Originally Posted by deacon blues
As far as less than wealthy individuals being adamantly against taxing the rich is concerned it's because we understand basic economics. We understand that wealth is created by wealth and their wealth creates more opportunities for more people to earn money and create more wealth. I earn a living because people in my church have good jobs and give their tithes to the Lord. I in turn hired more people which in turn gave them the ability to earn a living and we all spend our money at businesses all over that are owned by wealthy people and entrepreneurs who hire more people. The rich are the job creators in this country. Do you work for a poor man? Does a $50K a year guy own the business you work for? Has a lower income person ever hired you to work for him? You tax the rich and you know what he does? He maintains his lifestyle, he just stops hiring, expanding, investing, promoting, giving raises, providing insurance, benefits. It's a stupid proven to be worthless endeavor to burden the rich with more taxes.
And you can't say, "forget about govt waste for a moment". That's the whole point! The richest man in the world is worth less than $100 billion dollars. Do you know how far that much money lasts in the world of the federal govt? Less than 18 days!
The Feds take in over a TRILLION dollars every year and it's NEVER enough!
So, you tell me, what would be more FAIR? Rich people having less of THEIR OWN MONEY that they've EARNED? Or a FAT, BLOATED, OVERINDULGED federal government CUTTING back so they try to operate on less and allowing Americans to live with more freedom?
Trickle-down economics, although castigated by the left, actually works. Only Reagan implemented it as it should be, George W. didn't. The record shows the second greatest expansion of the American economy in peacetime history began under Reagan's policies. In 1981, Reagan significantly reduced the maximum tax rate, which affected the highest income earners, and lowered the top marginal tax rate from 70% to 50%; in 1986 he further reduced the rate to 28%. The federal deficit fell from 6% of GDP in 1983 to 3.2% of GDP in 1987. The Federal deficit in Reagan's final budget fell to 2.9% of GDP. The rate of growth in Federal spending fell from 4% under Jimmy Carter to 2.5% under Ronald Reagan. The unemployment rate declined from 7% in 1980 to 5.4% in 1988. The inflation rate, 13.5% in 1980, fell to 4.1% in 1988. During the Reagan administration, the American economy went from a GDP growth of -0.3% in 1980 to 4.1% in 1988. A net job increase of about 21 million also occurred through mid-1990. Reagan’s administration is the only one not to have raised the minimum wage.
During the Reagan administration, federal receipts grew at an average rate of 8.2% (2.5% attributed to higher Social Security receipts, 4.5% inflation, 1.0% population growth), and federal outlays grew at an annual rate of 7.1%. According to a 1996 report of the Joint Economic Committee of the United States Congress, during Reagan's two terms, and through 1993, the top 10% of taxpayers paid an increased share of tax revenue to the Federal government, while the lowest 50% of taxpayers paid a reduced share of the tax revenue. Personal income tax revenues declined from 9.4% GDP in 1981 to 8.3% GDP in 1989, while payroll tax revenues increased from 6.0% GDP to 6.7% GDP during the same period.
The American economy performed better during the Reagan years than during the pre- and post-Reagan years. Real median family income grew by $4,000 during the Reagan period after experiencing no growth in the pre-Reagan years; it experienced a loss of almost $1,500 in the post-Reagan years. Interest rates, inflation, and unemployment fell faster under Reagan than they did immediately before or after his presidency.
The statistics and the history are undeniable. What was the formula for economic success?
1. Reduce the growth of government spending (Obama is increasing it).
2. Reduce income tax and capital gains tax (Obama wants to increase taxes).
3. Reduce government regulation of economy (Obama has increased regulations).
4. Control money supply to reduce inflation (Obama has been printing money like it's Monopoly money).
My other question is this: why the defense of and support of Obama when he has made ZERO progress on unemployment, deficit reduction, debt reduction, gas prices, etc.? Are you a fair-minded voter and can you admit he has and is failing to help fix this economy? And what has he done to EARN your vote and support?
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