer in this country.

And someone who is filthy rich--is always capable of spending their money in foreign countries, of course (after they move out of the United States)--

"Let's quickly take a look at who gain$ from this special write off and who pays for it. Then let's look at the hefty inflow to the Treasury if the write off were written off for good.

Roughly half of all Americans own no stocks, so losses in the market offer no tax advantages to them. While it's true that more people than ever do own stocks, most have their holdings in tax-sheltered retirement accounts; the write off doesn't help them, either. It turns out that the benefits flow entirely to a privileged minority: those well-off enough to have nonretirement investment portfolios. There's no defense for a tax break so skewed toward the affluent, especially one as gratuitous as this.

And who picks up the tab? Like any other tax deduction, it's paid for by taxpayers in the aggregate; in this case, the many pony up to benefit the few. Far better for the Treasury, and better for tax fairness, if Congress shows some spine and calls a halt.

​