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You could confiscate the yearly income of all of the millionaires and it won't even touch the DEFICIT, much less the debt. It's not the income, it's a spending issue.
That is a point the right wingers cling onto, and as expected, it is utter non-sense. The key isn't to tax, but to have people invest. This self-made billionaire agrees.
"In fact, follow this logic. Its counter intuitive, but its absolutely true. The higher the tax rate on income the more risks us money chasers have to take in order to hit our number. If you want that number, you are going to go for it. Period, end of story. More risk, more companies started, more people hired."
Also...
"They invest because they want to grow the company. They invest because they are competitive and they want to win. They invest because they want to make more money. They don’t invest because they just had their tax rates lowered."
And...
"Bottomline is that while CEOs of public companies and financial engineers have good reasons to ask for lower taxes, I don’t see lower taxes creating jobs. I am not suggesting that increasing taxes is a good thing for companies. That is a topic for another day."
That is a point the right wingers cling onto, and as expected, it is utter non-sense. The key isn't to tax, but to have people invest. This self-made billionaire agrees.
"In fact, follow this logic. Its counter intuitive, but its absolutely true. The higher the tax rate on income the more risks us money chasers have to take in order to hit our number. If you want that number, you are going to go for it. Period, end of story. More risk, more companies started, more people hired."
Also...
"They invest because they want to grow the company. They invest because they are competitive and they want to win. They invest because they want to make more money. They don’t invest because they just had their tax rates lowered."
And...
"Bottomline is that while CEOs of public companies and financial engineers have good reasons to ask for lower taxes, I don’t see lower taxes creating jobs. I am not suggesting that increasing taxes is a good thing for companies. That is a topic for another day."
But how will raising taxes on the middle class help the economy?
Just means I'll have less to invest and less money to spend to help stimulate growth in the economic sector
Seems very stupid if you ask me. They want to pay more taxes? Fine, set the tax limit at something like 2 million a year pays more in taxes. It is dumb for millionaires to scream that people who make 40 - 300K/year need to pay more taxes. <---- And that's exactly what they are doing.
They are hypocrites, plain and simple. They won't even pay more themselves. No one is stopping them.
But how will raising taxes on the middle class help the economy?
Just means I'll have less to invest and less money to spend to help stimulate growth in the economic sector
Seems very stupid if you ask me. They want to pay more taxes? Fine, set the tax limit at something like 2 million a year pays more in taxes. It is dumb for millionaires to scream that people who make 40 - 300K/year need to pay more taxes. <---- And that's exactly what they are doing.
They are hypocrites, plain and simple. They won't even pay more themselves. No one is stopping them.
Where did you read that in the article?
From the article:
Quote:
"We want to pay more taxes," said California millionaire Doug Edwards, a former marketing director for Google (GOOG, Fortune 500). "If you're fortunate, and you make more than a million dollars a year, you ought to pay more taxes."
But how will raising taxes on the middle class help the economy?
Just means I'll have less to invest and less money to spend to help stimulate growth in the economic sector
Seems very stupid if you ask me. They want to pay more taxes? Fine, set the tax limit at something like 2 million a year pays more in taxes. It is dumb for millionaires to scream that people who make 40 - 300K/year need to pay more taxes. <---- And that's exactly what they are doing.
They are hypocrites, plain and simple. They won't even pay more themselves. No one is stopping them.
I don't think letting tax cuts expire on the lower and middle class will do anything. It certainly won't help. The point made in my previous post was about millionaires and billionaires, as the title of this thread is meant to be about.
"You may have been led to believe that only individuals in the top two brackets will face higher federal income taxes when the Bush cuts go bye-bye. Not true! Unless Congress takes action and President Obama goes along, rates will go up for everyone -- not just a sliver of the wealthiest Americans. The current six rate brackets of 10%, 15%, 25%, 28%, 33% and 35% will be replaced by five new brackets with the higher rates of 15%, 28%, 31%, 36% and 39.6%." how-the-expiring-bush-tax-cuts-affect-you: Personal Finance News from Yahoo! Finance
So enjoy paying higher taxes everyone, because these millionaires think you should!
That is a point the right wingers cling onto, and as expected, it is utter non-sense. The key isn't to tax, but to have people invest. This self-made billionaire agrees.
Mark Cuban is stuck. He can't take his NBA team to another country with a lower corporate tax rate and still compete in his given market. Same with his TV Networks since they are shown on US satellite systems. Compare that to GE or any other company that produces a tangible good that can be shipped around the world. They are going to move to a location with lower taxes. And whatever rate they are taxed at will be passed on to the consumer as a built in cost.
He made one great decision in selling Broadcast.com to Yahoo! right before the tech stocks tanked. Yes he is technically "self made" but that is much different from guys who struggled for years re-investing profits to slowly build a company. I'll bet right now he's wondering where the cash flow is from his NBA team.
I don't think letting tax cuts expire on the lower and middle class will do anything. It certainly won't help. The point made in my previous post was about millionaires and billionaires, as the title of this thread is meant to be about.
And this is where you lose the argument. If it certainly wont help on lower and middle class, then why the hell will it help on millionaires and billionaires? There are so few of them that you expect them to single handily solve the SPENDING problem which this nation has?
Their Greed - Sanctimonious, Duplicitous, Hypocritical Greed!!!
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