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Tax Cuts and Class Wars
by Rep. Ron Paul, MD
President Bush unveiled a very modest tax cut plan last week that calls for the elimination of double taxation on dividends. Democrats immediately attacked the plan using class warfare tactics, clamoring that only the rich will benefit from a dividends tax reduction. This tired argument ignores the millions of middle class American investors who receive dividend checks and presumably don't consider themselves wealthy. It also ignores the stimulative effect that any form of tax cut has on the economy. When dividends are taxed only once, as corporate income, investment is encouraged and shareholder demand for dividends increases. This in turn encourages companies to increase profits, because it's hard to pay dividends if you're not making any money. But these arguments require some analysis, and the left would rather appeal to base emotions and attempt to paint the wealthy as sinister tax dodgers.
As with so many things in politics, the truth is exactly opposite. The so-called rich pay almost all of the income taxes in this country. In fact, the top 1% highest-earning Americans pay a whopping 37% of all individual income taxes collected. The top 10% pay 67%. In other words, 10% of Americans pay two-thirds of the taxes. Half of all taxpayers — those in the bottom 50% of earnings — account for less than 4% of income tax revenues. This means no matter how taxes are cut, it's nearly impossible for those cuts to primarily benefit lower-earning taxpayers. Tax cuts necessarily benefit those who pay the overwhelming bulk of the taxes. This simple truth allows the left to attack each and every tax cut proposal on the grounds that it disproportionately benefits the rich.
Originally posted by AnIntellectualRedneck
I believe that everybody should be taxed at the same rate. That said, the tax loops that allow Warren Buffet to pay less tax as a percentage of his income than his secretary should be removed.
However, I am highly skeptical of the claim that most rich people worked their way up. My experience is that the upper class get their positions through connections that would otherwise take a normal person 10-15 years to work up to.
My experience with management types and those that climb the ladder are that they tend to get to where they are by being dishonest, back-stabbing, and heavy brown-nosing. In other words, my experience is that one has to be a sociopath to actually get anywhere.
In my view it is wrong to raise taxes on the Wealthy not only because it is their money or wealth but also because most Wealthy people worked their way up the economic ladder most big businesses started out small and most Wealthy people at some point they had to have a family member a generation back
Originally posted by neo96
If your making 9- 10k your not paying any taxes why the hell should someone else have to pay and other people don't?
Oh i get it as long as its not you who cares yeah that is all about "Fair share".
The simple fact is half this country doesn't pay any and they get tax credits,tax rebates and refunds not to mention other government subsidsidies oh like going green that is government funded by people who actually pay taxes.
BLAME GOVERNMENT AND THEIR ROBBIN THE HOOD MENTALITY because they are putting everyone in the poor house.
Raising taxes on anyone is the most stupid idiotic assinine thought people have oh and just like the millionaire and billionaire yacht and jet tax guess what that did?
Put the middle class out of work who flies,maintains and drives those "luxury" goods and services i wish people would get their heads out of their collective arses and think once in a while.
edit on 8-12-2011 by neo96 because: (no reason given)
Originally posted by alonzo730
The wealthy have got it real good right now. And they aren't creating any jobs. They're just sitting on their cash because things are so uncertain (so they say). Since they aren't going to create any jobs, they need to be taxed to the hilt. These so called "job creators" have been busy creating all kinds of jobs overseas. These companies that have shipped jobs overseas, why don't we revoke their corporate charters and make them relocate to where their factories are, we don't need them here.
reply to post by neo96
It is not the rich persons fault people are poor IT'S NOT! WANT TO BLAME SOMEONE?
Originally posted by lifeform11
reply to post by mikejohnson2006
if it is wrong to raise taxes on the wealthy then who is it o.k. to raise taxes on?