Is Obama setting a bad trend by taxing the wealthy?

[whiteflame55]

OK, let's take your scenario further, shall we? You say why not cut taxes. Here's the thing: we're at war, we're in a recession, things are bad. When you cut taxes during a time like this, that means you have less money to spend in order to revitalize the job market. But hey, you're cutting taxes anyway, because businesses will hire more people if they have to pay less in taxes, right? Well, Obama's doing that. He's providing tax cuts to small businesses, which hire over 50% of the workforce. So who's he taxing? Large business owners. These large business owners hardly pay anything in taxes (they have the largest taxes levied at them, but there are so many loopholes that they come close to paying none). These companies are notorious for not increasing hiring after a tax decrease, mainly because they're pocketing the money. They don't have to grow their business, they just need to keep it running. And, hey, if they can keep it running with less employees, so much the better.

Taxation of these people isn't going to reduce jobs either. Many of these companies have already shed employees to the point at which any more would decimate their revenues. Beyond that, the tax increases that are being proposed are miniscule, a couple percentage points. Our rich would still pay far less in taxes than those of pretty much every other industrialized nation in the world.

[yutsnark]

No, Obama's got it right.

Under the Eisenhower administration, rich people were taxed at 90%. Somehow people got hired. Somehow our nation survived.

Here's another way to look at it:

Let's say a CEO gets paid 50 million a year. And his employees get paid 50 thousand a year. Does that seem fair? Does the CEO really work a thousand times harder than his employees? Is he a thousand times smarter?

Now, supposing he had to pay fifty percent in income taxes. So his take-home pay is only 25 million. Would that cause him to lose all incentive? Would he then close up shop? Would he say, "heck, I might as well stay home and to live on welfare"?

I think not.

The truth is, it's the *workers* who will lose incentive if they're taxed too highly!

[ScottC]

So now he and the congress want to tax the wealthy to pay for the healthcare reform. At what point is enough is enough? Lets see, since the majority of "rich" Americans own businesses that hire employees, why not cut taxes for the businesses to encourage more hiring? Where's the incentives to hire people when these businesses keep getting taxed more? Thoughts?

[Drew]

more & more people are loosing jobs and be taxing wealthy ppl they will have to cut some workers

[badgergirlak]

YES. Why is it acceptable to tax someone more just because they have it? It is not their fault that they busted their @ss and are now wealthy.
This is setting a horrible precedent - 'Hey kids, just don't worry about school or getting a job, be a lazy bum - the Govt will support you!'
And yeah, don't hold your breath for much hiring, so many small businesses are already shutting down. Soon even more jobs will go overseas as it will be expensive to produce anything here in America, especially if Cap & Trade goes through.
America is on a downward spiral I'm afraid....

[CultureWarrior]

Demand creates jobs. The people who will benefit from less expensive healthcare will then be able to use the money they save on medical costs and go to businesses and buy products they would not have otherwise been able to purchase. That is what will create jobs

[JabreelB]

This is not the first time it's happened get over it

[downwithsocialists]

They don't get it. a flat tax would make the economy soar. The misguided "progressive" tax hurts the entrepreneurs and small businesses.

[joeanimal]

their is a List of about 85,000 Businesses and individuals that have their money at a Swiss Bank that they will not Release the names yet......

these are ones that are Supposed to be Paying Taxes on their Money Here........

they get Tax Breaks and Subsidies from us and take the Money and Hide it instead of putting it back into our Economy........

they are fighting to get that List of Names~!

[AlbertEe]

Thoughts? Yes. I have them.
And you?