Wednesday, November 16, 2011
How the GOP Became the Party of the Rich
Due November 28, 2011. What are the economic realities of what the GOP proposes? How does the creative slashing of specific taxes benefit the wealthiest 1%? How do these slashed taxes benefit the middle class?
Subscribe to:
Post Comments (Atom)
GOP proposes that the rich "the wealthy should grow wealthier still, whatever the consequences for the rest of us." They suggest that the wealthy should always stay wealthy, and the non wealthy should suffer consequences. The taxes benefit the 1% by not having to pay much taxes at all. The middle class isn't really benefiting from the minimum taxes that the rich has to pay.
ReplyDeleteRepublicans want to aid the wealthy Americans. The graph shows us the relationship between the average income and average tax paid by the 400 richest people. Their income has tripled from 1996 to 2006, however, the amount of their tax remain about the same. The tax that top 1% has to pay is nothing compared to the income they earn. This is clearly not the case for the bottom 99%. It is very interesting that "Today, a billionaire in the top 400 pays less than 17 percent of his income in taxes – five percentage points less than a bus driver earning $26,000 a year." The politicians really need to improve the tax policy in order to save the economy.
ReplyDeleteThe economic realities are that the wealthy will continue to grow more wealthy and powerful. The measures that are being proposed by the party will only serve to benefit the wealthiest group of Americans. The cut of taxes enables wealthier individuals to hold onto a greater percentage of their money and continue to make even more money. This article mentions that the "average annual income of the 400 richest Americans has more than tripled" since their tax cuts. The middle class is not benefiting from this practice as the middle class is paying a larger percentage of income for federal taxes. The majority of Americans (the 99%) need to be paying less of their income to the federal government. The tax code needs some major reforms to help out the majority of struggling Americans.
ReplyDeleteThe economic reality of the GOP suggestion is that he 1% will remain powerful and wealthy while the 99% suffers. The taxation benefits the 1% because they only pay a small sum of money that is minuscule compared to their income. Meanwhile, the 99% pays a large amount of their income. The taxation policy needs to be changed in order to lessen the gap that is widening between the rich and poor.
ReplyDeleteThe GOP reality is that the one percent will continue to become wealthier. The creative slashing of specific taxes benefits the 1% because they have to spend even less money on taxes and they retain their wealth even more. In theory, the slashed taxes should create more jobs for the middle class because the 1% has more money to spend on creating those jobs and hiring people, but in my opinion this wont happen.
ReplyDeleteThe GOP reality is that the rich will keep getting richer. This represents the inequality among America and the uneven distribution of wealth. The tax cuts ensure that the wealthiest 1% have to give up such a small portion of their income while the rest have to give up more sizeabel portions. I don't really think that the middle class gets any benefits from this because the bulk of the taxes now fall on them.
ReplyDeleteI found this article to be quite amusing. The Republicans have become the wealthy politic party and as of right now, they really only want to benefit the wealthy 1% of the nation. Since the Republicans and Democrats are the two largest dominant political parties in America, both parties need to compromise on the deficit. Since there is no resolution, the Republicans will continue to earn even more money without paying the appropriate amount of taxes for their income. The 99% will continue to have problems and the deficit will continue. The slashing of taxes will benefit the wealthy by allowing them to keep increasing their incomes while not paying taxes. The graph shows how over the years, the amount the wealthiest 400 Americans have made as increased while taxes have been stable for them. AKA loop holes are to blame. For the middle class, the slashed taxes would only harm them. Since the gap between the rich and the poor is widening, the middle class is starting to disappear, classifying those families and people as poor.
ReplyDeletein reality, the GOP proposes that the wealthy should only grow wealtheir as the 995 thats left are left to fend for themselves. The tax slashing ensures that the weaslthy only give up a small portion of their income in comparison to the middle class that must give a larger portion of their income. The tax cuts give little benifits to the middle class. In conclusion GOP only wants to cater to the wealthy 1%
ReplyDeleteThe reality of what the GOP propose is that the rich keep getting richer no matter what happens to the middle class and the poor. The specific slashing of the taxes benefit the wealthiest 1% because they have to pay a very small portion of what they make. They don't benefit the middle class because it is a much larger portion of their income.
ReplyDeleteThe economic reality of the GOP's proposition is that their tax burden falls while their income triples. Furthermore, this campaign hinders the rest of America as it "tank[s] the economy" and creates higher taxes for middle-class taxpayers and the poor. They receive little to no benefit from the slashed taxes except for the in-the-moment thought of paying less although it affects them negatively in the future. Meanwhile, the slashing allows the 1% to increasingly pass on their wealth on to their heirs tax-free.
ReplyDelete