Always a crowd pleaser - I love when politicians want to "ask" millionaires to pay more taxes. Every U.S. citizen (even you) now
owes $45K on the national debt. There is no level of confiscation from Bill Gates or Warren Buffett that will pay for our profligate overspending.
6 comments:
I seem to recall seeing an estimate somewhere that showed if the Feds to 100% of the income earned by the top 1% of earners they would only collect $400 billion, which would atill leave a $1 trillion revenue shortfall. Of course if they did that they would collect $0 from them the following year because the top 1% would go broke, hide their income, or move all their assets and businesses out of the country.
This is what happened in Great Britain in the 1970's when they imposed a 98% "wealth" tax and the British economy collapsed. All the investment capital and wealth fled to tax-friendly nations and the working stiffs were left with no jobs.
Margaret Thatcher's tax rollback (and the concurrent doubling of the V.A.T.) helped lead directly to Britain's 1981-83 recession.
This is going sound weird to you, because it could never happen here, but England's rich who were suddenly paying less in taxes didn't use their money to stimulate the economy by hiring, or developing, or expanding... they just kept it. And the nation's unemployed rose to its highest percentage since the Depression of the 1930's.
In 1987, Thatcher denationalized various industries, and used the return to hand voters a tax cut check in advance of a national election (hey, it's their money!), while also cutting interest rates. You'll never guess what followed. A cratered manufacturing base, an inflation bubble, utterly flat growth, and another recession. But again, no worries, because it could never happen here.
Anyone who comments regularly as "Anonymous" would be better off ignored, but the comment above is such utter, fatuous nonsense that I am compelled to note it.
Facts, facts, go away. What's inside my head must stay!
Compelled to note it, but not rebut it. That's par for the course.
"Utter, fatuous nonsense" = "don't bum me out with results"
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