Taxes need to be raised. 1% of the people own 50% of the country. Bush’s father satisfied this as well as saved the country. Here have been a little constrained reasons.
1. Wealth is being invested oversees. Not in the US.
2. Wealth is not being outlayed in the right areas similar to Health Care as well as Green Energy.
3. Raising taxes forces abounding people to demeanour for writeoffs. Non-profits have been an glorious channel for this as well as prolonged as the supervision regulates.
{ 5 comments… read them below or add one }
obama is not raising taxes…he is letting a temporary tax cut expire
if a store offers 50% steaks on friday, it is not raising the price by charging normal prices on saturday
The average student gets a failing grade in reality.
You are seriously delusional. I can’t wait until you have a job and the government takes all your money and does stupid stuff with it and you have to struggle to pay your bills while lazy people sit home and collect your money.
1. Wealth is invested in US businesses. The stock market – US companies
2. Who are YOU to say where people spend their money? Really. Pharmaceutical companies spend billions on research and development. Rich people own stocks in Pfizer. There are many people out there trying to develop alternative fuels.
3. Obama took away our ability for “right offs”. Conservatives give more money to charity than liberals. Google it. They do. Liberals like you only like to tell others to do it and this question proves my point.
Allowing the Bush Jr. tax cuts for the wealthy to expire is already in the works—and is part of the funding source for the health care and insurance reforms. I think all of the right-wing churches that have been involving themselves in elections should immediately lose their tax-exempt status as well….they are in breach of the rules that got them the exemptions.
As (Nobel Prize winning economist) Paul Krugman writes in today’s [5/25/10] NY Times, Obama will restore taxes levels on the very rich to what they were during the Clinton Administration, no higher. This was the time before the Bush Administration cut taxes for the very rich.
The Republican myth is that those very same rich folks are the engine that propels this economy and creates jobs. Well, having given the rich exactly what that myth demanded, lower taxes, the result is clear. Money spent by the rich was NOT spent on investment or job creation. So how much money has gone to the rich lately?
As pointed out by Rep. David Obey in his recent farewell address to Congress, in the first six years of the Bush administration, years in which Republicans had a majority of both Houses of Congress, 90 percent of all profit generated by the American economy went to the wealthiest 10 percent of Americans. The effects of this gift to America’s wealthy are clear for the bottom 90 percent of us to see, so long as we look up long enough from the Book of Republican Mythology to see what reality has brought us.