Soak the Rich vs. Tax Cuts
Some tax and spend politicians feel the need to tax the rich. Do they believe that they will increase revenue and then have more money at their fingertips to misuse? Do they think that soaking the rich will make the poor disadvantaged people at the bottom of the income scale feel better because they’re soaking the rich? Do they feel they’re punishing those who make too much money or who have too much money?
Taxing the rich will not do any of those things. Increasing the tax rates on the rich will and has always reduced the revenue from the rich. Reducing the tax rates on the rich always increases revenue from the rich.
It’s a fact that this happens every time. Raise rates, and revenues go down. Reduce rates and revenues go up. Wealthy people and people who earn lots of income usually have some flexibility in how and when they receive their income. They can structure it to minimize their tax exposure, or avoid it all together. Those of us who earn our income through a salary can’t manipulate our income. Our W2s reflect the earnings and it’s always exposed to the tax man. We can’t hide income and we can’t manipulate our income.
Another thing the wealthy and high income earners do, is to invest and spend. Wealthy people and high earners spend their disposable income. The more they have available to them the more they spend. They hire people to work for them to do the mundane chores the rest of us have to do ourselves. They buy things, expensive things and that generates income for the sales people and the manufacturers and the tax man. Reduce their disposable income through higher tax rates and that reduces their spending and the stimulus their income provides to their communities.
We shouldn’t punish them for their success, we should reward them. We must encourage them to invest and spend. Those of us who earn a salary don’t create jobs. The wealthy invest and put their money to work and they help businesses start and grow. The rich help others get rich. The rich don’t hold others down, the rich don’t steal from the poor to make themselves richer. The rich deserve what they have and they should get as much as they’re able.
If the rich can earn as much as possible, then I should be able to earn as much as possible. If they can do it I can do it. If we want to stigmatize them for being rich, and make being rich out to be something bad, then what can I aspire to. If success and wealth is something bad, then why do I want to work hard and earn more?
Isn’t this the land of opportunity? Didn’t our immigrant forefathers come here to work hard and earn more? What’s wrong with living their dream? Work hard and become rich. We all want to be rich.
Tax cuts increase revenues, tax increases reduce revenues. Stop punishing success.
Vote the Bums Out,