As I said before, giving more tax cuts to middle and lower class is not going to help the economy. Obama promised tax cut for 95% of Americans...great.....BUT... Based on most of our income against our tax ratio, you are only going to see a small tax cut, and that's after allowing Bush' tax cut to expire first so you will see a tax increase. Oh, and not to mention that, under the Bush Administration, we have been benefiting from the increase of child tax credit (for those of you who have many kids, Amen to that, right?). That didn't help the economy, did it? Government just reported another 240,000 job loss in October, and estimated the job loss up to half a million before Obama takes office. I want to seriously ask you, do you really think its a good idea to raise taxes on the riches and Corporations when they are already paying majority of our taxes? Especially during a recession? The only way to save the economy is to create jobs, increase export, and create demands for US currency (the housing market and investment markets will adjust themselves so I don't worry about that, but job loss will create more problem with foreclosures and reducing our buying power), and you can't do that by raising taxes on your top 10% who is already paying 70% of our taxes. BTW, the bottom 50% only pays 2.9% of our country’s taxes. You do the math. http://www.ntu.org/main/page.php?PageID=6 There is a profit goal Corporations have to make. They have to make certain Gross Profit Margin. If they don't make it, they will find ways to cut costs to make it. Salaries and benefits is the best way to cut, its the biggest chunk of the cost. Guess what they will do? Cut jobs, jobs and more jobs.... |