The top 50% were those individuals or couples filing jointly who earned $26,000 and up in 1999.
Are you "rich?" Did you (or you and your mate) make over $29, 000 last year? Well if you did you are considered rich by the Democrats in the United States. You don't deserve a tax cut. You're "rich" after all.
What is the sad news in all of this? Many of you right now participate in class envy and believe that tax cuts are only for the "rich." You believe there shouldn't be tax cuts because it won't benefit you or yours! Nothing could be further from the truth. Most of you are the "rich." (Well according to Liberals you are the rich.)
Sure the "rich" will get a tax cut if you do, so what? They earn their money too. Many of them make decisions that keep your company in business, that's why they earn the big bucks. Many are entrepreneurs. Tax cuts benefit entrepreneurs by allowing them to reinvest and expand their business creating more jobs. These are jobs in their business as well as their vendors businesses. It has been proven that if you allow businesses to expand, tax revenues actually go up because tax cuts allow the business to grow. It is an exponential mathematical fact that can be proven with numbers and has been proven in the real world. (This is where you do your research. Don't believe me, find out for yourself but be sure you look at several sources and generally stay away from government sources.)
Here are a few quotes from other sources:
"The bottom 50% is paying a tiny bit of the taxes, so you can't give them much of a tax cut by definition. Yet these are the people to whom the Democrats claim to want to give tax cuts. Remember this the next time you hear the "tax cuts for the rich" business. Understand that the so-called rich are about the only ones paying taxes anymore."
"The all-out attempt in the media to scare us away from tax cuts was epitomized by a Newsweek cover with the caption: "Bush's $1.6 trillion gamble." In other words, it is a gamble to let people keep their own money, but apparently it is safe to put that money in the hands of Washington politicians."
The tax cuts of the 1980s cut the tax RATES. This did not reduce the tax REVENUE that came into Washington. More tax revenues were collected in every year of the two Reagan Administrations than had ever been collected in any year of any previous administration in history. Congress just spent all this money -- and more. That is why there was a deficit.
An Article you should read: http://www.capitalismmagazine.com/2001/february/ts_tax_living.htm