Income Tax, Global Economy, University Tennessee Senate discussed on The Brian Joyce Show


Cuts in the bay bill this of course is the million dollar question does it support does it benefit middleclass working families or does it benefit the rich now of course democrats and also just a lot of independence have been saying this is nothing but another handout bag to wealthy americans who don't need any more cuts than they already have but no republicans are sticking to their guns saying this is a bill that's going to benefit everybody well you know forty percent of the income taxes paid by the top 1 percent people who inherently make more money tend to pay more money there are a lot of loopholes that they have but nonetheless the higher income the more you pay so if you if you have a reduction in income taxes disproportionately the benefits are going to go more chew upper income people almost forty five to fifty percent of people do not pay he a federal income tax at all they have earned income tax credit or they don't make enough to pay income tax so they're not directly affected by this bill on those that that do benefit the most are the wealthy and i think there's a lot of concern justifiably so about income inequality in our country that's much more of a problem than it's been in the past and and many people have been left behind as we went to a global economy and an and the traditional manufacturing were agriculture or a lot of jobs it existed in the past that provided a middleclass living don't exist anymore silver people middleclass have felt like they've been left behind in too many cases they have so the idea of giving bigger tax breaks to those who have already disproportionately more it is not appealing and the idea of cutting corporate taxes to businesses that are seen as big businesses not appealing it that's a think the politics of it i do think that there will be some stimulative a fact uh you know just today the university tennessee senate for business economic research was saying i think maybe in tennessee there could be as much as a threetenths of.

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