In response to:

So What If Taxing Rich Hurts the Economy?

marrmae1 Wrote: Nov 22, 2012 12:26 PM
Yeah, go ahead, tax the rich. You all do know that somehow, some way, they will avoid paying more than they already do and those additional taxes will be passed onto to you, as a consumer! In the end, the middle class and the poor will get soaked no matter what!!!
ALLA1 Wrote: Nov 23, 2012 12:24 AM
I agree with marrmea1 I do not expect that most of the "rich" will suddenly decide to be "patriotic" and start paying a lot more in taxes. Instead they are more likely to hire an an "army" of accountants and lawyers to figure out how to avoid paying as much of it as they can. So then the burden shifts to the "poor" who cannot afford to hire such people and they will be the ones who wind up paying more.
Mountain Rose Wrote: Nov 22, 2012 1:18 PM
Since more rich people voted for Obama, and since taxation doesn't hurt the rich, They will sniff this week and say "let them eat turkey."

Taxing the rich hurts the little guy who loses income when the rich guy spends less.

When the first George Bush signed a luxury tax on the rich in the 1990s, it hurt middle class yacht builders. Think the rich are hurt when they forgo buying a yacht? No, they can rent one for the weekend.
Consider this headline from a Reuters article in The Huffington Post: "Raising Taxes on Rich Won't Hurt Economic Growth, CBO Says."

But the first paragraph refutes the headline: "Allowing income tax rates to rise for wealthy Americans would not hurt U.S. economic growth much (emphasis added) in 2013 ..." The CBO did not say, as the headline suggests, that raising taxes on the rich has no negative economic effect. In fact, the CBO actually said that extending the Bush-era rates for all would increase economic growth by 1.5 percent. If, however, the Bush era rates expired for the rich -- but...