Cramer: Tax the Rich

Cramer says that millionaires should pay more in taxes. The tax cuts that president Bush put in place will be expired December 31 of this year. The democrats are fighting over whether to extend it or not. Republicans want the tax cuts to stay steady across the board while the democrats don't think that we should have them anymore. In my opinion, the government should extend the tax cuts. If taxes are raised in the U.S. then people will spend less of their money because they will not have as much disposable income. Also the rich will not have as much incentive to work as hard. A bigger percentage of their earnings will go to the government. The article says that the middle class makes about $250,000 a year. Cramer makes the argument that in big cities that is on the low side for middle class and it should be upwards of $400,000 to be considered middle class. Either way though, the tax cuts should be extended until more people get jobs and get back on their feet from the recession.