Why does Obama insist upon raising taxes? Not because he believes it will improve the economy, and not because he believes it will increase receipts to the Treasury. The proposed taxes would bring in about $80 billion a...
Obama has not proposed taxing the rich. He has proposed taxing the upper middle class, for starters at least. The rich don't pay income taxes because their wealth increases come as unrealized capital gains. Let's not fall for this nonsense of saying that the rich provide us growth. Pay higher wages? You mean like the government, or the CEO's who pay themselves bonuses even as their companies go bankrupt. What we need is for the government to get out of the way, simplify the tax code at lower rates,simplify and remove regulations and end all subsidies to individuals, companies, farmers etc. Markets work. The income disparities here as in all societies throughout time, derive from the concentration of power.
Republicans find themselves in the unenviable position of being forced to agree to raise taxes on those earning more than $200,000 (the actual cut off for those Mr. Obama refers to as "millionaires and billionaires"), or risk being blamed for a tax increase on all taxpaying Americans. They will probably agree, which means it's a politically unavoidable policy, not a good policy.
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