Why do the high incomes need a tax cut? Their taxes have been halved since 1979.?

Question

Year Income brackets Rate range
1979 15 brackets 14%-70%
1982 12 brackets 12%-50%
1987 5 brackets 11%-38.5%
1988 3 brackets 15%-33%
1991 3 brackets 15%-31%
1993 5 brackets 15%-39.6%
2001 5 brackets 15%-39.1%
2002 6 brackets 10%-38.6%
2003-2006 6 brackets 10%-35%

Answer 1

I think because high incomes are directly linked to big business. Big business influences the government through campaign contributions, etc. Also, big business influences the common people through commercials and fear tactics like possiblility of inflation. Unfortunately, the poor and middle class will end up eating up the difference.

Taxes are required for many of our needed services like our roads, utilities, Medicare, FDA, army, etc. We may not agree with funding all of these but there is obviously value in having taxes.

Answer 2

alot of facts need to be examined here. 1. "the rich" the liberals always talk about taxing is actually for every 3, 2 of them are small business owners. Small business owners employ over 56% of the countries work force. Small businesses also work on a very tight profit margin. 2. In the 70s when the tax rate on "the rich" was 70% the rich actually paid less of a percentage of total revenues to the government than they do now. that is because they refused to invest their money and grow businesses decreasing revenue from higher profit margins. This time also showed a massive amount of monopolies for companies to gouge the public because a upstart business had no chance to survive the sharks of the conglomerates. 3. High incomes dont always need tax cuts. there is a balance. the government should take enough to keep interest and inflation low while not so much the economy slows. Debt is not the single issue its debt to GDP ratio that needs to be addressed. as long as the GDP grows at a faster rate than interest the economy grows and the debt remains the same. this causes better economies with higher profits and a constant debt. if you continually tax to lower debt it can cause economy slow down which in turn will worsen debt by lower tax reciepts. Hopefully this makes partly sense because it is alot more complicated than is put out to the public.

Answer 3

"Need" is not the right term--some want those tax rates to be lowered because they feel that money is better spent, more efficiently and more effectively in the hands of the public than it is in the hands of the government. The past notwithstanding, I don't think that a person should have to give 35% of their income to the government, let alone 70%, even if they made 100 billion dollars last year. With that money that person can start a thousand businesses and employ the equivalent of the population of an entire state. If the government has that money, they use it for 6 months of the drug war and 3 months of funding the department of transportation. No thanks.

Answer 4

Why do we need to raise taxes when the poor don't pay taxes anyway and there's a lot more poor on welfare than there are rich people.

Answer 5

Why should someone work hard to pay 70% of their income in taxes?!? Where is the motivation?

I can't believe you think that's okay. Hell, why not just take ALL their money?

Answer 6

They don't. Taxes on the highest brackets need to be raised to pay for Bush's war.