September 1, 2008
Tax Cuts for the Wealthy
I am going through the Obama website and reading different plans that he has for America and allow me to share this:
Obama will protect tax cuts for poor and middle class families, but he will reverse most of the Bush tax cuts for the wealthiest taxpayers.
Let’s make something clear here: the tax cuts for the wealthy aren’t, by any means, making the wealthy pay a smaller percentage than what low and middle class Americans do. In the U.S. we have a progressive tax, which means that your tax rate increases as your income does. In other words, it creates more of a burden on the rich than the poor. This is discrimination based on income and punishes those for being so successful with a higher tax rate. The tax cuts which have become so infamous for giving ‘preferential treatment’ to the rich, is in fact, reducing discrimination.
So, by that definition the U.S. government discriminates against higher wage earners, stating that they must pay more for their success. When we do tax the wealthy more, and then redistribute that money, is that more or less efficient than not taxing them an additional percentage? This question primarily is aimed towards businesses. Think about this. If a company pays more to the government, that is less jobs than it will employ. A company’s best interest will usually cause it to cut jobs before it does the bottom line.
Do your research and if you can prove to me that taxing wealthy more is better for our economy, I will consider changing my stand on this issue.
