bush's economic team resigns; huge tax cuts coming?

i would like to see a temporary tax cut for the high-end, just like clinton implemented when he reduced it to 32% for a 3 yr pd. the small business incentives (accelerating dep) that i mentioned earlier are only a temporary fix for the economy, but it could help in the short term. i like what clinton did- the $12000 income/yr income tax exemption and reducing the taxes for those under $30k a year. at the same time, he provided more of an incentive for those on welfare to work by reducing welfare by 70% and at the same time, providing free daycare for those coming off welfare who have children. however, i'm a firm believer that middle class tax cuts are they way to go. afterall, whats a multibillionaire going to do with an extra $4-5 million- either invest, or put it in a cayman/swiss account. whats a middle-class person gonna do- enhance his consumer prowess and even possibly become an entreprenuer.

 

we all pay payroll (most of us anyway) taxes. there is a pretty good size chunk of the public that pays no income tax. The main problem with the Dem's plan is that they want to refund money to people that already pay no income tax. Just how are these people entitled to money they haven't paid? It's just another vote buying scheme.

It's not that we're not taxed enough, it's that the government spends too damn much. My question is how do the Dem's stand there and scream about how SS is going bankrupt and then turn around and propose not collecting payroll taxes that fund it for two years and keep a straight face?

BTW lj, there's no such thing as free daycare, those of us paying taxes pay for it.

 

Forgot this earlier...

I'm with T Schroll when it comes to putting an investment banker in at treasury. No, no, no. I've had enough of crony capitalism already and I'd like to see someone in there who doesn't believe the way to make money is to cut deals with friends and clients that a regular joe won't so much as smell in their lifetime.

Of course if we used that standard as a major disqualifier in making the choice, then probably upwards of 99% of the candidates Bush would choose would be disqualified.

But I truly hope that is not the choice he makes....

 

T-

Those low income tax credits where originally a Republican idea, using the tax system to reward families who work rather than going on welfare and/or food stamps.

 

The credits were yes. The Dem's planned refund exceeds those offsets however. Again how are people entitled to monies which they have not paid?

 

They've always had that element, since its inception. Bush the first expanded it more than anyone.

Again, it's using the tax system to reward working families, rather than being on welfare. I don't have a problem with it, as I think it does reduce both the welfare rolls, rewards works, helps build communities, and without adding to the beuracracy.

 

Re: IRS stats conclude that....

I am guessing that this reflects wage income as opposed to all income, which is my stumbling block to supporting the flat tax. If it were to pass, I envision a huge shift from wages for higher paid employees to stock dividend income.

 

I don't understand how people get upset at paying taxes. I mean, when you negotiate a salary, don't you consider the tax implications? Say you've got a job that pays 50k a year. Maybe 15-20k goes to the government. Okay, so if it didn't, wouldn't the competition for that job drive the price down to the same rough take-home (which theoretically is what people are considering when taking a job). I mean, it is a job market isn't it? Doesn't it seek its own equilibrium?

 

OK, here is just a sample because I could probably ramble on and on for days about this one.

The U.S. Revolutionary War was started over taxes.

Our government wastes far too much of our money.

How much government benefit did you receive as compared to how much you have contributed?

Who spends your money more wisely - you or the government?

 

the government is less likely to buy me porn, alcohol, or pay for my girlfriend's dinner.
That's why having an afterhours job where you get paid in cash and there's no record of you ever doing anything is sweet.