Tuesday, August 08, 2006
I support tax breaks but I do not believe in trickle down economics. Trickle down economics is a theory of economics whereby you give a tax break to the rich with the belief that they will spend more and the money spent will come back and help the lower classes. If the lower classes need the money, why not just give the lower classes a tax break?
The ruling class like to give their colleagues incentives to continue to contribute to their campaign funds, so they created trickle down economics as a bullshit formula to support this.
I think this the following information should come to no surprise to anybody. The following information is about the latest bill to extend the tax cuts and comes from CNN's Lou Dobb's program:
EARNINGS ---------------MONEY RETURNED FROM TAX BREAK
$20k-30k ---------------$9.00
$50k-$75k ---------------$110.00
$100k-200k -------------$1,388.00
More than $1 million ---$41,977.00
With mounting deficits, the government decides to grant a tax cut to wealthy people. Priceless!!
The minimum wage increase failed last week because it contained pork legislature giving the upper class an even bigger tax break than this. When a bill fails, always look at the extra pork within before you get angry. If you want to get angry at anybody, then get angry at the politicians that put this extra baggage into legislation.
The ruling class like to give their colleagues incentives to continue to contribute to their campaign funds, so they created trickle down economics as a bullshit formula to support this.
I think this the following information should come to no surprise to anybody. The following information is about the latest bill to extend the tax cuts and comes from CNN's Lou Dobb's program:
EARNINGS ---------------MONEY RETURNED FROM TAX BREAK
$20k-30k ---------------$9.00
$50k-$75k ---------------$110.00
$100k-200k -------------$1,388.00
More than $1 million ---$41,977.00
With mounting deficits, the government decides to grant a tax cut to wealthy people. Priceless!!
The minimum wage increase failed last week because it contained pork legislature giving the upper class an even bigger tax break than this. When a bill fails, always look at the extra pork within before you get angry. If you want to get angry at anybody, then get angry at the politicians that put this extra baggage into legislation.
posted by DarthImmortal at 7:00 AM
5 Comments:
Aaarg, me angry. You not like me when me angry!
I need to find some way of having Bill and Linda Gates adopt me, then I won't have to worry about getting it up the butt like this. We work hard every day and no one gives us a break. It's enough to make you run to the hills and live like an animal.
Well, in fairness, a big reason for the disparity is because the wealthy pay TOOONS more in taxes. The government gets nearly half of my paycheck (which probably drops me down a bracket or two, income-wise).
That said, the *real* problem with tax structure is the breaks that go to corporations and tax shelters. I have no problem with people wanting to stay wealthy -- but when the government presents you with custom-made loopholes that are *only* available to the *extreme* rich, that is a problem. We're destroying the middle-class -- people who used to be middle class are now either rich or poor. This isn't a healthy way to sustain a democracy, but I'm not convinced that increasing taxes on rich individuals is the way to fix things. I think we'd be much better off not giving huge breaks to people if they incorporate themselves (certain professions can do this more than others, interestingly -- actors can be corporations, but lawyers cannot, for instance). We need a way to retain the legitimate benefits of corporations (e.g., reasonably limited liability) while undoing the illegitimate breaks it cuts (e.g., virtual tax-free status in some industries).
Hi from India
Nice blogg
Hmmm. My new goal in life is to be in the $1mil racket!
Barbarian,
Easy now!! No one likes an angry Barbarian. :)
Law Fairy,
I agree with all of your points including raising taxes on the rich is not a good idea. But if the government needs money then talking it from the rich makes more sense than taking it from the middle or lower class. If money is going back to people then giving to the people needing it the most makes more sense than giving back to the rich.
How about eliminating taxes on lower income individuals completely? How about no taxes on social security benefits or from IRA withdrawls? How about no taxes on unemployment benefits or welfare benefits? Those all make more sense than giving the wealthiest Americans more money. The money needs to go to the people who need it the most.
We also should eliminate all the tax loopholes for corporations, including these municipalities that give business tax refunds to move into their crappy towns. All this does is take money right out of the local school districts.
deepak gopi,
Welcome and thanks for the positive feedback.
Mimi,
Well spoken.
MG,
I hope you make that club. If you do would you send a little my way.
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