Do wealthy Americans spend their tax cut savings in America or overseas?

Asked By: ms_wheedler - 2/8/2009
Best Answer - Chosen by Asker
The richest 1% have gotten richer in the past 8 years and paid the least amount of taxes in decades. Despite all this accumulated wealth that was supposed to spawn investment and job creation, it has not done anything for the economy. They have not started companies or gone into venture capitalism... More
Answered By: realst1 - 2/8/2009
Additional Answers (11)
Wealthy Americans are not going to get tax cuts.
Answered By: Patricia C - 2/8/2009
That's like asking do we spend our money here in the US or overseas when we shop at Wal-Mart
Answered By: Mark G - 2/8/2009
obvious they don't spend their money here or we would have it circulation & not need to have a stimulus. Poor people spend all their money here unless they are supporting a family overseas. We need to do something about that but it isn't the amount of money that the rich spend.
Answered By: celebrate - 2/8/2009
Don`t know...I`m sure the Clintons,Reed and Pelosi do
Answered By: charlie s - 2/8/2009
Answered By: need to know - 2/8/2009
ain't gonna be any by the time the "Obamanator" gets through with would be wise to be very, very wary of him, for he is one of the most SCARIEST, POWERFUL and DANGEROUS men you will ever encounter, BEWARE!!
Answered By: violated2 - 2/8/2009
Overseas. Caiman Islands to be precise.
Answered By: Herb - 2/8/2009
I don't know where they spend their money. We all know where they hide their money. In off shore accounts.
Answered By: Leni C - 2/8/2009
They use it to pay down the mortgage and eliminate debt. That's one reason why they're wealthy. By the way, according to the Nancy Pelosi, Harry Reid playbook, anyone earning over $50,000 is considered wealthy. And after Obama's last 6 attempts at cabinet appointments, I don't think the Democrats have any right to... More
Answered By: DosCentavos - 2/8/2009
Good question. Actually, history has shown that when wealthy people get tax cuts, they (wisely) tend to save that money and/or use it to pay down debt. That may benefit them personally, but it does nothing to create jobs, or help the economy as a whole... More
Answered By: El Guapo - 2/8/2009
I would say both, but probably more in the US, and not for patriotic reasons, but because the merchandise is cheaper.
Answered By: Dr.John L - 2/8/2009
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