What is the advantage or reason that McCain wants to extend the Bush Tax cuts?

Question

Every time America enters a war, there has been a tax increase to fund the cost of soldiers and equipment mobilization. The equipment required to mobilize in Iraq, is the largest war expense in American history. And yet there was a tax cut on the top two percent of Americans and no other tax increase? Currently America owes between 600B-1 trillion dollars to debt, along with our weakening economy. Of this debt 48% is owed to China and Japan. To make up for this deficit and still maintain a state of war, McCain would have to cut almost every program in the US government. Why have these tax cuts at a time of war? How do they make any economic sense and why should we have them?

Answer 1

Believe it or not, those tax cuts helped EVERY CITIZEN having to pay taxes in this Country.  Should they not be reinstated each and every tax  payer will be looking for an additional $3000 in taxes.  DO YOUR RESEARCH.  It was not all about Corporate tax cuts, it also lessened the ordinary citizens tax burden.

Answer 2

See: https://www.cia.gov/library/publications... and: http://www.brillig.com/debt_clock/

Accordingly, the national debt is LESS THAN ONE YEAR'S INCOME. (How many individuals have such a low debt ration?)

Why does McCain want to continue the tax cuts? Frankly, I have not heard one way or another, so don't know if it is true or not. However, Kennedy, Reagan and others have stimulated the economy by CUTTING taxes.

As to raising taxes during wars, I am a senior citizen and EVERY YEAR we have been at war, somewhere. While the major ones were WWII, Korea, Viet Nam and Iraq/Afghanistan, there were hundreds of others. (Just see the VFW magazines; they give a lot of data.)

See also: http://www.federalbudget.com/ where the money goes...Personally, "education" is not giving us our money's worth. I can't remember when is the last time I have spoken to a person who understands proper English, and supposedly these folks are "Americans"! Schools just do not do their job; they always want more money, more money, but they don't produce.

So, obviously, a lot of cuts could be made that would not only stimulate the economy but also reduce the debt. I elect "education". (Of course; see my "name".

The most LOGICAL move would be to quit allowing the fabulously weathy to NOT pay any income taxes whatsoever. If a person has an income of $100,000 or more, they should pay AT LEAST the same percentage that WORKING people have to pay. And quit allowing companies to "outsource" jobs overseas; quit allowing them to reap record profits and NOT pay any income taxes.

If the wealthy and the Big Corps were to pay their fair share, that alone would wipe out the deficit in ONE YEAR!

Or, if we FORCE the ILLEGALS out of the country, that would be a big help. They send $40,000,000,000 ($40 BILLION) a year back home, plus the many billions they cost us in welfare, medical, housing, etc. $40 Billion is just a "drop in the bucket" compared to a deficit of $9 TRILLION, but it would be a big help.

Quit buying at Wal-Mart (the single biggest importer from China); BUY AMERICAN!!!

Saying Iraq is the most expensive war is meaningless; if you go back a mere four centuries, you could have built an entire castle, labor, materials, and all, for less than $100! in Wales. (moat included)

I agree something needs to be done; search the news for all the waste of the Federal Government; but, don't stop there, check the state and local governments for their waste.

How many times have you seen them completely redo an interstate highway, and in less than 3 years, with no potholes, bumps or anything else, they tear it up and completely redo it? Some roads are never fixed; some roads are fixed when they aren't broken. Take it nationwide and THAT could pay off our deficit.

We don't need to increase taxes for everyone; WE DO NEED TO INCREASE TAXES FOR MILLIONAIRES, BILLIONAIRES and big business.

Answer 3

Economy and McCain exist in parallel universes. He simply does not understand any of it. Zero. The extension of tax cuts is primarily to secure at least some support of his own party. There is no other reason.

The guy just wants to wage wars. Indefinitely. And, maybe, he's goot at that. The cost... h**l with it, we'll print more money.

Answer 4

You've got the right idea, but it's worse than you think. The federal debt is over $9.5 trillion. TRILLION!!!

Your smaller number is the current annual rate of deficit -- how much is being ADDED to the total debt each year.

This is why I keep harping on the idea that taxes (and tax cuts) just don't matter much. Democrats make us pay for spending with taxes; Republicans make us pay for spending with debt. But the REAL problem is the spending in the first place -- and neither party has any ability to curb government's appetite for spending.

Answer 5

cuz he sux

Answer 6

Because his rich sponsors require a payback for their contributions.

Why else was he against Bush's tax cuts when he didn't need the corporate CEO money and now he's for them when he needs donors?

Bush's tax cuts were spread as follows (includes income, capital gains and estate taxes)

Poorest 20% got $66 back (1.2% of their tax burden)

Next poorest 20% got $375 (6.6%)

Middle 20% got $600 (10%)

Upper 20% got $1026 (18%)

Richest 5% got $53,123 (29%)