Doesn’t work as an economic strategy.
Works great as a political strategy.
Works great as a Marxist strategy
Oh, just go ahead and tax the rich.
Eat them, even.
Give Barky the heads of America's hedge fund traders and CEOs and Hollywood moguls on silver platters. Do away with the charitable deduction loophole. Eliminate the mortgage tax deduction, drive more middle class into bankruptcy with thousands of extra in taxes, and kill the nearly dead housing industry- many real estate moguls are democrat donors anyway.
Let the rich fly coach.
Removes’”tax the rich” and “fair share” and
“shared sacrifice” as a campaign issue
Puts the economy deeper into the crapper
But there is more pain necessary to further demonstrate the bankruptcy of obama’s ideology and his lack of intellectual leadership. It will also remove a certain number of high rolling donors from the kool aid drinking progressive-causes rank and file
The Fund Raiser-In-Chief has no idea how to raise revenues.
Will someone explain to him the difference between his fat cat contributors and hard working citizens?
Between greasing his palm and growing an economy?
Let me make it simple. ONE: Thou shall not covet other people’s wealth. Two: Thou shall not steal.
All the rest is extraneous.
Conservatives always seem to forget that plenty of Joes think this is a good deal, because they hate their jobs and hate Mr. Bigbucks even more. Joes aren't noted for long-term thinking nor any ability to defer gratification.
Taxing the rich doesn’t even work. First, they (and to the IRS and Democrats, that includes me) restructure their finances to avoid taxes, which means they allocate their wealth in a manner that is not optimal for themselves or for the country from a business perspective but that cuts their tax bill. When they do that, their workers lose. Second, they don’t see their business rates in terms of pre-tax income. They’re smart enough to do the numbers on the fly and figure their after tax income at any given pay rate. When I set my rate for my services, my goal is to receive a specific after-tax income in return for my time. The individuals and companies that employ me pay that plus whatever it takes to cover my taxes. The grocery store we shop at charges “the little people” more so they can afford the pre-tax charge that their lawyers set to cover their desired after-tax income. The same is true for our doctors and medical insurance, and for the rest of the rich. Venture capitalists know what they have to make to cover taxes plus a profit that balances teh risk, and those who buy new products are paying for the risk plus the tax rate. Taxes get passed on to the general middle-class population - it’s inevitable. The problem is that voters think “the other guy” is paying those taxes, so they aren’t picky about spending that money wisely. The result is that ordinary people pay for extravagant government and then watch that money get wasted.
A division of labor society is necessary to live a life proper to a rational being.Two of the institutions necessary for a division of labor society is private property rights and freedom of economic inequality.Egalitarianism and redistributionism is an assault on both private property and freedom of inequality.
Even if we took all the wealth from all the rich it would not equal $1 trillion. The debt congress and Obama just authorized is $2.4 trillion of rjust this year and that grows every year. So how is taxing the rich their $1 trillion, which is a one time tax as they are broke after that, going to pay for the $2+ trillion each and every year?
Hissy Chrissy and the rest of the dingbat liberals can’t do simple math.
Mr. Bigbucks will also lay off employees before going home to Mrs. Bigbucks and telling her to give up her caddy or move to a smaller house...
If we make it tough enough on Mr. Bigbucks he will simply take his bucks to another country...
I try to tell younger people all the time that you can only tax the rich as much as they are willing to pay. The rich have options that others don’t have... I cannot imagine why politicians can’t figure this out.
The other issue is there simply aren’t enough rich people to bail us out, that is why when something is done to the “rich” it always ends up including the middle class as well.
Federal revenue is always - ALWAYS - between 15-20% of GDP. We’re about 18% right now. At best we could, with extreme optimism, squeeze another 2 points out - which would net at most $0.3T additional revenue. Doesn’t matter how you squeeze who, that’s the practical maximum - beyond that, the economy will slow to match as people realize working much more doesn’t return much more.
GDP, other than under the Obama, has been increasing about $1T/yr for 15 years. Jump-starting the economy to double that growth (again, extreme optimism) would net an annual revenue increase of $0.4T - beyond that, may as well wish for rainbows and unicorns as well.
So between tight squeezing and profound growth, and shots of happy juice, we could conceive of an outer-limits maximum growth of $0.7T in revenue per year. More than that just ain’t happening.
ping for later....