"Because, if the person who made $1,000,000 spent 75% of that money, then $750,000 went into the economy."
We already know the theory of Voo Doo Economics but the little detail y'all always forget is that no one who makes $1,000,000 spends $750,000 of it in one year. They also forget that with higher tax rates if their business earns $1,000,000 they can deduct all business expenses before they compute their taxes and thus it is in their interest to spend and hire rather than pay so much tax.
#65 | Posted by danni
Sorry Danni, but people who make $1,000,000 do spend it - or invest it. You're not speaking from experience with those that have that kind of money.
I've spent over 20 years working with people who invest this kind of money and spread it around.
They don't sit on it. In fact, they not only spend and invest it, they are still working.
Your example of rich people would seem to be more of those that don't have to work anymore for a living.
From those I work for, they are still working because if they didn't, they'd go bankrupt and they are have millions. But with earnings of millions are outlays of millions.
What you think of is rich is to me someone who employs a lot of people, invests in this country, and enjoys life.
They are not sitting back watching their accounts grow with interest. They don't sit on their money. Many, if they chose to stop right now, would have to sell off everything they have to avoid collapse.
A tax of 50% and 75% isn't realistic and gives rise to revolutionary issues. A tax must be fair, but it cannot be punititive either.
I highly recommend seeking out a financial counselor who handles millions and have them provide you how that kind of person invests, continues work, and makes the lives of others better because of their business sense.
Then, ask what happens if the person quits their work.
Trickle down? No, the so-called rich are keeping a lot of people working and enjoying life.
That's ain't no trickle.
