if you make them pay more it doesnt neccesarily mean they will leave
companies have more cash now then ever before and they are still not hiring so if they had less money it doesnt mean unemployment will go up
capital gains tax is really where it needs to be fixed (ask warren buffet)
I have already responded to this as well. Buffet is a rabble rousing idiot.
Obama has encouraged this more than any major politician in my memory. He uses twisted facts to encourage even more than it could be.
Imagine he sits and says that rich people pay LESS taxes than poor people. Firstly, that statistic is only talking about people who earn capital gains income mainly- a small subset of rich people. Secondly, they are still paying far far more money, just a lower rate. Thirdly, half the country pays zero taxes, so they are still paying a higher rate. Fourthly, there is a point where higher taxes actually leads to lower revenue- for ordinary income it is over 60%, but for capital gains it is in the 20%'s, and the law of diminishing returns makes it very unwise far lower than that, it is currently at 15%, which seems about right.
peirush l'peirushi: When you tax people more, they work less. There is a curve, and at some point, you actually bring less money into the treasury by raising taxes. But, it is unwise to get close to that point, since imagine you are wasting 10 dollars of productivity to bring in 1 dollar of taxes.
For ordinary income, the point of less money is somewhere over 60%. If you raise taxes to 70%, you will have less treasury income than if it is 60%. But having 60% is stupid, since you are wasting lots of productivity for minimal gain.
For capital gains, the point of less money is in the 20%'s. The rate is currently 15%. Raising it would be retarded.
(I use the term retarded, since I am friends with some idiots, and don't like to use their condition as a pejorative.)
Topic Wiki
