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Taxing The Rich More
Will Backfire On
The Middle Class

Investors Business Daily, by Staff

Original Article

Posted By:Desert Fox, 12/10/2012 7:27:07 PM

Taxes: How much can the U.S. government take from our most successful citizens? Theoretically, there might not be a limit. But the consequences for the less successful are huge, as one principled CEO points out. Appearing on CNBC on Monday, Ex-New York Democratic state politician Richard Brodsky trotted out his party´s class-warfare-based fiscal cliff talking points. "We´ve got to dig our way out" from under Bush policies, he contended. And "the president is saying that the wealthiest are most able to contribute" — after which Brodsky instantly admitted that raising taxes on the incomes "is not


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Reply 1 - Posted by: Udanja99, 12/10/2012 7:52:35 PM     (No. 9058581)

I´m sick to death of our problems being blamed on "Bush policies". Lets be honest - the blame goes to the 2007 congress and to zippy, who took their mess and made it 100 times worse.

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Reply 2 - Posted by: sunsong, 12/10/2012 7:53:10 PM     (No. 9058583)

If Obama wants to take us over the cliff for $85 billion - so be it. But let the pubbies tall the truth about it. It is Obama´s decision - not theirs.

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Reply 3 - Posted by: chance_232, 12/10/2012 8:26:56 PM     (No. 9058614)

Doesn´t anyone ever stop to think where the rich get their money? Hint....they dont print it.

The rich get rich by producing a product or service that the population wants or needs. Or...they invest in others who provide the products or services. So when the rich see their taxes go up, expect the price for EVERYTHING that you purchase to go up.

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Reply 4 - Posted by: TheMotherCO, 12/10/2012 8:41:58 PM     (No. 9058625)

The dims and their constant repeating it was GW´s fault would be funny if it were not so pathetic. If voters would check their tax bill this last year, I don´t think they would agree. The economy stinks and Christmas shopping is way down with just 2 weeks or so until that day.

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Reply 5 - Posted by: saguni, 12/10/2012 8:50:14 PM     (No. 9058631)

The clearest example of this folly is England, which raised taxes on the "millionaires and billionaires" just a year ago...and saw most of them flee to kinder climes.

Look at the countries of the EU, with their socialism, and their "millionaires and billionaires" moving out as rapidly as humanly possible.

Of all the "classes" of taxpayers, the smartest and most able to a) hide their wealth and b) choose where and how they will "grow" their wealth are the "millionaires and billionaires" who can afford to hire the best tax accountants and tax lawyers.

It is the middle class and the working "poor" who earn just enough to not qualify for all the entitlements who will be actually paying the increased taxes.

The "poor," who have already learned how to game the system won´t be paying taxes...and will riot if anyone tries to take away their EITC, which they carefully calculate exactly how much they can work to maximize the payoff, will not pay one penny more in taxes.

The rich will become ex-pats if necessary, and juggle where their money "resides" so they won´t actually pay anymore taxes.

No, it will be all us saps in the middle that have to pay the bill for 0bama´s generosity to the almighty "poor."

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Reply 6 - Posted by: Poliskeptic, 12/10/2012 9:01:39 PM     (No. 9058642)

My favorite line in the article: A rightfully outraged Schiff declared that he doesn´t "care what the majority voted to do. They don´t have a right to steal my money just because they vote for it."

Mr. Schiff is right. The image of the have-nots voting to steal the money that the haves worked to make is tragic. Our forefathers must be turning in their graves.

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Reply 7 - Posted by: jimmiet, 12/10/2012 9:56:01 PM     (No. 9058692)

Everytime these bastids aim at the rich they hit the middle class. Google? Gates?

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Reply 8 - Posted by: veritas, 12/10/2012 10:04:31 PM     (No. 9058696)

Lessee... the top one per cent makes about 13% of total income. They pay about 22% of income taxes.

Can somebody explain "fairness" to me again, please?

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Reply 9 - Posted by: coldoc, 12/10/2012 10:20:07 PM     (No. 9058709)

If we run the "rich" out of the country, the only ones left will be poor.

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Reply 10 - Posted by: Charactercounts, 12/10/2012 11:38:53 PM     (No. 9058785)

There´s an old saying that luxury feeds more mouths than charity.

We could modernize it to say that keeping wealth and spending it yourself is better for society than giving it to the government to waste on boondoggles and bureaucracy.

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Reply 11 - Posted by: LanieLou, 12/11/2012 4:04:41 AM     (No. 9058887)

Teeny Tiny overlooked detail =

Obama´s tax increase cut off at $250k is based on Net Worth... not annual income.

If you own a home, you are toast... If you have purchased gold or other assets in the last 4 years... you are toast.

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Reply 12 - Posted by: Spidey, 12/11/2012 4:37:26 AM     (No. 9058895)

This whole country´s economy,fiscal sanity and growth potential hangs in the balance so Obama can spike the football over a lousy 3% tax on a handful of people.

Obama´s all for capitalism when it comes to his cronies but not so much so for honest business people.

How come you don´t hear about a rebellion among high earning dems who could be slapped with the higher taxes?One of the ways the left has been operating for years is they offset tax increases on their supporters by more spending,raises and performance bonuses. That way only suburban republicans actually pay more taxes.

You see rich liberals everywhere moving to duck higher taxes so the myth that they want to pay more is a huge lie.I´ll bet a lot of Obama´s fundraising came from people wanting protection from higher taxes. Obama will find a way to carve these people out with middle of the night exe orders or signing statements.

Why would an illegal alien want citizenship when they can get free kidney transplants as an illegal? If they become citizens and have to pay income taxes,they could get slapped with an Obamacare fine,even though IRS agents will probably name profile to avoid hitting liberal sub groups. It doesn´t take a rocket scientist to figure out a minority´s name.

The point is,all new taxes will be formulated to hit majority republicans if for no other reason than to have less money to donate to candidates.

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Reply 13 - Posted by: Israel putnam, 12/11/2012 11:47:23 AM     (No. 9059612)

It seems to me that the time for cogent arguments is long past....this whole mob rule thing is so sickening that I suggest that we vilified earners stay home for a few days...I feel a bad case of acute taxtoxicity coming on. Shut ´em down for, see how jug-ears likes that.

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