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Obama's plan is not a tax cut, but a tax increase on top earners. A tax increase during a recession. The suggestion that "rich" people won't "spend" the money is an ignorant statement. the issue is not about "spending", it is about "investing". Investment has long lasting implications, spending does not. One reason job growth is slow is due to unwillingness of people to invest in the future. We are seeing an increase in merger and acquisition activity, which is not what we want. Corporations and "rich" people are sitting on cash, we need tax policy that is predictable so that people feel comfortable putting money to work. Buying TV's and cell phones, etc. does not make for a strong recovery.
Read more: http://www.tfproject.org/tfp/tilted-...#ixzz10DPPgo4E
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I hate this group-think.
Honestly are you telling me that 4% of personal income would cause investors to stop buying into companies? Don't even tell me that 4% is the difference between the desire to make more money or sit like a fat kid on the bench.
Besides, the nations corporations HAVE well over a trillion dollars sitting idle waiting for the economy to get better. If the supply-side logic held true that money would be currently spent creating new jobs... which they're clearly not doing. Therefore, if companies owned by rich people are not reinvesting to grow the economy why would we expect the rich to do the opposite?