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Most Americans Want Tax Cuts for Country's Wealthiest to End

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posted on Sep, 16 2010 @ 11:24 AM
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Most Americans want tax cuts for country's wealthiest to end


www.nydailynews.com

A new survey indicates that most Americans want tax cuts for the rich to expire.

…The Bush-era tax cuts will expire by the end of 2010, and Obama wants to extend them for everyone except those who earn more than $200,000 or households that make more than $250,000.

Most Democrats want the tax cuts to be extended for the middle class, but not the wealthiest Americans. Republicans and some moderate Democrats want an extension for all off the tax cuts.
(visit the link for the full news article)




edit on 16-9-2010 by soficrow because: glitches




posted on Sep, 16 2010 @ 11:24 AM
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The article also says...


Two-thirds of Democrats think tax cuts for the wealthiest should expire, in addition to most independents (55%). The majority of Republicans (57%) think it’s a bad idea.


I don't get it.

The richest 1% of the population has most of the money in the country; a few major corporations own most of the nation's land and resources.


THE RICHEST 1 (ONE) PERCENT OF AMERICANS possess more wealth than
THE COMBINED WEALTH OF THE BOTTOM 90 (NINETY) PERCENT.


Rich human persons and huge non-human corporate persons have access to loopholes ordinary people can't imagine - and already get out of paying what little taxes they're supposed to pay.

Which leaves ordinary people carrying the load and picking up the slack.

Why should we cut taxes for the filthy rich and already unbelievably wealthy? Don't forget - they all got bonuses from the "bail-outs."

Obviously, "trickle down" economics doesn't work. Time to experiment with the "trickle up" model.







www.nydailynews.com
(visit the link for the full news article)


edit on 16-9-2010 by soficrow because: glitches



posted on Sep, 16 2010 @ 11:36 AM
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Actually the wealthy pay the majority of taxes already. Did you know that the top 40% of Wage Earners Pay 86% of Federal Income Taxes in America and 47% of Americans pay no Federal income taxes at all?

The wealthy tend to be business owners that employ a lot of people. The more taxes are taken from them the less money they have to hire people. I think it is a bad idea to raise taxes on the wealthy Americans when we are already hurting for jobs.

blogs.marketwatch.com...



posted on Sep, 16 2010 @ 11:40 AM
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They should never have been given cuts in the first place.

Now you have a problem. Since they own most of the businesses increasing taxes on them will just make them lay-off more people.

A flat tax makes the most sense too.



posted on Sep, 16 2010 @ 11:45 AM
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What I find most humorous is that you constantly hear politicians and talking heads using the phrase... "you can't raise taxes during a recession."

Yet no one is talking about "raising" taxes.

Your title is a rarity.... most fail to acknowledge that we are discussing 'restoring' tax levels for those who can well afford the responsibility.

But we know who these political celebrities and wannabe experts speak for... they speak for the club... you know, the one we ain't in.

In the end, the IRS will simply create new tax code so the rich and powerful corporate super-citizens, cartels, and economic royalty can be exempted from the burden the rest of us have to carry... just wait and watch...

I weep for our children.



posted on Sep, 16 2010 @ 11:56 AM
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Originally posted by Erasurehead
...Did you know that the top 40% of Wage Earners Pay 86% of Federal Income Taxes in America and 47% of Americans pay no Federal income taxes at all?


Key phrase that - "Wage Earners." Real different from "salaried" and "contractor."



The wealthy tend to be business owners that employ a lot of people.


Erm, no.


When politicians start talking about not raising taxes on small businesses, they do so when the president proposes restoring taxes on the people making more then $250,000 per year.

The protesters suggest this is a tax on small business. Does this suggest that small business owners make more then $250,000 per year?

The protesters suggest that a graduated tax on wealthy folks will curtail economic growth. Then I would advise they think back when the tax rate on the most wealthy was in the neighborhood of 90 percent. This did not prevent the creation of many millionaires and billionaires.



...I think we have a different idea of what "wealthy" is.


The nation's six largest banks ...set aside a whopping $140 billion for executive compensation last year, a sum only slightly less than the $164 billion they paid themselves in the pre-crash year of 2007. In a gesture of self-sacrifice, Blankfein himself took a humiliatingly low bonus of $9 million, less than the 2009 pay of elephantine New York Knicks washout Eddy Curry. But in reality, not much had changed. "What is the state of our moral being when Lloyd Blankfein taking a $9 million bonus is viewed as this great act of contrition, when every penny of it was a direct transfer from the taxpayer?" asks Eliot Spitzer, who tried to hold Wall Street accountable during his own ill-fated stint as governor of New York.


