| kowenicki said: government spending cuts hurt some, tax rises hurt a lot more... |
Kowenicki,
I usually agree with you, but since I am one of those upper 2%. All tax cuts do is increase my savings, savings that likely will become an inheritance for my kids rather than go back into the economy any time soon. As a business owner taxes never stopped me from hiring/investments. After all hiring/investments had me commit to additional expenses. Why would I do it then? Well if I could bring someone on who could make my business more profit I didnt give a rats ass if I had to pay a couple more % points on the profits. I still had more take home profits.
Yet I am more interested in tax fairness. I make a good deal of money in investments (stocks, bonds, gold, etc.) and in the US that is capped at 15% tax. While I guy working overtime who makes a decent living is paying 25% on that extra income and also spending more time working. So the person working harder pays more tax than my money working for me.
The time to cut govt spending is when the economy is strong, not when it is weak. I am also really expecting the cuts to be in the wrong places. We can really cut Defense in the US, but I wouldnt be surprised if with all the cuts Defense spending may even rise.
Its libraries that sell systems not a single game.
