It was clear back in the horrible Clinton years, when taxes were higher on the wealthy, that many people gave up their symbols of wealth. Notice how these society dames have searched the racks of Target to at least create the illusion of wealth.
Fourth, the Republicrats for years have said that if you lower tax rates on the rich, the resulting increase in wealth would trickle down to the rest. That’s the heart of Reaganomics, and it’s resulted in the greatest disparity of wealth the in the U.S. we've ever seen.
Finally, yes, there is a point of diminishing returns as many European countries have discovered, but Obama’s plan to simply restore tax rates to the Clinton era doesn’t even come close to that. Further, it looks like he’s planning to hold off on that for a year or two while the economy recovers — if it recovers.
I can’t believe this guy is an economics professor. Well, I guess I can given what I know about economics and economists.
As for me, being a former member of the privileged class by virture of reading privileged-class magazines, I'm not at all worried about higher taxes. I've already got my new car picked out. It's modest but sends the right signal: Taxes be damned. I've got mine and only a complete meltdown of the world financial system can take it away!
And, as many of you already know, my truth comes from a higher source.
In Jameson Veritas