Even some wealthy are embarrassed by the situation, and the epidemic tax evasion.


King says banking bailout 'unfair'

Bank of England governor Mervyn King has described the huge banking bailout as "unfair" and appeared to sympathise with calls for multibillion-pound tax evasion to be tackled when he spoke to union activists.
Mr King told the TUC gathering in Manchester that he understood the strength of feeling over the size of bankers' bonuses, and said "radical reform" of the UK's financial system is needed.





edit on 16-9-2010 by soficrow because: add line



posted on Sep, 16 2010 @ 11:56 AM
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But the wealthy take that money and use it to create jobs for us little people!
You can see how this has been true the last few years! The uber rich have been opening business like crazy, desperatly hoping to employ Americans!
It's not like they outsource to cheap labor to countries like China and India and insource a huge supply of cheap illegal alien labor from Mexico! They would never relocate their corporation overseas in places like Dubai to avoid paying tax here!
Why if the uber rich pay more , think of all the people in the yachting industry, private jets and domestic servants that will suffer? How are they supposed to live!
I barely can live on millions per year!!
Oh the humanity!



posted on Sep, 16 2010 @ 12:01 PM
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For those of you who believe in Democracy, you should pay attention to this story. Most Americans do in fact believe the rich should be taxed as much as, if not more than, everyone else. Since most Americans would want this to be true, why isn't it happening? Don't the people have a voice? Aren't they represented?

If this was true Democracy, the people should be able to put this to a vote, which we know how that would pan out. It wont happen, though. The people refuse to speak their voice.



posted on Sep, 16 2010 @ 12:03 PM
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Originally posted by OldDragger
But the wealthy take that money and use it to create jobs for us little people!
You can see how this has been true the last few years! The uber rich have been opening business like crazy, desperatly hoping to employ Americans!
It's not like they outsource to cheap labor to countries like China and India and insource a huge supply of cheap illegal alien labor from Mexico! They would never relocate their corporation overseas in places like Dubai to avoid paying tax here!
Why if the uber rich pay more , think of all the people in the yachting industry, private jets and domestic servants that will suffer? How are they supposed to live!
I barely can live on millions per year!!
Oh the humanity!




But that's the thing about mantras and dogma - the repetition is hypnotic.

Everyone is hypnotized.



posted on Sep, 16 2010 @ 12:04 PM
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reply to post by Maxmars
 


Using that logic means that if they decide to up the tax on the wealthy to 91% would mean they are not raising taxes just restoring them to the level it once was in the 1950's. The Revenue Act of 1964 lowered the top rate from 91% to 70%. So even raising the top level to 70% would mean we are just restoring the taxes to what they were in the 60's and 70's.
www.taxpolicycenter.org...

"Restoring" taxes to a level that is higher than the rate now equals "raising" taxes.



posted on Sep, 16 2010 @ 12:08 PM
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Originally posted by soficrow


Rich human persons and huge non-human corporate persons have access to loopholes ordinary people can't imagine - and already get out of paying what little taxes they're supposed to pay.

Which leaves ordinary people carrying the load and picking up the slack.



Dont know man, my hosehold lives good with a nice home on less than 75,000 a year. Havent paid much at all in the way of income tax ever. Why? Loopholes.


My tax goes in gas tax, sales and property tax.



posted on Sep, 16 2010 @ 12:10 PM
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When those tax cuts were made the theory was the rich would spend more, start more buisness, and hire more people. Of course none of that happened.



posted on Sep, 16 2010 @ 12:14 PM
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reply to post by Erasurehead
 


That's how it works. Lower the rates for long enough, wait for people to forget, then cry, "OMG, they want to tax prosperity because itz a socialist govermint taking r freedumz!" when we're talking about bringing it back to the levels that existed when the very people now attending tea parties enjoyed the prosperity they now so lament the loss of.

The psychology behind all these things is fascinating. It's keen manipulation. Asleep is awake.



posted on Sep, 16 2010 @ 12:18 PM
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reply to post by MrSpad
 



When those tax cuts were made the theory was the rich would spend more, start more buisness, and hire more people. Of course none of that happened.
--------------------------------------------------------------------------------------------------------------------------------------
That's not the theory of the Bush tax cuts, that's the public rationale! The theory was to make the rich richer, and that's what they wanted!! Check the numbers!
If they told the truth, people would rebel, couch it Reaga/trickledown/anti government terms and the simple minded obey!
Neat trick huh?



posted on Sep, 16 2010 @ 12:21 PM
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There is going to be a huge tax overhaul coming, it's not possible to avoid. The Bush tax cuts ending, the Health Care bill passing, not to mention all of the people who have been caught up in the AMT issue (another example of something never intended to apply to the middle class, but has)... In any case, there is no option. Congress will have to deal with the tax issues very soon. How they deal with it though, is anyone's guess.



posted on Sep, 16 2010 @ 12:29 PM
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Humor this notion for me:

Let’s just say the most money any person is allowed to make a year is $250,000.

