Let Me Say it Again: Rich People Don't Pay Taxes
September 24th 2008 01:49
They just pass them on to the middle class and poor, in higher prices, fewer jobs, slower salary growth, etc., etc.
You overtax a small business owner, then he doesn't open that second store and employ more people. And a HUGE portion of the people "making over $250,000" is small business owners.
There was a luxury tax imposed under Carter. The rich stayed rich, but factory workers at luxury car, yacht and jet factories lost their jobs. Plane washing companies laid people off. The rich bought less and built less.
Does this mean the rich pass tax breaks on? Not 100%, but with lower taxes, competition forces them to eventually maintain their margins. It lets them expand.
The top 25% of incomes in this country account for 70% of the spending, which drives jobs and the economy. Less taxes for that bracket means more spending, creating demand for products and jobs.
So, we pay taxes FOR the rich. They're rich because they both know how to MAKE money, and how to HOLD ON TO IT.
You overtax a small business owner, then he doesn't open that second store and employ more people. And a HUGE portion of the people "making over $250,000" is small business owners.
There was a luxury tax imposed under Carter. The rich stayed rich, but factory workers at luxury car, yacht and jet factories lost their jobs. Plane washing companies laid people off. The rich bought less and built less.
Does this mean the rich pass tax breaks on? Not 100%, but with lower taxes, competition forces them to eventually maintain their margins. It lets them expand.
The top 25% of incomes in this country account for 70% of the spending, which drives jobs and the economy. Less taxes for that bracket means more spending, creating demand for products and jobs.
So, we pay taxes FOR the rich. They're rich because they both know how to MAKE money, and how to HOLD ON TO IT.
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