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One of my liberal friends just sent me this. Thoughts? Rebuttals?
Needless to say, I'm skeptical of the validity of any Facebook picture.
One of the most backwards conclusions I've ever seen, it ignores the obvious. People take risks and invest in their business in order to make money. By confiscating the vast majority of anything such a person earns, you have eliminated any reason for them to invest, work hard or grow their business. They quit investing, keep their businesses small and don't put in the effort. Punitive tax rates have the opposite effect of that stated, and are job killers.
One of my liberal friends just sent me this. Thoughts? Rebuttals?
Needless to say, I'm skeptical of the validity of any Facebook picture.
I just looked at your chart again and its an outright lie, see the chart on the right, and it says "nothing left to invest"
How the hell does people being allowed to keep their money equate to less money to invest but more taxes = more to invest? GOVERNMENT DOES NOT INVEST..
And if your liberal friend thinks people are sitting on their wealth now, ask them what they think happened with a 90% tax rate, and to explain why people like Carnegie, Ford etc, because worth HUNDREDS OF BILLIONS during such high tax rates if not by sitting on wealth..
One of the most backwards conclusions I've ever seen, it ignores the obvious. People take risks and invest in their business in order to make money. By confiscating the vast majority of anything such a person earns, you have eliminated any reason for them to invest, work hard or grow their business. They quit investing, keep their businesses small and don't put in the effort. Punitive tax rates have the opposite effect of that stated, and are job killers.
This would be the point I was trying to make, most of the arguments being made here to justify this are assuming the person in the higher tax bracket will continue to make large amounts money but that is pointless if there is no return.
To quote myself:
Quote:
Originally Posted by thecoalman
Let's say we set a 50% tax rate at the 1 million mark and a 90% tax rate at the five million mark, sound fair? Now do the math.
How the hell does people being allowed to keep their money equate to less money to invest but more taxes = more to invest?
I believe the assumption is instead of taking it as profit you're going to dump it back into the business but that scenario assumes someone would continue to work harder with diminishing reward. You may build a bigger business but why would you if there is no personal incentive?
If you think that increasing taxes on job creators encourages them to create more jobs...do you also believe that increasing taxes on cigarettes encourages smokers to smoke more?
What subtleties? As people demand more goods and services, firms produce more goods and services. As firms produces more goods and services, what happens to unemployment?
It goes down.
There is nothing subtle about this.
This is the basic AE model, which is clearly straightforward. The subtleties lie within the multiplier effect, which I never even talked about or hinted of. But perhaps this is a conversation for another day.
Nonetheless, there are no subtleties.
There are always subtleties. Just like the Laffer curve, things change with very high taxes. But, for most real-world situations, something like that doesn't apply.
If you think that increasing taxes on job creators encourages them to create more jobs...do you also believe that increasing taxes on cigarettes encourages smokers to smoke more?
The idea is remarkably simple. High-rates on high-incomes forces those people to take lower incomes, risk losing a lage sum of their money to tax, or to reinvest the money into a business which have lower tax liabilities and loopholes.
What you have now is low tax rates where the wealthiest people just horde money. There is no incentive to invest the money in the first place, nothing to break the status quo.
For money that is paid into taxes at a high rate, that is reinvested into government programs, further shrinking the inequality gap.
And calling the wealthy "job creators" is a misnomer.
Liberals: "Taxing the job creators will create more jobs" ........
Lowering their taxes really helped huh???????????????????? NOT!!!!!!!!!!
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