I suspect this is fabrication.
There, fixed it.
I think the old saying is charity begins at home. These folks should get their State and City in the black before they talk about raising federal taxes.
Now, France has a wealth tax; not just an income tax. A true tax on wealth would have these people joining the Tea Party.
In the meantime, laissez les bon temps rouler!
Few if any of the Leftist a-holes who are yelling for higher tax rates would ever pay more taxes than they have to - they are just calling for higher taxes on others, not themselves.
These retards should just send in all of their wealth first, as an example.
Obama is proposing raising taxes on the rich from 34% to 39%... make them feel like they are real GIVING Americans and kick that tax hike up to 50%. Then they can ALL send "thank you" cards to Obama.
Higher income taxes protect the entrenched wealthy interests that have market share in their respective fields. You name the industry it doesn’t matter. Internet. Textiles. Automotive supplies. Food Services. Household goods. Recorded Entertainment. Retail. All of these sectors already have mega-sized corporations that have massive market share. They were able to grow their companies because they could reinvest profits. And today the small guy has a hard time gaining market share.
By raising income taxes, the smaller companies will have a harder time competing, investing, growing. Do you think Levi Strauss will be hurt by high income taxes? No. But Widget Jean Company will be, because Widget Jeans is a small business trying to grow. The more Widget pays in taxes the harder it will be for it to compete with the big company. Levi already owns a lot of fabricating machines, warehouses, trucks, inventory etc. They can operate at breakeven and do just fine. Widget Jeans can’t operate at breakeven, not if it wants to grow. It needs profits year after year to invest in property, equipment, and other capital costs.
And that is one reason why these hotshots don’t mind advocating for higher taxes. They are already wealthy! You could tax their income at 100% it won’t matter because they are already super rich, they don’t need income. And besides they don’t depend on regular wage income to survive and thrive. They live on the assets they have already accumulated, they live on their savings and dividends and returns on investments which are taxed at a much lower rate, so they don’t care if their competitors get hurt by changing the code that benefited them. They aren’t the ones “giving back”. They are just advocating for others to give, which just so happens to protect themselves from competitors.
Now if they said “raise the capital gains rate to that of regular income” it would be another matter but they aren’t saying that. They are saying that those who work hard now should pay more to help protect their businesses from up and coming competition.