Quote:
Originally Posted by Robbie
Here's my question...how come EVERYBODY'S taxes aren't going up to where they were during the Clinton years?
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Tax cuts on the lower classes have more of a stimulatory effect. Given someone on 30k an extra $30 a week and it's spent instantly on whatever, groceries, bills, beer, cigarettes.. That money goes into the corner shop where they bought milk or cigarettes, goes to the milk and cigarette companies and comes back taxed several times. Given there are a hell of a lot more people on 30k than in the top bracket all those people buying groceries end up creating demand for small business and the products the 1% create.
Give someone like me extra money and i'm putting it into the market to bet on derivatives for an oil drill which was already in progress no matter whether I invested or not. And you'd get smaller cap gains tax on any profit.
As much as it pains me in the short term, I'd rather the guys that can't keep a dollar in their pocket get the tax cut as I know in the end I benefit.