Why does McCain believe individual's who make over $500,000 per year need tax breaks at expense of government?

Question

Last I look people who make over 500k a year don't need all that extra cash to survive, that money would do better funding helping our government fix the economy and give money so other people can reach the american dream like they did

them sitting on all there money isn't needed especially at that level of income, they don't need it just so they acn buy a new BMW or house that doesn't help the economy that only helps themselves and the rich get richer

Answer 1

We need to give them incentives to use their money wisely!

Giving people tax breaks for investing fuels the economy.

What you tax - you discourage.

-----

Besides - those who make that much money already pay a much higher rate than you & I.   So if they pay 40% while you pay 25%, but the conservative want to lower their rate to 35%, they are still paying a higher percentage than you, but you think they are getting more tax breaks.

Answer 2

McCain WORKS for the rich.  They're the ones who lined up the money behind him.  He's on their side!  

The main item of the Republican Agenda is the concentration of wealth. This means cutting taxes for the rich, and building up debt that will be paid for by the middle class.  It means destroying what we call 'social mobility', the chance for poor or middle-class people to rise to wealth.  The rich are HEROES to these people.

And besides, Jesus loved the rich, didn't he?  Jesus HATED poor people.  He thought they were lazy and worthless.  So it's also part of McCain's religion.

I don't know who said it but truer words were never spoken--To vote Republican you have to be either a millionaire or a fool.

Answer 3

People who make over 500k already are taking advantage of huge tax loopholes and financial perks that come with that level of wealth..

Just another example of how McCain is out of touch with the average American.

Answer 4

And what "tax breaks at the expense of government" would you be talking about? Are you confusing tax rates with tax payments? The current tax rates seem to be close to optimal for maximizing tax revenues.

I'm not, and never have been, close to that income level, but I do have enough income to know that I'm not going to kill myself and take a lot of risks if the marginal return expected is too low. There's just no sense in working extra if I don't get to keep the bucks. Increasing rates changes economic behavior, so "soaking the rich" primarily has the effect of stifling the economy, hurting the rich a little, by their own choice, but also hurting the rest of us.

I'd be willing to bet you work in a job that pays time-and-a-half overtime, but you expect others to be happy to work at half rates instead of full "wages" in similar but higher-bracket circumstances?

Answer 5

Because he is a true representative of the rich and therefore, does not believe in progressive taxation.

Many people have forgotten the reason why the rich should contribute a bit more to the country. They take more benefits from it than the middle class. Their businesses use the roads, utilities and ports. They employ people educated in the public school system. They invest in markets which are regulated and protected by the US government. (remember how rich people jumped out of buildings when the stock market crashed in 1928?).  

Answer 6

McCain is a Republican.

Answer 7

he probably feels that was(if it is true) because it is their money,they earned it and they should keep it,if you think the government can do better job with it you are mistaken

Answer 8

Sorry, but those people who make 500,000 don't  NEED that money.

Secondly, lots of those people DIDNT earn that money, they merely took advantage of people. Think, these people are probably CEO's of companies.

Finally, yeah, McCain does seem out of touch with the average american. Last time i checked the average household income was under 50,000

Answer 9

buying a house or a bmw does help the economy spending helps everyone. when people stop spending which means buying things then people lose their jobs .basic economics101

Answer 10

In an interview McCain defined rich as 5 million.  

The only reason that McCain would feel that way is if the supporters/contributors/PAC's want it that way.

Answer 11

Because he's a Republican, and that's what they usually like to do- tax the poor, and give tax cuts to the richest 3% of Americans.

Their excuse is this lie about the trickle down theory, that CEO's and business owners will pay more money to their employees with the extra cash. Yeah Right!

Answer 12

The people that make $500,000  a year...good for them..they obviously worked hard....had a patent...had family....and still worked hard.....Capititalism makes a person.  not socialism.  Ask Oprah.

Answer 13

He doesn't

Answer 14

This is NOT, I repeat, NOT a socialist country. Those people who work hard and earn $500K a year SHOULD be able to buy a new BMW if they want to. Why don't you blame the lazy people that milk welfare for all it's worth? They drain much needed resources and they give NOTHING back. Those people that make $500K a year fund city services (roads, police, fire stations, schools, etc.). They should not be made to ensure that our economy is great by giving everything they earn. What's the point of making something of yourself if when you do you aren't even allowed to enjoy luxuries?