Today Glenn Beck was the best show I’ve ever seen. I must admit I don’t watch it that much. But obama’s daddy wrote an article saying the government has the right to tax the wealthy at 100% as long as the government provides them with the service they need.
Are people just too stupid to understand that when you don’t make money on your investments you stop investing?
Believe it or not, but here in these great Unites States Congress passed just that measure in 1930s, raising the top marginal income-tax rate to 100%. Apparently on advice of Morgenthau, Roosevelt decreased it to... 90%.
It did not occur to our elected representatives that nobody would work passed the threshold if all his income is to be forfeited.
“But obama’s daddy wrote an article saying the government has the right to tax the wealthy at 100% as long as the government provides them with the service they need.”
Here’s one that makes you angry:
A letter printed in the USA Today the other day lamented the fact that the rich are ONLY taxed on the first $100,000 of their income for Social Security. He wants to tax them for their entire income, yet make a cap so they can only collect the maximum that is in place now (about $15,000 annually)!
The justification? The fact that the rich are paying the LOWEST taxe rates in the last 75 years (well yes if you include the 92% upper tax rate in the early 1960s)!
I don’t get into Left Vs. Right personal discussions but when I hear someone saying the rich are greedy and don’t pay their share I ask, “Is it greedy to make your own money legally and want to keep it or for someone to have it taken away from another without doing anything to earn it?” That is the definition of greed, in my opinion.
And it isn't even like there is a cut off point, people will invest less to the exact degree that government taxation makes the risk outweigh the benefit.
Risk two million dollars on an investment, and if you make a million, Uncle Sam gets over 50%? You take all the risk, and US takes over half the profit? Well how risky is the investment and how much is the return, and maybe now I should not invest.
Saw that. It was a good show today.
I wonder if these tax and spend libs will ever get a clue. The parasites always eat the host. The host dies. So, what are they gonna do when they have bled the haves, halfway halves, little bit haves, and the “I’m working my butt off so that I can be a have someday” completely dry?
Just 100%? Can't they squeeze out more? Tax their heirs maybe? Hmm, isn't that better described as 'theft'? Provide them the service they need? What - put them up in public housing and 'provide' them public assistance? Basically take all they have and them provide them a small allowance to live on? I'm LOL at his logic. Except when I remember that there are those who read and agree with him. Mugabe's constituents know of this government 'right'.