Forum Post: Raising the Millionaire's Tax IMPROVES the Gross National Product
Posted 13 years ago on Oct. 22, 2011, 9:36 p.m. EST by cahorrito
(14)
This content is user submitted and not an official statement
OUR ECONOMY NEEDS TO WORK FOR THE 99%
• Conservatives insist that higher taxes on Millionaires reduce jobs and destroy the economy, but present no data to support this assertion. • The tax rate on Millionaires is now the lowest in the last ~100 years but the economy has tanked and corporations are banking huge amounts of cash and creating no jobs. • Because of these huge Wall Street Bank Accounts, mergers are now rampant. Mergers reduce competition, and eliminate jobs. • Public policy has long used tax penalties to reduce anti-social behavior: examples are Taxes on Cigarettes to eliminate smoking or Gas Guzzler’s tax. • A data graph of the Millionaires’ tax for the last 60 years shows that if the tax rate on Millionaires is returned to normal levels of more than 50%, the U.S. Gross National Product increases. See
• By raising the millionaire tax rate, we encourage businesses to reinvest and expand their companies with new employees, rather than pay it to the U.S. government.
HISTORIC DATA REVEALS A CLEAR PATH TO A LOWER UNEMPLOYMENT RATE:
RAISE THE MILLIONAIRE TAX TO MORE THAN 50%
Stupid. Taxing anyone doesn't fix anything.
I would disagree. Your taxes paid to develop the internet (roadways, telephone service, post office, etc) that you are now using to communicate.
Trying to correlate tax rates with economic performance is a waste of time unless all variables are adjusted for There are so many other important variables that can swamp it. Also there are lags in the data that cause delayed reactions between the varaibles.
Two of the root varaibles that effect economic growth that are very important are savings and productivity. A prolonged period of poor savings rates will slow economic growth in spite of more favorable tax rates.
Thank you for the thoughtful reply, OMG. It seems that corporations do not lack for savings. There is a corporations have stockpiled a tremendous amount of cash. Banks are not lending (despite being bailed out by the Fed. Government to the tune of ~1Trillion dollars. American productivity has never been higher. So many people have been laid off, and the fewer people left with jobs are producing the same amount. If you want to improve the US economy, boycott WALMART, who buy ~80-90% of their goods in China. Maybe you'd like to earn a typical income of a Chinese employee of a WalMart supplier?
@cahorrito - If you can't deal straight up, just go home, WGAF about your so-called "data"? Do you actually believe everything you can obtain on Al Gore's (self-proclaimed) inter-webs? Let's deal in reality, mmmkaayyy?
Well, let's see: You reference to "Al Gore", "socialism," and a whole bunch of other insults towards our fellow citizens at OWS, none of which I brought up. Can you refute the data shown at:
http://www.washingtonpost.com/blogs/ezra-klein/post/tax-rates-and-economic-growth-in-one-graph/2011/05/19/AGLaxJeH_blog.html ???
@cahorrito - Sorry, the "relevance" (spelled correctly) is that this OWS bullshit is nothing but socialism. Ever hear of the ant and the grasshopper? OWS is nothing but a bunch of blind, robotic, whining grasshoppers. 99% of OWS doesn't even know who they are really supporting, quite sad actually.
Note the ant is able to store up food for the winter because it steals from the labor of others.
Sorry...I studder when I type. Please respond to the data at the link I supplied.
Jah, Socialism is a bitch!
What is the relavence of your comment. Check out the link. Reply to the ->data<- I posted via the link. No one said anything about socialism.
The proposal was a socialist one Ca whore
Is your only response to the data to insult the person who contributed it? Please check out the data first before you lower yourself to insults. The data is public information..you can probably get it yourself from a good almanac.
Your ideas are screwed. QuitWhiningandGoToWork was correct.
You don't have to worry about my idea, or insult me. Check out the data at: http://www.washingtonpost.com/blogs/ezra-klein/post/tax-rates-and-economic-growth-in-one-graph/2011/05/19/AGLaxJeH_blog.html
I'd be really motivated to expand my business so that the government could take all my earnings!
The data is clear..please check it out. The explaination is mine, I admit. The point is that rather than pay higher taxes, businesses use the money to expand their companies.
That is the point of a business- to make money. In doing so they benefit others as well. When they expand their companies, they hire more people, an generally provide more, better paying jobs and benefits.
Exactly. You can use positive encouragements (tax incentives) to get businesses to increase employment. That has not worked. Taxes on business are at historic lows, and companies, despite huge amounts of cash on hand (Apple has $80 BILLION in cash) are not hiring. Check out the Federal taxes paid by BP, Chevron, ADM. They paid ZERO Federal tax last year. BP will get a $10Billion TAX refund this year because of "losses" in the Gulf oil spill. Do you see a trend here?
Why the Hell would they invest money when idiots like the dimwits want to raise taxes.. And what about the cost of Public healthcare.. Furthermore, tax incentives, including those of Bush are stupid. A low flat tax is better.
A low tax rate is fine, until you expect the government to offer low cost loans for hurricanes (east coast), tornadoes (mid west), flooding (midwest), Dought (midwest), earthquakes (west), Fire (all of US), and other benefits that are mostly forgotten about in these discussions.
Read the constitution that's not the government's job. Partly the reason we are in so much debt is because the stupid government no stupid voters and greedy politicians spend way to much money on things they should't be spending a dime.
I have read the constitution. The 16th amendment gives the government the right to levy income taxes. I note that corporations in the US have all the rights of individiuals, except the right to vote. It is completely justifiable that they should share the burden of paying for the infrastructure that supports these rights.
Another I D 10 T providing proof thereof.
Please look at the link I provided. It shows that a higher gross domestic product is correlated with a higher marginal tax rate. The data is incontrovertible. What is your explaination? Just to deny it?
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You are making assumptions about how much money I make. Look at the data...follow the link. I'm in the 1%.
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