Greenspan Says McCain Tax Cuts Bad Idea

"10% of Americans pay two-thirds of the taxes. Half of all taxpayers – those in the bottom 50% of earnings – account for less than 4% of income tax revenues."

Devil505 wrote:You can't just leave defense spending out when the DOD is one of the worst "Wasteful Spenders" in the government ....

I agree, DOD should not be paying $600 for a toilet seat.

chabbo wrote:Any responsible candidate cannot talk about tax cuts without corresponding spending cuts.

Which brings us right back to the subject of this thread: John McCain & his "More Bush" ideas.

Manny is dead on when he says "Any responsible candidate cannot talk about tax cuts without corresponding spending cuts."....

The key word in that sentence is RESPONSIBLE..... John McCain is IRRESPONSIBLE & does not deserve our votes on November 4th, IMO.

spc wrote:"10% of Americans pay two-thirds of the taxes. Half of all taxpayers – those in the bottom 50% of earnings – account for less than 4% of income tax revenues."

Where does your income fall in this range? (don't tell me, it's none of my business). Do you think It is reasonable for someone whose income primarily comes from capital gains has to pay 15% in taxes while some, like most of us on this forum, pay 35% in taxes? Or, do you WANT to pay more?

I personally would not feel bad if some insurance executive that gets 20 million in salary and benefits lost one of his tax loopholes.

beemerboy wrote:Where does your income fall in this range? (don't tell me, it's none of my business).

I'll have to add up all my off shore accounts & get back to you beemer.
I'm so loaded I burn coal for the fun of it.

BTW there are risk when you buy & sell stocks, bonds, property or anything that could also turn into
a capital loss.

Classes of income are one more reason to throw away the tax code and make it more simple. What's the difference if I earn an extra 1000 from an investment or I work overtime for it. It's income and should all be taxed the same.

SPC:

Remember that although the low wage worker may not be paying any income taxes, he/she is still paying "taxes" hidden in prices for goods and services (due to inflation, debasement of the dollar) and 7.5% in payroll taxes. So, even the lowest wage earner in America is funding the government indirectly with money to try and cover its deficit spending. Likewise, income taxpayers are paying much more than just income taxes in the form of such hidden "taxes."

Manny