Re: [OT] USA Elections
- Posted by jimcbrown (admin) Nov 05, 2012
- 2794 views
My argument is simple: As an example of what you are saying, the Bush tax cuts resulted in a concentration of wealth - instead of a trickle down effect that was expected to benefit the middle class.
So the middle class didn't benefit from a recovered economy? What do you suppose wealthy people do with their money? They invest it.
Or buy jet planes.
The Bush tax cuts also removed a lot of people at the lower end from paying any federal income tax.
One of the good things about it.
That a high earner who paid more in taxes than most people earn got a larger tax cut isn't an outrage, but simple arithmetic.
I can see that. If a higher earner gets a 4% tax cut and a lower earner gets a 6% tax cut, the higher earner probably gets more money back in absolute dollar units.
Even so - a 30% tax on the middle class, when the top earners are taxed 15%?
But why was there a possibility of a shutdown to begin with? Because people were starting to question the fiscal soundness of US sovereign debt (fortunately for us, with all of our problems, we still look a lot safer than the rest of the world). You can only kick the can down the road so many times before bad policies ripen.
No, there was a possibility of a shutdown because we hit the debt ceiling. The soundness of US sovereign debt had no effect on this debate - and the ease of sales that occured after the ceiling was raised is more proof on the pudding.
