SirPwn4lot
Banned
- Joined
- Dec 3, 2010
- Messages
- 523
- Reaction score
- 148
- Location
- Perth, Western Australia
- Gender
- Male
- Political Leaning
- Independent
Does your bank account show revenue or revenue before inflation? Does it matter today?
Let me ask you how do tax cuts affect you? Do you have more or less take home pay after tax cuts? Then what?
The tax cuts legislated in 2001 were the same as Obama's rebate checks, the withholding cuts came in July 2003 AFTER the GOP Took Congress, notice the revenue change?
If you are for extending cuts for 80% of the people and based upon your concern for the deficit how much does that add to the deficit vs. raising taxes on the 3 million or so that are so called rich? The 80% amount to millions more.
The economy grows/declines each year. You can't just equate 100bn from 2001 with 100bn with 2009, because in terms of 2009 dollars 100bn from 2001 is actually $121,413,973,630. Is a MASSIVE increase in revenue when unaccounted for inflation in Zimbabwe proof of insanely good tax policy? No, it's a proof that they print money like there's no tomorrow, and it devalues the dollar at a much higher rate than over here. This is an extreme example, but the principle is the same.
If you have less taxes then you take home more money. Then you have a choice to either spend or save it. Given that those in the top 20% spend significantly less than they earn, we can only assume that they save it. I posted some stats on expenditure earlier.
I have a concern for the deficit, but as I have said numerous times before, I'm willing to sacrifice some of the deficit for faster economic revival, given that we pay it back.