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These graphs show that, under both Republican President Calvin Coolidge and Democratic President John F. Kennedy, high-income people paid more tax revenues into the federal treasury after tax rates went down than they did before.
There is nothing mysterious about this. At high tax rates, vast sums of money disappear into tax shelters at home or is shipped overseas.
At lower tax rates, that money comes out of hiding and goes into the American economy, creating jobs, rising output and rising incomes.
Under these conditions, higher tax revenues can be collected by the government, even though tax rates are lower.
Indeed, high income people not only end up paying more taxes, but a higher share of all taxes, under these conditions.
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The fact that tax increases on the rich as an actual solution to the financial problems is a collective indictment of the people of the country and our understanding of economics. Either that or we are just not interested in fixing the finances - and just want to get even with the rich people.
These graphs show that, under both Republican President Calvin Coolidge and Democratic President John F. Kennedy, high-income people paid more tax revenues into the federal treasury after tax rates went down than they did before.
There is nothing mysterious about this. At high tax rates, vast sums of money disappear into tax shelters at home or is shipped overseas.
At lower tax rates, that money comes out of hiding and goes into the American economy, creating jobs, rising output and rising incomes.
Under these conditions, higher tax revenues can be collected by the government, even though tax rates are lower.
Indeed, high income people not only end up paying more taxes, but a higher share of all taxes, under these conditions.
--------------------------------------
The fact that tax increases on the rich as an actual solution to the financial problems is a collective indictment of the people of the country and our understanding of economics. Either that or we are just not interested in fixing the finances - and just want to get even with the rich people.
Of course they don't. Even Obama knows this, but claims that raising taxes is not to generate revenue (he stated this in a debate in 2008), but is out of "fairness" (i.e. class warfare).
Libs are a little too dense to understand that these tax increases DO NOTHING in the face of $1.2 trillion deficits. Obama knows it, but really does not care.
What can raise that revenue? A 15% VAT tax; that, of course, would have to be matched to a debt reduction plan to get the US debt back to manageable levels.
These graphs show that, under both Republican President Calvin Coolidge and Democratic President John F. Kennedy, high-income people paid more tax revenues into the federal treasury after tax rates went down than they did before.
There is nothing mysterious about this. At high tax rates, vast sums of money disappear into tax shelters at home or is shipped overseas.
At lower tax rates, that money comes out of hiding and goes into the American economy, creating jobs, rising output and rising incomes.
Under these conditions, higher tax revenues can be collected by the government, even though tax rates are lower.
Indeed, high income people not only end up paying more taxes, but a higher share of all taxes, under these conditions.
--------------------------------------
The fact that tax increases on the rich as an actual solution to the financial problems is a collective indictment of the people of the country and our understanding of economics. Either that or we are just not interested in fixing the finances - and just want to get even with the rich people.
Kennedy lowered the top income bracket tax rate to 63%. Should we raise the top income tax rate to 63%?
Of course they don't. Even Obama knows this, but claims that raising taxes is not to generate revenue (he stated this in a debate in 2008), but is out of "fairness" (i.e. class warfare).
Libs are a little too dense to understand that these tax increases DO NOTHING in the face of $1.2 trillion deficits. Obama knows it, but really does not care.
What can raise that revenue? A 15% VAT tax; that, of course, would have to be matched to a debt reduction plan to get the US debt back to manageable levels.
Obama's goal isn't to raise revenue, it is (and this is the most important thing you'll read today), to PUNISH SUCCESS and the SUCCESSFUL. It is the American version of giving intellectuals the Pol Pot Treatment.
Obama's goal isn't to raise revenue, it is (and this is the most important thing you'll read today), to PUNISH SUCCESS and the SUCCESSFUL. It is the American version of giving intellectuals the Pol Pot Treatment.
No, actually it's to raise more tax revenue. I guess the CBO could be lying and is also in on the whole Pol Pot Treatment.
The rich have lawyers, accountants they pay a lot of money to minimize their tax exposure. At this point Obama has made it clear these increases aren't about closing the deficit but revenge. His base of nitwits are down for it so I say bring it. Many of these nitwits are rich so let him raise their taxes. The GOP should stand down.
Tax them anyway. For the fun of it. You think we are all stupid? I mean... everytime it even looks like there is going to be a move to make some inroads on the ill gotten gains of the 1% City Data lights up like a Christmas Tree in alarm. How many tax related debates can the C-D servers handle at once?? Tax them. We need the revenue. Tax them until they repatriate the factory jobs. Tax them until they repeal Citizen's United. Tax them until they repatriate the tax haven loot. Tax them until America is whole again.
No, actually it's to raise more tax revenue. I guess the CBO could be lying and is also in on the whole Pol Pot Treatment.
History my friend. Use history.
The last time they raised taxes there was a flurry of activity at the end of the year before the tax changes hit.
Huge revenue to Uncle Sam the next year because of all the buying/selling/moving around of money.
But the year after..revenue dried up by 50%.
People will change their investing habits in response to tax changes.
The last time they raised taxes there was a flurry of activity at the end of the year before the tax changes hit.
Huge revenue to Uncle Sam the next year because of all the buying/selling/moving around of money.
But the year after..revenue dried up by 50%.
People will change their investing habits in response to tax changes.
Yeah, last time we raised taxes the deficit got smaller.
History my friend. Use history.
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