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originally posted by: matafuchs
a reply to: ScepticScot
Maybe not but they employ a # ton of people through their companies and subsidiaries. What is wrong with wealth?
originally posted by: icewater
a reply to: Edumakated
You are correct. Also, if the government would quit trying to affect the economy by raising and lowering taxes, tariffs, and trade regulations, there would not be the reluctance to save as a hedge for economic failure. But the democrats cannot allow themselves to trust their own ability to prosper. Instead their hedge is empowering the government to run their economic lives. The artificial meddling of government into the operation and natural flow of the economy is what makes trickle down economics fail. If government would go back to being what the founders intended it to be we would be much better off. Instead it sucks in gullible democrats with promises of security against the evils of the capitalistic world. It vilifies capitalists and convinces Americans capitalism is for someone else and not them. It tells minorities that no matter how hard you work, how dedicated you are to a dream, that you cannot succeed on your own merit. Consequently race becomes the major issue it is today. Blacks and Hispanics have been led to believe by their so-called Leaders that without big government they are not smart enough on their own to succeed. If that isn't racism I don't know what is. But people buy into it. The BLM crowd, an organization (and I use that term loosely) that thrives on convincing blacks that white people are the source of all their problems. As a white person I can assure you I have zero impact on any minority and their economic success or failure. And I am not alone. Sooner or later (and I am starting to sense it is happening slowly) minorities are going to wake up to the scam they have bought into. The prospect of becoming economically independent is within any americans grasp if they would stop listening to people tell them they can't do something.
originally posted by: Edumakated
originally posted by: Southern Guardian
It's a load of hogwash, the same nonsense that the people have been brainwashed to believe over the years. Yet we still don't learn. We complain on here about the "elite" controlling us and our freedoms then we turn to multi-millionaire and billionaire politicians and suck up everything they say about cutting taxes for the wealthy. It's unbelievable, and I see it on here time and time again. Idiotic.
The problem (if you can call it that) is that rich people tend to save a lot. That’s good for some purposes, but not when you’re trying to create jobs. By contrast, less-than-rich people tend to spend most of their income. That makes tax cuts for the poor and middle class more effective, at least over the short term.
You know those major tax cuts this administration is pushing for? The one set to cause major deficits and loss of tax revenue? Set to contribute towards the $1.5 trillion deficit? The bulk of will benefit the rich. More specifically, the ultra rich-50% of these tax cuts are for the top 1%. The Tax Policy Center has come to the same conclusion. It's important to note the top 1% pay 36% in taxes and own 40% of the nation's wealth.
It's trickle down economics again, plain and simple. This time from the Trump Administration and the GOP (no surprise). We know over the last few decades there hasn't been much of a trickle, so why to people continue to fall for this nonsense? The bottom 50% have seen their incomes, their benefits, stagnate, over the course of 30 years despite all these promises they'd benefit from the wealthy getting tax cuts.
Congressional Budget Office
It also doesn't help that the wealthy are set to take on 70% of the nation's wealth by 2021 according the Boston Consulting Group. The bottom 50% of income earners in this country are set to lose further. So I'm still perplexed as to why this nonsense continues to prevail on here and out there? How long are people going to continue to parrot voodoo economics on here? It's not helping the lower classes, it's not helping with jobs. It's causing loss of revenue that could be allocated to infrastructure and other needs around the country. The evidence is there, yet people on here continue to parrot? And yes I'm also lumping all the talk about "flat taxes" and "fair taxes" as well, all to heavily favour the wealthy. It's not doing the lower classes any good, it's not helping middle and lower class families.
Yet we fall for the same talk, the same propaganda from the rightwing, time and time again. We never learn.
A couple of things:
1) Taxes: You can't give someone a tax cut if they aren't paying taxes. The bulk of the federal income taxes are already paid by the top 20% of earners. The 1% pay like 35% of the taxes. Any tax cut is going to disproportionately affect those who are paying. If the bottom 50% aren't paying taxes, how can you give them a tax cut? You can't.
2) Savings: The wealthy do tend to save, but that is a good thing. That saving and investing is providing capital for loans to businesses. The wealthy are not keeping their money under their mattresses. that money is out in the market looking for higher returns. They are investing in start ups, private equity, venture capital, etc. This is how jobs are created.
3) Trickle down does work. You are just too blind to see it. When people keep more of their money, they will spend it, etc.
4) The problem with your premise is that you are essentially advocating taking money from one group and giving it to another group so that the recipient group can spend it and thus help the economy. If this really worked, then why not take ALL the money from Group A (Rich) and give it to Group B (Poor)? Transfer of wealth programs never work as intended.