Soak the rich.
And tell me, when the rich are made poor from taxing them excessively, or when they move themselves and/or their wealth offshore where the US gets NO taxes from them…
Who will invest in businesses to create jobs?
Who will fund the social welfare system?
It is a losing proposition to “soak the rich”
Of course, I am no fan of the Marxist philosophy of progressive taxation. Why penalize those who have made good choices and are successful and reward those who have made poor choices?
Also, what is “soak” and what is “rich”?
Is “soak” a 40% tax rate? 50%? 90%?
And who is rich?
Anyone with more than you? Anyone over $50,000 a year? $100,000? $1,000,000?
What about the rich who do not have earnings? You know, the Heinz-Kerry’s and the Rockefellers? Folks with hundreds of millions of dollars, and NO wages. Should they be taxed on existing wealth?
And just FYI: That $20,000+ tax bill of mine is not from some “rich” guy. My wife is an HR specialist, hired perm from a temp position less than a year ago, and I am an equipment repairman for a HAZMAT company. Our income pays our modest mortgage, our payments on 2 compact cars, feeds us, and a little left over for a few small luxuries (no boats, no second homes, I mean a weekend day trip occasionally, or our first vacation in 3 years this fall). And that tax bill also does not reflect 50 cents per gallon tax on gasoline, 7% sales tax on everything, property taxes on our home and cars, registration and license fees, excise taxes on cigarettes and alcohol, junk taxes and fees on our phone and cable bills, user fees for government services like water and trash, entertainment taxes on movie tickets, embedded taxes in everything that are passed on by businesses, ad infinitum, ad nauseum.
Figure all of that in using the currently accepted numbers, and my tax rate is about 67%. I have an income below 6 figures. Hardly “rich”
Well it is really hard to pay such huge amount of taxes…I think there must be better policy for taxes so that we can come out of economic crises…