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Fred Thomas
Nancy,
Good luck to Phyllis. I hope her "good bill of health" doesn't lead to a "good medical bill".
"Let's raise taxes on the rich."
Although I understand the sentiment, there are at least two things wrong with that statement.
1. The Federal Government may allow the "marginal tax rates" to go up, not "taxes". They are not the same thing. When so-called "rich" people have their "marginal tax rates" go up they may sell their business, work less, find tax shelters or leave the country. Ironically, the Federal Government may raise LESS revenue from taxes by increasing "tax rates".
2. People with incomes over $250,000 a year are not necessarily "rich". An example could be a doctor who has just got out of medical school who has huge student loans and a very large NEGATIVE net worth. Real rich people may have no apparent income at all, just huge assets or a sheltered income from a trust. Raising "tax rates" may not affect real rich people at all.
Therefore, "Let's raise taxes on the rich" is almost as stupid as, "The exception proves the rule".
Where's Dawson to start an argument?
Ranting Thom
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