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Easy mistake. You are confusing current economic conditions with long term economic conditions. Creating velocity has nothing to do with reducing the deficit, but I understand that is all people are programmed to talk about. No I am talking about creating jobs, which non of the politicians are talking about. You have two distinct problems...deficit and depression. There has to be a balance to deal with both. So far, the Fed has failed miserably at both and so has congress and the pres. To do what the TParty Republicans are recommending will decrease velocity to 1930's velocity rates which whill send us right to another great depression.
The lower 47% spend the vast majority of their discretionary spending. There is not a lot to be gained by taxing them more. The increase in fuel costs has pretty much decreased there discretionary spending. They are already creating velocity. It is the top 2 percent that have the most discretionary money to spend and who spend the least (transact the least) as a percentage. That is where it has to come from to increase velocity. It is simple economics. I know it may not jive with your political philosophy, but it is what it is.
Sure you can. Raise tax rates for the wealthy and give people and business the choice of investing in their business or paying higher taxes. Either way they are spending money on investing or paying higher taxes. Both of which create velocity if the govt. does something different than give to the banks.
Sure you can. Raise tax rates for the wealthy and give people and business the choice of investing in their business or paying higher taxes. Either way they are spending money on investing or paying higher taxes. Both of which create velocity if the govt. does something different than give to the banks.
They will find ways to shelter that money.
You don't have wealth by spending it all.
They will find ways to shelter that money.
You don't have wealth by spending it all.
No one is advocating that they spend it all. That is never going to happen, nor should it, but at least bring it to 1950's standards and eliminate the shelters that do not create velocity. Investing in your own business is a shelter, but it creates velocity so not all shelters are bad. Furthermore, enforce tax laws. Prison is a big deterrent for the mansion crowd.
Sure you can. Raise tax rates for the wealthy and give people and business the choice of investing in their business or paying higher taxes. Either way they are spending money on investing or paying higher taxes. Both of which create velocity if the govt. does something different than give to the banks.
Many like myself will sit on their money until Obama is gone.
Yes, this is a very important part of our current problem. Millions of people (including me) and businesses are being cautious about spending and hiring due to the uncertainty around Obama's tax plans. We know what Obamacare will do to us if it survives, and we know he would like to continue growing government in many areas. But we don't know if he will be successful, so millions of people with money are sitting on the sidelines waiting for a little more clarity.
So the wealthy are going to be leaving to go to one of those countries with lower tax rates, which countries would those be?
Do you understand there is TRILLIONS sitting outside of this country waiting to be re-unified when the tax rate gets lowered? Your imaginary claim that there isnt lower taxed rate countries is disputed by facts, which include the fact that people ALREADY take their money to other countries to avoid taxes..
You have countries like Japan, Mexico, Korea, Turkey, Ireland..
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