A friend has accused the Republican Party of spending its time trying to come up with "schemes for rich people to keep more."
"Schemes for rich people to keep more?"
Let's get a few things straight:
1) Most people of means in this country did not steal (or inherit) their money. They earned it. They worked for it.Forget about the myth of "old money." About 80% of America's millionaires are first-generation affluent.
2) Without wealth (and without the desire to achieve wealth) capitalism cannot flourish, let alone survive.
3) "Rich" people are often the employers who keep the economy working and bring jobs to the private sector. Many of these so-called "rich" people are small businesspersons.
4) People in the top five percent income bracket pay more than half of all income taxes. The top 10 percent pay 68 percent of the tab.
5) The Democrats conveniently forget these facts and figures and encourage senseless class warfare while ignoring the fact that the bottom 50% in terms of income pay just 3% of taxes. Many of these people pay NO income tax at all.
In states like New Jersey the Democrat Party is actually attempting to impose yet a higher tax on the "rich." But this will only drive people of means out of the state. They can afford to leave and they will leave. So, taxes go up while income goes down.
For ALL taxpayers -- for ALL citizens -- the best way to stimulate the private sector and get the economy growing again is to cut taxes.
JFK was right: Lower taxes produce more revenue for the government.