Tax breaks for the wealthy? What do you think about them?

Question

What do you think most wealthy people do with the money they save from tax breaks?

Keeping our eye on the ball we see that:

* From 2001 through 2005, the best-off one percent will receive “only” 19.8 percent of the Bush tax cuts.

* From 2006 through 2009, the share of the tax cuts going to the very rich jumps to 41 percent of the total.

* By 2010, when all of the provisions of the bill—including complete repeal of the estate tax on extremely large estates—are scheduled to be fully in place, 51.8 percent of the tax cuts are targeted to the top one percent.

Those numbers aside, what do you think the majority of the wealthy do with all their money?

a) Use it to open businesses and create jobs paying people a living wage.

b) Stow it away in Swiss bank accounts, invest in property and in expensive luxury items made in other countries that do very little to help the American economy.

Answer 1

Only Republicans would say tax cuts for the wealthy are a good thing. This is why Republicans are dillusional.
They also say this because there are enough people in America, that are much poorer than they are, that will believe this rhetoric just because it comes from the mouth of the President or some other wealthy person.
Republicans believe that by the rich having more money, that they will invest that money into businesses that create jobs for us less wealthy people. The truth is, is that rich people spend their wealth on themselves, their friends, and their families. They also save a lot of money and invest their money into themselves. The idea that rich people will help the poor by having more money is absurd. Maybe there are a few respectable wealthy people out there, but most are very greedy. Why else would the CEO of a company that makes millions and billions of dollars, not pay any dividends to the common people who own stock in that company? Where does that money go? It goes to them! That's how they can give themselves 50 million dollar bonuses at the end of the year.
Ben Stein put it best when he said something along the lines of "Tax me more...I can afford it."
This is coming from Ben Stein, a very strong Republican, a very wealthy individual....but a hell of a smart guy when it comes to finances.

Answer 2

Everywhere in the world that government has lowered taxes it has improved the economy and created more jobs it makes you wonder why everyone does not follow that model, but then again look how Walmart became the worlds largest corporation in the world by lowering prices, you would think more business would want to follow their lead.

As for taxes the wealthy should get a large portion of the tax cut it only makes sense i think there is a web site that showed the top 10 % of Americans are paying 70% of all taxes if you are paying the overwhelming portion of the government taxes you should also get back the largest refund and last but not least I have never seen a poor man create one job.

Answer 3

Supply side economics has never worked, not for Hoover, Reagan, the first Bush or For W. himself and this is why, when you lift an object you always lift from the bottom. The same goes for wage earners. As an example if you have three box's on the floor and you want to move those boxes if you lift just the top, that is the only box that you move, but if you lift the bottom then the whole stack moves. How this applies to the economy is simple, if you give money to the middle and the lower classes they spend the money and get things that they need this money goes to the very rich who own or build the things that these people buy. Everybody moves up. But if you give money to the very rich they just do not reinvest it in jobs they do not spend it, they set on it. Nobody but them is enriched by it. So in answer to your question B is it. It is not good for the economy as it just makes the rich, richer and leaves the poor and middle class behind.

Answer 4

Being of a middle class background, I can see why these tax cuts would upset people. However, it makes sense to me that those who pay the taxes should get a break when one is offered. The people who are at the bottom do not pay taxes, therefore have no reason to get a tax break. I am all for people paying their fair share and if you don't make much money, you should not have to pay much. However, for those who do pay taxes, in many cases twice with this estate tax, then maybe yes, they deserve a little break every now and then. Thanks and have a nice day.

Answer 5

well their are some that would suggest you raise taxes across the board. typical of the democrats they love to raise the working mans taxes. the rich deserve the breaks they get. the majority of the tax breaks don't apply to the lower income because they don't have estates and big wills to leave behind. they have been unfairly taxed for years. it seem to be a crime to earn money in the u.s. you get targeted by all the money making agencies of the government. maybe that's why so many hide their earnings over seas. the laws for many of the rich are so unfair that the u.s. is loosing it's market share of new businesses opening on American markets.. it's time to revamp the financial laws in this country. we have to get back into the global financial market and tax breaks for the wealthy is a start.

Answer 6

Until the government starts spending our money (yes it is our money not the government's) responsibly we should not increase anyone's taxes. The rich pay more in taxes so any tax cut will seem unfair because they get more back, but what is so unfair about giving everyone the same percentage of their taxes back.

One more thing to think about:

When was the last time a poor person gave you a paycheck?

Answer 7

If by "wealthy" you mean high income people, then tax breaks for them are good because they provide the incentive for them to generate wealth, which benefits society as a whole. As for investment, our free market economy automatically (via Adam Smith's "invisible hand") steers such investment to its best use. Capitalism is a good system. It works.

Answer 8

Actually tax cuts generate more money than raising taxes.

The Answer is A

The wealthy are the business owners and they generate enployment, not the government.

Remember "the rich" folks make more than $100,000 a year and above, and pay over 85% of the taxes.

Answer 9

blah,blah,blah,i never met a poor man who gave me a job,if you get/got,an earned income tax refund you payed no taxs 0,why is it that if you work hard get educated,or just worked hard,and made something of you yourself, you have to pay more taxs on what you saved,instead of blowing everything you made in your weekly check,(you know who you are democrat voters),please let it go,besides when did some democrat ever bring you a check when they raise taxs on the rich,never so why worry.

Answer 10

The bottom 50% of US income earners pay 4% all federal tax revenues, so the upper 50% pay the remaining 96%. I guess they're not paying their fair share.