Why would letting the Bush tax cuts expire harm the economy?

What people don't get - its that if your are rich - you don't have a 'salary" and you don't have ANY personal tax- you live off of your corporation - which only pays tax AFTER expenses - people with jobs- pay tax BEFORE expenses. Yee-ouch!

The big fight by the Repubs to scare heII out of ya if theres gonna be more dreaded tax - is a scam - the rich always can sneak around any tax pressure- and then the middle class gets screwed all over again -

the Middle class are the ones who need tax breaks - yes - helpful -

but even more would be to have a job in the first place -

the country cannot survive if every single American is a CEO -

the greed of the multinational corps is not a "party" issue -

it's what destroying the country -

If for no other reason than that raising taxes has NEVER inspired growth. Discouraging investment during a recession is the last thing we want to do. Yes we had surpluses during the 90's, but the higher rates were sucking off of the growth. When Bush lowered taxes it inspired another growth spurt. If Obama wants to raise taxes, then let's debate that seperately, he needs to let the economy heal first. You can't get blood from a stone, and 37% of zero is zero. All he's doing is encouraging an already hurting investor class to hoard what they've got left.

Lets review. Contrary to widely held belief, the Bush tax rate reductions benefited all income earners.

Prior to the Bush reductions, income from $0 to $27,050.00 was taxed at 15%.

After The Bush reductions, income from $0 to $$8.025.00 is taxed at 10%.

You don't have to be very smart to figure out that letting the Bush tax reductions expire will immediately give those low income earners a whopping 50% tax increase - from 10% to 15%.

If you let people keep more of THEIR money - money they earned - guess what happens - they spend it. If the government takes more of their money then they have less to spend on clothes, entertainment, etc., etc.

As of 2006, the latest year available, the top 1% of income earners paid 39.9% of ALL federal income taxes.

If people would stop listening to the whacked-out liberals in the media and the Democrat party and do just a little research they'd quickly understand that low income earners pay almost no taxes.

Okay think of it like this... this economy is hurting right now right.. right. So now, let the government take more out of your paycheck each week so you have even less to spend. (you received a tax cut from Bush - 100% of the people did)

So how does that help the economy?

Now, your employer who probably is hurting for business just a little is forced to pay more for the employees that he currently has. So he will be force to either raise his prices or make cuts. He will raise his prices first I hope but everyone in the country is now bringing home less money.

Raising taxes doesn't bring more money into the government, in fact it will bring in less. There will be less goods for sale and less money to spend.

Hope this helps...

People mention the tech bubble of the 90's but it was only possible due to LOW CORPORATE TAXES! Those companies were able to expand and hire people due to the tax incentives that were available at that time.

Souring the economy.

You are young

Bush inherited a recession from Clinton. Maybe you have heard of the tech bubble.

The tax cuts made it very short recession.

And the DOW doubled.

until 2006, then guess what happened.

First of all, Tax cuts did not raise the Debt, irresponsible lack of action by Banking Committee leaders Barney Frank & Chris Dodd DID!!

The answer to YOUR question would be,"You won't have a JOB, if someone can't afford to "pay you"!

Simple enough for YOU?

Because tax cuts create jobs during a crisis like this.

BTW, Clinton was present during the .com boom. He had nothing to do with the economic expansion.

Lets look back at 1932. hoover raised taxes for corporations and people making an equivalent of 2 million and managed to make the Depression worse.

They won't. You are mistaken. The 90s were not the greatest peace-time expansion ever.

Tell you what, if you can recreate a tech bubble again I'll guarantee the market will be through the roof like it was in the 1990's.