Will a 0% tax rate for the wealthy create jobs? (Reaganomics, CNN, how much)

[Driller1]

Originally Posted by Majin

trickle down economics dont work

Well, you do have to put a little effort in it.

[EinsteinsGhost]

Originally Posted by hilgi

Long term budgets are a fantasy.

But. sadly, futures are often built on such fantasies. At least The Onion had it right.

[kevinm]

Originally Posted by jojajn

If increasing taxes on the wealthy supposedly will decrease creation of new jobs, would a 0% tax rate for the wealthy make America "awash" in jobs?

Why are you looking for the "wealthy" to provide you with a job? Find or create your own opportunity.

[HappyTexan]

Originally Posted by jojajn

If increasing taxes on the wealthy supposedly will decrease creation of new jobs, would a 0% tax rate for the wealthy make America "awash" in jobs?

No. You think every person who makes more than $250K per year (Obama's definition of wealthy) is a business owner ?

This is the new America..get used to it. 100 folks apply for a burger flipper job but only 1 will get hired.

[oldtimer2]

Originally Posted by kevinm

Why are you looking for the "wealthy" to provide you with a job? Find or create your own opportunity.

Great idea.

Now if they only had some of their daddy's money to give them a shot at starting one, or maybe one of those 150K a year jobs so they could save up....

It is hard for most working people to save anything these days as they just do not make much money.

Is it still possible in the U.S., yes, but not very likely.

Now imagine if everyone really did own their own business, who is left to actually do the work and make you rich?

Theory is good.

Reality just is.

[hilgi]

Originally Posted by EinsteinsGhost

But. sadly, futures are often built on such fantasies. At least The Onion had it right.

So true! I do love the Onion, they are often very accurate, kinda scary for a fake newspaper.

[tyanger]

Originally Posted by oldtimer2

Great idea.

Now if they only had some of their daddy's money to give them a shot at starting one, or maybe one of those 150K a year jobs so they could save up....

It is hard for most working people to save anything these days as they just do not make much money.

Is it still possible in the U.S., yes, but not very likely.

Now imagine if everyone really did own their own business, who is left to actually do the work and make you rich?

Theory is good.

Reality just is.

The quoted section makes it seem as if you think business owners do not work. This makes it clear that you have never been a business owner, and with this mentality you probably will never be.

6 years ago when my business partners and I started our business we took out about 1/2 million in loans and didn't pay ourselves a penny for 18 months. We employ 6 full time employees and usually between 4-6 part timers. After 12 months we gave all full time employees a raise - still nothing for the owners though. It took over 2 years to start having a positive monthly cash flow. During slow times of the year the owners do not get paid, but we have never faltered with employee payroll. 6 years in we still owe about 1/4 million and have still not been paid for that first 18 months. Every single day we are open one of the owners is working - usually before the employees show up and after they leave for the day.

I just wanted to help you identify and correct this misconception.

[Lithium]

I doubt it. These people don't care about the country. You could make the most ideal conditions possible, and it wouldn't make a difference. Corporations would still ship jobs overseas. They would still hire the least possible, and pay them the least possible, just so they could have another dollar in their pockets. Its NEVER enough with these people.

We had the Bush tax cuts in 2001 and 2003 (unpaid for, and in the middle of TWO wars). The unemployment rate still doubled. We lost jobs. Its not a matter of speculation, or debate. We found out not too many years ago...

[Driller1]

Originally Posted by tyanger

The quoted section makes it seem as if you think business owners do not work. This makes it clear that you have never been a business owner, and with this mentality you probably will never be.

6 years ago when my business partners and I started our business we took out about 1/2 million in loans and didn't pay ourselves a penny for 18 months. We employ 6 full time employees and usually between 4-6 part timers. After 12 months we gave all full time employees a raise - still nothing for the owners though. It took over 2 years to start having a positive monthly cash flow. During slow times of the year the owners do not get paid, but we have never faltered with employee payroll. 6 years in we still owe about 1/4 million and have still not been paid for that first 18 months. Every single day we are open one of the owners is working - usually before the employees show up and after they leave for the day.

I just wanted to help you identify and correct this misconception.

It will take a while but, you did the right thing by having your own business.

I still put most of my profit right back into my business.

[hilgi]

Originally Posted by Lithium

We had the Bush tax cuts in 2001 and 2003 (unpaid for, and in the middle of TWO wars). The unemployment rate still doubled. We lost jobs. Its not a matter of speculation, or debate. We found out not too many years ago...

I am curious what the term "unpaid for" with regards to tax cuts means?

I am not sure what you mean about jobs lost? Between 01 and 08 the unemployment rate started at 5.8% and ended there, with a low of 4.6% in 06 and 07.

Household data series from the monthly A Tables