chip wrote:I need to say something about the so-called tax cuts for the rich. The top 1% of earners in the US pay 40% of all income tax. The top 25% pay almost 90% of tax.
The bottom 50% of earners pay just 3% of taxes.
So when income taxes are cut -- thus diverting money from the black hole of government to private investment -- they inevitably are cut for the "rich." An income tax cut for the poor would result in no tax cut at all.
As for the election, I prefer to judge Obama on his record over the last decade or so. And that's pretty hard left. He's been anti-NAFTA, pro-tax, a friend to the Teamsters and on foreign policy, well, the less said the better.
Of course, he's now flopping faster than a netted fish so who knows where his positions will wind up.
The guy gives a nice speech but at the end of the day the only thing on his resume is "community organizer" in Chicago, and that's tainted by his close association with the nutcase Wright and the convicted felon Rezko.
Not a happy picture.
This is one of the dumbest posts. All republicans are flip floppers. "Read my lips no new taxes." 3 months later George Sr raises taxes. Regardless, I'd rather have someone that "flip flops" and admits they made a mistake and work to rectify it then someone who "leads from his gut" and "stays the course" even though he's completely and utterly wrong.
Besides. Republican policies always end in tears. You cannot regulate Greed. The trickle down effect never works. How many times have you seen auto companies or airline companies turn to their workers and demand concessions in benefits / pay? how many times have they actually "trickled down" profits and shared the wealth? How about all these sports teams that force their city / municipal governments to build them 1 billion USD stadiums? How many times have you seen the owners of the sports team "trickle down" their profits and help improve roads? it's a one way street to trickle profits / $ into the pockets of their wealthy friends.
Anyways as for George Bush, and his "free market capitalism" they just bailed out Bear Stearns and then bailed out Indy Mac and now they've nationalized fannie mae and freddie mac. THIS IS CALLED SOCIALISM yet everyone rails on democrats for their "tax and spend" policies. where the heck do you think GW is going to get $ to bail out these companies? Just wait there will be even more....Zion's bank, Fifth Third, National City, Sun Trust, Comerica...
the top 1% of earners do not pay their "fair share" ... they have a multitude of loop holes so their "effective" tax rate is closer to 10-15%. So if you're a hedge fund billionaire that just made billions off the house market crash (John Paulson) you really think his tax rate will be 39.4%? Only a village idiot (GW) would believe that. I can guarantee you that he has the majority of it in tax shelters to hide income so that he probably pays around 5-10%.