But, do higher taxes on the wealthy destroy the drive to profit, so important to capitalism? Do they make the U.S. more like a socialist state? What do you think? Share Your Views
NO, the wealthy don't need help
- Although it sounds like it may work, it really just causes recessions, as seen during Reagan, Bush 1, and even Bush 2. The middle class needs and deserves a tax cut. An economy built to thrive grows from the middle out, not from the top down. Though by definition, the wealthy do create jobs, tax cuts don't encourage them to create jobs. A strong and healthy middle class is what encourages job growth.
- —Guest 012345678
YES THEY SHOULD GET A TAX CUT
- Here are the reasons families making over $250,000 should get tax cuts just like everyone else is getting. 1.) We have worked extremely hard for our money. 2.) We went to school, studied hard, and save our money 3.) We set our priorities 4.) We work extremely long hours and have great work ethics. So tell me why should I have to give up my hard earned cash to people that don't care, don't try and have no priorities. I'm so sick of hearing how people want the rich to pay. Why should I be penalized and have to give my money to other people. It isn't fair to me and my family. I'm all for helping people and having my money go towards those that are truly handicapped and disabled. However, nowadays too many people are taking advantage of the system and I should NOT have to pay for people that just want to sit home and do nothing. At this point the more taxes we have to pay then we all may as well just stop working like everyone else and see what happens to the economy.
- —Guest Missy Macen
YES THEY SHOULD GET A TAX CUT
- Here are the reasons families making over $250,000 should get tax cuts just like everyone else is getting. 1.) We have worked extremely hard for our money. 2.) We went to school, studied hard, and save our money 3.) We set our priorities 4.) We work extremely long hours and have great work ethics. So tell me why should I have to give up my hard earned cash to people that don't care, don't try and have no priorities. I'm so sick of hearing how people want the rich to pay. Why should I be penalized and have to give my money to other people. It isn't fair to me and my family. I'm all for helping people and having my money go towards those that are truly handicapped and disabled. However, nowadays too many people are taking advantage of the system and I should NOT have to pay for people that just want to sit home and do nothing.
- —Guest Missy Macen
- I have no problem with more tax cuts for the rich,as long as they pump it back into the economy,like Regan wanted. Job Creators have created nothing,with those windfalls.
- —Guest dave
- No I do not believe families making over $250,000 a year deserve a tax break. I don't get one and I am considered middle class and I am actually poverty stuck. SO why give a tax break to the rich????? NO tax them and seriously the rich need to be taxed more than the poor. Taxing the poor is wrong, we are being persecuted for being poor and the rich just get richer off the poor by getting more and better tax breaks.
- —Guest Phredrica
- Assuming normal federal guidelines for a family of 4, NO there should be no tax cuts but premium levels of taxation for these levels of income, with caps on deductions (such as maximum amounts deductible for home mortgage interest deductions) that the average family cannot hope to take since that family will need to expend most of its income merely to make ends meet instead of having the opportunity to be purchasing extra housing (with such speculation only driving up the price of homes for average people); and caps on income that can be claimed as and taxed as capital gains, gradually rising until normal income tax is paid on such income over $5,000,000. Furthermore, SS and Medicare should have no caps on them at all until after $5,000,000/year in income.
- —Guest BobB
There shouldn't be cuts
- I don't think there should be tax cuts for people making more money. One of the biggest excuses a wealthy person has is "Why should I pay more than other people?" What I would like to know is how is it fair for them to be paying a lower percentage than the lower class. If we can pull it off with as little as we have, then why can't they?
- —Guest Kyle
There is no free market
- the only way for the economy to flourish and more people to rise from the ashes is to eliminate fed income taxes and slashing the fed budget by a HUGE %. Yes, the rich will get richer but the money freed up will be spent in ways that will create real opportunities. Why does anyone think a small group of govt employees could spend those dollars more effectively? Those govt idiots are some of the richest Americans, not through innovations but through coercion and theft!
- —Guest "rich" NY'er
- Don't we all as a people pay enough in tax? 50% of people pay no tax... I'm ok with that as long as the 50% who pay are not asked to pay more... Govt growth must be stopped. —Guest Arnold
- People in the upper incomes are already getting a tax break. The SS tax stops at 99k a year. When you look at all taxes(local,state,federal.etc..) the poorer you are the higher percent of income you pay in taxes. Most tax credits can only be taken by wealthy people and their corporations. If the wealthy paid as a percent of income as much as the poor we would not have a debt problem or at least be in better shape. But as has been reported major corporations and wealthy people pay between 0 and 15 percent of their incomes in tax. At the same time they demand the most of the income growth. The wealthy are not paying their fair share in the first place. A flat tax will never fix the problem unless all levels of government do the same. Many of the "loophole" started when the upper incomes were taxed at a much higher rate. So in all fairness the tax breaks need to be fixed or done away with or the rates increased.
- —Guest Robert
A Biblical View
- Well, if some want to use a Biblical view of wealth distribution here it is (and these are not my words, they are you know who's Word): 2 CORINTHIANS 8:13 "For I do not mean for it to be easy for others, but hard on you; 14 but that by means of an equalizing your surplus might also come to offset your deficiency, that an equalizing might take place. 15 Just as it is written: 'The person with much did not have too much, and the person with little did not have too little' "........ I'm sure I'll be criticized for "preaching", but you see, I am only the messenger.
- —Guest Gerard
no tax cuts or credits
- if some is making 20k and pay 25% in taxes. he is paying 5k so he has 15k to use. someone making 50k is probably paying 30%. he nets 35k. someone making 100k is probably paying 35%. he has 75k in net income. if some one is make 250k and paying 50% he is pay 125k but he is 125k. 500k h is making 250k. so if you look at thing in reality the are still making more and still has more to spend!! SO NO TAX CREDITS!!
- —Guest anon
- I do believe they should pay more. But my question is. All politicians. Make. More than 250. Thousand. How possible will it that they would pass that bill. I myself living barely above the poverty level.
- —Guest Edward Torres
- No. Sorry, but you already make so much... why do you need a tax cut? Save it for those that don't make as much but need that money. It might not be "fair" but when you are rich and you pay less in taxes (rate-wise) than what people below you earn- now that is leeching off the system.
- —Guest Gracie
Hell yes they should!
- They contribute the most in real dollars already. But really that's not the problem. If we want fair, then there is only one fair tax system and that is the flat tax system. No loop holes, no special circumstances, no poverty line. If you make a dollar you owe 25 cents (or whatever). This will never happen unfortunately. We are a nation of takers. Our hugely wasteful federal agencies like the IRS will fold. Many charities would fold, they'd actually have to work to rustle up money from truly charitable folks who are giving money with no conditions attached (like a tax deduction). Taxes will be so simple a grade schooler could file them. That's way too efficient for us. We need confusion, misdirection and masking of how and where funds go, we need to justify tax payers funding unnecessary employment in government. OMG, actually downsize the government? What a concept... Instead we completely insane with taxes and many other programs in the name of, well, greed frankly.
- —Guest SadTimeInAmerica