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“People are going to have to start paying their fair share in taxes,” the 29-year-old said. “You look at our tax rates back in the ’60s and when you have a progressive tax rate system your tax rate, you know, let’s say, from zero to $75,000, maybe 10 percent or 15 percent, etc. But once you get to, like, the tippy tops — on your 10-millionth dollar — sometimes you see tax rates as high as 60 or 70 percent.
When you punish the rich for the sin of being rich, and you reward the poor for being poor, you end up with fewer rich people, and more poor people.
higher taxes are simply just passed on to consumers. And when you have many people and businesses involved in the production, transportation, and distribution of products, and they are all paying higher costs, the added costs built into the selling prices quickly begin to add up for the end consumer. So the question is who is most likely to be harmed by increased taxes on "the rich"? Ironically, it may be the income brackets that continue to demand those higher taxes on others.
When people have less money, they spend less money. That's less money spent on personal services, products, and luxury items. Anyone who has a job in sectors that sell expensive cars, boats, houses, or other sometimes luxurious items (in other words, anyone in manufacturing, retail, and construction industries) should want to have a large pool of people looking to buy. Sure it's fun to say that so-and-so doesn't need another jet. But if I make jet parts, work as a mechanic, own an airport hangar or am a pilot looking for a job I want there to be as many jets purchased by as many people as possible.
originally posted by: network dude
a reply to: shawmanfromny
I'd love to pay no taxes and just let folks like NANCY PELOSI, MAXINE WATTERS, CHUCK SHUMER, pay like 70% taxes.
It will be interesting to see how long it takes Mrs, Cortez to make her first million. I'll wager her turn changes a bit then. I'd love to be wrong.
originally posted by: Muninn
originally posted by: amazing
Of all the hundreds of Congressmen and women, why is Cortez getting all the press and ...threads on ATS? LOL
Because she puts herself out in the spotlight?
I'd really like to know, how is taxing someone at 70 percent fair?? Serious question.