As evident from the ungodly tax cuts they just gave to the wealthiest Americans.
> Oh, we are just so much in debt, we need to tighten our belts... With a 2.5 trillion dollar tax cut.
> Oh, we are just so much in debt, we need to tighten our belts... With a 2.5 trillion dollar tax cut.
If you ignore all the glaring flaws it's a wonderful plan!
I'm adding that to my stock of meetings comments.
So the idea is that this will be reinvested, leading to more productivity and job, which is a more sustainable way of getting rid of debt.
If you tax the rich, chances are that their business will cut spending, lay off people and increase unemployment. So while "Tax the rich" looks impressive if you are looking only superficially, it is not very sustainable.
Of course you are not hoping they will do out of their good of their hearts.
They would naturally want to enrich themselves, and one way to do that is launch new business and employ people, which in turn leads to the transferring back of the wealth to the people. In this manner, this also boosts economy in ways that a simple tax hike would not.
So how would this graph look if it did trickle down? Just curious..