Skip to comments.Expiring Tax Zots: Big Business
Posted on 11/10/2010 3:20:26 PM PST by joethevoter
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For starters they get the cuts everyone else does below $250,000 if they are extended for the middle class. Those extra cuts are ONLY for those making more than a quarter million a year.
These cuts were designed by the Republicans to expire to avoid blowing a hole in our deficit of about $700 billion dollars. It was THEIR IDEA that they should and MUST expire in 2010 because they knew we could not afford them. That is what wiped out the Clinton surplus Bush inherited. That and two wars.
What were these extra cuts for the rich supposed to do? Create jobs. They failed. Bush's term produced the lowest jobs growth of any president since WW2, a tiny net gain of 1.1 million new jobs vs. Clintons 22+ million new jobs.
To top that off these same wealthy corporate owners closed about 40,000 US factories and sent them over seas between 2001 and 2008. They did use those cuts to create new jobs...for Chinese and Indian workers.
But then the increase stopped. The economy continued to grow handsomely after 1980, but the financial rewards started going only to people at the top. On the chart plotting income growth, the income "growth" line flattens for the bottom 90% of Americans after 1980. For them, average income went up, barely, from that $30,941 achieved in 1980 to only $31,244 in 2008, almost 30 years later. Think about that: the average income of Americans increased just $303 dollars in 28 years and the vast majority of that increase went to the top 10%.
When Bloomberg magazine polled wealthy investors only 24% considered investing in America while the rest cited China, India and Brazil. When the rich get extra cash ( tax cuts ) they invest it. They will take the cut and send that money to China, India and Brazil. Mean while the middle class will see further reductions in order to fund their handsome out-of-the-country profits.
We have to stand as middle class American citizens and demand that our tax money not be used to export our jobs. We must demand that corporations cease manipulating our elections for the advantage of the rich while stepping on the middle class.
While many in the Tea Party had good ideas their voice was quickly co-opted by wealthy such as the Koch Brothers. They converted the movement to another arm of the GOP, a party bought and paid for by the wealthy to help them elect more puppets for the rich.
Americans were fooled again. Those jobs are never coming home if the corporations and their congressional stooges get their way.
I vote Zot.
Your lack of understanding of reality is truly staggering. I am a small businessman, part of the 70% of all jobs in the U.S. The taxation and regulation are beyone out of control; they are we have reached “ludicrous speed”. The rich that “don’t care or don’t need” tax relief are able, like Google, to get around it in ways that I can not. The only reason the tax cuts were for 10 years was to comply with the erroneous concept that tax cuts decrease income to the government. Get a freakin’ clue.
Just join to post this tripe?
In before the Zot.
Whatever happened to the Viking Kitties??
Yup, my business is growing, but once it reaches a point where i have to hire help, my sales would have to double just to pay for that new person. Sales don’t double over night, nor does a tiny tax credit motivate me to hire/train someone.
They are NOT tax cuts, it is the Obama tax increase
Where are the viking kitties?
Hey Joe, does yo’ mama know you are up late?
Wealth has no effect on income tax rates, idiot. Your envy is showing.
“Big business has been sending American jobs to other nations for a long time. Our current Congress has tried several measures to stop the bleeding and to bring some of those jobs back to Americans.”
Hey moroon, try lowering corporate taxes duh!
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On the way.
I love the smell of Ozone. Do you like kitties?