Now that the federal government has squandered
the tax revenue on wasteful and inefficient
spending, the new pitch is to
raise taxes on the richest people in the country
to raise more revenue. There are several
issues with raising taxes on the rich:
- Most of the rich are business owners who
invest in the economy, provide jobs and
generate goods and services. Raising
taxes may render all of that activity less
likely.
- Since the rich are business owners,
higher taxes are a cost of doing business.
When my business costs increase, I raise the
prices of my goods and services. So
the rest of us end up paying for most of the
tax increase indirectly anyway. It's
funny that we don't even hear conservatives
use this argument. It's like raising
taxes on diesel fuel when almost everything
we consume is delivered by a freakin' truck.
Do you want to pay $15.00 for a loaf of
bread?
- American businesses already pay a higher
level of taxes than businesses in many other
foreign countries - a factor that affects
our businesses' ability to compete in the
world market. Barack Obama and the
Spendocrats never speak of the total taxes
businesses pay, only the income tax.
- The government is an inefficient user of
revenue.
- The rich earned their money.
-
According to experts, raising taxes on
the wealthy would produce new revenue that
would only cover SEVEN days of deficits.
- You
can't increase wealth by dividing it!
Democrats, including the inept President,
want to raise taxes to combat the deficit, which
won't work. That leaves it up to
republicans to cut spending on massive
government programs, leaving them to look like
the bad guys. Democrats won't even agree
to cut what amounts to piggy bank change in
comparison to the massive spending, unless it is
from national defense. Social programs
will be non-existent if we are all subject to
Sharia Law. I'm all for closing tax loopholes that gives
some businesses an unfair tax advantage, but I'm
not in favor of any revenue increasing measures
until the government changes its ridiculous
spending habits. Otherwise, the federal
government will only squander the additional
revenue. More folks should research the "Laffer
Curve" developed by Economist Dr. Arthur Laffer,
which demonstrates that "increasing taxes beyond
a certain point will be counterproductive for
raising further tax revenue."
Read about Dr. Arthur Laffer's
accomplishments. |