That’s it and anything above that one just hands over to the government.

Would that be ok?

Is that net or gross? Some people gross $250,000 for their businesses but only net a little because much of the money goes back into the business. They end up taking a modest $50k salary in hopes of one day making enough money (gross) that they can take a big paycheck for all their sacrifice.


As for big corporations, go ahead and tax the heck out of them. I know you imagine them saying “oh no…we are going to have to take that tax money out of our huge CEO salaries!” But will they? No. 100% no. They will spread it out adding it onto the price of the goods or services they provide and we will pay for it. So let those tax cuts expire and we will just be paying them with more expensive goods and services.

You don’t believe they will make just as much and pass the tax cost on to us? Really? Isn’t it your position that they are fat-cat greedy executives? If they are indeed greedy they aren’t going to cut their incomes! Oh no… WE WILL BE PAYING IT!

So really either way we are screwed but you will be hurting the small businesses that employ Americans whether you believe it or not.



posted on Sep, 16 2010 @ 12:30 PM
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reply to post by soficrow
 


I am not sure but I think that the tax cuts for the wealthy also include small buisness firms... I am all for taxing every American, even those who are on the government Doles make them pay there taxes on SS, Unemployment, food stamps, etc... We all should pay are fair share... BUT Congress needs to get its head out of its ass and stop spending so much money, it doesnt matter how high we tax the wealthy our Nation is still going to be broke if we dont tighten our belts.



posted on Sep, 16 2010 @ 12:40 PM
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reply to post by JonInMichigan
 


Did the price of anything really drop because of the tax cuts or was the whole thing just a windfall for the wealthiest, ushering back the gool old guilded age, piece by piece? Won't the market regulate the prices regardless?



posted on Sep, 16 2010 @ 12:46 PM
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Originally posted by Erasurehead
Actually the wealthy pay the majority of taxes already. Did you know that the top 40% of Wage Earners Pay 86% of Federal Income Taxes in America and 47% of Americans pay no Federal income taxes at all


I hear this repeatedly and am a bit put off by it. while factually accurate about INCOME tax it is sadly omitting the taxes we all pay on consumer items every day. In this area the "lower" 90% are carrying a huge burden far outweighing the misleading income figures. I think it would be quite reveling comparing the actual tax load as a percentage of income between the rich and the rest.
I am quite sure that us lower echelon are paying a much higher overall tax burden than the upper echelon ever has.
BTW I am talking ALL tax from phone service to trucking your food, your gasoline and your vices, the myriad of hidden and incorporated taxes we all pay for the goods and services we consume. I have not seen it published and often wonder if it has been calculated just how much these "incidental" taxes add up to? Have they ever been totaled? All I hear is how some Americans don't pay taxes and that is just not the reality of living here to consume any good or service is to pay tax.
So with 90% of America paying tax on nearly everything they consume ,which by numbers alone eclipses whatever the upper 1% contribute in the same area. a logical question is how do the overall numbers compare. Knowing how the world works you can bet the heaviest load remains on the lower end not the top. Thinking the type of person who is at the top 1% is willing to carry the largest part of the load is antithetical to the ideals which gave rise to their fortunes.
So ,in closing, until the actual tax numbers are calculated and published ad considered as a percentage of ones gross income, the "rich pay all the taxes" statement is just erroneous thinking due to having left out the most significant taxes we pay daily
N.



posted on Sep, 16 2010 @ 12:49 PM
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reply to post by Erasurehead
 


Well then, we should pray that they restore the Federal income tax rate to pre-1913 levels.....

Federal taxes are for the Federal Reserve Bank as it's portion of profit for the Transnational Banking Cartel that no public official or banker dares recognize publicly.

The idea that this 'tax-cut' brought anything other than political gain (and prosperity for political sponsors) is illusory.

Taxes were "sold" to the people (quite literally, in fact) under the guise of equitable sacrifice by all citizens for their country. Somehow, I think you'll find it difficult to support the notion of "equitable" to the people who struggle to survive in a world where debt is currency for the masses, and property and wealth is primarily for the elite.



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