Why have Republicans been opposed to letting taxes rise on the wealthy?
a) The GOP is protecting the rich folks; or
b) the GOP is trying to promote economic growth.
The answer from the Democrats and the main stream media is always choice (a). Republicans exist to protect the rich according to this never ending propaganda. The truth, however, is choice (b). The goal of preventing a tax increase is to avoid a major reduction in the amount of spending in the private sector. When a wealthy person buys a boat or an ATV, that purchase supports the jobs of quite a few other people. Visits to expensive restaurants support some well paying restaurant jobs far better than the workers at McDonalds ever achieve. If the federal government sucks an extra $1.6 trillion dollars away from the wealthy over the next ten years, that will result in a major decline in consumer spending and a slowdown in economic growth. That means fewer jobs are created. It hurts the economy.
I repeat this point today because I came across a big story on CNBC that proclaims that the wealthy actually want to pay higher taxes. In the words of the CNBC reporter, this puts Republicans at odds with the folks they are "protecting". But that is just it, the Republicans are not protecting the rich; they are attempting to benefit everyone.
In the class warfare world of the media and the Democrats, it is inconceivable that what is good for one group might also benefit another group. For Democrats and teh left, the only way to deal with the rich is to take their wealth away. The left never considers that by doing just that, it will impoverish the entire country.
1 comment:
The point you make is absolute myth. There was no economic growth at all after Bush instituted tax cuts. There have been numerous non-partisan economists who have said there is no correlation that raising the taxes on the rich will stunt job creation.
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