Most the top 3% probably don’t have much cash in their pockets, banks. It’s probably reinvested in their businesses. Where do they get the money to pay all these “rich must pay” taxes? Well, they have to cut somewhere...cut staff...sell off what they can. Taxes are big way to erode the backbone of our economy.
More good bye to jobs...more foreclosures....more downturn in the economy.
But then again, that sure seems to be the goal of this current administration.
To stimulate the economy:
Cut taxes and quit spending, repeal Heathcare, repeal financial reform, repeal stimulus. Common sense stuff
“It’s probably reinvested in their businesses.”
BINGO.
Increasing the tax is a $700 b cut in private sector investment, actually more, since tax compliance and economic avoidance makes the real cost of those higher taxes about double the ‘cost’ to the Government budget, or $1.5 trillion.
And will the Government spending $700b wisely? No, they will do something that is worth far less that $700b to our economy due to waste, inefficiency and fraud. maybe half will be wasted.
So this tax increase will cost the economy $1 TRILLION.