Tax Cut Lies: The Day The News Died

[Dr. Love]

I just would like an explanation of how these wealthy people don't spend their money. What exactly do you think they do with it? They spend 100% of their income. It's really THAT simple.

I am by no means wealthy, but I spend about 53% of my income during any given month. I save the rest.

[Seshmeister]

I am by no means wealthy, but I spend about 53% of my income during any given month.

Same here but unfortunately I live with someone who then spends another 65%...

[ELVIS]

There's no reason for the poor to remain poor. They are just as capable as me or anyone else to work hard and get ahead.

What about the stupid ones ??

[sadaist]

I am by no means wealthy, but I spend about 53% of my income during any given month. I save the rest.

Save it where? If you put it in a bank, you are spending it. If you buy stocks, bonds, mutual fund, money market acct, you are spending it. You are putting it back in to circulation where it flows around the economy. Unless you have a box of cash buried in your backyard, you are spending all of your money.

[Dr. Love]

What about the stupid ones ??

Someone has to cook our hamburgers!

[Dr. Love]

Save it where? If you put it in a bank, you are spending it. If you buy stocks, bonds, mutual fund, money market acct, you are spending it. You are putting it back in to circulation where it flows around the economy. Unless you have a box of cash buried in your backyard, you are spending all of your money.

I'm not telling you where I keep my stash!

[Guitar Shark]

What about the stupid ones ??

I think they often end up as male nurses...

[kwame k]

There's no denying the debt... but I don't see raising taxes as a viable solution. There has to be some real serious spending cuts and controls in place long before I'd advocate giving anyone currently in Washington another dime to mismanage. Throwing more money to be wasted isn't going to bring down the debt at all.

There has to be a serious effort made to rein in All unnecessary spending, period. In prosperous times we can throw some money around but just like a family budget, when you don't have the money you cut back. That lesson seems to be lost in Washington. Plus, every fucking bill they try to pass has so much pork in it that over half the cost of the bill is in pork. That needs to stop.

The biggest thing we need are jobs..........Unemployment extensions are costing us billions of dollars with no return for our money. Yes, bills can be paid and the money will trickle down into our economy but at the end of the day we can't keep paying people money for nothing. We need a works program like FDR had. Give people the money to live but you have to work for it. We have shovel ready projects that need to be done to rebuild our failing infrastructure in every State.

Look at the fucking "sweetened" deal Obama and Clinton are now pushing... extending only the Bush era tax cuts by themselves would at least not hurt the economy any worse than it is... but no, these idiots want even more crap!!!

I'm all for lowering taxes but my point is we have a debt that has to be repaid at some point and time.

And you want to consider raising taxes to give the government more to play with..?

Oh, hell no!!!!!!! All I'm saying is we have to pay back the debt somehow and it's not going to be done by budget cuts alone.

[Seshmeister]

I don't believe I'll necessarily be in the top 1% one day but I have been very successful in pulling myself from a family well below the poverty line to put myself through college and navigate my industry to make enough that my income is close to being considered by the President as an amount that doesn't deserve an extension of the tax rates. Anyone in this country could do the same if they dropped the victim mentality, used their brains instead of their hearts to guide their decisions, wanted it badly enough and remained determined in the face of adversity. My parents were very helpful and supportive emotionally, and that made it easier on me when times were hard, but I did the work myself.

There's no reason for the poor to remain poor. They are just as capable as me or anyone else to work hard and get ahead.

My story is quite similar to yours but it's relative success. You work hard and end up doing better than your parents. I hope my kids do the same and that's what it's all about.

But a couple of points. A lot of people don't have the 'very helpful' parents we have. Some people get sick. Some people just get plain unlucky. I'm sure you would agree that it's a good thing to create an environment where people can like us can progress but why the fuck should you and everyone below you economically speaking prop up the 0.3% of people at the very top.

Also the vast majority of the rich are born rich. That does not make for productive people. From my experience here and I bet it's the same in the US, the more money you make if you are not an employee, the less tax you pay as a percentage. The most tax as a percentage of earnings I ever paid was in my first proper $16k a year job especially once you factored in all the hidden taxes like sales taxes and so on.

That may sound wrong but it isn't. Once you have a business and an accountant all sorts of possibilities appear to avoid tax so why these people should be further helped with this pointless tax cut I don't know.

[Nickdfresh]

I think they often end up as male nurses...

Or nurses in states where they don't pay shit. Nurses here often earn close to six figures...