This is an interesting graphic I found linked to at Science Blogs. The height of the bars represent how many people fit into that income bracket and the width represents how big their percentage tax change will be.
[And on a side note this graph also illustrates the gulf between median male income and median female income.]
Andrew
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If Obama plans to tax the rich more, as the graph seems to illustrate, this will result in less revenue filling the financial coffers.
ReplyDeleteThe rich aren't stupid. Increasing taxes simply provides them an incentive to evade paying tax (they can afford to hire the best accountants!) or to move elsewhere, resulting in less money for the government to spend on social services, education etc etc.
Surely if Obama really cared about social justice, he would support the McCain tax proposals, or why doesn't he advocate a flat tax?
Oh, so because people will try to evade a law that means that we should not implement it. Try telling that to the DEA or the DoJ and I'm sure you'll find people who will disagree on that. (Althought admittedly if there were no laws at all the US would not have a prison population of over 2,000,000.)
ReplyDeleteAs for moving away; to where would they move that they would pay less tax and yet have the same oppurtunities to gain wealth? It is after all the US economy that allows the rich in the US to become rich in the first place. Unless you think that people like Bill Gates and Steve Jobs could accrue the same level of wealth in, say North Korea or Sierra Leone.
Obama suppors social justice and that is why he wants a fairer tax plan; perhaps there are better alternatives but what you have said is patently absurd.