“The rhetoric for the upper income tax cuts is that it creates jobs. History proves the wealthy simply become more wealthy - the “trickle down” is only a trickle. Old news. Most of the money stays at the top, or goes overseas, and less is available to the working and spending economy to keep our country running.
What if we extend the lower tax cuts, and raise the marginal rate for the highest brackets by a full 5%, with an exemption from those taxes for those who increase their domestic (U.S.) payroll expenditures for employees making less than some amount, by say 10%, either by new hiring or raising the pay of existing employees? We need real, demonstrated results right now, not vague investment promises. The costs should pay for themselves many times over from new hires.
If they have no employees an option could be given to contribute an amount of income to a domestic (U.S.) fund to avoid the tax (not the usual charitable deduction). For example, a fund that provides tutors for students in disadvantaged schools, or home health aides in rural areas, or free clinics - anything lowering the social services tax burden and increasing public welfare (and employment).
What affect would an idea like that have on the economy, tax revenues, and the deficit? Arguing the political possibilities is important, but only if the idea has merit. Is it worth any consideration at all?”
sishuber on Nov 14, 2010 at 08:24:14
“I don't understand why anyone should care about anothers taxes ??? It is childish to be concerned or jealous about someone elses toys. How about raising taxes for ALL by 5%. Count me in on that one.”