Another myth "busted"

Tax the Rich, Kill the Economy? Here's Proof It Doesn't Work That Way

By Rich Smith, The Motley Fool
Posted 2:53PM 09/25/12

" the "data suggests the reduction in the top tax rates have had little association with saving, investment, or productivity growth." These reductions did, however, result in "increasing concentration of income at the top of the income distribution. The share of income accruing to the top 0.1% of U.S. families increased from 4.2% in 1945 to 12.3% by 2007 before falling to 9.2% due to the 2007-2009 recession."

To summarize: Lowering taxes on the wealthy makes the rich richer, and doesn't do anything to boost economic growth."

http://www.dailyfinance.com/2012/09/25/ ... -work-tha/

here is a copy of the full study from The Congressional Research Service
http://tpmdc.talkingpointsmemo.com/PDF/ ... conomy.pdf

Good stuff... And that's about the 10th source that has been posted that shoots that whole myth into oblivion...

You can explain it to them, but you can't make them understand it.

If anything is becoming clear by the poll numbers and the reaction of the electorate to RMoney and the GOTP, it is that more and more of the general electorate isn't buying what the GOTP is selling. They don't believe that the best way to help America is to give more tax-breaks to the wealthy in the hope that it will trickle-down. It's also become more and more clear that they aren't drawing the younger generation to their message of hate, division and obstructionism. It's dying under it's own plutocratic weight.

...And thank god for it...

You guys can't possibly believe that doubling the capital gains tax does not effect investments...
can you?

Heisenberg wrote: You guys can't possibly believe that doubling the capital gains tax does not effect investments...
can you?

Has anyone suggested DOUBLING the capitol gains tax?

archer wrote:

Heisenberg wrote: You guys can't possibly believe that doubling the capital gains tax does not effect investments...
can you?

Has anyone suggested DOUBLING the capitol gains tax?

1/1/13 ring any bells?

It's not a case of what we guys believe, it's what has been proven to be true historically......lowering taxes on the wealthy has only one result, it makes the rich richer and has NO affect on the rest of us.

Heisenberg wrote:

archer wrote:

Heisenberg wrote: You guys can't possibly believe that doubling the capital gains tax does not effect investments...
can you?

Has anyone suggested DOUBLING the capitol gains tax?

1/1/13 ring any bells?

If the Republicans can't get their heads out of their you know what, then yes, everything will hit the fan......maybe that is not such a bad thing. Perhaps then, and only then, will congress wake up to their responsibilities to actually do some work for the nation instead of for their respective parties.

Why did business boom after Clinton slashed the capital gains tax?

More at issue in this presidential campaign is whether we should lower taxes for those making over $250000 per year, or raise them (by what? a measly 4.something percent?) Raising taxes on the wealthy would bring in some much needed revenue (no, not enough to wipe out the national debt) and history tells us it will not cause the economy to tank. History also tells us that if we lower the taxes on the wealthier Americans it will do nothing to spur the economy, but will most definitely lower revenue.