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Why not determine the tax rate based on the number of jobs someone has actually already created, rather than based on the number of jobs they are hoped to create? So when you do your IRS, you should have to provide proof of the number of jobs created, maintained, and destroyed over the past, say, three years if you want to benefit from a lower tax rate.
Strictly speaking I think it is supreme arrogance for rich people to go around calling themselves "Job Creators", when the economic statistics show that fewer jobs are created as more wealth concentrates into fewer hands.
So when we speak of "Job Creators" I assume we are using the Republican version , which is a code-word for rich people.
Since it is the Middle Class that create jobs, it would not make much sense to tax them as Vulture/Voucher propose. So, best choice for more tax revenue is to tax the people that benefit most from consumer spending and job growth, the wealthy. In the longer term, the job growth will also generate more tax revenue.
I am not too familiar with the tax code, but I am skeptical of the claim that income taxes can be redirected into capital investment at a zero percent tax liability.
However, the claim that lowering taxes on "job creators" will create jobs is just as bogus. Just take a cursory glance at the Bush administration who had the worse job growth record since WWII. Take a look at today's economic climate where taxes are still at all time lows among job creators, yet we have high unemployment.
In fact, after tax corporate profits are at their all time highest.
Any sane economist will tell you that the lack of jobs is due to a lack of demand, not because of high taxes. We have a demand problem, but people forget that demand often creates jobs, not supply.
No. 1 concern. Instead, the vast majority of small business owners believe weak demand is the primary problem for their business right now, not regulations. Just scroll down to Figure 1 on page 5. http://asbcouncil.org/sites/default/...NAL.pdf#page=3
Do you know what you just did???
You've called out armchair economists, thanks alot!
However, the claim that lowering taxes on "job creators" will create jobs is just as bogus. Just take a cursory glance at the Bush administration who had the worse job growth record since WWII.
When unemployment levels are at 4%, its almost impossible to create more jobs.
One of my liberal friends just sent me this. Thoughts? Rebuttals?
Needless to say, I'm skeptical of the validity of any Facebook picture.
What happens with a 90% tax rate, is people decide not to cash in their profits and use it to buyup their competitors. it creates an environment of hostile takeovers (which does not create jobs), and while it does ultimately increase re-investments in the business, the profits will ultimately end up in lower priced countries before they are cashed, thus other nations get the tax revenue from the profits, not the USA.
So to summarise what happens, the USA gets all of the negative, take overs, cash removed from the economy when its moved overseas, and then other nations get to tax the profits while the rich get richer, and the poor get poorer.
Its no coincidence the richest people who ever lived, lived during periods of high tax rates, people 5x as rich as Buffet and Gates. Liberal answer, yeah, lets do it again..
Can't balance this budget without tax increase. If you increase taxes on people who spend all of their income, 100% of their income is spent in our economy, it will slow economic growth.
You raise taxes on stagnant money, money in overseas investments, etc, it won't have the same economic effect.
We have to cut, but taxes have to go up as well. Its just that simple. Otherwise you're going to cut programs that enjoy 70% approval, like social security, and you won't win an election.
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