tax cuts create jobs, tax cuts create jobs, tax cuts create jobs, it must be true, I've heard it a million times from the Cantor-clones and other economic royalists.
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Bruce about an hour ago
Taxes for the super rich have been dramatically lowered over the last 30 years, easily cut in half. So were are the jobs? Taxes as a percent of GDP were 18% under Bush and are less than 15% now. So were are the jobs? There are more billionaires now than ever. So where are the jobs? Corporations are sitting on about 2 trillion in cash, there is another one trillion in overseas accounts and the banks have another 1.6 trillion on deposit at the Federal Reserve. So where are the jobs? The answer is we sent all the good jobs overseas so we could generate all these trillions of dollars that are owned by guess who? The top 1% owns 35% to 40% of all the wealth in the nation and the top 10% owns 90%. The median wage is only $30,000. That's the problem! People don't have money to spend because wages are so low. Then add in the fact the the average health care plan for a family of four is over $14,000 consuming huge amounts of disposable income. The problem with the economy is demand. No business will hire or expand if they can't sell their products, period. Demand went away because the credit binge blew up. Things are not going to get better until the consumer de-leverages and that will take another 5 years at least. The Perry god, the Romney god or the Obama god can't fix it.
comment Julius about an hour ago
Blah blah blah. The speech is "tax the billionaires" and the bills are "tax people 200k up". The speech is "repeal the bush tax cuts for millionaires" and the reality is "tax hikes for people like me making 200k".
Total US public taxes as a percentage of GDP were 20% under Bush and will be 33% next year. ($5T out of $15T GDP). Make sure to count state and local tax burdens. In my state, California, my state and local taxes equal my federal taxes.
There are only 8200 people making $10 million a year or more in the US.
If you don't think there is an anti-Business sentiment in this administration, ask Boeing and Gibson guitars.. 0users liked this comment
comment Bruce 26 minutes ago
Your figures are wrong. Under Bush federal taxes were 18%. Total taxes with state and local income, property taxes, and sales taxes have been about 40% for decades. I hope they are only 33% next year because would be a huge tax break. My total tax load now is around 35% without counting sales taxes.
The 8200 families making more than 10 million emphasizes my point. The top 0.01% are cleaning up and pay much lower tax rates than you or I do. At 200K a year, you are not the problem getting away with paying low taxes. You are small potatoes.
I own a small business and the feds aren't bothering me at all. I'm doing well. The figures that I originally posted are true. Just because you don't like them doesn't mean that they are false..