I bought a pack of cigarettes, a big mac, and 10 pack of multicolor refridgerator magnets !...and I still have enough change left over for a soda !
2007-07-19 09:24:33 · 22 answers · asked by Anonymous in Politics & Government ➔ Politics
I personally greatly benefited from the tax cuts financially, especially from the cut in long term gains.
But, did my tax savings do any good for the country? I doubt it. I do not see any connection between tax cuts and greater business investment which is supposed to spur economic growth.
First of all, having lower taxes actually created an incentive for me to sell some of the assets I held for many years. I probably wouldn't do it otherwise.
Secondly, I diverted most of the money from retirement accounts in favor of higher yeilding taxable investments. The reasoning is simple: higher gains make up for tax losses.
What did I do with the extra money? I didn't spend a penny of it! ALL of it went overseas to be invested internationally. If the administation wants to expand the economy by increasing spending, they should lower taxes for working people livin paycheck-to-paycheck. These people tend to spend it all. I, on the other hand, need a very small percentage on my income for living expenses. Giving me more money in terms of tax cuts will not make me spend more, it'll make me invest more in China and other places where I do not need to worry about devaluation of the dollar.
Did I invest anything in my bussiness? You bet, but the money didn't come from tax savings, it came from bussiness income, further reducing my tax liability. The reason is that if a bussiness invests in itself, eventially this money will be deducted from the net income following depreciation schedules. Even if I had losses from the bussiness, I'd probably just borrow money rather than bringing in my own. Unless the bussiness is a start-up, I do not see any rationale why tax cuts would spur expansion. Expansion is done for totally different reasons and has next to nothing to do with federal tax rates.
Did I enjoy the tax savings? Somewhat. But what really worries me is the deficit that was created because of that. One day the huge national debt will have to be paid, and I afraid that it will be done by devaluating the dollar. That would not be good news for me because whatever wealth I acquired will be affected by that.
2007-07-19 09:58:18 · answer #1 · answered by AJ 5 · 1⤊ 2⤋
And????? It's an INCOME TAX. Your benefit depends on what you earn. If you make only $30K per year (in which case maybe you should be at night school instead of posting on these boards) Bush can't give you another $50K. He can only cut the taxes you paid, which you admit, he did. He can also cut the tax rates paid by your employer and your employer's customers, which he did.
But hey, you have a pack of cigarettes, a big mac, and fridge magnets that you didn't have before - the alternative was to get nothing, or to have to pay more taxes - - so why are you whining?
2007-07-20 10:42:28 · answer #2 · answered by truthisback 3 · 0⤊ 0⤋
At least you got to DECIDE to buy a pack of cigarettes, a big mac, and 10 pack of multicolor refrigerator magnets. You could have been forced to give that same amount of money to the morons that are in congress so they could blow it on something else.
2007-07-19 16:41:06 · answer #3 · answered by joby10095 4 · 2⤊ 2⤋
no he only lowered the capital gains tax, and if your paying capital gains you are already in the six figure range and doing quite well. so I will have to just be happy being in the 30% taxable range and paying your portion too!
2007-07-19 16:52:57 · answer #4 · answered by Anonymous · 1⤊ 2⤋
Just about, yeah, maybe a little more - my 2006 savings could cover a night at the movies.
2007-07-19 16:35:35 · answer #5 · answered by B.Kevorkian 7 · 4⤊ 2⤋
Well, it would have helped if you'd paid any taxes in the first place.
Let me explain, and I'll type slowly so that you can keep up, you don't get anything back in taxes unless you pay anything in in taxes.
You might want to read that again, or get a friend to help you. The fact that you smoke is enough to tell me you're not terribly bright.
2007-07-19 16:33:28 · answer #6 · answered by The emperor has no clothes 7 · 6⤊ 6⤋
It will let me pay the 60 cent tax on cigarettes the Dems are trying to add.
2007-07-19 16:27:23 · answer #7 · answered by freedom first 5 · 6⤊ 5⤋
Mine goes straight to the gas tank since the price of gas has doubled since Bush has been president.I guess it will soon go to China to pay this huge debt Bush has run up.
2007-07-19 16:36:36 · answer #8 · answered by Sid 3 · 4⤊ 5⤋
maybe if some people wouldnt waste their money on things like that they would see they do have enough money to live a comfortable life without the governments assistance. but alas we can all dream right.
2007-07-19 16:36:40 · answer #9 · answered by CaptainObvious 7 · 1⤊ 5⤋
Yes, and so is the rest of America that works and our economy! the Dow Jones passed 14000 today!
In your face Michael Moore/Bin Laden/Hillary Clinton!
2007-07-19 16:32:42 · answer #10 · answered by Anonymous · 4⤊ 6⤋