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More taxes means less jobs plain and simple. Less jobs means higher unemployment and more entitlement programs to help those out of work. This will also lead to a slowing economy which is never good for anybody. The only thing good about Biden’s plan is it will ensure he’s gone in 4 years
Let’s just keep cutting taxes for the rich and they’ll make sure to employ us all and pay us livable wages. That’s the GOP philosophy right? It hasn’t worked at all since Ronald Regan introduced this ridiculous theory. We’ve tried it for decades now and income inequality continues to get worse in this country. We need more social safety nets because businesses don’t take care of their employees adequately. Cutting taxes on businesses and the wealthy has only allowed them to buy more things. Virtually none of their increase in wealth trickles down to the rest of society. Time to create new tax brackets where income over a million dollars is taxed at 50%. Any income over 10 million needs to be taxed at 75%.
Sounds like Wesley is a socialist….
I am a democratic socialist and have the same economic philosophies as most of the Western World.
I knew it wouldn’t take long for the old white Republicans to pounce on tax fairness proposals. God doesn’t like greed for those that also check mark the religious right box.
…or, Larry…more likely gone in less than 4 years depending on how “the planners” have engineered his exit to get “Horizontal Harris” in The Big Boy Chair.
Misygonist
Sorry for the spelling error: misogynist
Multiple studies have shown the top 10% pay 70% or more of the taxes. Why would we want to disincenitivize them to keep doing that? Just curious…
What if they are making 90% of the income?
Raising taxes on them will not stop them from making as much money as possible. If you make 2 million dollars and only take home 50% of what you make between 1 and 2 million dollars, you’re still $500k richer. Why would you quit working for that extra half million? I’m fairly cetain they won’t work part-time just to avoid the increased tax rate.
Spelling error: certain*
Wesley H. Umm yes it could be enough of a disincentive to either make less income by taking a less stressful/demanding job or they have enough and pull out of the workforce for awhile. Both situations you bring in less tax revenue.
My wife and I are not Wealthy but make a comfortable living by working our tails off. We both came from fairly low income situations. I agree and would think we all would agree that some social programs need to be in place but be mindful, it is a slippery slope. What ever happened to good old fashioned hard work!
Wesley. Companies that pay less taxes have more money to pay employees. Trumps tax plan cut taxes for the lowest earners. It doesn’t matter if your rich, middle income or poor if you have more money you buy more things as you put it. Buying more things is what creates jobs in this country. When more things are needed more people have jobs. You seriously need an economics lesson.