Monday, August 15, 2011

Killing the Magic Goose: Overly Tax the Rich, Destroy Prosperity

Nolan Finley of the Detroit News gets it.  He says the Obama administration had better hurry up and tax the rich while there are still rich to tax.  Obama's policies are rapidly destroying wealth.  Finley writes:
At the rate President Barack Obama's policies are destroying wealth, the pool of millionaire taxpayers may be too shallow to provide the windfall the redistributors hope for.

Plunging stock markets over the past two weeks have ravaged portfolios and caused lots of people to slip a few rungs down the economic ladder. Last Monday alone, investors lost $1.2 trillion. Imagine.
Liberals never get it.  They want the golden eggs and insist on cutting open the magic goose  to get them.  Alas, once you destroy the engine of prosperity, prosperity disappears.  Heavy taxation on entrepreneurs  is like strapping a boulder onto the backs of runners and expecting them to run at the same speed.  As Finley puts it:
But that's the problem with so-called millionaire's taxes. They only work if the rich stay rich, and high tax and spend policies that slow growth, rock financial markets and take the reward out of risk-taking produce a lot of ex-millionaires.
And when those millionaires become ex-millionaires, they shut down marginal businesses and lay off workers.  You can't make payroll with cute bumper-sticker slogans.  It takes moola.

These facts will never deter the wealth-confiscators, however.  They never learn.  They will continue, forever, looking for the financial equivalent of perpetual motion, or the ancient chemist's quest to turn lead into gold.  It doesn't work, kids.  When you destroy human incentive, people stop working, investing and taking risks.  The productive dwindle and the welfare rolls grow.  Soon, the house of cards collapses when there is nothing left to "redistribute."

Read all of Nolan Finley's article here.


LibertyAtStake said...

Liberal logic: keep the strangle hold on the golden goose until it lays *all* of its' eggs.

“Because the Only Good Progressive is a Failed Progressive”

Ema Nymton said...


"... tax the rich while there are still rich to tax ..."

And you care about this why? Forget it if you think for a moment you or your family will become rich (or shall I now use the new Republicant Party word - "job creator").

"... they shut down marginal businesses and lay off workers."

Hello: the billionaires are past that point. Stop being such a chump. (Your paying Paris Hilton's taxes ain't gonna get you a kiss.)

The rich _DON'T_ pay taxes in USA. That is why the prosperity train left USA with the Bush Tax-Cuts (and we the people are definitely NOT invited).

So give us a song about how making the rich pay is bad for USA!

Ema Nymton

pjm said...

A doctor from Israel says: "In Israel the medicine is so advanced that we cut off a man's testicles, we put them into another man, and in 6 weeks he is looking for work."

The German doctor comments: "That's nothing, in Germany we take part of the brain out of a person, we put it into another person's head, and in 4 weeks he is looking for work."

A Russian doctor says: "That's nothing either. In Russia we take out half of the heart from a person, we put it into another person's chest, and in 2 weeks he is looking for work."

The U.S. doctor answers immediately: "That's nothing my colleagues, you are way behind us.... we grabbed a person from Kenya with no brains, no heart, and no balls....we made him President of the United States , and now...the whole country is looking for work

Stogie said...

Ema, you are so brainwashed that all you can do is repeat liberal bumper-sticker slogans like a parrot on speed.

The rich pay over 80% of all income taxes. In 2008, the top 25% of income earners paid 86% of all income taxes and the top 50% paid 97% of all income taxes. The bottom 50% paid less than 3%.

The so-called "poor" have been getting a free ride long enough.