@KrankyMike - The 'left' economists also have PHDs. The solution to the problem is hardly clearcut. Stop acting like it is.
I don't think anyone disagrees that tax rates have an effect on the economy. But tax cuts aren't always the answer, just as increases aren't always the answer. People with above $250k/yr have enough money that raising their tax rate a couple points will not effect their standard of living. You can make the argument the author did, that billionaires will stop creating jobs here if taxes are raised (despite the fact they didn't create more when taxes were cut), but I believe the problem is more rooted in lack of consumption by the middle/working class because they have no money. AKA insufficient demand.
We have heard many times from President Barack Obama how he plans to raise taxes on "millionaires and billionaires," but not on the middle class. Apparently, if you don't happen to be a millionaire or billionaire, you don't have to worry.
But the numbers say otherwise -- and say so big time.
The actual tax increase plans being proposed by Obama do not start with people who have an income of a million dollars a year. They start with people with incomes of $250,000 and up.
That is more than most people make, but it...
What is so "unfair" about that?
Fair means treating everyone the same. A low, flat tax on all forms of income is the closest this imperfect world can get to fair.
That is one of the worst statements I have ever heard. Never heard of living above your means and losing it all eh?
What is the average annual gross receipt of the businesses in America that employ the largest numbers of people?
-Mof3