Posted in the Tipp City Forum
Raising taxes on the rich will not solve our budgetary problems.
!. The rich will simply move more of their money to tax shelters provided for them by Democrats in years past.
2. Raising taxes on businesses will cost jobs. For an excellent explanation of how this works, read Basic Economics by Thomas Sowell
3. The rich do not have enough money to pay our bills. For example, well known millionaire Warren Buffet is worth $45 billion dollars. Sounds like that should solve the problem, right? But if the government took everything Buffet owns, all of his porperty, companies, and assets, it would run the country for a mere four and one half days. Yes, DAYS.
The US treasury takes in $6 billion in tax revenues per day. But it spends $10 billion per day. Buffet's fortune is gone in four days. If the US government confiscated every asset the rich in this country own, it would cover the budget for about one year. Then what? Where will the money come from the following year? The rich have nothing left to take.
BTW, Buffet, who is so quick to say he wouldn't mind a tax increase, has owed the IRS $2 billion in back taxes for 10 years.
Despite being pestered by sequester, some of us know that this 3% reduction in the increase federal spending is not a real cut, despite the whining media nuts and sluts at places like the bases. People who struggle to pay the rent think that government can cut three percent.
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