Quote:
Originally Posted by StillStanding
I heard somewhere that when the investment taxes went from 28% to 20%, that revenue actually increased! When Bush lowered it to 15%, revenue increase again! If this is indeed a fact, Obama will be a fool to raise the investment tax back up!
I do believe that personal income loopholes for the wealthy should be eliminated! This is what Romney was suggesting.
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A common myth is that the wealthy don't do anything with their money that helps the economy, that they only personally benefit from it and their wealth is selfishly utilized for themselves. And I'm sure thats true in some cases. But when we are talking about business owners, investors, venture capitalists, entrepreneurs, corporations and inventors---they most usually want to make even more money and are interested in building a broader future for their companies and businesses or the businesses they invest in, or build a strong business that benefits their investors and shareholders. It's estimated that nearly 70% of Americans are invested in the stock market to some degree. Investors aren't all a part of the 1%. Most investors are individuals like you and me trying to build a retirement, trying to plan for our kids college, trying to build a more secure future. When the market is punished for success, wealth creation and profits, a lot of us (all of us really) are punished one way or another.
Trickle down has been demonized, but it's really how capitalism works. I've never worked for a poor man. I would estimate about 70% of our church income is derived from about 25% of the most well off members of our church. Every business owner I know is wealthier than the people who work for him or her and they make a living off of the money they put at risk, invested, reinvested and generated through their business. Sure the business owner makes money from the work their employee provides, but without the business owner taking the lion's share of risk, the employees have no job. So it does trickle down.
When the government takes from the wealthy and "spreads the wealth" they are doing the same thing. Only they haven't earned it. They haven't risked anything. They have through the force of law, confiscated someone's wealth to give it to someone who isn't contributing to a product, to manufacturing, providing services or building an industry. It's trickling down, but it's without the structure of business and job creation. It's shifting the wealth to government bureaucrats who have no vested interest in the money they handle.
And we all know it's a lot easier to be wasteful, irresponsible and frivolous with someone else's money.
More money in the hands of the wealthy, in the hands of job creators and entrepeneurs is much more productive and safe than in the hands of the Feds.
Re: Dow Jones Down 300+ Points
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