Millionaire tax! America only for now, so the rest of you millionaires in other coutries are safe!!!

[Ail]

thismeintiel said:

richardhutnik said:

thismeintiel said:

Yay! More class warfare.  That will surely fix everything and get you re-elected Obama. Oh wait, no it won't.

@ chocoloco

I wouldn't put too much merit in those polls. Especially since a Repulican just won a seat in New York (of all places) that had been held by Democrats for nearly 90 years.  In a district that is 3 to 1 in favor of Democrats.

Why the heck is it class warfare ONLY when it involves someone saying that those not in the upper class are getting the short end of the stick?  But if economic conditions result in the middle and lower class making NO progress, and the wealth accumulates predominantly at the top, that isn't class warfare?  If you have an economic system rigged so elites get bail outs, and people end up falling further behind, and dying without any health coverage, that isn't class warfare, but to bring it up is?

In short, it isn't class warfare, apparently, when it is only the lower classes that get the short end of the stick.  That is just thrown under "that is the price of freedom"

And you, like many, have fallen for this class warfare.  Were do you think the wealthy get their money?  The vast majority of them own businesses that provide products and services to others.  They make their money when people purchase these products/services.  And there is always someone else who can also provide the same products/services, so their are choices of where to buy.  They don't con the money away from you, regardless of what some may think.  The only way a company gets any of your money without providing you anything is when the government hands it out to them.  Which Obama has done in the past (and wants to do now) and it accomplished nothing. 

The reason higher income taxes for these owners hurts business is because it's not just an income tax they are charged.  These businesses are taxed for just about every step they take to make their products.  Then they have to spend tens or hundreds of thousands, sometimes millions, to adhear to overbearing regulations.  The whole thing just creates a bad environment for a business owner to try and make a good enough profit to actually reinvest in the company and hire new employees and expand.  It's the reason Ford decided to build a $1 billion plant, which is to create 5000 new jobs, in India, instead of in the US.

I also have to laugh at these billionaires suggesting we tax the wealthy more (according to Obama that's a household income of $250,000 and above), when they know full well that they have well paid tax lawyers who's main job it is to find all the loopholes so they can pay less than others.  They also know damn well that if they wish to give the government 90% of their own income they can do so.  Of course, they never would.  But they'll continue to harp about "millionaires" not paying enough in taxes, while taking advantage of the system.

Of course, this whole thing is just a ruse to distract those with lower incomes to the true problem, the government continues to spend WAY more than it is bringing in.  And no amount of new taxes will ever solve that.

1) First you need to stop equating business owners with people making over a million $ income a year. That's not the case.

The majority of the people that make that kind of income make it out of the stock of market( the rest are NFL players or actors...) and these days the correlation between stocks raising or going down and jobs being created just isn't there.  There's plenty of hedge funds out there with a minimal entrance investment of 1 million$ and the return those hedge funds provide has little to do with creating business or jobs too but more about making bets on gold or oil future  or on when Greece is going to default..

2) Small business owners do not make that kind of annual income and big business are ruled by a board and these days lets face it investors have very little say in how they are run  especially as the huge majority of companies that are publicly traded are majority owned by mutual funds and hedge funds, not single owners... You can own 200 million$ worth of Ford stock or 1 billion$ of Apple stock, those companies still will not listen to what you have to say so any impact on your revenue or taxes will not affect them...

3) It's kind of funny to see that the only one out there arguing raising tax on people with that kind of income will slow the economy are not people member of the targeted group. And wisely so, when you make that kind of annual income, one can expect that you do not spend 100% of it every year so an increase in tax level is not going to drastically affect your behavior, what you invest in or what you spend... Heck, a 5% drop of the stock market will have more impact on you than raising your tax level by 5%...