Posted by
arandomguy on Sunday, January 07, 2007 11:06:16 PM
This is not a surprising story, though it is an interesting one. The Democrats have long claimed that the wealthiest people in America need to pay more taxes. This is despite the fact that the top 2% of the income-earners in America pay roughly 60% of the taxes. The Democrats claim that they don't pay enough, and need to pay more taxes to help fund many Democrat pet projects.
My question is, when is raising taxes - on ANYBODY - a good idea? I fail to see the Democratic logic here, that robbing people from more of their money will result in economic gain. The government does not invest money and fuel the economy. Or rather, they do in some ways, but not as well as the solo investor can. If you leave people to their own devices, let them invest their money in the way they want to, the economy will grow - which will allow the government to collect more in taxes.
The way you raise revenue by tax, if you want to, is not to raise taxes on high income-earners. They pay enough tax already, enough that any further increase in their taxes would have little effect on government revenue. You lower taxes on everybody, and allow them to fuel the economy by purchasing goods and services.
The result is that more money will be floating around, and people will become wealthier - and thus pay more taxes. Simple capitalist economics shows that raising taxes will ultimately decrease revenue, and this has been proven time and again in our own government, when taxes went up. Yet the Democrats seem to think that this time, it will be different. This time, if they can push the wealthy just hard enough, government revenue will increase.
I think its simple: Raising taxes is NEVER a good idea, REGARDLESS who the increase is on, be it the lower class, the middle class, or the upper class. It does not matter. Raising taxes decreases revenue, dampens the booming economy, and causes a lot of hassle for a lot of people (have you TRIED to decipher the Tax Code yet this year? Only 3 months left!)