Quote:
Originally Posted by GregE
Lots of people live paycheck to paycheck (or not much better). By definition, they put all of their money back into the economy.
Some - not necessarily all - of the 2 percent put a portion of their money into overseas tax shelters and all of them bank the remaining surplus here or abroad.
Now tell me, which group's (domestic) spending habits will be more greatly impacted by higher taxes?
The answer seems self evident to me, but maybe I'm missing something here.
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The objective is to create jobs, improve the economy, etc... not change tax laws in such a way that will effect least number of people... and it's far from clear that raising taxes on producers is less harmful to the economy than raising taxes on everyone...
Quote:
Originally Posted by GregE
Some - not necessarily all - of the 2 percent put a portion of their money into overseas tax shelters and all of them bank the remaining surplus here or abroad.
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what does this have to do with anything? how many is "some"? what portion of their money?
One could argue that "some" lower income earners spend "portion" of their earnings on drugs or overseas gambling websites, and that $$ gets filtered to the same overseas banks? no?
... and "some", or perhaps even "many", certainly buy foreign products, go on vacations to foreign countries, etc... so clearly, not
all of their income gets put back in the US economy? or am I missing something?