:lol: If you think it will have no effect then you're the one that doesn't understand IMO. The truly wealthy have a variety of tax avoidance strategies in place that protect their assets and put them out of reach of tax increases on the "rich". In other words the billionaires and hundred plus millionaires, the real rich, will pay no more in taxes than they do now regardless of what politicians say or do. Corporations are by definition profit making organizations. They do not absorb an additional tax burden that cuts into the corporate bottom line. Among the variety of strategies they pursue to avoid lost profit relative to taxes are two common outcomes: first is to take the extra tax burden and pass it on to customers via increased prices for goods and services and second is to layoff employees, the working man, thus cutting personnel expenses. As I said, bad for the economy.

 

Wrong, they just simply wont continue to keep paying more. No one said they aren't paying any taxes, that's a wild assumption by you.

 

 

How is this a wild assumption by me? You said it.

How is this a wild assumption by me? You said it.

No, you nicely tried to twist what I said. You are the one that claimed they are apparently not paying the most, I never said that at all. I can tell you've been helping out a Democrat. :lol:

 

What I said is true, they will not continue to take more hits, they will pass it on as they know they are already paying the brunt of it already. It's really pretty simple guys, some of you act as if it's something new.

And you've already pointed out tax shelters, et al to avoid paying taxes. That's a luxury only the top earners have, correct? So, that being said, I feel inclined to throw out the the argument that the economy will be hurt by taxing the highest earners, because they are apparently not paying the most...they're avoiding paying taxes on large portions of their incomes already.

 

:thumb: We are in more desperate need of closing loopholes and reformatting the tax code.

Exactly. The uber-rich already pay their share (IMO), but the most fair way and most effective way would be to abolish the IRS and get rid of legal tax evasion.