And the generic sentiment about how horrid it is to "cut taxes on the rich" ignores the fact that taxes almost exclusively impact "the rich" as about 40% of the population pays essentially zero taxes. It's very difficult to cut taxes on those who do not pay them.
Income tax is actually quite low for even a significant amount of the 60% above that no-tax line.
It also ignores the fact that a significant amount of those in that 40% actually get paid credits back at tax time that they didn't pay in. That phenomenon is so well known that January-April sees a significant spike in Xbox and big screen TV sales from that money the government injects into the economy using EIC and other refundable credits.
Ultimately I'd rather see people who are investing in building businesses that hire people to get tax cuts, as those can meaningfully impact the economy. Our current tax scheme of high corporate tax and high personal capital gains tax directly disincentivizes investment and economic growth.
Personally I would draw it at an income where someone living within their means can afford to raise a happy, healthy, well-educated family and provide all with proper dental and medical care, including responses to unforeseen and serious emergencies, without being financially destroyed, and go on to retire in relative comfort.
Beyond that, you and I have deep ideological differences that I hardly think are worth airing in an internet forum, and I'm not going to bother.
Most people would disagree with your definition as well, that's normal middle class, not rich. And most of them don't pay much in taxes either.
Well, I didn't say you said that, so we're good. I'd say I more implied that you implied it.
> Most people would disagree with your definition as well, that's normal middle class, not rich.
Yes, that does sound more like a middle class lifestyle than a "rich" one, doesn't it?
> And most of them don't pay much in taxes either.
Most of who? A hypothetical middle class that meets my (possibly flawed) criteria for richness, or an actual middle class as defined by some percentile spread about the median household income?
What rate of taxation is "much in taxes"?
That's pretty reasonable. It's also hard to cut a number that small.
When you get into paying 50k, 100k+ in taxes, then a percentage tax cut will appear much larger.
I know plenty of people who have about 2k withheld throughout the year and then get 5k-15k "refunds" at the end of the year. That's what I was referring to with the xbox and tv comment, those refunds are often spent that way.
Because that is their goal, they want government to work badly. So they obstruct change and improvement. Any system of laws needs to be changed as loopholes are discovered to improve the law. We can’t do that in the US because billionaires own one of our two parties.