it will stifle job creation.
I have never been able to figure out why we don't reply, "If that is correct where the hell are the jobs?"
We have low taxes on the rich and I don't see any job creation. During the Eisenhower administration the tax rate peaked at 92% in 1953, and 91% thereafter.
source:
http://politics.gather.com/viewArticle.action?articleId=281474977623449It might be possible that reducing extremely high tax rates on the rich does result in more job creation but currently reducing tax rates any further will simply result in the rich getting richer, the poor getting poorer and the total elimination of the middle class.
As with many other ideas there is the law of diminishing returns. Increasing the tax rate on the rich will not eliminate our current financial problems but as part of an overall plan it makes sense. We also need to eliminate tax breaks for many of the Big Corporations.
Unfortunately, the people we elect to represent us depend on campaign contributions from the rich and the big corporations to get reelected. The chances of ever getting a fairer system are slim to none.
It's good to be rich in the United States with a 50" LCD TV in your bathroom to watch while you sit on the throne. It sucks to be poor and looking for work.