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Here's how raising taxes on rich people doesn't work.
Remember Clintons luxury tax on big boats, yachts?
I do. Hundreds of people lost their job and dozens of businesses shut down in my area because the rich stopped buying boats. It took over a year for the law to be recinded, but damage done. Many of the businesses didn't re-open.
Increase the capital gains tax from 15% to 30% for millionaires and see what happens. [again]
You know the capital gains at one time was over 50%, according to that logic lowering the capital gains to 5 % would create more jobs.
Rich people buy things from people who employ people. They buy boats [pay sales tax, unlike the Kerry scam] jewelry, cars, houses, planes, and alot of other expensive stuff. They even spend it in places like Las Vegas keeping alot of people employed.
Take $4.7 bill a year from them and they don't have that money to spend. But the government will spend it in only 12 hours of one day.
This week President Obama urged Congress to pass the Buffett Rule, a principle of fairness that says if you make more than $1 million a year, you should pay at least the same percentage of your income in taxes as middle class families. Here's the short video.
the president should be urging his democratic pals in the senete to create a budget!! its part of thier job to do every single year, and they have not done so for three years, why is Obama so worry about the stupid Buffett rule!!! lets get a budget going Mr. President!!!
This week President Obama urged Congress to pass the Buffett Rule, a principle of fairness that says if you make more than $1 million a year, you should pay at least the same percentage of your income in taxes as middle class families. Here's the short video.
Obama's tax papers was prime example
he took every deduction he could INCLUDING giving each of his girls 12,000.00 dollars
just so he could pay less taxes!
And his pal Buffett is being sued by the IRS for 300,000 million he owes in taxes!!
All o9f his pandering bull shi* is just that
bull shi* only dumb asses fall for this
Obama is a lying hack
then there is his VP
who lives free in the house we pay for as does president ass hole
we pay for the gas, vacations, and everything else
what did Biden give to charity?? A lousy 1%
Baffoons, the both of them!!
Furthermore, those projections regarding how much additional revenue those 'soak the rich' taxes will raise are wrong 100% of the time, as the history books have shown.
On top of that, there aren't NEARLY enough millionaires to make such a super-moronic policy work.
Democrats (except for JFK) have never comprehended the relationship between tax rates and revenues generated bty those tax rates; raise those tax rates, and the revenue goes straight DOWN!!!!!
It's a step in the right direction to get the budget balanced and to pay down the debt. Isn't that what the right wing goons keep whining about?
The GOP has made it clear they want nothing but to obstruct progress and keep spending us into oblivion. They had their party under W with the free for all to the rich, it's time to grow up and start acting like responsible adults again.
When will you and your President be leading in this area?
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