no thanks wrote:
From what I was reading on CNN this weekend, so take that for what it's worth, S & P stated that if the Bush Tax Cuts were allowed to expire, it would generate an additional $950 B a year in tax revenue.
Please remind me of why we're allowing the rich to not pay their taxes?
The rich pay their taxes. The overwhelming share of income taxes paid are paid by rich people. (Not surprisingly of course since they have the largest share of income.) The trend has been shifting the income tax burden from lower income to higher income taxpayers for a while. So if you think that the higher income brackets should see their taxes rates increase that's certainly a valid opinion, and if coupled to rock solid large spending cuts and future spending restraint, it's something I would support. But this bit of "allowing the rich to not pay their taxes" is wrong.
I guess I should clarify.
I understand that everyone pays taxes. One of the biggest issues I see is that entities such as corporations are allowed to exploit the loopholes in tax law. We see corporations such as GE post huge numbers, yet receive multi-billion dollar tax returns. Companies such as Microsoft are allowed to have less than a10% tax burden, which is a lot money, but because of the way that tax law is written, they are able to circumvent the need to pay taxes on a lot of their revenue.
The thing that pisses me off, which is pissing a lot of people off, is that this notion of capitalism is going to bankrupt the middle class.
There's a lot of things we can do to fix it. I don't agree with much of anything that Figaro posted; however, what I will say is that our current state is not beyond repair. The first thing we need to do is get rid of these yahoos we have in the current government and replace them with people that get it.