Home > Debate Club > Do the Rich Pay Their Fair Share in Taxes? > Blame Budget Shortfall on Tax Cuts for the Rich

Blame Budget Shortfall on Tax Cuts for the Rich

The steep drop in federal tax revenue was caused by cuts in the tax rates for the very wealthiest

Reader Comments
Back to argument

Mmmm. Nope. 2/3rds of the bush tax cut went to people with income less than 250K. egro most of the deficit of that was for the majority of Americans. Now add back in these same middle-lower income class americans take the lion's share of goverment benefits gives your the deficit problem.

Matt of NJ 7:20PM October 04, 2012

How much of your salary did you give the government and how much do you think the so called "Rich "people should give the government. 40%-50%-60%-75% like it was under Carter?

I'm offended when the government suggests that they are better at spending my money than I am. $1 in the hand of the private sector is far more productive than $1 in the hands of the government. Name one thing the government does better than the private sector? I guess the outstanding job they do at the DOT will be the type of customer experience we can expect with government run healthcare.

Mark Douglas of GA 5:15PM July 11, 2012

Why not go with a 1% consumption tax on everything. Those that buy the most pay the most. Basicly, the rich spend more on stuff the common person could not even dream about. And quite possibly they may bring jobs back to the U.S. when the cheap made imports keep falling apart. China has an import tax on our goods of 25%, while we charge them 2.5%%? Let' s get this Globalization right!

Ed Murphy of MI 7:49AM December 21, 2011

Instead of the upper 10% carrying almost all of the tax burden would it not be better if the 50% that pays nothing but enjoys all of the benefits of others hard work pay a fair share. Lets say 15%. Then we can all contribute and help lower the deficit. Although major spending cuts will have to occur. The milk cow can only give so much milk.

Bill Noble of NC 6:10PM December 20, 2011

I'm a simple guy. I like to talk in dollars...just dollars.

Leaving all of the percentage hocus pocus behind, federal income tax revenues-all sources- has climbed from around $1.55 trillion/yr in the mid 1990's to a peak of ~$2.7 trillion/yr right before the recession in '08 to around $2.3+trillion/yr now. This is a 48% increase by anyone's measurement.

Spending has outpaced this revenue level today by ~$1.2+ trillion+/yr.

So, tell me, isn't the argument really about institutionalizing a ~$3.5+ trillion annual spending level?

We have NEVER collected more tax DOLLARS than we have in the new century.

We have never SPENT more DOLLARS either.

Progressives believe-- too much-- in their own altruism.The system of professional politics is no place to practice it.

The federal government has a lot of money. It's time to reign in its appetite for more.

Can We Talk? of GA 9:53AM December 18, 2011