New Tax discussion

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Ed Zwick Wannabe
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Post by fnordboy » Jun 2nd 2003, 1:13 pm

mglenn wrote: Please explain to me how giving free money to those that have not earned it will improve our economy?
I totally understand why the right seem to get into a fit when this tax cut issue is being discussed on the surface it looks like it will stimulate the can it not you ask? Of course that is how Bush has shown it to be.

But from what I have heard the higher wage earners are the people that are most likely to not spend the money they receive back on a tax break. This was just mentioned on one of the talk radio shows I listen to also either WFMU or WABC (big difference I know...left or right). Not only have I heard that before but I have seen it in action my whole life. The people I know that have more money spend a lot less of it than the lower income earners. That is a fact from my experiences. Even myself, I am a fairly decent wage earner currently, yet I still live paycheck to paycheck becasue I spend like there is no tomorrow (and with Bush in office you never know if there will be a tomorrow :wink: :lol: ), yet the people that I know at work, for instance. who earn greater than me don't spend a lot at all. They may spend on bigger items (ie houses, cars, boats) but these are one time things every couple of years at best.

And if this cut is actually going to put us that much further in the hole as a country than it is not worth it. I am curious to see how this plays out. And I can't wait for people to realize that not so fat check they are getting back is going to be even less once they find out they have to claim that on their income tax. Say goodbye to half of that check. And with Bloomberg f***ing NYC the way he is than the east coast is just going to putter slowly to its death.

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Post by lance » Jun 2nd 2003, 1:41 pm

From the Houston Chronicle:

"Had the proposal been included in the final legislation, some tax analysts calculate, nearly 12 million children in families with lower incomes--between $10, 500 and $26, 625--would have received some benefit. Without it, experts say the expanded tax credit, which rises this year to $1, 000 a child from $600, will mainly help families with incomes of more than $30,000 a year."

you can read the rest at:


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Post by mglenn » Jun 2nd 2003, 2:00 pm

And this is where the issue lies. You are comparing apples to pumkins here. First off the rich do not only spend their money on house, cars and boats. Most of them invest that money in either their own business and investments, such as property, or they put it into the market. That money is used to pay joe labor and his family. What is left over is then sometimes used to buy those items you mentioned. They are not out there rolling around on a bed of hundred dollar bills. They are investing that money back into the economy because thats the only way to "CREATE" more wealth. Once you understand that wealth can be created and not distributed it becomes much easier to understand how our economy works. You guys love to try to point out these situations that are caused by companies like Enron and such but fail to put it in prospective that the people responsible for these things make up less than one one hundredth of a percent of the wealth in this country. Read the article from Rush... those paying 99% of the taxes earn between $26,000 and $293,000 a year. Now I'm sure your saying to yourself that it would sure be nice to bring home the big bucks like those earning over $250,000 or even those earning over $100,000. Hey you might even be happy bringing home $50 - $70,000 a year... but you need to remember that most of those people filing those tax forms are filing for their business. I know I was once one of them. Sure my tax form showed that I earned almost $100,000 the year before I sold my business, but do you think I saw any of that in my bank account... HELL NO! It was all used to but more equipment and more phone lines.

As I said people need to stop being jeolous of what others have. If you want it, earn it! And I'll even tell you how. In my next post. :D
"When I disagree with a rational man, I let reality be our final arbiter; if I am right, he will learn; if I am wrong, I will; one of us will win, but both will profit." - Ayn Rand

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