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joether -> $700 Billion (9/15/2010 2:46:41 PM)
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The President of the USA recently stated that if the Bush Tax cuts were not removed, the goverment would have to drop $700 Billion in federal spending. As it stands, Mr. Obama is for a tax cut for the bottom 98% of Americans (those who make under $250K/year), while disallowing the upper 2% (composed of largely persons who earn multiple millions, if not tens of millions) from saving $100,000/year. What could any of us, do with a free $100,000....
The $700 Billion in cuts, would mean more lay-offs, of not just goverment employees, but companies that do business with the goverment (resulting in more lay offs). Less people working, means less money being given to third tier companies, which results in even more lay-offs. All this, to give the upper 2% of Americans a free $100,000 on their taxes.
The President did note, that even if someone was making a figure above the $250K/year, would only be taxed at the higher rate, for income that exceeds $250k/year. So, if someone makes $680K/year, they are taxed at the higher rate for the 430K earned that year, not the full amount.
Now I've heard the arguement, that if this goes through, it will hurt job growth. I actually see it as insentive to employ more Americans. More Americans workings, would mean more profit potential to companies. The increase profit potential would draw more investors to those companies. Companies using USD's and growing stronger when other countries are stagnant growth; results in our currency being raised in value (making the debt cheaper to pay off). Everybody wins (well, us Americans, that is).
So the President essentially stated: Vote Democrat in November if your for the bottom 98% of Americans, or vote Republican if your for the upper 2% of wealthy people. But, Republicans are against the bottom 98% of Americans on this issue. Its a no-brainer to myself. Even if I won the Powerball jackpot tonight, I would STILL, be for the President's position.
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