How are you going to use your tax cut to stimulate the economy?

Ok, you really made me laugh out loud on that one.

We don't plan on spending anymore money then we do right now, no matter how much tax cut he gets on his pay check. Spending more then we can afford is irresponsible, and how this country got in the mess it's in now, and the government wanting to spend even more. We are certainly the country of greed.

 

You should take the $13 a payday and save it to get Barack a gift on his birthday.

 

That is now what I said at all, can you name one rich person who wants to by something but can't because taxes are killing them? You think Bill Gates is basing his buying decision on how much taxes he pays? What I am saying is if a rich person wants something they'll go get it even in this economy. The only ones who might spend a little more because f a tax break are common folks like us.

I go to a bank, I can't pay todays interest rate so the banker says, "psst... listen slick, I can put you in this ARM and your payments will be low so you can afford them say 3 to 5 years. By the time the payments rise you come back to me and I'll put you in a better loan... Promise... My word as a gentleman... ".

I say the blame goes to both, to the banker for thinking up the stupid idea and taking such an outrageous risk with other peoples money and to the consumer for going for it.

 

AMEN Brother...

And don't forget the 11th commandment, it's ok to steal just don't get caught...

 

True, but they don't spend or invest any less money because of taxes...

I sure hope not or they would all be in a real pickle with the market tanked like it is. Rich folks don't have all their money tied up in investments, much of it is kept liquid for everyday spending which includes taxes if necessary. However, investing in the market today won't gain any jobs since the financial system is in a mess...

 

LeBuick, your posts are so full of inaccuracies with regards to economics, it's hard to even deal with them point-by-point.

 

This was McCain's idea but I don't find it valid, We don't want to build or repair half a bridge then see things get better so we stop and never build or repair the second half. Our economy can only get stronger if we continue building the bridge and we would not have wasted the first half of the money.

 

Half? You need to quit trying so hard. Who suggested anyone build half of anything? As if that was the only choice.

 

I don't blame you, it's normal to question the things we don't understand... :thumbsup:

 

You did, you said stop spending when the economy rebounds. This means cutting the funding mid-project.

 

Yes they do. If they pay $250,000 in taxes, that is $250,000 that a company doesn't have to spend because that money would have been invested in some company somewhere. I am not sure where you are confused here. This is simple. You are correct only if rich people bury their money in the back yard. But they don't. They spend it to buy cars and houses and vacations and pieces of companies.

You obviously don't have a clue about what rich people do with their money. "Much" of it is not kept liquid. They will have a certain amount in money market type accounts (which are interest bearing because that money is at work elsewhere in the economy), but not much.

For many rich people, their worth is paper value ... based on a stock value. So Billionnaire Joe Smith might have 1 billion dollars, but if the market drops by 5% he only has 995 million, and he really doesn't have that until he sells it and takes cash. And virtually no one does that.

I think you are just out of your league in this discussion, LeBuick.

 

Two things...

1. This bill eliminated capitol gains on small businesses and start up companies. You guys keep leaving that part out.

2. To owe $250K in taxes means your taxable income (after deductions) is around $800K. Again, you can buy what you want...

I said much and not most. Maybe much is a bad choice of words but my point is they keep enough liquid to keep from paying the trading fees to make normal purchases.

I am familiar with the term "paper million/billionaire". I also know guys like Bill Gates and Warren Buffet are literal Billionaires and not just on paper. When it comes to taxes, they wouldn't pay taxes on the billions they already own and have invested, they would only be taxed on the dividends or the money that money made. Currently, the government probably owes them with the beating the market is taking...

 

A little bump to give Revmitchell time to answer the above question...

 

You mean the majority of the GOP that voted against it? Or the Rhino's who crossed over to the dark side.

 

Closing this. It is on page 14. To resume, please start another thread. Thanks.

LE