Socialism and welfare

iVillage Member
Registered: 04-24-2008
Socialism and welfare
363
Tue, 10-21-2008 - 6:29am

Why is it a tax cut when McCain cuts taxes?

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Avatar for phyreblade
iVillage Member
Registered: 03-26-2003
Tue, 10-21-2008 - 7:39pm

The United States already has one of the highest rates of corporate taxes in the world, actually.

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iVillage Member
Registered: 07-03-2008
Tue, 10-21-2008 - 7:49pm

I highly doubt corporations pay as much tax as you have been lead to believe. The CEO's have been the biggest money grabbers of all.


http://abcnews.go.com/Business/wireStory?id=5561455

iVillage Member
Registered: 05-14-2008
Tue, 10-21-2008 - 8:16pm
Actually McCain's plan in many cases simply means not increasing taxes for certain income levels; i.e. the top rate. He's not for cutting them any further for the highest earners, he's just not for raising them any more. This would not be good for the economy.
iVillage Member
Registered: 03-19-2003
Tue, 10-21-2008 - 8:28pm
Amen!!
iVillage Member
Registered: 05-14-2008
Tue, 10-21-2008 - 8:28pm

http://www.taxfoundation.org/research/show/1236.html

Not according to the tax foundation as one of several sources. More that 50% of seniors rely on dividend and capital gain income.

Do you understand any of the rationale for a lower dividend rate? It's due to the fact that corporate income is taxed twice. First at the corporate level (we have among the highest corporate tax rates in the WORLD--not good for job growth/creation.), and then at the shareholder level. As a result companies would tend to hold their cash rather than to distribute it because shareholders would rather have increased stock prices than to have to pay their full tax rate on the dividend distribution.

The government by lowering the dividend rate generates more revenue because in doing so they encourage the distribution of dividends to shareholders who then must pay taxes on them. Fifteen percent of something is better than zero percent of nothing. Not to mention the fact that some taxpayers only a maximum of 5% income tax on their dividends. This also encourages investment because of the favored tax treatment.

Anyone can choose to invest in dividend paying companies. It's not limited to the wealthy. Most anyone with a retirement account or pension benefits from dividend income.

iVillage Member
Registered: 05-14-2008
Tue, 10-21-2008 - 8:34pm

>>...nothing will guarantee that they would put their money else where....<<<

Can you expound on that thought?

Unless they burn it in a bonfire or hide it under their mattress I can't think of anywhere they could put their money that wouldn't provide some benefit except for maybe in the hands of the government.

iVillage Member
Registered: 03-09-2007
Tue, 10-21-2008 - 8:39pm

Why not funnel the funds back to the people who are working in the oil fields?

Jess


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iVillage Member
Registered: 05-14-2008
Tue, 10-21-2008 - 8:41pm

>>FAR FROM socialism...it's a matter of common decency that those who make more should give more. But unfortunately, that seems to be a value that is few and far between.<<

Actually what you described is the foundation of socialism and I'm very glad at this point it's merely your opinion.

And the last time I paid my taxes I noticed that I already give more than the majority--much much more. Exactly what percentage of my income to you feel you have a moral claim to take? Because I believe taking much more would cause me to question your moral decency.

I believe it's a matter of common decency that every citizen should be a taxpayer--no matter how little they may pay. To have over a 3rd of the income earning population (and growing) with zero skin in the game offends me. And I believe it's a dangerous trend.

iVillage Member
Registered: 03-09-2007
Tue, 10-21-2008 - 8:44pm

"Without the wealthy, us middle class and lower class would have no job at all.

Jess


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iVillage Member
Registered: 05-14-2008
Tue, 10-21-2008 - 8:48pm

>>Obama is a genius. Seriously. I don't agree with any of his policies, but no president has ever won by saying he's going to increase taxes and increase entitlement programs. SO he's doing those exact things, but calling it a tax cut. MAGIC!<<

We can only hope he's underestimating the intelligence of the population.

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