Someone help me understand.
I've always been relatively conservative in most my views. In particular the financial conservatives always made more sense to me than the liberals, but then I heard a conservative talk show host try to make a case against raising the tax on the rich by saying that 5% of the population is currently paying 95% of income tax ... fail.
If that is the case then raising the tax on that upper 5% by 5% will generate as much income as doubling the tax on the rest of us. Right?
Now I live in a nice neighborhood and I've seen that there is a big difference between how a millionaire and a trash collector live in this country. A big enough difference that I don't think that inching up the doctor's taxes by 5% is going to create nearly the work disincentive as doubling the tax on the trash collector.
Could Obama be right about the "rich" tax? Someone set me straight - if you can.
I've always been relatively conservative in most my views. In particular the financial conservatives always made more sense to me than the liberals, but then I heard a conservative talk show host try to make a case against raising the tax on the rich by saying that 5% of the population is currently paying 95% of income tax ... fail.
If that is the case then raising the tax on that upper 5% by 5% will generate as much income as doubling the tax on the rest of us. Right?
Now I live in a nice neighborhood and I've seen that there is a big difference between how a millionaire and a trash collector live in this country. A big enough difference that I don't think that inching up the doctor's taxes by 5% is going to create nearly the work disincentive as doubling the tax on the trash collector.
Could Obama be right about the "rich" tax? Someone set me straight - if you can.