This is Economics 101, people. Everyone knows if you slice every pizza the same way, your piece is bigger if the pizza is larger.
“Grow the Pie.”
If you take a bigger slice (percentage of the pie) with no incentive to grow the pie larger, someone loses whatever part of the pie originally meant for someone else. If you take the same slice (same percentage) of a bigger pie to by incentivizing growth, that same percentage is a bigger slice. How does increasing taxes grow the pie? It can’t… it just takes away more of the same pie and forces business to work with what’s left: raising prices, cutting quality (or production), or laying off workers.
What’s being discussed in congress right now isn’t a tax cut; it’s extending the same cuts that were about to expire. Second, the super rich very often stay super rich by spending money as investments that create business and spawn jobs. Finally, no one says you can’t contribute more than money to help the less fortunate, but it isn’t the government’s job to take from the rich and give to the poor.
We’re talking about an INCOME TAX increase, right? This doesn’t tax money that’s sitting in account earning almost no interest right now, just money that’s INCOME. The bulk of that is from money that’s working (businesses) and even small businesses with as little as 10 employees making $25K a year is a $250,000 business, even if the owner can’t take a profit. The 1% “super rich” will ALWAYS find a loophole to pass their tax increase down to the middle class.
The rich do not work as hard as the middle class.. would you? Their money does, however, if they intend to stay super rich. Let’s say congress passed a bill that only raises Walmart’s income taxes by 20%… that should be plenty, and they can afford it, right? If Walmart decides to instead go out of business rather than pay the targeted increase, what’s 20% of zero? But cutting the taxes (or, in this case, extending the cuts) allows growth, and the same percentage of a bigger pie is more money.
Seriously, does anyone want a smaller piece of their pizza?