Posted by wisbaker on November 29, 2012 at 17:01:32 from (207.118.132.18):
In Reply to: Tax Cuts for the posted by Dalet on November 29, 2012 at 16:04:42:
There is an internet article going around claiming there are 403 billionaires in the US, they make on average 106 million a year if we tax them at 70% we'll be able to reduce our budget deficit by about 2%. I did some further calculations, if we taxed these 403 people 100% we'd cover a little under 3% of the deficit, or in reality enough to cover the interest on the deficit. If we tax Billionaires 100% next year (2013) what happens in 2014? Do you think someone smart enough or unethical enough (depending on your view of Billionaires) to become a Billionaire is going to come to work for free? How many countries in the world would be willing to give these billionaires citizen ship and charge them say a 10% income tax rate or 10 million a year? Would they move to not pay the 30 million they would pay currently on earned income or the 70 million Barry & The Boys think is fair to charge them? One of the things that made the USA the economic powerhouse it was in the 20th century and also made us the industrial power that defeated the Axis during World War II was the ability of US Citizens to build wealth easier here than anywhere in the world. Let's take an example say Mr Henry Ford, who made him self quite wealthy building Automobiles. He made millions of dollars for himself and his family. How many people also became millionaires selling Ford Cars and trucks? How many people became millionaires selling things to Ford Motor Company (Think Horace and John Dodge). And the wealth those individuals created from Ford Motor Company pales in comparison to the amount of wealth Ford workers and those that made a living selling things to Ford workers made. Consider in it's heyday Ford's Rouge River Complex hired 100,000 workers. That would be like every man women and child in Green Bay Wisconsin working at one place. Also consider the bulk of the value of the Ford Motor Company was given to a charitable organization not counting the money Mr Ford gave to various institutions over the course of his life. Ever wonder why one of the largest hospitals in Detroit is called Henry Ford Hospital? It wasn't because the Ford family bought "naming rights", they paid for the darn thing. Back to the original topic, when it was easier to build wealth in our Country a few select individuals became quite wealthy, but many many more became comfortable and that actually was the bulk of American Prosperity. Our large and comfortable middle class built and economy that allowed common people to own homes and businesses and automobiles. These common people marched off to WWII being with a higher percentage of literacy, more technical knowledge of machines and equipment and left behind an economy that was able to outproduce our opponents during the war. So if what built America is so evil consider the Third Reich and their moral and ethical characters, would you want them dominating the world?
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Today's Featured Article - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don’t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
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