2016 Postmortem
In reply to the discussion: Do you realize what Obama actually did here? [View all]blcartwright
(12 posts)in my part of Pa, a $250k house is a mansion, but in northern Va, where I lived for 20 years, even today that might get you a Cape Cod. In the DC suburbs, a husband and wife making over $200k is nice but not huge.
Sure, that's enough money to live on, but what else do rich people do with their money? Save, invest and give to charity. All of which are good and benefit others. Even if they spend that money it helps someone have a job to make and deliver stuff to them. More taxes to the government will mean a reduction in savings, investment and charity, in the hopes that the govt can do those same things better, when it's politicians playing with other people's money.
Oh, and check back over the last few decades. How often has the govt actually collected as much tax money as estimated after an increase? How many times have programs cost more than expected. I am very confident is saying, they (almost) never bring in as much as expected, and (almost) always spend more than expected.
Let's say I own a fancy restaurant, most of the folks who dine are rich. My wife's been running up the credit card and I need more income. I'm selling 1000 filet mignons a month for $35, that's $35k/mo. If I just raise the price to $40, I'll make $5k more a month, $60k more a year, $600k more over the next 10 years! Problem solved. That's assuming I'll sell just as many at $40 as I did at $35. Maybe they'll decide to get the salmon for $30. Or maybe go to the guy down the street. Or a recession hits. Or whatever.
Dead serious, honestly - I've been trying to make more money than my wife spends for 30 years. I make 10 times what I did when we got married. It doesn't work - she still outspends me.