Worthy News: Senate Approves 70 Billion USD Tax-Cut Bill - ABC News

[George]

Republicans promise that a billion election-year package extending lower rates for investors and saving billions for families with above-average incomes will produce economic gains for the nation.

http://www.worthynews.com/news/abcnews-go-...int-id-1953219/

[O'Dannyboy]

It's a no win situation. Democrats want big government, so the tax money winds up being spent wastefully, but the money the republicans claim to be saving, on a smaller government, they return as tax cuts to their rich buddies. Wouldn't it be nice if the people making modest incomes were empowered to invest rather than those who can already afford to invest. The only reason such tax cuts seem to be so justifiable is because the wealthy are a minority, and so individually it means higher returns and because they are the ones posessing/controlling most of the money.

[Marnie]

Actually, those who make a modest income dont pay any income tax at the Federal level and precious little at the State level. The reason the "rich" seem to get the breaks is because we are the ones paying the lion's share of the tax burden.

[apothanein kerdos]

Tax cuts for the rich is actually a good idea. THe economy is doing well as it is, giving them the extra spending money will allow them to put more money into the economy.

I'm not saying this because I'm rich....I couldn't even pay a $25 co-pay on my doctor's visit yesterday. However, I know how the economy works, and tax cuts for the rich is highly beneficial to us who are poor.

[O'Dannyboy]

Actually, those who make a modest income dont pay any income tax at the Federal level and precious little at the State level. The reason the "rich" seem to get the breaks is because we are the ones paying the lion's share of the tax burden.

So the "rich" people keep telling us. I believe its the middle class that pays the lions share and thats why such cuts are always for those who make $500k or more a year. Instead of taking less from the middle class, allowing THEM to invest, our leaders would prefer to give those who already invest, more money to do so. I would bet that most of our leaders in congress, senate and elseware make $500K or better a year, not in salary, but by investing and buisiness ownership, and so a capitol gains tax cut is just what the doctor ordered. Nothing our government does these days should be misconstrued as having been done "for the people". If it doesn't have anything to do with tax money or votes, our "leadership" will rarely get involved with it.

[Marnie]

Well, its like this, I am self employed for the purposes of income tax, and I get nailed with both sides of the hideous SS tax, plus FICA and other things regular folks dont have to pay. The only way I can get a head and stay ahead to to invest heavily. You would consider me "rich," I am sure, although at my income level, I am more like a target for the IRS trollers. Capital gains shouldn't be taxed at all since that money has already been taxed--its very regressive. The marriage tax and the inheritance tax should be dumped as well. And if pigs could fly........