This probably won't be a long post, but I had a thought occur to me and nag at me just as I was on my way to bed after reading this article: Obama won't back down on raising taxes for the rich.
Basically, the taxes were lowered with an idea that it would "trickle-down." Doesn't seem like a bad idea, does it? Except that trickling down certainly wasn't a condition of being given said tax breaks. And the WTF moment comes when you realize that around this time, corporations were being given tax breaks for moving jobs overseas. Then it becomes very easy to question the benevolence of the tax breaks.
The deficit getting out of control the way it is can be attributed to any number of reasons. Government spending? Sure. Decrease in the value of a dollar? Why not. But, here's a big reason for you: less people are working, and more people are under-employed. Keep in mind that taxes are based on a percentage of one's income, and 15% of, say, $30,000 is less than 15% of, say, $50,000. And for the unemployed (as opposed to under-employed), 15% of 0 is 0.
But, the rich are doing just fine. They are holding onto their money and making record profits, and the stock market has done well in the recent years.
Hmm... people are profiting, but it's not making its way down to the middle class or poor, and we have a growing deficit which it is getting increasingly difficult to keep up with.
Here's the deal, wealthy people: either employ more people and pay better wages so that they can share the tax burden, or pay higher taxes yourself. Pick one. The ball is in your court.
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