The top 1% of wage earners pay as much taxes as the bottom 80%. Now "O" wants to give tax breaks to 95% of wage earners. Currently about 40% pay no income taxes, so...hum...if they get a tax cut, that means they are going to get money. That is called welfare and it also means that an even larger share of the electorate will no longer be paying for the government they receive and in fact many will be receiving "credits" otherwise called cash. Terry is this what you want? Do you mean to transfer the wealth of this country? What effect do you think this might have on the earning behavior of the top 1% ? What effect might there be on the behavior of citizens who are taken off the tax rolls?
Supply side really means letting people keep their money.
If the mortgage meltdown has taught us anything it is that government intervention has long term unintended adverse consequences.
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Professor Ganem:
The Top 1% have greater wealth than the bottom 90%. Of course they'll pay the lions share of the taxes. They have it to pay and they need to pay more.
It is unsustainable to have that kind of wealth disparity. It is the Latin American model and last I checked, they're all trying to come here.
Supply side economics simply means low taxes now, higher taxes later. Milton Freidman himself pointed out that spending was the true measure of taxes as the expense would need to be paid from taxes, sooner or later.
Apparently, you'd rather live well today with lower taxes and let your daughters and their husbands pay the bills later.
The problem is you work hard your entire life and finally when the fruits of your labor start to ripen the government is there to say, sorry you're considered too wealthy. Give us your money so we can give it to people who weren't as fortunate as you, or maybe don't have the same work ethic, or maybe are mentally unstable, or maybe just plain lazy. Either way, just give us your damn money. We'll decide who gets it.
Gary:
If the budget were balanced, you might have a point. When we have massive deficits - a Republican specialty - you are simply handing the tax bill to future generations.
Lets pay as we go. Tax + spend is responsible. Borrow and spend is not.
PS- Okay now I feel like I sound greedy and I'm not, trust me. I throw tens and twenties at anyone playing an instrument with a hat on the ground. I'm a sucker for freeway exit guy with a sad sign. I just want some visitation rights for my money. Maybe every other weekend.
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