Amen
..AND FIND OTHERS, INCLUDING GIANT-SIZED POSTERS, HERE
Posted on 09/25/2010 2:27:39 PM PDT by 2ndDivisionVet
Wealth is a good thing. Even if you are homeless and reading this from a public library, wealth works in your favor. Yesterday, the Senate decided not to vote on extending the Bush-era tax cuts until after the Nov. 2 elections. A recent Gallup poll shows that 44 percent of Americans think that the tax cuts should only be extended for the “middle class” (those making under $250,000).
It might seem counter-intuitive, but it will ultimately hurt the middle class more to over-tax the wealthy. Here are two reasons why it would be a good idea to implement overall tax reform that benefits the rich, middle class and poor alike:
Luxury spending drives the economy
The wealthy are not financially invincible. In fact, the top 20 percent of income earners are feeling the recession and pulling out of the economy in a significant way. In June, MasterCard Advisors’ Spending Pulse released data showing that luxury spending declined 3.9 percent compared to a year earlier. Allowing the Bush tax cuts to selectively expire on the wealthy would make it even more difficult for the luxury spender to contribute to the economy.
Why should you care if hipsters can jet-set, splurge on nonessential items and pamper their Chihuahuas? You may never be able to afford a butler, but you also won’t be able to afford your own luxuries (i.e. a flat screen TV) if the rich are crumpled.
Consumer spending drives a whopping 70 percent of the U.S. economy. As Mike Niemira, chief economist at the International Council of Shopping Centers told the Associated Press, “It isn’t a good omen for the consumer recovery, which can not exist without the luxury spender.”
Large businesses will not be able to hire
The Heritage Foundation reports, “According to the Treasury Department, 8 percent of small businesses earn enough income to pay the top two rates. That is still a relatively small amount, but it does not tell the whole story.
…According to the same data from the Treasury Department, those 8 percent of small businesses that earn enough to pay at the top two income tax rates earn 72 percent of all small business income. They also pay 82 percent of all small-business income taxes. This means that the small businesses that will pay higher taxes under the Obama plan are the largest small businesses, which employ the most workers. Targeting them for higher taxes will have the largest possible negative impact on job creation.”
We would all be better off if we were grateful for our blessings in this beautiful country of freedom and opportunity instead of making decisions based on envy.
I'm reduced to mowing lawns and digging ditches to pay the bills.
A group of us may have something going in the near future, but funding for it, and the potential profits for the investors is in doubt because of the current government.
Bastiches.
/johnny
Even if the vast majority of America have the cold foul taste of hunger in their homes night after night, then they will at least BURN with the JOY of knowing, they got EVEN with THOSE RICH guys!!
At least that’s probably how 0bamao sees it.
Tell me about it: I’m a Loan Officer and Recruiter.
Those “rich guys” will be in Costa Rica, the Bahamas and etc. Small business owners, on the other hand, will be trying to grow a garden and hunt rabbits just like the rest of us.
Everyone knows jobs are being created by the thousandairs...
Heck I hired a kid to cut my yard today!
And I can help with any networking issues you might have in the house. Or cook a 5 course dinner fit for royalty.
/johnny
Barry and the central politbureau is against the employer class. They are trying to promote the employee class by punishing the employer class, which never works.
By definition, employees need employers. No employers, or employers who can no longer afford to have employees, means high unemployment.
The "cost" of tax cuts to the wealthy (employers class) is a canard. More money in the system means more money for the employer class to hire more employees which means a) fewer people draining the system on unemployment insurance, b) more people paying payroll tax, c) more people paying in to all kinds of retirement funds, and d) will increase revenues to the Feds.....and we would need to stop e) the Dems and softy RINOs from squandering the increased revenue.
This craziness has to stop.
When the car is in the ditch, take the keys away from the immature driver, and stop making the ditch an unrecoverable sink-hole.
Yeah, because the rich will just pass the cost onto the rest of us. $0.60 tax on a $1 soda? well your soda now costs $1.60.
Do you remember the “luxury tax” imposed on the “rich” by former Senator George Mitchell and his fellow libs during the administration of George H. Bush?
The tax applied to yachts, fur coats, high-end jewelry and other so-called luxury items.
Here in Maine, and elsewhere, the “rich” stopped buying yachts altogether or bought used ones. Who got hurt? The middle class family men who worked at the boat yards....many of them lost their jobs.
Way to go, libs.
ROFL
consider it done my friend.
Amen
Yes. Raising taxes is not the answer. Cutting worthless government social programs (so-called education, VAWA, etc.) could have been the answer, had they been closed early enough. Encouraging domestic manufacturing by abolishing anti-competition regulations (zoning in rural areas, etc.) would have been another good answer. ...didn’t happen, so default is on the way.
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