Tax cuts for the rich a mistake

Discussion in 'Politics' started by Chris, Aug 4, 2010.

  1. Chris
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    Chris Gold Member

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    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
     
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  2. Soggy in NOLA
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    Soggy in NOLA Platinum Member

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    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.
     
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    Last edited: Aug 4, 2010
  3. PLYMCO_PILGRIM
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    PLYMCO_PILGRIM Gold Member

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    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 :eusa_whistle:

    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.
     
  4. Avatar4321
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    Avatar4321 Diamond Member Gold Supporting Member

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    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.
     
  5. topspin
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    topspin BANNED

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    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.
     
  6. Chris
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    Chris Gold Member

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    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
     
  7. PLYMCO_PILGRIM
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    PLYMCO_PILGRIM Gold Member

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    No interest in a discussion on your topic chris? I gave you an opening but you didn't take it :(
     
  8. Soggy in NOLA
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    Soggy in NOLA Platinum Member

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

    Ok. Got it.
     
  9. Oddball
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    Oddball BANNED Supporting Member

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    That's the one thing you can rely upon Marxist hack class warriors like Monica to do.
     
  10. Mr. Shaman
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    Mr. Shaman Senior Member

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    :eek:
     
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