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Re: Bush's tax cuts don’t work; rich pay record high, below the median pay record low!
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Originally Posted by Mattyk72
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This is a great post by Mr. Solar:
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Since the lower income 50% of taxpayers pay only 3% of federal income taxes, they really don't need a tax break. And many get lots of money back with the earned income credit and additional child tax credit. Bush's tax cuts did lower rates on the top brackets. Result? The highest-income taxpayers had incentive to make more money, and they paid MORE taxes. The deficit, as a percentage of GDP, went down. And lower-income tax payers got jobs. I would love to see high-income athletes and actors pay way more tax, but a tax cut on the wealthy who create jobs (directly, or through investments) is good for everyone, even the jealous. Want out of the recession? More jobs? Better-paying jobs? Support McCain's proposal to cut the corporate income tax, which is higher than that of most other countries. Add drilling offshore and in ANWR, cut red tape (and useless government workers), and lower taxes on upper tiers, and the recession will end.
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