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Andy F
Lv 7
Andy F asked in Politics & GovernmentPolitics · 8 years ago

Should the rich, middle class & poor make equal sacrifices to lower the deficit?

Why or why not?

10 Answers

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  • 8 years ago
    Favorite Answer

    no because their wealth is not equal...

    and lowering the deficit is important but not as important as stimulating the economy and investing in the USA and keeping more jobs here. You see, if the economy is better and more people are working and making higher wages, that also helps reduce the deficit. Thinking that the deficit is the biggest problem of all is like negative thinking..because it leads to negative actions that do nothing to help anyone but rather causes a whole lot more misery....we dont want that. What we want is positive action....somehow we have got to get companies stopping outsourcing of jobs..which I know is nearly impossilble since we would be in violation of trade agreements and trade conventions...but still...whatever we could do would be a boost to job creation and the economy.

    Now ..in regards to the deficts....rolling back the Bush tax cuts in the following manner would do the trick nicely...

    any income earned over $250,000 taxed at 37%

    over $500,000 taxed at 39%

    over$600,000 taxed at 41%

    over $700,000 taxed at 44%

    over $800,000 taxed at 46%

    over $1 million taxed at 48%

    over $5 million taxed at 50%

    over $7million taxed at 55%

    over $10 million taxed at 60%

    over $15 million taxed at 70%

    cap gains at 30%.........unless income reaches over $ 5million at which point it becomes 40% for any dollar cap gained over $5 million for a tax payer.

  • 8 years ago

    If you mean equal proportionally yes. If lowering the deficient is the greater good for the country as a whole then everyone should contribute to cause at least if they are able. I wouldn't say poor I would say middle and rich. Personally I would opt for the rich to put in more actually for the simple fact that they're well off and don't have to worry they can get through it easily. Everyone else..not so much. Its for the most part the rest of the nation that did help them attain their wealth why not give back?

  • 8 years ago

    I thought revenue didn't help fix the deficit. I guess it only counts if it comes from people who can't afford it.

    if you're interested in a logical explanation: Taxing the poor takes money directly from businesses because 100% of their spending goes toward products. The rich have a mix of savings, which is useless to the economy, and investments, which are barely taxed, and some spending. Taxation takes money from savings and puts it into investment, which helps business.

    Of course, that doesn't work if the rich decide not to act in their own self-interest out of spite, which is what's happening right now.

  • Anonymous
    8 years ago

    Not equal. We have a debt primarily because Republicans keep cutting taxes for the rich too much.

  • 5 years ago

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  • Anonymous
    8 years ago

    YES. Equal responsibility equal rights.

    10% for all. It isn't fair that they burden of the debt should rest solely on the "rich" when 0bama cannot even accurately define who the rich are. He says in one sentence Millionaires and Billionaires but the taxes start at $250k. Last time I did math that is only a quarter of a million and not a full fledged millionaire.

    YET PEOPLE DON"T QUESTION, they just nod. and chant 4 more years.......................... of lies

  • 8 years ago

    The rich screwed the economy in the first place. Don't punish all of the rich unequally, but the bankers who destroyed the economy should have to sacrifice more

  • ?
    Lv 6
    8 years ago

    Everyone should sacrifice but making it equal in terms of gross dollars is not right. It should be in terms of equal percentages with a cutoff for the very poor.

  • Anonymous
    8 years ago

    nope the government should just cut spending and what do you know? we cut the deficit

  • ?
    Lv 6
    8 years ago

    Yes, they all earned their places on the food chain.

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