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As a battle over the Bush tax cuts looms in Congress, a new CNN/Opinion Research poll found on Friday that a large majority of the public wants them to expire for the wealthy.
A whopping 69 percent said the tax breaks for individuals making over $200,000 – and families making over $250,000 – annually should expire at the end of this year.
Eighty-one percent favor extending them for Americans making less than that, which both parties largely agree with.
The poll found that only 31 percent support extending the tax cuts for what would be the top 2 to 3 percent of Americans, enacted in President George W. Bush’s first term, and scheduled to lapse on December 31.
Big business groups, however, such as the Chamber of Commerce, are lobbying heavily to ensure another round of tax breaks on the highest income-earners.
Originally posted by unityemissions
Either of those percentages are quite interesting...
Illogical and mutually releasing. I'm game.
Tax cuts to help the poor? Yeah OK.. Never met a poor person that pays taxes.. Oh sorry.. They pay it but get it all back in April, plus more if they have kids...
The evidence from the 1960s through today illustrates that lower tax rates correlate with rising incomes for all sections of the population. Even cuts on capital gains and dividends, often though to benefit only rich stockholders, allow for greater investment and more job creation, which ultimately helps lower-income Americans.
Truth #1: The most effective role for government is to decrease barriers to economic growth . High tax rates on working, saving, investing, and business development are among the biggest government burdens slowing the economy. Lowering these obstacles would trigger more jobs, higher incomes, and less poverty.
Truth #2: Permanent tax cuts are better than temporary ones . Unfortunately, major provisions of the 2001 tax cut--reductions in income tax rates, repeal of death taxes--will expire in 2011. This policy also hurts the economy today.
Truth #4: Bigger tax cuts help the economy more than smaller ones do . The 2001 tax cut was small compared with President Kennedy's cuts in the 1960s and President Reagan's cuts in the 1980s. The more you remove your foot from the brake pedal, the greater the effect.
People now realize the old GOP talking point that "the rich create jobs" is a fallacy.
. In fact the big money is shipping more jobs overseas than ever before in the quest for even bigger profits than investing in America and American jobs.