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Don't like the Tax cut? Give it back!

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Nevada IRS

The derivation of liberals and conservatives

Neil Cavuto:



So the other day, I'm hearing former President Clinton bashing this big tax cut. He says it's a total waste, that it means an extra $80,000 for him, and he doesn't need it. He's rich enough as it is.



Nowhere did I hear him say, "So, I'm going to give it back. "



Look, there are a lot of similarly rich guys, just like Mr. Clinton, who don't much fancy this tax cut. Warren Buffett thinks it's a travesty, and some Hollywood types are saying it will bust the deficit.



So I'm thinking to myself, if you're so worried about the deficit, send every dollar of your refund back to the Internal Revenue Service. I'm sure the government you love will funnel it to the programs you love even more.



But something tells me I had better not hold my breath, because when these guys get their extra dough, I will guarantee you, they will keep their extra dough. I'd love to see one of them, just one of them, march to Washington and personally hand over their refund money. But they'd much rather march over to a microphone and make a speech.



There's nothing wrong with speeches, of course, just be truthful. Just say that you find the tax cut a huge waste, but be honest and say you'll keep your huge windfall. The hypocrisy here floors me. If the super rich have a problem, let them make a super donation.



The killer is, as obnoxious as they are, I'd still sooner trust them with their money than the government with their money. The irony is they disagree. I guess they see the government doing more good with their dough than they do with their dough. But there are a lot of people, rich like them, who don't mind the money coming their way and have good plans for it.



Some will invest it. Some will save it. Some will even spend it. There's no way the economy can lose, regardless of what they do. We'll all be better off for it, and in their heart of hearts, the arrogant rich, who say they despise this extra dough, really love this extra dough. Look, if they didn't, they'd send it back, and, like I said, they're not sending it back.



I can guarantee you they've already met with their financial advisers who are plotting ways they can spend that money: the cars they can buy, the Learjets they can scoop up, the vacation villas they can pursue. Nowhere among those planned check register receipts would I see an item earmarked "IRS. "



No, they'd rather make speeches than make sense. They'd rather talk about deficits getting worse because of a tax cut than tell you those deficits were already etched in stone by a tumbling market and economy long before there even was a tax cut.



They'd rather bemoan the kids who would do without school lunches than cite the simple fact more kids will get those lunches than ever before.



And they'd rather talk about how all this will lead to sky-high interest rates than remind you interest rates aren't going up, they're going down, just like the last time we had deficits.



I guess I'm not surprised they lie. I'm just surprised no one calls them on it. I'm surprised no one demands they open their own books, if they're so busy saying the government should open its books.



I'm surprised they talk about conserving fuel, but rush to rallies in limousines.



And I'm surprised so many of them talk of their great love for the common man, but left to their own druthers, wouldn't be caught dead mingling with the common man.



To me, they're more hypocrites and liars than deficit hawks and patriots.



They are as phony as their argument is old.



Like I said, it pities me more not because they say it, but because no one calls them on it.
 
Politics as usual, eh? It's easier to complain that do anything about it. And Neil is right, these guys aren't going to return their cut, they'll give it to someone who will raise taxes and government spending so it will ease their conscience.



I flat out do not understand how anyone can consider government a "good investment. " Admin costs on welfare programs and the like are upwards of 70%.



In about '83 -'84, I was listening to Paul Harvey and he had a story about the welfare program. He said that the US government up until that time had spent enough money on the "war on poverty" to buy every Fortune 500 company and every acre of arable farm ground in the US. Friends, that's a pile of money! Yet as we all know, poverty still persists.



An old adage reminds us that "Tax something and it will tend to go away. Subsidize something and it will grow. "



Putting money in the hands of the state to make life fair is not fair.



Tim
 
Originally posted by Hohn

But something tells me I had better not hold my breath, because when these guys get their extra dough, I will guarantee you, they will keep their extra dough.
So with that statement he is basically saying that the Bush tax cut isn't going to work. Wasn't the whole logic behind it that rich were going to use the extra money to create new jobs?

Way I see the tax cut will only tie up more money in the hands of fewer people while increasing a deficit that will someday have to be repaid.
 
Bill, the part you quoted means simply that these people are NOT going to return their money to the gov't. "Keeping" doesn't necessarily means saving. It means they will keep it and do as they please: spend, save, invest, donate, whatever.



The tax cut WILL create jobs. During the Reagan years, tax rates were cut. Yet, tax revenues never went down. How is this possible? It can only be true if people were making more money. Moreover, whether someone spends their money (as most of the lower income folks will) or someone invests (as the rich might), the money goes back into the economy either way.



