Re: Tax Cuts for the

Posted by wisbaker on November 29, 2012 at 17:01:32 from (207.118.132.18):

In Reply to: Tax Cuts for the posted by Dalet on November 29, 2012 at 16:04:42:

There is an internet article going around claiming there are 403 billionaires
in the US, they make on average 106 million a year if we tax them at 70%
we'll be able to reduce our budget deficit by about 2%. I did some further
calculations, if we taxed these 403 people 100% we'd cover a little under 3%
of the deficit, or in reality enough to cover the interest on the deficit. If
we tax Billionaires 100% next year (2013) what happens in 2014? Do you think
someone smart enough or unethical enough (depending on your view of
Billionaires) to become a Billionaire is going to come to work for free? How
many countries in the world would be willing to give these billionaires
citizen ship and charge them say a 10% income tax rate or 10 million a year?
Would they move to not pay the 30 million they would pay currently on earned
income or the 70 million Barry & The Boys think is fair to charge them? One
of the things that made the USA the economic powerhouse it was in the 20th
century and also made us the industrial power that defeated the Axis during
World War II was the ability of US Citizens to build wealth easier here than
anywhere in the world. Let's take an example say Mr Henry Ford, who made him
self quite wealthy building Automobiles. He made millions of dollars for
himself and his family. How many people also became millionaires selling Ford
Cars and trucks? How many people became millionaires selling things to Ford
Motor Company (Think Horace and John Dodge). And the wealth those individuals
created from Ford Motor Company pales in comparison to the amount of wealth
Ford workers and those that made a living selling things to Ford workers
made. Consider in it's heyday Ford's Rouge River Complex hired 100,000
workers. That would be like every man women and child in Green Bay Wisconsin
working at one place. Also consider the bulk of the value of the Ford Motor
Company was given to a charitable organization not counting the money Mr Ford
gave to various institutions over the course of his life. Ever wonder why one
of the largest hospitals in Detroit is called Henry Ford Hospital? It wasn't
because the Ford family bought "naming rights", they paid for the darn thing.
Back to the original topic, when it was easier to build wealth in our Country
a few select individuals became quite wealthy, but many many more became
comfortable and that actually was the bulk of American Prosperity. Our large
and comfortable middle class built and economy that allowed common people to
own homes and businesses and automobiles. These common people marched off to
WWII being with a higher percentage of literacy, more technical knowledge of
machines and equipment and left behind an economy that was able to outproduce
our opponents during the war. So if what built America is so evil consider
the Third Reich and their moral and ethical characters, would you want them
dominating the world?

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• Re: Tax Cuts for the Bruce from Can. 17:20:56 11/29/12 (0)

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