I used to hear folks say that the Bush Tax Cuts only helped the rich, to which I would reply that the Bush Tax Cuts only help those that pay taxes.
Unfortunately, the most common response was mental vapor lock.
I used to hear folks say that the Bush Tax Cuts only helped the rich, to which I would reply that the Bush Tax Cuts only help those that pay taxes.
Unfortunately, the most common response was mental vapor lock.
- - - - - - - - - - - - - - - -
Even Republicans in leadership positions are mostly incapable of arguing that tax cuts - even for the rich - help the economy.
It seems correct on its face to argue that the higher the taxes, the more money the government collects.
But it ISN’T true, and NEVER has been true.
In actuality, the rich simply put their money into tax shelters to protect their wealth, and actually pay LESS taxes. And meanwhile, the sheltered income isn’t creating jobs. So the government gets less money, and fewer jobs get created.
When you invest, you are taking a risk. And if you can’t get a sufficient reward for taking that risk, you won’t take it. And wealth and jobs don’t get created.
The simplest way to put it is to ask how many jobs have been created by poor people. The answer is ZERO.
Let’s say I’m poor and have a great idea for a new product. What has to happen next? Rich people have to decide to back that idea, so that the product can be produced and tested and marketed. And every step of the way, you need to have wealthy people who take a risk seeking profits.
And as a matter of simple fact, the more you tax the rich, the fewer risks they can take.
And your alternative is the federal government - which is taking in less money anyway due to the wealthy sheltering their money - proceeding to make one stupid decision after another which pisses away money that COULD have been put to better use had it stayed with the people who earned it in the first place.