Quote:
Originally Posted by whell
http://www.detroitnews.com/story/opi...work/22178585/
In making his pitch to soak the rich, Obama didn’t mention the more than 20 tax hikes on the wealthy he’s already imposed (some of which also hit the middle class)...
He’s increased the top income tax bracket to 39.6 percent from 35 percent; increased the capital gains tax to 20 percent from 15 percent; and phased out tax credits and exemptions for wealthy families.
That’s because the government is an inefficient Robin Hood. When it raises taxes on the wealthy, they tend to look for ways to shield their earnings from the taxman. Revenues to the government get a short-term boost, but the historic pattern is that they fall in the years after a major tax hike.
AMEN!
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This is more an indictment of our current tax system than it is the rates. The rich will always have accountants to shield their earnings, regardless of rates, and you can be sure than the GOP will help to ensure the perpetuation of such tax breaks for the wealthy. They talk a good line about simplifying the tax code, but they have no real plans to do so because these breaks are a quid pro quo for campaign contributions (for both sides).