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That's right!!! Cut those taxes 'til the wealthy scream in pain!!!
NO, NOOOOO, do anything ya want but jes' don't trowww me into another tax-cut!!!!
Posted on 11/24/2005 11:05:58 AM PST by nickcarraway
WHEN market forces cause income inequality to grow, public policy in most countries tends to push in the opposite direction. In the United States, however, we enact tax cuts for the wealthy and cut public services for the needy. Cynics explain this curious inversion by saying that the wealthy have captured the political process in Washington and are exploiting it to their own advantage.
This explanation makes sense, however, only if those in power have an extremely naïve understanding of their own interests. A careful reading of the evidence suggests that even the wealthy have been made worse off, on balance, by recent tax cuts. The private benefits of these cuts have been much smaller, and their indirect costs much larger, than many recipients appear to have anticipated.
On the benefit side, tax cuts have led the wealthy to buy larger houses, in the seemingly plausible expectation that doing so would make them happier. As economists increasingly recognize, however, well-being depends less on how much people consume in absolute terms than on the social context in which consumption occurs. Compelling evidence suggests that for the wealthy in particular, when everyone's house grows larger, the primary effect is merely to redefine what qualifies as an acceptable dwelling.
(Excerpt) Read more at nytimes.com ...
WHEN market forces cause income inequality to grow,
My B.S. Detector is all lit up.
Many libs don't get the connection between the rich spending their dough and other people making money because the rich spend their dough. If I'm not mistaken huge mansions are usually built by human workers. Those workers have to be paid. Libs refuse to acknowledge that most criticism of the rich is simply envy. Even though average Americans benefit from what the rich buy and build.
The rich consume in a different way -- mostly benefiting the "artisan class." Having several friends that work in artisan trades and once being somewhat affiliated with it, I can tell you that these are prime years. That is to say, there are a lot of $60,000 desks, $200,000 paintings and $500,000 pieces of jewelry being sold. How good this is for the economy is questionable.
Yep! Like I always have said, let me have a shot at the money they spend and I'LL PAY THE TAXES!
If the rich save their money, I borrow it at lower rates. If the rich invest their money, I get a better job from their investment dollars. If they spend it on consumer goods, I get to make it or sell it to them.
No surprise that the NY Times gives this lunatic a forum.
If it is true that "Sometimes, a Tax Cut for the Wealthy Can Hurt the Wealthy", would the NY Times not be in favor of them?
Kind of like when the NYT decides that we've forgotten that Kerry served in Vietnam.
In a sense, the CBO actually is nonpartisan. After all, the CBO is 230 beltway PhD's who are being paid to justify congressional spending regardless of party affiliation. I guess the beltway does weird things to people's thinking. Anyone's thinking, and why not? Hell, if they paid me say, $10 billion, I'd be willing to 'prove' that 2+2=5 and I'd even believe it enough to pass a lie detector test.
[sigh] Don't I wish.
As they say, it's good work...if you can get it.
That's right!!! Cut those taxes 'til the wealthy scream in pain!!!
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That's right!!! Cut those taxes 'til the wealthy scream in pain!!!
NO, NOOOOO, do anything ya want but jes' don't trowww me into another tax-cut!!!!
The rich still buy land and build houses and whatever. That land and those houses and whatever are developed and built by working men and women who make good money off what the rich buy and build.
Yes, but there are limited houses that need building. That said, I have a friend who makes a good six figures here in New York doing renovation. It's the kind of job where they send him to Italy to pick out the marble for a bathroom renovation that may cost sixty or eighty thousand. Wood is also a big thing. Another friend works for a high end furniture manufacturer and they can't hire people fast enough, at any price. They've taken to bringing guys over from Europe who know about rare woods, stains, and other manufacturing techniques.
These are great, well paying jobs, but there isn't enough of them to boost the economy nor the expertise to support those that exist.
I guess we first have to talk about who are the rich. If they're people making from one hundred to two hundred thousand clams a year like libs believe the rich class starts at, then many average income people prosper from those "rich" people. Housing developments around the Twin Cities area, which is the closest big metro area to me, are exploding. Even into Wisconsin where I live because the well-off need space outside the environs of the Twin Cities. If you mean the superrich, the multi-millionaires and beyond, then I can't argue because I don't know any superrich people and what they buy.
Ha! We differed in definitions of the rich. Honest mistake.
The people buying the services and products from some of my friends probably have net worths of $10 mil and up. And there are more of them in NYC than you'd think. The problem with them -- economically - is that they spend their money inefficiently (to benefit the economy).
The people making a couple of hundred thousand a year in salary are solidly middleclass. And yes, I've seen the explosions of metro areas in other parts of the country, like Vegas and DC.
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