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Originally Posted by JimMorrison
In fact, they -increase- spending.
Of course, there are some who would argue that increasing wages is not indicative of a growing economy..... though, they are the same people who claim that providing tax breaks to the rich bolsters the economy, and leads to higher wages.  |
Providing tax breaks to the rich won't bolster the economy or provide higher wages. Increasing minimum wage has not improved the lives of those working minimum wage as the rest of the market adjusts upwards as well... the $1 menu's from fast food restaurants have been disappearing as a result. Another bad side effect of increasing minimum wage is other businesses don't match the increase... thus if you're earning $6.25/HR and minimum wage is increased from $5.00 to $6.15 you're out of luck and closer to the poverty level.
Quote:
Originally Posted by JimMorrison
I think these figures are a bit misleading though. I'd venture to guess that under the Republicans, the top 5% does better than the NYT table shows, but through deregulation and tax loopholes, are more able to hide their income, during those administrations. :P Then when a Democrat takes office, they add some regulation back in, forcing the rich to declare more of their income.....
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Bill Gates found a way to pay zero in taxes for 1999 so those Democrats do a
terrible job getting him and others at his level to pay taxes. If the Democrats were serious about improving the tax system they would attack the existing loopholes.