Community > Politics, Current News & Events

Topic: Tax Cuts for the Rich
Winx Joined Fri 08/31/07 Posts: 39051	Thu 10/23/08 10:24 PM
taxing the wealthy wont help anyone in the long run anyhow though. its trickle. they get squeezed so they squeeze us to get more profit. nothing changes. I have to agree..it will help everyone if we don't tax them more.....I personally believe in a flat tax no matter how much you make, the rich got where they are by working hard to obtain it, or working hard to keep it. How will it help? it's simple let's take this example You have a business earning $100 a month, you have four workers you are paying them $15 a month, you have $10 a month business cost and you have 10% taxes for $10 a month so you have $20 dollars a month profit, well your business starts doing better and you are now making $125 a month, you want to take on an extra guy and pay him the same as the others so it would look like this Earning $125 Employees: -$75 Business cost: -$10 Taxes: -$12.50 (10%) ----------------------- Profit: $27.50 Business profit goes up, even with the addition of a new employee Now lets see what happens when we change taxes. Earning $125 Employees: -$75 Business cost: -$10 Taxes: -$25 (20%) ----------------------- Profit: $15.00 (it is now a negative profit if they higher a new employee) So bottom line? not taxing the wealthy more creates jobs. well this has been in practise for the last 8 years, bottem line it didnt work and wont work and hasnt worked. Go Obama! it's practice, bottom, and hasn't. enough said Obama said that he likes a flat tax but it won't work. The reason - there are too many expenses like paying the teachers, police, roads, schools, etc. He said that with the flat tax, there wouldn't be enough to cover it. The monies would have to come from elsewhere and that would probably mean an increase in sales tax. What do you think of this? I don't know a lot about flat tax. I say a flat tax and redistribute the money differently in government...for example prisons should be self-sustaining it has been done (Tent City) instead of paying $125,000 a year to support just ONE prisoner...they screwed up, they can provide free labor to 'earn' there stay there, it shouldn't be nice going to prison. The prison system is just one example of an organization that needs to have the 'fat' trimmed off it. I would think that a redistribution would be good. I remember Obama saying that he was going to do something like that. What you said makes sense with the prison system. In MO they do work some. But..there will still be monies needed for their medical care.

AndrewAV Joined Sun 09/28/08 Posts: 1186	Thu 10/23/08 10:32 PM
I have to agree..it will help everyone if we don't tax them more.....I personally believe in a flat tax no matter how much you make, the rich got where they are by working hard to obtain it, or working hard to keep it. How will it help? it's simple let's take this example You have a business earning $100 a month, you have four workers you are paying them $15 a month, you have $10 a month business cost and you have 10% taxes for $10 a month so you have $20 dollars a month profit, well your business starts doing better and you are now making $125 a month, you want to take on an extra guy and pay him the same as the others so it would look like this Earning $125 Employees: -$75 Business cost: -$10 Taxes: -$12.50 (10%) ----------------------- Profit: $27.50 Business profit goes up, even with the addition of a new employee Now lets see what happens when we change taxes. Earning $125 Employees: -$75 Business cost: -$10 Taxes: -$25 (20%) ----------------------- Profit: $15.00 (it is now a negative profit if they higher a new employee) So bottom line? not taxing the wealthy more creates jobs. well this has been in practise for the last 8 years, bottem line it didnt work and wont work and hasnt worked. Go Obama! Actually, this has been in practice since Reagan. Ever hear of Reaganomics? It brought down the 20% prime rates and near 20% unemployment levels that were the result of the economic mishandlings of the Carter administration. We've also experienced the largest growth in our history under this principle. Up to Carter's administration, the highest tax bracket payed as much as 94% to the IRS and it was still above 60% with Carter. Reagan brought it down to the level it is today and it stayed that way ever since other than Clinton's slight increase to 39%. Trickle-down economics has been proven time and time again. I've read that it doesn't work very well now. They were expecting the companies to put more money out and hire more people. But instead they pocketed the monies. Also, things have changed with companies going overseas and with deregulation. Well the companies going overseas only applies to a very small percentage that can afford outsourcing that far - basically the larger corporations. The opposite side is trickle-up economics, and the issue there is you're putting faith in the people to use the money wisely, which never happens. The fact is, billions in the hands of people that have what they need and most of what they want results in investment. The poor getting money... well let's just say my shop sold a whole lot of rims in the middle of the year after the stimulus checks came out. Part of the poor population are there because of bad choices. Do you really want to trust them to reinvest that money to bring us out or would you rather help the larger business owners that provide us with goods and jobs? A tax cut saves you nothing if you're not making money.

