In a shocking turn of events
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DaveH;259925 wrote:
Because thats "fair"I never said anything about fair. The only reason I proposed it the way I did was to ultimately get rid of personal income tax entirely. Start off by eliminating income tax on those with the most need (the bottom 95%) and I'm willing to bet that the top 5% will make more money than at any period in recorded history. Since they will be making more, in theory their taxes that were lowered under Bush should help offset the cost of taxing no one. Ultimately I'd love to see reduced spending and no personal income tax at all....but you have to start somewhere.
Notice I'm not raising taxes on anyone at this point.
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GarageAlchemist;259929 wrote:
wait wait wait.... you agree with me that it will be the middle class, and the american small businessman that will save this sinking ship, and not big business?Yes. I've been fairly consistent on that message I believe.
Like i said before, give the CEO's and big wigs more money and they will stuff it in there pockets, give it to the small businessman and middle class americans and we will invest back into our economy/country.
DING DING DING!!!
Also this fear mongering bullshit isn't going to cut it as far as i'm concerned. Getting on national television and falsely and telling the American people that we as a country will be screwed if his stimulus bill isn't passed is absolute garbage. This is a very far fetched interpretation of T.R.'s idea of the Bully Pulpit of the President, and is being used in the wrong way. Why would you not use your position to instill confidence in the American people that we will come out of this RECESSION?, which is what it still is, despite what you will hear from left wing sources.
The fear mongering has happened on both sides of the aisle. Republicans convincing us that spending billions in Iraq is a good thing and that by pulling our funding of the war we will cause the economic collapse of that country and Democrats convincing us that spending billions on Americans is needed to prevent the economic collapse of this country.
The way I see it the Republicans would much rather see Iraq succeed and America fail than the other way around right now. Gotta love their patriotism.
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thrash;259999 wrote:
Question: why are people convinced there is an economic disaster that requires unprecedented intervention? What metric are they using?Or are they just taking it on faith that what politicians tell them is true?
I think this article kind of sums up what a lot of peoples thoughts are on what ended the Great Depression. http://www.shsu.edu/~eco_www/resources/documents/WhatEndedtheGreatDepression.pdf
Whether it is accurate or not...who knows, but I found this part to be interesting...even though it doesn't 100% tie to what we are talking about:
In a comparative study involving at times twenty-six countries, Ben S. Bernanke
(1995) investigated the role of the money stock as it was linked to gold. His was not a
study of the forces of recovery in the entire decade. Rather, he concentrated on the
1929-36 period because it was in the early years that the world economy spun down. It
subsequently began to recover, with different countries initiating their respective
movements to trend at different times. He focused on the behavior of the quantity of
money as responsible for the decline and recovery, with an emphasis on the gold
standard as the vehicle underlying the action.8 This orientation served to view the gold
standard as a restraint on independent monetary measures: “In particular, the evidence
that monetary shocks played a major role in the Great Contraction, and that these
shocks were transmitted around the world primarily through the workings of the gold
standard, is quite compelling” (1995, 2). <u>As countries severed their ties to gold,
recovery commenced; “the evidence is that countries leaving the gold standard
recovered substantially more rapidly and vigorously than those who did not</u>” -
Trafik Jamz;260029 wrote:
I never said anything about fair. The only reason I proposed it the way I did was to ultimately get rid of personal income tax entirely. Start off by eliminating income tax on those with the most need (the bottom 95%) and I'm willing to bet that the top 5% will make more money than at any period in recorded history. Since they will be making more, in theory their taxes that were lowered under Bush should help offset the cost of taxing no one. Ultimately I'd love to see reduced spending and no personal income tax at all....but you have to start somewhere.Notice I'm not raising taxes on anyone at this point.
The US takes in approx 2.5 trillion in taxes a year, 45% of that is income tax which brings you to the roughly 1 billion that the "stimulus" plan is going to cost. Instead of doing a bunch of spending, the govt should have suspended the federal income tax for a year. I know I sure could have done a lot of additional "stimulus" with the money I sent to the fed this year....
DaveH
'94 Supra- 7.77 @ 176mph -
Isn't that kinda where I was trying to get Dave? We just had different avenues to get there. The only reason I presented it my way is because the top 5% pay over 50% of the income taxes in this country and at present I don't think that we can stop spending...even if we wanted to as there would never be enough support from either side. I'm also willing to bet that the ONLY stimulus needed (and I should have clarified this in the earlier post) would be a tax holiday for a year or two for the middle class to stimulate and revitalize the economy. You've already stated that this would help you out personally Dave, and I'm willing to bet that it would also help out those who are in the $250k+ category as well since more people would be buying things from their companies and in turn allowing them to make more money.
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Trafik Jamz;260074 wrote:
Isn't that kinda where I was trying to get Dave? We just had different avenues to get there. The only reason I presented it my way is because the top 5% pay over 50% of the income taxes in this country and at present I don't think that we can stop spending...even if we wanted to as there would never be enough support from either side. I'm also willing to bet that the ONLY stimulus needed (and I should have clarified this in the earlier post) would be a tax holiday for a year or two for the middle class to stimulate and revitalize the economy. You've already stated that this would help you out personally Dave, and I'm willing to bet that it would also help out those who are in the $250k+ category as well since more people would be buying things from their companies and in turn allowing them to make more money.I don't care who pays what or whatever, middle class etc. "Everyone" should get their taxes back for a year. It would be a beautiful thing.
DaveH
'94 Supra- 7.77 @ 176mph -
thrash;259999 wrote:
Or are they just taking it on faith that what politicians tell them is true?this IS america...
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DaveH;260087 wrote:
I don't care who pays what or whatever, middle class etc. "Everyone" should get their taxes back for a year. It would be a beautiful thing.+1 for this over waiting at least a year for this stimulus package to START "helping"
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