CentristFiasco
Member
- Sep 30, 2011
- 240
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- #21
I took the time. Let me ask you a honest question: do you really think a rich person will pay taxes at those rates? Cuz I don't think so, I would say you'd have the following outcomes:
1. Rich people would make huge donations to tax free foundations, municipal bonds, and any other tax shelters, instead of investing that money in new businesses that are main driver for creating jobs. Result: at best more of what we got now, skating along on the cusp of another recession. I think it'd be more likely that a new tax policy such as you outline would be enough to crater our economy.
2. Or maybe they invest overseas, creaing new businesses and jobs somewhere else and keep the profits over there to avoid your high taxes. Same result. Some of 'em even sell out, pack up, and leave the US altogether. You sure as hell aren't going to attract foreign investors to come here, I can tell you that.
3. Some rich people would defer compensation to the future when your tax rates are reduced by a super majority on both houses of Congress and a republican president. Which would be as soon as the next election, and the democratic party would be set back for a generation.
Many liberals think fondly back to the days in the 1950s when the marginal tax rate was 91% and dream about returning to those wonderful days of abundant revenue. Think of all that extra money we could spend! Only one problem - total federal revenue during those years hovered between 18% and 20% of GDP, and the lib/dems want to spend closer to 25%. So, you raise the rates but guess what, you ain't going to get the extra money you think you are. The rich people just ain't going to pay it, they'll hide it, put it overseas, or whatever.
The rates in my tax code for individuals is beyond balanced especially since the majority of Americans aren't solely single. I don't think most of you guys realize the sheer bi-partisan look my tax code is.