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Originally Posted by roachboy
well, ace, why don't you lay out your thinking rather than try to box your interlocutor into a strange place without having the courtesy to reveal your actual argument? are you saying that this hypothetical millionaire would rather shift assets offshore than pay additional taxes? are you saying the your hypothetical millionaire thinks in the way that you do about taxation, as an affliction that serves only to punish rather than thinking about taxation as a sane person would?
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This is not new. There are many threads where my views on "supply side" or "trickle down" economics have been detailed. My point here simply highlights my on-going frustration regarding the issue. I think anyone who honestly answers the questions will see that Obama's rhetoric is not as simple as it appears. Class warfare and "spreading the wealth around" is going to be a failed strategy for economic growth or increasing the average standard of living of Americans. Economic policy is not implemented in a vacuum, for every action there will be reactions - some planed and others not planed. Good economic policy takes into account the "unplanned" consequences.
-----Added 30/10/2008 at 11 : 58 : 35-----
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Originally Posted by Baraka_Guru
What's with the leading questions?
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I like to lead people to a conclusion.
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First, a person making exactly $2.87 million will likely donate some of his or her money, or do some other tax technique, to avoid that higher tax rate.
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True, but they will also do other things. But the next question is what happens to Obama's plan when they do things to reduce the increased burden? I think Obama will need to increase taxes a lower income levels or cut taxes for the people in the highest brackets.
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Also, you're assuming that taxing the wealthy at higher rates automatically means jobs will be lost. What about the jobs created by the middle class' having more disposable income?
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There will be a combination of results, I think the net result will be a loss of jobs all other things being equal.
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Don't you know that the typical millionaire doesn't tend to spend money so much as save it?
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Most "rich" people invest, they put capital to work. This is how progress is made - "rich" people investing in the future or taking some risks. Take T Boone Pickens as an example, even as an old billionaire he is not invested in CD's, is he. He is betting on alternative energy, and is putting his money on the line. His plan will create jobs.
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Give the middle class more of their money and they tend to spend it.
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True, but we also need is money to be invested in economic growth.
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Again, though, what's with the leading questions? Economics isn't that simple--either/or.
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I keep it simple because of the fact that very few here will even acknowledge the fact that supply side economics will have an impact even if marginal tax rates are at 100% and then cut.