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Tax Cuts: A $70 Billion 'Giveaway' to the Rich?
Capitalism Magazine ^ | 1/11/06 | Walter Williams

Posted on 01/17/2006 4:01:07 PM PST by Mogengator

Republican and Democratic big government advocates whine about President Bush's proposed tax cuts, particularly cuts in the capital gains tax. They say it's a $70 billion giveaway to the rich. Listening to demagoguery about the rich, I've sometimes wished that we could find a humane way to get rid of the rich so that we might better focus on what's in the interests of the other 99.44 percent of us.

(Excerpt) Read more at capmag.com ...


TOPICS: News/Current Events
KEYWORDS:
For my money, Walter Williams is a genius.
1 posted on 01/17/2006 4:01:08 PM PST by Mogengator
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To: Mogengator
big government advocates ... ... say it's a $70 billion giveaway to the rich

how can it be a giveaway when it's simply the idea to let people keep more of their own money that the government had no business taking in the first place?

2 posted on 01/17/2006 4:06:02 PM PST by Palpatine (Every single liberal is now an enemy of the republic!)
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To: Mogengator

My man


3 posted on 01/17/2006 4:10:25 PM PST by R.W.Ratikal
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To: Palpatine

Because every years the government -- out elected representatives -- decided to buy a bunch of stuff. New roads, new military equipment, their own salaries, etc. etc. etc. ete. etc. etc. etc. etc...all that stuff has to be paid for -- more or less -- by someone. And, at the risk of sounding like a "class warrior," the less Joe pays the more John has to pay.


4 posted on 01/17/2006 4:16:03 PM PST by durasell (!)
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To: Mogengator

Milton Friedman and Adam Smith RULE


5 posted on 01/17/2006 4:20:45 PM PST by GeorgefromGeorgia
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To: Mogengator

Well lets see. I bought some land over 20 years ago with some hard earned reenlistment money. Kept it in good order and sold it last year for a tidy profit. The government's cut due to capital gains? $12,000.

Tell me again about tax cuts for the rich. Nothing cut for me except I would have paid even more before the cut in the tax rate.


6 posted on 01/17/2006 4:20:54 PM PST by PeteB570 (Guns, what real men want for Christmas)
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To: PeteB570

Last year my income was low enough that I paid no taxes at all. All State & Federal taxes withheld were refunded. My income this year is substantially the same.

However, this year I have sold some stock bought through my old employer's employee stock plan. I bought at $1.60 and sold at $20, so it looks like this year I will be one of the "filthy rich" the liberals are always complaining about. "Tax cuts for the rich" --- yeah, right!


7 posted on 01/17/2006 4:35:10 PM PST by BwanaNdege ("For those who have fought for it, Freedom bears a savor the protected will never know")
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To: PeteB570

The question nobody asks is, "Whose money is it anyway? Yours or the government's"?


8 posted on 01/17/2006 4:35:31 PM PST by bombthrower
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To: bombthrower

That's the question everybody asks all the time...


9 posted on 01/17/2006 4:37:03 PM PST by durasell (!)
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To: PeteB570
Tell me again about tax cuts for the rich.


Here's their trick. In the year you sold the land, you WERE "rich", on paper, by definition of all the gain you had. That is why the capital gains taxes can be (deceptively, but correctly) mostly affecting the rich.

On the other hand, if they looked at a 5 year average income level for those who pay capital gains taxes, you would get a more honest view.
10 posted on 01/17/2006 4:45:43 PM PST by Atlas Sneezed (Your FRiendly FReeper Patent Attorney)
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To: PeteB570

Same here, self employed don't seem to get any benefits from the tax cuts.


11 posted on 01/17/2006 4:55:04 PM PST by stopem (Think outside the Fox.....)
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To: Mogengator

Big concentrations of private wealth is one of the things that has made our country successful. Many companies require large amounts of start-up capital - if no one is able to invest this amount on their own or in small groups, then companies don't get formed, competition doesn't exist, and monopolies and big government rule the day.


12 posted on 01/17/2006 4:59:58 PM PST by Toskrin (It didn't seem nostalgic when I was doing it)
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To: Palpatine
The government doesn't give one penny to the rich. They only take money.
13 posted on 01/17/2006 5:14:32 PM PST by T. Jefferson
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To: T. Jefferson

yes, that's what I meant...


14 posted on 01/17/2006 5:17:24 PM PST by Palpatine (Every single liberal is now an enemy of the republic!)
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To: Mogengator

Eliminate the "earned income tax credit" which is nothing but welfare and they could lower taxes on the "rich" even more.


15 posted on 01/17/2006 5:21:51 PM PST by dalereed
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To: Mogengator

And how is Mrs. Williams doing?


16 posted on 01/17/2006 7:06:38 PM PST by Nasty McPhilthy (Those who beat their swords into plow shears….will plow for those who don’t.)
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To: durasell

The less Joe pays, the quicker he is to vote for "free" government programs which will be paid for by somebody else.

Our elections for the past 40 years have been a decision between competing handout packages.

Every year the recepients vote themselves a little bit more and the productive class is squeezed a little bit harder. The point of collapse will be reached eventually, and it won't be pretty.



17 posted on 01/17/2006 7:07:42 PM PST by CGTRWK
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To: CGTRWK

I don't believe it will collapse, but folks are going to have to understand that "stuff" isn't free. This may be a painful lesson for all concerned.

Sometimes I feel like the last fiscal conservative.


18 posted on 01/17/2006 7:43:49 PM PST by durasell (!)
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To: Nasty McPhilthy
And how is Mrs. Williams doing?

Que?

19 posted on 01/17/2006 8:56:24 PM PST by Mogengator
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