Originally posted by: Carbonyl
Sure everyone knows the rich top 1% pay the most tax, but lessening thier tax while increasing mine and yours is not fair. IMO.
First off, the Bush tax cut will reduce tax rates for virtually everyone who pays taxes. So saying "increasing mine" either shows your lack of knowledge, misunderstanding, or intentional deception. Nobody is asking you to pay more. You will pay less. The wealthiest will see the largest benefit because they pay the most taxes.
Second, on the issue of "fair", even if what you said about increasing your taxes was true, which it is NOT, if I gave $100,000 of my money to the federal government in taxes last year while you gave $100, why would it be unfair to say this year I only have to give $90,000 while you have to give $200 ? I've still payed roughly 1000 times as much as you to support our government.
Also, in the 50's the federal budget got 50% from corporate tax and 50% from individuals. Today it's 20-80.
Another standard liberal argument which fails to see or admit that corporations are composed of "individuals" rather than just being some giant inhuman entity.
Who do you think pays the corporate taxes?
The "individuals" do. The employees, the stockholders, the customers.
Think about it. If businesses have to pay higher taxes, they either raise prices or reduce employee pay and benefits.
If they raise prices, everyone's cost of living goes up and you lose any benefit of lower personal income tax rates. You pay less in taxes, but you have to spend more on everything you buy. Basically, the "individual" is paying the company's taxes.
If they reduce employee pay, it's the same thing. You pay less in taxes, but you bring less money in. Again, the "individual" is paying the company's taxes.
So it is really irrelevant what the split is.
Now under control of the whole deal the republicans are running a 550 BILLION dollar defict this year.
There is nothing wrong with the government having a deficit when needed. And actually, you and I can. It's called credit. Buying a house, or a car, etc. Yes, we need to keep an eye on it and not let it get out of hand. But raising taxes does not reduce the deficit. Hoover and Roosevelt both tried that and it failed. It caused an increase in the deficit.