Sense i never got anything that would qualify as an answer a couple days ago i will ask the exact same question. Do the Obama supporters here truly think that increasing taxes on people and businesses that make over $250,000 will help the economy right now in it's present condition?
When I was a little boy, we had a nice home and business. We had a victrola/ radio combination and I had a pedal car and a tricycle. At christmas, we had a tree and presents. My dad drove a Packard automobile and one day he drove me to Princeton and promised me that I would go there one day. But soon, I stood and watched all of our belongings being sold off including our Packard. We took a bus to New York and moved into an apartment in Hell's kitchen. There I was, living in an apartment with no furniture and had to sleep on the floor. The electric light in the bedroom burned only at night with what probably was a 20 watt bulb. We kept the food on the fire escape and I hardly got enough to eat. Pigs feet and smelt were special treats. Some nights we had only corn and not enough of that. After one particularly long hungry day, I asked my mother what had happened. She replied that the rich people now had all the money and weren't going to spend it. I told that story to Jimmy Rogers one day, in an email and he responded to it very favorably. I guess he knew what was going to happen cause he got out of the country and I would like to think that my story sort of encouraged him the slightest bit LOL. Obama knows what he is doing, as far as I'm concerned and it should have happened a lot sooner.
In the last debate Obama said that 98% of small businesses made less than $250K. He also said that small business was the key job growth. How many people can a small business, earning less than $250K a year, actually employ? 5, 10? With numbers like that, how can those businesses be the answer to our future job growth?
As has been previously stated on this thread, I trust Obama and his policies to serve the citizens of this country (on the whole) much better than McCain. If rasing taxes on those who make over 250k is part of that comprehensive package, the answer is a wholeharted yes.
This is why there is a strong relationship between the ignorant and the poor. Where to rich people hide their money? In a bank, a business, stock market, bonds. Deposit money with the bank and it will be lent out at a ratio of 5 to 1 due to Fractional Reserve Banking. Buy Bonds and you fund building projects that hire workers. Same with stock market. Taking risks to grow business for capitol gains. The problem is to get the wealthy to take greater risks, fund new project, support new entrepreneurs. They will invest if the return is worth the risk. Higher capitol gains and income taxes will raise the risk of profitability. The answer is to make the rich take more risk, to start more companies to hire more people. Take the capitol gains tax to zero. Yes, Zero. So what if some become mega rich due to their investments, it only means they have created growth in the economy.
The year that I was talking about was 1938. Later I learned that projects like the WPA, CCC, and other government funded projects got us out of that mess. Don't recall how the wealthy ever were involved. Besides why would a rich person ever want to take on risk. I'm not rich. I don't even have a million dollars and I still can't even come close to spending all the money that I have.
Thanks for the yes or no answer guys i am so much informed because of all your logical statements made about Obama's taxes helping or hurting the economy. Gezzes online forums are pointless.
I wonder whether those who say "tax the rich" realize that the rich are the ones who generally create almost all the new jobs? How often does an electrician's apprentice start a new software firm that employs 100 high paid professionals, greatly adding to the economy??? How many new jobs are added by: nurses? 0 doctor? a few janitors? 0 janitorial company owner? a few teacher? 0 Sylvan Learning Center owner? a few tech writer? 0 owner of recruiting company for tech writers? a few restaurant manager? 0 restaurant owner? a few etc. etc.