In my opinion, I don't like taxing the wealthy too much. It is those with higher incomes who will invest their money in to new business ventures which in turn will create jobs. Low or middle class just do not have the resources or capital to create jobs.We in the middle class and below can only hope ---
LOLI personally like Obama's "trickle up" poverty better.
My realtor used to work building yachts.LOL
I still like the quote I heard recently: "I've never been hired by a poor person."
Yeah, baby. Let's tax those rich people. Let's tax those job-creators. Let's tax those money spenders. Let's tax those people who have the knowledge and character to start businesses and get the money flowing around. Let's make it as difficult as possible for them to make jobs and spend money. As a matter of fact, let's make it bad enough for them so they shut down jobs and stop spending their money.
There.....now THAT will fix our economy!
My realtor used to work building yachts.
Back when they installed the "luxury tax"........you know it wouldn't hurt the regular people, just the people who have all the money.
So what happened? Well people didn't get (or keep) a lot of money by being stupid, they stopped buying those items.
So all the people building boats lost their jobs......the "rich" people kept their money. That was quite a few years ago.......but worth remembering. He tells me stories about how the bottom just fell out of the boat building industry.
Now Chuck there you go using logic again!!It's foolish to think any tax increase on the rich isn't going to be passed onto the consumers (i.e. middle and lower class--98% of the entire population) in higher prices. There is no tax increase on anyone making under 250 grand unless you use electricity, gasoline, heating oil, natural gas.....and unless you stop buying things that rich folks make...like groceries, medicines, restaurant meals, plumbing services, automobiles etc.....everything you buy ...tax increases on the rich get passed onto consumers and then some.
It will be Reaganomics that gets us out of this mess....
from the article referenced:
The history of the United States economy over the last 70 years can be roughly divided into two periods: the decades immediately after World War II, when inequality plummeted, and the past three decades, when global economic forces and government policies caused it to soar. Mr. Obama is setting out to begin a third period that looks more like the first than the second.
....Over the last three decades, the pretax incomes of the wealthiest households have risen far more than they have for other households, while the tax rates for top earners have fallen more than they have for others, according to the Congressional Budget Office.
As a result, the average post-tax income of the top 1 percent of households has jumped by roughly $1 million since 1979, adjusted for inflation, to $1.4 million. Pay for most families has risen only slightly faster than inflation.
Before becoming Mr. Obama’s top economic adviser, Lawrence H. Summers liked to tell a hypothetical story to distill the trend. The increase in inequality, Mr. Summers would say, meant that each family in the bottom 80 percent of the income distribution was effectively sending a $10,000 check, every year, to the top 1 percent of earners.