Thought of the day

Tax breaks for the wealthy add to deficits, don’t create jobs, won’t help in this economy, only serve ideological goals, and they weaken the middle class.

13 Responses

  1. Tax breaks for anyone don’t add to the deficit. Unless you believe that all the money in the country belongs to government first, and the people that worked for it second.

    In that case absolutely they are handing money out.

    In reality-ville, spending adds to the deficit and not reducing spending when making cuts adds to it, but cuts do nothing.

  2. Huh???? Say that again…..Tax breaks for anyone don’t add to the deficit”? Ok..since no one believes all money belongs to the government (we all know the Fed controls the supply of money),, what does your economic gurus say it does? We all know it doesn’t create new jobs….Bush cut taxes for the very rich for 8 years and lost 8,000,000 jobs.

    “…..and not reducing spending when making cuts adds to it (deficit) …Huh? like not wearing your shoes makes you taller????

  3. I thought I had put it simply enough.

  4. And its pretty ridiculous for you to say the bush tax cuts “lost 8,000,000 jobs”. I don’t know that one had anything to do with the other.

    Derivatives, credit default swaps and no sense of risk management on the part of financial institutions was the cause of those job losses. No credit no business. Debt drives the economy.

  5. I stand corrected. The total number of jobs lost during the Bush Administration was 7,796,000…not the 8,000.000 I quoted. Bush lavished the rich with the tax cuts they salivated for. So tax cuts to the very rich don’t create jobs( which is the reason of course for not raising the tax on the rich)

    Bankers did have a lot do do with driving the economy (unregulated as they were by their paid lobbyist and political cronies)….so did global markets,fair trade, perverse tax incentives, and corporate greed.

    I’m not an economist and don’t pretend to have the in-depth knowledge of the hidden secrets of running a progressive economy. But a progressive tax structure , together with sound government regulations, makes all the sense in the world to me.

  6. Taxed money is, by definition, the government’s. By giving breaks on that, the government is giving it’s money back. But worse than the need to parse like this, no jobs have been created and our middle class – the engine of the economy – is getting weaker.

  7. Perhaps.

    Lets just all remember that greed is a required and beneficial thing as well. We all want more, it’s human nature. If people didn’t want more, how much expansion of business do you think there would be?

    I support a flat tax system, simple, cheap, easy and for all those reasons increases compliance. I have a post on whats called a “negative income tax” if you scoot over to my blog.

  8. That money not collected by the government for whatever reason is by definition not the governments.

    Even when the government has it its still ours.

  9. …well this post has run it’s course. A flat tax is the least progressive tax we could have….in my mind totally disasterous to the poor and middle class.

    Money , before it’s collected and while in the hands of the taxpayer, does not belong to the government. We are free to use it greedily…use more in excess of our need while others are in want…..Sounds like Nate has been influenced by
    Gordon Greco…..

  10. Money is the property of the earner until it is taken away from them. We shouldn’t assume our current taxation level is optimal simply because it’s what is currently in place and that means being open to lowering it in certain circumstances.

    Tax reductions to anyone immediatly adds to the deficit, as does increased government spending. Stating these facts does not produce a recomendation on whwhat policies would be optimal.

    You should be aware that your position – that the economy will not improve with tax cuts for the rich, but instead the middle class, is a minority opinion among economists. That’s easy enough to find, and if you don’t like the WSJ’s polls that show economists support the “Bush tax cuts” than maybe the CNN one will sway you, since the experts came down on Nate’s side over yours 6 to 1
    http://money.cnn.com/2010/09/19/news/economy/what_to_do_economists_survey/index.htm

  11. It was hard to get all of them on the Koch pay roll, but I used my “vast right wing conspiracy” contacts and managed to do it!

  12. It’s too bad that businesses are hoarding money and only not hiring because no one is spending. Giving them more money does nothing. In fact, we know that giving government money back to the wealthy only decreases unemployment by .1%. Maybe.

    But hey, who doesn’t like applying the same failed policies to the same problems?

  13. Their point is not not make jobs to keep people busy but to manage the risk of their investors or owners to provide a somewhat safe return.

    The vast majority of businesses are not state owned and do have to make that pesky thing called profit.

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