Something else to keep in mind: there is a pool of untaxed money out there that is almost 15 TRILLION DOLLARS. What is it? It's the tax-deferred retirement money, pensions, etc. of the Baby Boomer Generation. Once this money is being taxed, federal revenues will reap a windfall. Moreover, the confiscatory "death tax" will ensure that the money that these people don't live to withdraw (and be taxed upon) will overwhelmingly go to the gov't. Once the Boomers start to retire, yes Social Security will be in the hurt wagon, but tax money will be there. Then all the politicians will raid the General Fund to support Social Security. They'd have to-- they've been raiding the Social Security surplus every year to fund the General Fund. There IS no social security surplus-- there never was because the politicians couldn't resist spending all that money. The "lockbox" that Gore proposed would have been empty to start with. We've been robbing Peter to pay Paul, now Peter wants his money back- with interest.



So all you who agree with the tax-and-spendocrats have nothing to worry about. The only ones who need "worry" are those like me who believe that the estate tax is morally unconscionable.
 
Many states are raising EVERYTHING in sight, taxes, tickets, parking meters, nothing is safe. The tax refund from the Fed will be spent in State increases for MOST AVERAGE WORKERS. Tax issues GENERALLY do not change. No one wants to pay and everyone is being taken advantage of.

We should be looking at JOBS, this country has a big shortage of JOBS. The youth of America is finding it difficult to even find summer jobs. Our number ONE priority should be JOBS in the UNITED STATES for people residing here.

How can the economy recover if unemployment numbers keep growing? (2+2=4) The country needs a new pair of glasses to re focus.

MY 2 cents
 
Unemployment is what is called a "lagging indicator". That means that it's one of the last things to turn around even after the economy recovers.



It also means that the economy can take a crap and the unemployment numbers won't reflect it until quite a bit after the fact.



As for unemployment, look for the US to continue to lose jobs to overseas markets. The combination of union pressures, minimum wages, and protectionist trade practices is coming home to roost, and we will hurt as a result.



Trade tariffs, minimum wages, and other measures designed to "protect" American jobs always have the opposite effect. They drive up the cost of American labor relative to other markets.



Imagine if they pumped up the minimum wage to $20 per hour! Good or bad? What if you owned a Burger King and that happened? Do you think your labor costs would rise? You bet it would. Since you aren't going to just sit there and lose money, you have to jack up the price of a burger. So here's ONE down side of minimum wage-- every time it's raised, it pushes inflation higher.

Well, if a burger flipper gets paid $20/hr, how much should another, more educated job get? What about a nurse? I can GUARANTEE you that no nurse is going to be happy being paid the same as a burger flipper. So now the cost of employing a nurse goes up, too.

It's easy to see how a minimum wage pushes ALL labor costs higher-- across the board. Some companies can't afford to pay folks the higher wages, so they eliminate jobs.



Minimum wage contributes to (and helps cause) unemployment.



If you want to find what the TRUE market value of a minimum-wage type job is, ask yourself one question: How much would an illegal immigrant be paid to do the same work??



I DOUBT that an illegal would be paid 6. 75/hr to flip burgers. The effort to ensure that everyone can have a "living wage" through instituting the minimum wage only ensures that you can't "live" on the "wage" you get!!!
 
I have another take on this. Why don't these people who "don't want or need" this money donate it?



Wouldn't all that money do someone some good? I mean there are charities out there that need it. Red Cross, Goodwill, Star of Hope, and there are others. I had planned on using my "windfall" to buy a DT Trackbar, but it seems that the Red Cross needs that money more than I do. Here in Texas they helped out TONS of people in my area in '01 with Tropical Storm Allison, and now Claudette just blew through here and they have their work cut out for them.



And that's just the tip of their iceberg.



My . 02 worth.
 
Originally posted by duaneparks

I have another take on this. Why don't these people who "don't want or need" this money donate it?




Simple hypocrisy. The would prefer to talk about their values instead of living them out. They say they don't want or need it, yet they always seem to find a use for it-- perhaps donating to a Democrat to help them buy more votes?
 
Good Job Hohn. I have a member in my family that could wear the shoe you describe well. pitifull soul and one day She will reap the benifits of her reward. The wealthy for the most part will cry the river to the bank. and us common folks will smile as we pay our bills and earn our way. I sure am glad I am just a common folk. ;)
 
Funny thing about this unemployment problem. Our area of the Oregon Coast is considered to be hard hit, with unemployment above the average------------all the while our local grocery store nearly always has a help wanted sign in the window.

They can't get enough people to stop whinning about no work long enough to come fill empty spots.



Vaughn
 
I guess we should just send all those lazy whiners with no jobs to your area. Sounds like it is booming with good jobs to support a family on.
 
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