Quote:
Originally Posted by Pete F.
Your numbers would be usable if they were based on wealth, not income. It's not how much money you make, it's how much you keep. No billionaire, or wealthy person for that matter in this country tries to increase his income, they would then be taxed.
So they legally (in most cases) take their income in un or less taxed methods. Lots more ways to take income untaxed if like your CEO you can take some as stock options. Since 1978 CEO compensation has risen 940% while worker compensation has risen 12%, guess who sets pay rates?
As far as the effect of taxes, I can find experts who claim that taxation increases growth.
Bruce Bartlett, who served under both Presidents Ronald Reagan and George H.W. Bush, drafted the Kemp-Roth tax bill, the basis of the Reagan tax cuts.
Mr. Bartlett, in an August 2016 op-ed in the New York Times, recognized that "the Reagan tax cut played only a secondary role in the 1980s boom." Furthermore, he pointed out that Reagan, concerned about deficits, "supported 11 different increases from 1982 to 1988 that collectively took back half of the 1981 tax cut."
Mr. Bartlett also noted that the "economy tanked during the Bush years despite numerous large tax cuts" and that "there is far more evidence from the last 35 years showing that tax increases do more to stimulate growth than tax cuts."
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it’s called federal income tax, not federal wealth tax.
“no wealthy person tries to increase his income. they would then be taxed.”
that is probably the most economically stupid thing posted on then internet this year.
“i can find experts that say that taxation increases growth.
those must be some serious, honest experts.
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