In the Portland Press Herald today and in various outlets on-line, I’ve read the AP article stating that the wealthy are paying far less in taxes than they did in years past. There are so many tax breaks that the rich often pay little or no taxes at all. In fact, nearly half of all households in the US pay nothing.
So why is it that the Republican Party is proposing to cut Medicare, Medicaid, and other services for the poor while it continues to support tax cuts for the wealthy?
The Republican argument is that if the wealthy aren’t taxed as heavily, they’ll stimulate the economy by purchasing goods and services. Their wealth will “trickle-down” the economic chain so that everyone will benefit.
I have a word for that argument: Bulls**t.
Just look at the greed on Wall Street to see the fallacy in this argument. Very, very few people think they’re rich enough — regardless of what they earn. The wealthy individuals and businesses don’t spread the wealth by spending more, donating more, or hiring more — they keep their money for themselves.
How many major companies laid off employees while their CEO’s and other top managers pocketed hundreds of thousands, often millions, in compensation?
The vast majority of rich people want one thing: to be even richer.
If you really think that trickle-down economics works, then why is it that companies like Exxon/Mobil whose 2009 profits were $19 billion, didn’t pay any federal taxes? Want to see more giant companies paying no taxes — like Bank of America, Chevron, Boeing and others? Take a look.
Interesting Perspective.
I wonder what the math is in determining 'no taxes' and since they are tied to tax breaks, what are the tax breaks based on? Doing good? Owning property? Starting, raising, and paying for a family? And by extenson – Cars, food, durable good purchases?
The reason that 'The Republicans' want to cut the 'social' programs is because for the value they provide and who they provide services to is in question. Whatever side of the debate you're on we can't afford the growth and ultimate overhead of the U.S. Government.
My personal version of trickle down is this – I was unemployed for almost a year. Fortunately I had saved my money to insure that I did not need social services to augment my lifestyle and I am good at what I do and am paid on performance. If I am not good at what I do (or try to get better) I don't make enough to pay the bills. If I strive to do what I do better each day and I do get better and work harder I make more. My yardstick is my earnings. When my earnings are higher (and taxes are reduced) I am able to spend more on things not absolutely necessary to my survival or my family's needs.
As far as executives pay goes I could argue on either side. Companies want to find and pay for the best talent since they are mandated by shareholders to improve the value of their investments. Part of the equation is pay based on performance. If they perform according to what the Board of the company has determined what the company goals are, they do stand to make a lot of money. The issue I have had that is if they don't perform they still stand to make a lot of money for no measurable improvement and that is not right.
The other reality is that most people do not want to do what it takes to perform at that level. 300 days a year away from their families, 12-18 hour days, 7 days a week and the pressure to constantly perform.
I have long maintained that anyone who says that someone makes too much needs to spend a year in sales or a year on the PGA Tour. If you suck you either find a way to get better or you wash out. If you get better you stand to make more – a lot more – than your peers. If we paid the same to everyone who plays golf regardless of their skill level, then there is no reason to increase performance and get better.
In the end I decided to start my own company. I did it in a State with less taxes so that I have more to spend on growing my business vs. paying for services that go to anyone who asks.
Posted by: deadbeat entrepreneur | April 18, 2020 at 10:53 AM
of course they pay less in taxes they have the money to grease the hands of whatever party happens to be in power at that time
[url=http://www.top3tattoodesignsreviewed.com]alex davis[/url]Posted by: alex davis | April 18, 2020 at 09:12 PM