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Buying less means that people in the service industry suffer to you know? If people are spending less money, due to higher taxes, then there will be less jobs in the service industry. Less expensive houses means property taxes for everyone goes up. Less spending also means the government is collecting fewer dollars in sales taxes.
Are you sure raising taxes on the so called "rich" will actually mean more revenue for the government?
You have no evidence higher taxes mean they spend less. You're just making stuff up.
But the overarching principle should be that the tax burden be the same on each of us. Not percent, not how much we'll spend or save, but the actual burden it imposes on our lives.
A 50, 60, 70, even 80% tax rate on someone making $10 million a year is arguably an equivalent burden to a 25% rate on someone making $40,000. Especially if the two people are trying to live in the GTA.
As Warren Buffett has said many times, he was around during the times of 90% rates and doesn't remember anyone working any less hard. And as Eric Schmidt (Google CEO) said to Matt Lauer, if you raised his tax rate a lot, it would have no impact whatsoever on his life.
No one wants to pay taxes. It's just the rich (and you apologists) who make up a bunch of BS reasons why taxing them more will cause all kinds of problems.
But it's all garbage. They have no evidence to prove their points. They're just selfish and want to keep their money. There's nothing more to it than that.
You have no evidence higher taxes mean they spend less. You're just making stuff up.
Where are they getting the money if the government has it. If you have less disposable income you're not going to spend as much, unless you're racking up debt on credit cards.
If you started paying $5000 more in taxes this year would you be spending the same as you did last year if your salary didn't increase?
But the overarching principle should be that the tax burden be the same on each of us. Not percent, not how much we'll spend or save, but the actual burden it imposes on our lives.
A 50, 60, 70, even 80% tax rate on someone making $10 million a year is arguably an equivalent burden to a 25% rate on someone making $40,000. Especially if the two people are trying to live in the GTA.
As Warren Buffett has said many times, he was around during the times of 90% rates and doesn't remember anyone working any less hard. And as Eric Schmidt (Google CEO) said to Matt Lauer, if you raised his tax rate a lot, it would have no impact whatsoever on his life.
No one wants to pay taxes. It's just the rich (and you apologists) who make up a bunch of BS reasons why taxing them more will cause all kinds of problems.
But it's all garbage. They have no evidence to prove their points. They're just selfish and want to keep their money. There's nothing more to it than that.
You're speaking about multibillionaires. I believe the Broadbent institute classified the "rich" as people making over $100,000 a year.
Where are they getting the money if the government has it. If you have less disposable income you're not going to spend as much, unless you're racking up debt on credit cards.
If you started paying $5000 more in taxes this year would you be spending the same as you did last year if your salary didn't increase?
Take the same thousand dollars. Dozens have studies have shown that that thousand dollars is MUCH more likely to be spent in the hands of poor person than a rich person. So your argument is exactly backwards.
It is true that the rich CAN create jobs by spending money.
The thing is, it doesn't mean they DO.
If you make $1 million a year and spend $500,000 on your small business, then you should pay taxes only on the remaining $500,000.
But what if you're spending $500,000 on Ferraris, yachts, or private jets? Wouldn't it be better to give some of that money to struggling families? Or help make higher education more affordable? That would help create a happier, more educated population, with a higher average standard of living and therefore lower crime rate. People get less materialistic, and care more about having good health and be middle class rather being ultra-rich.
Of course, some will argue that the government can't be trusted not to waste the money. But that simply means that there has to be a bigger push toward a more efficient government. Political parties either think that the government is perfect and should keep growing, or that the government is fundamentally inefficient and should be scaled down as much as possible.
It's not all that hard to figure out.
A big, efficient, transparent government is better than a small government. And it's not impossible to achieve, as Scandinavian countries have proven.
Where are they getting the money if the government has it. If you have less disposable income you're not going to spend as much, unless you're racking up debt on credit cards.
If you started paying $5000 more in taxes this year would you be spending the same as you did last year if your salary didn't increase?
The rich people I know, from the very wealthy with private planes and multiple houses to the merely well-off would not worry about 5K in taxes or spend one cent less on their houses, entertainment, or travel.
Quote:
Originally Posted by poscstudent
You're speaking about multibillionaires. I believe the Broadbent institute classified the "rich" as people making over $100,000 a year.
Indeed, $100,000 is not what would normally be classified as rich in N. America. The article cited stated $250,000, not $100,000 and referenced a proposal in Ontario to increase the provincial tax rate for those earning over $500,000 in Ontario by 2 percent. I know of no person earning $500,000 a year who would flinch at that.
I think the word 'rich' is misleading. But it's reassuring, if the article is correct, in stating that 83% of Canadians, including wealthy and conservatives ones, would support that.
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