quiet_2008 Joined Sat 08/30/08 Posts: 11138	Thu 10/23/08 10:35 PM
hahaha the big controversy in China is that the Chinese govt is outsourcing jobs to Viet Nam in India there are 250,000,000 people under 30. They all have college degrees and will work for half of what Americans will. Who would YOU hire?

Thomas27 Joined Sun 10/21/07 Posts: 4860	Thu 10/23/08 11:28 PM
Opec (controls 40% of the worlds crude) is about to reduce oil production by 2 million barrels per day. Thus decreasing supply and increasing demand. It is a direct result of the price per barrel dropping and the price at the pump dropping as well. When Obama raises taxes on corporations like Exxon, the same thing is likely to happen. Enjoy cheaper prices at the pump for now, no telling what will happen once Barry is in the Oval Office.

Winx Joined Fri 08/31/07 Posts: 39051	Thu 10/23/08 11:32 PM
Opec (controls 40% of the worlds crude) is about to reduce oil production by 2 million barrels per day. Thus decreasing supply and increasing demand. It is a direct result of the price per barrel dropping and the price at the pump dropping as well. When Obama raises taxes on corporations like Exxon, the same thing is likely to happen. Enjoy cheaper prices at the pump for now, no telling what will happen once Barry is in the Oval Office. He will be giving the companies tax cuts for the next 2 yrs. every time they hire a new person on American soil.

AdventureBegins Joined Tue 04/10/07 Posts: 7666	Fri 10/24/08 07:15 AM
Opec (controls 40% of the worlds crude) is about to reduce oil production by 2 million barrels per day. Thus decreasing supply and increasing demand. It is a direct result of the price per barrel dropping and the price at the pump dropping as well. When Obama raises taxes on corporations like Exxon, the same thing is likely to happen. Enjoy cheaper prices at the pump for now, no telling what will happen once Barry is in the Oval Office. He will be giving the companies tax cuts for the next 2 yrs. every time they hire a new person on American soil. Aye... Increas tax at the top so that a company making 250,000 a year is required to pay 93,000 in taxes... Then give that company a 3,000 tax credit for each new employee hired... EEEK How many employees would it take... Could you ever catch the curve between taxes and credit? DO THE MATH PE-PUL... It DOES NOT ADD UP TO SMART THAT IS FOR SURE.

Winx Joined Fri 08/31/07 Posts: 39051	Fri 10/24/08 08:43 AM Edited by Winx on Fri 10/24/08 08:44 AM
Opec (controls 40% of the worlds crude) is about to reduce oil production by 2 million barrels per day. Thus decreasing supply and increasing demand. It is a direct result of the price per barrel dropping and the price at the pump dropping as well. When Obama raises taxes on corporations like Exxon, the same thing is likely to happen. Enjoy cheaper prices at the pump for now, no telling what will happen once Barry is in the Oval Office. He will be giving the companies tax cuts for the next 2 yrs. every time they hire a new person on American soil. Aye... Increas tax at the top so that a company making 250,000 a year is required to pay 93,000 in taxes... Then give that company a 3,000 tax credit for each new employee hired... EEEK How many employees would it take... Could you ever catch the curve between taxes and credit? DO THE MATH PE-PUL... It DOES NOT ADD UP TO SMART THAT IS FOR SURE. If someone makes between $680,000 and 2.8 million - McCain will give them a $109,314 tax break. With Obama - they will pay an extra $121,689. If someone makes between $37,000 and $66,000 - they will see an extra $608 with McCain's plan and an extra $1,118 with Obama's plan. People who earn up to $18,725/yr. will get a $65.00 tax cut from McCain and $567 cut from Obama. http://www.abcnews.go.com/Politics/Vote2008/Story?id=6070358&page=2 Also add that Obama will be giving the companies tax cuts for the next 2 yrs. every time they hire a new person on American soil. And there will be no capital gains tax.