I can’t help but wonder what thier fair share would be. The so called “Rich” pay about 70% of the federal taxes. The lower 50% pay almost nothing. And about 20% actually make money on their taxes (the government sends them a rebate check). So what is fair.
The idea that the rich don’t spend is simply not supported by any facts. The industries that rebounded first were the high end products and services. In fact, the rich account for 37% of consumer spending.
Something IS clearly out of whack, however. I find it amusing that that Obama gives a rebate for buying a Chevy Volt of $7500 and he wants to raise it to $10,000. The program will cost the tax payer about $10 million. The average income of a Chevy Volt buyer is $170,000. So Obama wants to tax the rich so that he can provide rebates to…..um….. uh….. the rich. This is the kind of insanity we need to STOP. And just for added pain Obama want to raise the tax rate on those making $200K or more. That means that a small business (paying the individual rate) will have a higher tax rate than GE or any other major corporation.
Let me add one more little tidbit. Obama has quadrupled the number of major regulations (regulations that cost the economy more than $100 million). About 90% of the cost of regulation falls on small business. Who the hell are we trying to hurt here. Our government is out of control and killing any chance of growth. I believe it was Santorum that said ‘if we were building the interstate highway system with today’s regulations, it would never have been built’. The environmental studies alone, would have killed it. I was investigating building a golf course a few years back. The environmental study alone was estimated to add 2 years to the project at a cost of $1 million. And that’s just to plant trees and grass. What do you think it would cost to build something substantial.