What’s WRONG with Democrats plan to soak the “rich”
Senators Bernie Sanders and Elizabeth Warren would bring one of
the most progressive tax agendas in history to the White House if either of
them were to become president. So would every other Democrat vying for the
presidency. Significantly higher taxes
on Wall Street, wealthy individuals, corporations and capital gains have long
been fixtures on progressive wish lists.
1. It is based
on the evil sin of jealousy and envy. You earned it. How much of it should the
government confiscate of YOUR money?
2. It punishes success
that comes from capitalism, which is the way every high living standard country
became that way.
3. It therefore
“kills the golden goose”. People will stop producing as much and
everyone’s standard of living falls. The top marginal tax rate has a
tremendous impact on how some of the most productive taxpayers decide to work,
invest, and spend in our economy. https://www.heritage.org/taxes/commentary/why-adding-new-top-income-tax-rate-bad-idea
4. It won’t produce more government funds over
the long run, because wealth will shrink because of it.
5. Government
will use it as an excuse to keep expanding. Example Bernie who plans to spends $50
TRILLION we don’t have on new programs. So it will not cut debt.
Higher
Taxes for "The Rich" Ultimately Hurt The Poor. the
reality is that those costs are usually just passed on to other people or
spending is restricted. Either way, the net effect is often a huge hit on the
economy. If a business is hit with higher costs due to an increase in fuel
prices or raw goods, those increases are usually just passed on to the
consumers, and those with less disposable income see
their costs rise to sometimes devastating levels.
6.
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