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Thread: What purpose did the tax cut for the wealthiest serve?

  1. #1081
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    Re: What purpose did the tax cut for the wealthiest serve?

    Quote Originally Posted by TheDemSocialist View Post
    Yes but not a single time in history have they ever been on the table as a bargaining factor. That is complete bull**** and shows the Republicans true colors just like when the Republicans used the 9/11 first responders bill as a "bargaining" tool.


    This is true I dont disagree with that.



    I never said they could.

    But the whole point being the Dems and Obama have caved and gave in just about to every single republican demand...
    Says what I've been saying Obama is too much of a wimp, but then you got the Tea Party , Republicans on acid with their nose in rich corporation's ass.
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    Re: What purpose did the tax cut for the wealthiest serve?

    Quote Originally Posted by apdst View Post
    Which loopholes are you referring to?

    I love it when I get to ask that question.
    The tax break for the unemployed poor means nothing
    The tax break for the working poor means that they can buy some of the items they need for survival, allows them to keep thier head above water, it does not increase their individual wealth,
    The tax break for the middle class means they can replace thier cars tires or maybe buy real butter, the increased monies will end up right back in the hands of those who do not need it
    The tax break for the rich allows them to accumulate more wealth they can bank it and draw interest, they can invest it in wall street schemes allowing them to make more money off of the tax breaks.

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    Re: What purpose did the tax cut for the wealthiest serve?

    Quote Originally Posted by Catawba View Post
    Correction: Republicans controlled both houses of congress for the first 2 years, and they controlled the Senate for the first 6 years, when most of the spending occurred. Congress actually reduced the spending levels that were requested by Reagan.
    Republicans controlled only the Senate in 1981 - 1983. Spending bills are created in the House, which was Democrat controlled all during this period.

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    Re: What purpose did the tax cut for the wealthiest serve?

    New Data: Congress Reduced Reagan's Budgets slightly.

    "September 20, 2010. OK, I finally tracked down exactly what Congress did. There were a few scattered cites on the web to a mysterious House report from 1992, but I could never find it, so I was using ultra-conservative data to be cautious.
    But a few days ago, I pulled together my best clues and wrote to the help desk at the Library of Congress. They nailed it in less than a day. Amazing. There is no such report, but they found a table with that name that is published annually and has all the budget results going back to the 1920s or so. Here it is from the government printing office.
    The upshot is that Congress actually appropriated less than Reagan's budget requests on average and also less then G.H.W. Bush's. Only by about 0.5%, but Congress shares no blame with Reagan.
    I also checked stories in Time magazine and the NYTs for the first Reagan budget, which the supply-siders and Reaganites claim was the big over-run by Congress. Totally wrong. First of all the Senate (with equal say) was Republican, and second, lots of the Southern Dems sided with Reagan and they massacred the more liberal Dems. This budget was only 1/2 a percent high, and it was the Republicans' that did it. The Dems lost.

    Was it Really the Democratic Congress?
    Reagan won the 1980 presidential election claiming the national debt was at an all time high of $1 trillion, and he would bring it down. It was almost that high, but compared to the size of the American economy it was the smallest it had been in over 50 years. It just looked big because of inflation, but Reagan either did not understand inflation or enjoyed his little deception.
    Beyond dispute is the fact that eight years later, when he left office, the debt was $2.6 trillion. "When a conservative says it is bad for the government to spend more than it takes in, he is simply showing the same common sense that tells him to come in out of the rain." (Reagan, 1977) By his own standard, he showed an amazing lack of common sense.
    Congress Did Not Cause Reagan's Debt
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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    Re: What purpose did the tax cut for the wealthiest serve?

    Quote Originally Posted by EarlzP View Post
    The tax break for the unemployed poor means nothing
    The tax break for the working poor means that they can buy some of the items they need for survival, allows them to keep thier head above water, it does not increase their individual wealth,
    The tax break for the middle class means they can replace thier cars tires or maybe buy real butter, the increased monies will end up right back in the hands of those who do not need it
    The tax break for the rich allows them to accumulate more wealth they can bank it and draw interest, they can invest it in wall street schemes allowing them to make more money off of the tax breaks.
    A good post, sir.
    Tiki bar regular.
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