A 3% increase is not taxing them out of existence. In fact, it's only going back to the Clinton rates which were about half what they paid up until the mid 60s. And, they aren't going to move. Europe is in such bad shape DUE TO AUSTERITY MEASURES that they are all passing laws to tax the personal wealth of corporations and individuals who move there at higher rates than here. Obama should have asked for a 10% hike in the tax rate on the top earners--- then he could have let Boner and McCretin negotiate him down to 3%--- everybody would have thought the had won!
Well Yes and no.
Yes it will go back to the same rates. But no since the passing of the tax decrease some states have increased their taxes and so for those citizens it would be a huge tax increase. Thew $1,200 a year I was to see turned into 850 after California increased it taxes. So I would now have to pay not only the new CA taxes but the aditional 1,200 as well.
OH and with all the taxes, fees, and sales taxes I pay about 63% of my total income to the state and federal government and you want to take another 3%? along with the additional 2% taxes that are scheduled to increase after the first of the year here?
Also do you not understand what has made this country and our economy great is DISPOSABLE INCOME. It is what is left over after you meet your needs (housing, Fuel, food and Clothes) It is what drives our economy. What do you want, from an Ice Cream cone to a sports car or other. People seeing a market for a demand or want is what has built our middle class. In Shop owners, Small companies, small companies growing into large companies, Corperations and the whole growth of our money with investing and creation of money (NOT OUR Moron President printing more but the real creation of wealth)
The Disposable income is what has made the suburbs, what has created our transit system, what has created our trouist industry.
The demand for items is what creates new technology, creates cleaner and greener items, and the drive for profits by using the new technology creates new jobs and drives wages higher.
Do I need to explain how new entries into a market will drive wages higher.
Now if we increase taxes, we increase prices and decrease profits, employment, and wages.
All decrease your disposable income and increase unemployment as the whole economy spirals down driving wages lower and lower.
Now if we have 120,000 as an average that each of the top 2% will pay in additional taxes that will not help our spending problem and for every dollar that is left in the economy it generats 3 in sales and creates more total tax dollars.
Now this is the same tax cut that the Democrats like Nancy Pelosi said it was only going to buy the average family a muffler for their car and said the average citizen would never notice such a small tax cut.