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Now that the wealthy have their tax cuts, when will they start creating jobs, in America (not overseas)?
Millionaires and billionaires have paid the exact same tax for the past 10 years. Their record of job creation, in America, speaks for itself (that it to say, they have not).
During this recession, millionaires and billionaires have increased their personal wealth, yet somehow, unemployment in America has gotten worse.
Corporations have been hoarding trillions of dollars, instead of hiring. Corporations continue to "outsource" and "downsize".
All along, they have been granted the exact same tax percentage as the recently passed extension of the Bush tax cuts.
So, my question is: Since they have been paying the exact same tax for the past 10 years while NOT creating jobs (in America), why should we believe that they will, all of a sudden, start creating jobs in America, now that their tax cut has been extended?
14 Answers
- NDMALv 71 decade agoFavorite Answer
The wealthy have a plethora of methods to turn taxable income into non-taxable income. using these methods are not without cost both in dollars and time (generally a accountant is paid for this time). When the marginal tax rate is too high, it is worth the expense to shelter income from taxes. Raise the marginal tax rate, the wealthy will spend the money to shelter it from taxes and pay less tax. Keep them low or even lower them and it is less expensive to pay the tax than to shelter the money and revenues go up. Not only do revenues go up but the wealthy end up paying a larger proportion of income taxes. The whole idea of not raising the marginal tax rate is to keep then paying what they have been paying rather than to have them shelter more money and pay less.
- 5 years ago
The average American does not believe any such thing. The Tea Party does. Higher taxes on the wealthy don't cause unemployment -- but your effort to substitute a different fairy tale explanation brands you as being just as much of an economic illiterate as the Tea Party. FYI: We were exporting MORE jobs in the 1990s than during the Bush years -- and far more than currently. But the number o f obs in America was growing then and unemployment was low. So your "explanation" is nonsense.Instead of inventing fantasies to fit your prejudices, go take a course in basic economics and find out what is really going on.
- ?Lv 41 decade ago
I don't think the Democrats believed extending the tax cuts would ... but they had to play ball with the Republicans so they could get the cuts for the middle class.
- Anonymous1 decade ago
You have fallen down the rabbit hold of Democrat double speak.
The first lie was the phrase "Bush Tax Cuts for the Rich" taht the Democrats have repeated tens of thousands of times in the last decade
fact: the Bush era tax cuts gave everyone who pays taxes a 3% drop in income tax. The SAME
for everyone.
The second lie is that keeping the income tax rate the same as it has been for the last ten years is a cut.
Please learn to think for yourself.
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- Anonymous1 decade ago
When state and federal governments decide to quit doing everything in their power to force them over seas. Taxes is only one of the powers government has used to chase the jobs away. The government, especially liberals, love unemployment. It makes people needy and dependent on the government hand outs, increasing the odds those needy people will vote for liberals.
- ?Lv 41 decade ago
well maybe the unemployment will stay the same instead of increase? ever think of that? maybe its preventativeYou can thank the Government for some of it. Stringent epa laws (ridiculous, they want the exhaust to be cleaner than the air surrounding it), etc etc. They put the steel business out along with other metals. The reason other companies relocate is because in other countries labor and health care is cheaper. People also say "why do i always get Indians on the phone". you wanna know why. English! most of them speak english, even though its hard to understand. They are very poor so they work for next to nothing and speak english. we
- avail_skillzLv 71 decade ago
The wealthy do not create jobs.
Demand for product creates jobs, and since there are no jobs being created in America, the wealthy should not expect Americans to buy their cheap foreign produced junk.
No businessman is going to expand his business when people aren't buying his product.
FACT!
- wordofiLv 51 decade ago
They'll start creating jobs when they're is some sense of certainty in the economy and Washington does less.
The reason why we're in the mess we're in now is because of the GOP. However, it isn't because they were too conservative. It's because they were too liberal. George W. Bush ruined the housing market by forcing companies to give mortgages to minorities that they knew could never be paid back. They spent like drunken sailors. Period.
- rowan volvoLv 61 decade ago
well, uh gee. They're still not sure how long it'll last.
How soon before they can claim the "tax-cuts don't create jobs, consumer demand creates jobs" meme as their own, so they can blame the economy on the poor?
- Anonymous1 decade ago
It didn't happen over the last 10 and it's not going to happen now. The GOP is full of $hit.