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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: BWAC who wrote (158096)10/17/2008 4:49:19 PM
From: GraceZRead Replies (1) of 306849
 
The tax policy of the last seven years, with reduced marginal rates and cap gains rates raised the percentage of total taxes paid by the top 5% as well as the nominal amount paid so a change in the policy raising the marginal tax bracket isn't really about funding government or raising the amount of taxes paid.

It is about trying to pull down the income of the top producers, to reduce the gap between the high producers and the low producers. They're willing to sacrifice increased tax revenues and increased investment in capital spending to do this because pulling down the rich is more popular than trying to enact policies that have the effect of pulling up the poor.

Let's face it, nobody really goes from being poor to rich with a government check. If anything one could say the government check extends poverty. People move up out of poverty the way I did, they get a crappy job which leads to a better job, they add to their education level and experience, they take on risk like starting a business or working in a job that no one else wants that needs to be done.

Sending money from the top producer to the lowest producers may be popular with the masses but it will not have the effect of helping the poor and middle class one bit. Growing the economy through increases in macro saving and capital investment will.

And it's not all about what is mine is mine. Obama's plan as advertised will have zero effect on my tax rates (not that I trust it will remain as advertised). His plan is extremely popular with the very rich. The reason the increased taxes on the top 5% are so popular with the very rich is because it keeps people in the upper middle (the ones who get rich from high incomes) from crowding in on their space, it keeps ordinary people who do take risk from making that jump into the millionaire and billionaire class. It maintains their status all the while they can talk about how much they are for fairness for little people so they can keep from getting eaten by the mob.
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