posted on Oct, 29 2008 @ 09:51 AM
I think people that never really understood taxes until the McCain campaign started spreading the falsehoods that they have about taxes, or the
reality of each party's history have been duped by the whole blowing out of proportion of spreading the wealth as some socialist idea or new Obama
Idea, when the truth of the matter spreading the wealth is something both parties have done traditionally and will continue no matter who gets in
office, but what is certain is that if McCain does we can expect the economy pretty much to continue down the same path as it has recently.
The difference is generally which direction the wealth is spread, generally Republicans spread the wealth upward but use the excuse and falsely assume
that when engendered with more money businesses will spread their wealth and do the right thing, hire more workers and re-invest in their business, we
all know that this is a make believe and utopian fantasy and when given more profits the majority keep profits.
The reality of that matter is a lot is left up to individuals/business owners what they do with that money that a tax cut (welfare handout from the
tax coffer)has given them, the ceo or heads of those businesses in many instance will first maximize the amount of tax breaks and financial gain to
enrich themselves and their own families first long before hiring and doing things that would be possibly an economic advantage, many business
greedily invested their profits in the junk stocks of the last few years hoping to pad their retirement portfolios or pad the owners pockets even more
and recently in many instances because of that greed and extra gains from the Bush tax cuts and poor fiscal policies those investments have
The wealth is spread upwards by proxy of huge tax cuts with the hope that it flows down, those companies might hire people but what kind of wages do
they actually pay? and at bonus time or when there is extra money circulating do they share it with the employees that help keep those business
afloat, in many instances no, and in many instances those jobs become high turnover and just another tax break for small to medium businesses because
the jobs might be low paying, low skilled and severely limited in career growth in a lot of instances I bet these jobs are not middle class building
jobs but low end jobs that most of the time cause workers to find a second job to supplement wages paid by small businesses.
For a great majority of people that own homes or properties, they may not want to realize this but when you do your taxes and taking a deduction on
your interest for your home mortgage, that in essence is really a government handout to you for owning a home you get a tax break/credit/cut (welfare
handout from the tax coffer) on the interest you pay.
I think people live in a vacuum that think the money you make is all yours and the government might only be giving breaks to those that work hard and
deserve it are small business owners and not individuals, most poor people, low to middle income people do not have the luxury of getting a tax break
on any property they own, because they don't own any real assets they simply do not have much of anything that they can deduct to lessen their tax
burden, so the percentage taxation is pretty much set and is hard to deduct more from.
Higher income workers, homeowners and those that own assests have many more opportunities to use the tax laws to make deductions and take advantage
even more to avoid paying what one might see on a graph of average taxation across incomes in almost every instance.
A good enough accountant and proper record keeping will always maximize the amount of tax breaks even beyond the government mandated tax cuts the Bush
plan invoked, so after all is said and done and when tax time comes around those in the brackets above 250k yearly generally do pay less taxes because
they can deduct much more than someone that makes 50k and does not own any assets and that really has no deductions or credits available to lessen the
The amount of taxes businesses and the wealthy pay are always expressed as a selling point before applying all available tax breaks and deductions,
that is what should be revealed as an average to demonstrate real taxes paid and more people would see the relationship that the wealthy in actuality
compared to income do not pay a higher percentage in proportion because they can receive credits, deductions and write offs to offset that so they
keep more of their income and profits.
[edit on 29-10-2008 by phinubian]