I keep hearing the tax cuts only benefitted the rich. So here's my question?

Question

who here has payed less payroll tax since Bush Implemented his tax cuts?

I know I have and I make between 10,000-25,000 annually.

Yes I know our debt has gone up. But that is due to out of control spending. The government has made record profits from taxation after the tax cuts were implemented.

Answer 1

Tax cuts have to benefit the wealthy because they pay the majority of income taxes. When you give tax cuts, the fair distribution is rate cuts. The more you pay, the more you get refunded.

The top 1% pay over 33% of the federal income taxes. The bottom 33% pay none.

The whole thing is a lie perpetuated by class envy democrats.

Answer 2

Everyone got some benefit from it.

The point of contention is, however, upon how it would stimulate the economy. That is getting lost in the translation into a pointless class warfare foment.

In truth, it would have been best to do the tax cut so that the majority of americans(the 90% of us who are making less than 70,000 a year) got the lions share of the benefit because then all those people would use that new disposable income to buy things - thus stimulate the economy with a lot of cash which then gets paid to the rich corporations. Things are good and the corporations start hiring more employees.

In fact what happened was, most americans ended up with 300 dollars more a year. Then the majority of the benefit went to the largest tax payers, rich people and corporations, who seeing tough times did NOT hire more people and stimulate the economy. They held onto that cash because they feared the economic environment. (This is exactly how trickle-down economics always fails)

So in the end, the economy stayed sluggish, the american taxpayer got a little back and the corporations got rich.

I just would have liked it if the economy surged forth, the american taxpayer got a lot back and had something to really show for it, and the corporations got rich.

Answer 3

Bush/Congress implemented two major tax cuts. The first went towards families, but didn't boost the economy enough. They then implemented tax cuts designed to induce corporate investments. The latter tax cut shot our economy out of the slump. So in the end, ALMOST everyone got something. While this doesn't help gov't spending in the short term, the boost to the economy has increased the tax rolls. I personally favor a flat tax or VAT over our income tax system.

Answer 4

It's not a question of if we pay less, but of how the cut is distributed across the economic continuum.
The complaint that tax cuts benefit the wealthy can be justified almost without fail under this idea simply by saying that since the rich have more, they can afford to pay more. It becomes a communistic argument: "So long as someone has more money than me, any cut to their taxes is unfair because they can afford to pay more than me."
Thus, the only tax cuts which can be construed as fair are those which affect the bottom pieces. Any break given to the top, according to this arguement, is unjust.

Answer 5

To see an unbiased perspective you can go to the IRS web site and look at the previous years forms and pubs. The oldest tax chart is for year 2000. That would be the rates in effect when Pres. Clinton left office. Compare that to 2006 and you will see the differences in black and white, no speculation.

Answer 6

I don't get this "tax cuts benefitted the rich". Yes I earn an upper middle class income.....and I paid over 30% of my gross income to the US Federal Govt in 2006.

Nothing about my taxes were "cut"....but they sure took a big bite out of my earnings.

Answer 7

Yeah, I got a little over 3 bucks as a refund, and was paying 14 cents less every two-week check.

WOW!

And when you think of the debt created by both cutting taxes and committing mass murder (and the no-bid contracts to thieves), well, gee. It makes GREAT financial sense.

In your dreams.

Answer 8

you forget the debt has increased by 300+billion a year. thats 1000$ per American. I know you pay your debts. So after you pay back the 1000$ a year Bush borrowed and spent for you did you pay less taxes?

Answer 9

I have paid more tax undere Bush. I paid less under Clinton. But then again I am not a Millionaire.

Answer 10

Me, and EVERYONE who actually works.

The people who say the Tax Cuts were for the Rich are just Democrats who are on Welfare. Or they would know different.

Young & Healthy Democrats who draw Welfare are stealing, from the People who really Deserve It.

Get a Job, Democrats. And get some Pride, and get in on the Greatest Economy in the history of our Nation.
I ESCAPED the Democrat Plantation.
YOU CAN TOO!!!
But you have to WANT to.