By Sahil Kapur
Friday, August 20th, 2010 -- 2:33 pm
A whopping 69 percent said the tax breaks for individuals making over $200,000 – and families making over $250,000 – annually should expire at the end of this year.
Eighty-one percent favor extending them for Americans making less than that. Both parties largely agree with this
The House and Senate rolled tax cuts into the economic stimulus and the middle class Americans has already received an average of a 10 per cent cut in taxes in 2010.
Moody's Economy.com predicted many months ago that extending the Bush tax cuts would generate 29 cents for every federal tax dollar invested. Temporarily increasing food stamp payment and unemployment compensation produced the highest returns for the federal tax buck, $1.73 and $1.64 respectively.
The poll found that only 31 percent support extending the tax cuts for what would be the top 2 to 3 percent of Americans, enacted in President George W. Bush’s first term, and scheduled to lapse on December 31.
In previous articles Rightardia has described the collapse of the middle class that started with the Supply side ((SS) economics during the Reagan era. Businessmen today are today less concerned about tax cuts than maintaining their disintegrating customer base that is causing them to lose income.
A weakened middle class purchases less and this reduces the profits of corporations and small businesses. Corporate America cannot benefit from high bracket tax cuts if a business has lost most of its customers.
Income clearly drives the income tax rate. It is not the other way around.
source: http://rawstory.com/rs/2010/0820/69-percent-rescind-bush-tax-cuts-rich/
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Friday, August 20th, 2010 -- 2:33 pm
Eighty-one percent favor extending them for Americans making less than that. Both parties largely agree with this
The House and Senate rolled tax cuts into the economic stimulus and the middle class Americans has already received an average of a 10 per cent cut in taxes in 2010.
Moody's Economy.com predicted many months ago that extending the Bush tax cuts would generate 29 cents for every federal tax dollar invested. Temporarily increasing food stamp payment and unemployment compensation produced the highest returns for the federal tax buck, $1.73 and $1.64 respectively.
The poll found that only 31 percent support extending the tax cuts for what would be the top 2 to 3 percent of Americans, enacted in President George W. Bush’s first term, and scheduled to lapse on December 31.
In previous articles Rightardia has described the collapse of the middle class that started with the Supply side ((SS) economics during the Reagan era. Businessmen today are today less concerned about tax cuts than maintaining their disintegrating customer base that is causing them to lose income.
A weakened middle class purchases less and this reduces the profits of corporations and small businesses. Corporate America cannot benefit from high bracket tax cuts if a business has lost most of its customers.
Income clearly drives the income tax rate. It is not the other way around.
source: http://rawstory.com/rs/2010/0820/69-percent-rescind-bush-tax-cuts-rich/
Subscribe to the Rightardia feed: feeds.feedburner.com/blogspot/IGiu
Netcraft rank: 9779
http://toolbar.netcraft.com/site_report?url=http://rightardia.blogspot.com
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