provfivetine
Posts: 410
Joined: 2/17/2011 Status: offline
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quote:
ORIGINAL: slvemike4u quote:
ORIGINAL: provfivetine Taxing the rich to solve our problems is just another Leftist myth. If taxes on the rich were raised from current levels (35%) to the Clinton levels (39.6%) then the government would collect an additional 300-400 billion dollars. Assuming that these numbers are correct and we take the 400 billion number; this means that the government would be running a 1.2 trillion dollar deficit instead of a 1.6 trillion dollar deficit. In fact, if we taxed the rich at 100% then we still wouldn't solve the debt problem. So that would be 400 billion or so that would not need to come from the backs of the poor and needy of this country....right? Or do you think that is too much to ask of the rich in this current crisis....sunshine patriots and all that . A better way would be to cut spending to a level equal to tax revenues, without raising taxes on anybody. Someone has to pay for this monstrosity, one way or another - as you've indicated, but it isn't just the poor and needy. The poor and needy comprise a very small portion of the American population and don't pay income taxes in the first place. The inflation resulting from the deficits is what hurts them, as they suffer the most due to rising prices and other ill effects related to an inflated money supply, though deficits hurt everyone regardless of socio-economic status. Also, 47% of the American population doesn't pay any income tax. This includes a large portion of the upper-middle class demographic; so it's obvious that many people would just rather stick it to the rich. However, the reasons for this are always emotionally charged, rather than being rooted logically. Once you crunch the numbers you can see this. The whole taxing the rich mantra is centered around class warfare and ultimately stems from an adherence to the labor theory of value (which is false). The rich already pay enough in taxes; they don't need to pay more, and if we taxed the rich at 39.6% (Clinton levels) then it would barely make a difference, and if we taxed them at 100% then it wouldn't solve the problem. The poor (and everyone else for that matter), are being hurt either way. The solution to this problem is to cut spending (at least to a level equal to tax receipts), because there isn't enough money - literally - to fund the status quo.
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