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Getbig Main Boards => Politics and Political Issues Board => Topic started by: whork25 on October 29, 2010, 12:11:30 AM
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What is your take on the Bush tax cuts? Should they be extended and why/why not?
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Absolutely they should be extended. You do not take money out of peoples pockets when they're struggling. Of course some will make the argument that government needs the extra money now more than ever in-order to pump more money into the faltering economy. Yeah, that makes sense, lets take money away from private citizens so that we can help them. ::)
Of course when it comes to Obama style thinking, he said government is all that is left, government is what will save and protect the people...funny how that's the opposite of what the founders said and set up...you think he hates the system yet?
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Do you want them extended for the both the rich and the rest?
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The tax cuts should be extended for all people. The last thing you want to do in a recession, espeacially one as deep as this one, is to take more money from people. Recessions occur when prices hit a point where they are too high - mainly housing prices - but other prices as well. Prices and other values then fall, and prices need to hit a certain floor. If people dont have as much money to spend and invest, prices will fall unnecessarilly lower before they hit a floor. More importanly, business need to have the money to be able to hire people. The very reason businesses arent hiring is because they dont know what thier taxes are going to be next year. But it is already too late. The IRS needs two months to get ready for the change in the amount of money that is witheld from your paycheck. So the tax rates are as good as already hiked for atleast the first month of 2011.
I really hope the Republicans dont screw this up. They really have the Dems by the balls with this tax issue. George Bush is getting the last laugh on the tax debate. The Dems have made it worse upon themselves by not tackling this tax issue 18 months ago. Also, they are really killing themselves if they are serious about letting the bottom 98% keep thier tax cut. (Im not sure I believe them.) But it is dumb to say that you are going to give a tax cut to the bottom 98% which supposedly "costs" the treasury $3 trillion, and then to say that you are not going to give a tax cut to the top 2%, which is only another $700 billion "cost". The top 2% has a greater Laffer Curve effect than any of the percentage points below, plus they are the ones that stimulate the economy most. So you might as well just give a tax cut to everybody if you are going to give it to the bottom 98%.
But the Dems are doing something even more stupid. Supposedly some Dems have realized that they have a lot of "rich" constituents in the $250000 range that live on border states where $250000 doesnt go around all that much. So they are talking about rasing the income threshhold on the top bracket from $250000 to $1 million. People making between $250000 and $1 million would stay at the 35% rate, and only people making above $1 million would have thier taxes raised to 39%. Now you are only talking about a $ 70 billion "cost" - a drop in the bucket when it comes to the deficit. And with the millionares and billionaires you are talking about even more of a Laffer Curve effect, because now you are talking about incomes that can be moved from place to place, and from time to time. You are talking about people who make enough money to hire tax accountants to significantly lower thier taxable incomes with deductions. So you probably are talking about much less than a $70 billion "cost".
The Republicans should not accept tax increases of ANY kind and should repeatedly point out the stupidity of the Dems' positions.
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The tax cuts should be extended for all people. The last thing you want to do in a recession, espeacially one as deep as this one, is to take more money from people. Recessions occur when prices hit a point where they are too high - mainly housing prices - but other prices as well. Prices and other values then fall, and prices need to hit a certain floor. If people dont have as much money to spend and invest, prices will fall unnecessarilly lower before they hit a floor. More importanly, business need to have the money to be able to hire people. The very reason businesses arent hiring is because they dont know what thier taxes are going to be next year. But it is already too late. The IRS needs two months to get ready for the change in the amount of money that is witheld from your paycheck. So the tax rates are as good as already hiked for atleast the first month of 2011.
I really hope the Republicans dont screw this up. They really have the Dems by the balls with this tax issue. George Bush is getting the last laugh on the tax debate. The Dems have made it worse upon themselves by not tackling this tax issue 18 months ago. Also, they are really killing themselves if they are serious about letting the bottom 98% keep thier tax cut. (Im not sure I believe them.) But it is dumb to say that you are going to give a tax cut to the bottom 98% which supposedly "costs" the treasury $3 trillion, and then to say that you are not going to give a tax cut to the top 2%, which is only another $700 billion "cost". The top 2% has a greater Laffer Curve effect than any of the percentage points below, plus they are the ones that stimulate the economy most. So you might as well just give a tax cut to everybody if you are going to give it to the bottom 98%.
But the Dems are doing something even more stupid. Supposedly some Dems have realized that they have a lot of "rich" constituents in the $250000 range that live on border states where $250000 doesnt go around all that much. So they are talking about rasing the income threshhold on the top bracket from $250000 to $1 million. People making between $250000 and $1 million would stay at the 35% rate, and only people making above $1 million would have thier taxes raised to 39%. Now you are only talking about a $ 70 billion "cost" - a drop in the bucket when it comes to the deficit. And with the millionares and billionaires you are talking about even more of a Laffer Curve effect, because now you are talking about incomes that can be moved from place to place, and from time to time. You are talking about people who make enough money to hire tax accountants to significantly lower thier taxable incomes with deductions. So you probably are talking about much less than a $70 billion "cost".
The Republicans should not accept tax increases of ANY kind and should repeatedly point out the stupidity of the Dems' positions.
Nice post/reply thanks
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Its not only income taxes.
Its the estate tax, cap gain taxes, etc etc.