Dear Iowa ( HATE THE RICH ?)
Dear Iowa,
Recently you had a Democratic Presidential candidate come through your state, He is trying to convince you to hate the rich. He wants you to believe raising the Capital gains tax as well as other taxes will be sticking it to rich folks, This is not true.
Raising the Capital gains will in fact hurt most Americans, everyone who invests in the stockmarket, anyone who has a 401k, mutual funds, pensions...etc,
Many small investors will stop investing, if their ROI is eaten up with taxes, they will in fact find somewhere else to park their money. If peoples 401ks and retirement funds continue to lose money in the markets, they will not invest, think about it, if you lose half your money then it taxed to death, whats the point of putting it there.
Many small and mid cap companies as well as large cap companies use investor money to grow. That money is not forked over to rich fat kats and Ceo's, Many companies use it for research and development, or to expand their business, AND THAT MY FRIENDS HELPS TO GROW THE ECONOMY AND CREATE JOBS, From the construction workers, electricians, carpenters, plumbers, and payroll employees.
There is nothing wrong with making money, we all want the same creature comforts and hope for our future as well as our children.
Are there bad Corporations? Sure there are, greed and stupidity running rampant, thats when the stockholders need to speak up, and if laws are broken then people need to be held accountable.
What I find troubling is this urgent need to start hating rich people, class warfare will destroy this country. Many of these people get up everyday and go to work keeping millions with jobs. They have in fact created many millionaires within their own comapny. We cannot afford to have these people walk away from America because of class warfare.
My husband and I are middle-class Americans, He's a machinist and I work in a grocery store, we don't live beyond our means, we are in fact happy. We have done everything the right way, and we went without to save for old age, I do not want to be a financial burden to my son when I am old, as it is my hope he will have his own family.
My point of this letter is to help people realize that taxing the rich is not helping the poor, or the unemployed. Creating jobs and stopping the outrageous spending in Washington DC. should be our focus. With more people working, it will create less worries for all of us.
Take Care Iowa, As you are the starting point for the 2012 Elections, Your voice is speaking the loudest.
10 Comments:
Well said sully.
Thanks Ridge.
Thanks sully
There's very little evidence that the rich create jobs. Most use their money fo high riskr investments and some are trust fund babies. It's working slobs and small businesses that create jobs. The rich had their taxes cut for 30 years, where were all the jobs? Why was the economy better in the 50's and 60's when the top tax rates were higher?
It's regular people with money in their pockets that drive the work force. I can't believe that the bottom is supposed to rely on the priveleged to make sure we, the commoners make a living. That's not the way the country is supposed to work. The rich having more money in their pockets does not create more jobs. There has to first be a need for those services. Making twice as many widgets at a lower cost doesn't mean people are going to buy more of them If they don't have the money to spend in the first place, or If there's no demand for more widgets. A company owned by a rich person/s will hire as many people it takes to meet the demand for their goods and or services. Simple as that. If a company's taxes are lower and at the end of a year they have a few hundred thousand dollars more in profits, they will not say "lets hire some employees we don't need". Demand comes from the people.
The rich send jobs overseas, not because of increasing costs here, but because of higher profits. It's all about profit, profit, profit. Lowered capital gains tax, loop-holes for the rich corporations to avoid paying taxes entirely, is their game. I don't believe their fascist propaganda for one minute. They have enough loop holes, and also, when it's all said and done, and the whining by the rich stop, at the end of the day they're still rich. That whole trickle down BS never worked, and never will work. It all started with reagan's voodoo economics which was simply a smoke and mirrors show.
CEOs have increase their salaries by 10Xs over the past 20 yrs by eliminating Jobs, They just took huge Bush Tax Breaks to ship jobs out of the USA to workers in Mexico, India , China, where they don’t worry about environmental laws , and work for a $1 a day with NO health benefits!
If the Republicans were truly concerned about you and your jobs, Why then did they filibuster a bill that would have ended Bush Tax breaks for Co.s that shipped Jobs out of the country and GAVE tax breaks to Co.s that created Jobs here in the USA?
The rich politicians and the rich civilians are all in cahoots to keep each other rich with the poor's blood money. They don't give two schmidts about you and me, as long they make a hefty profit at the hands of the working slobs, then that's what counts at the end of the day. Crooked rich, and greedy to the hilt.... PERIOD!
Thank you Sully for your beautifully written letter. However I do have to agree with some points that Joker raised. I've been sitting on a post that I may as well post now since we are on the topic. I renamed it "Grim Economics You Need to Know".
Okay, I kept the title "Analysis of Financial Terrorism in America" and directed readers here too.
Wow, this is great stuff!! Very interesting!
There is all kinds of evidence that the rich create jobs. Microsoft jumps to mind. Bill Gates created his vast empire and hired all those thousands of people because he was rich.
Jobs go overseas because of costs and only because of costs. To compete in any market means you make your product as cheaply as possible. Labor costs, higher taxes and burdensome regulations will drive jobs elsewhere faster than a flea jumping on a dog. If jobs are to return, higher taxes are not the way to lure them back.
Greedy? You are dog-gone right. I'm greedy. I want to sell my labor for as much as I can get. I want as many benefits as I can get. CEO's are no different.
Thanks everyone, The capital gains tax will effect anyone with a 401k. roth, mutual funds, stock investments. we will all pay higher taxes when we cash these things in, my point was to say , the candidate in question wants everyone to believe it will only effect the rich, not so, it will effect middle class of america,
Joker, Not all Business tycoons, are the way you described, there are really great companies to work for, both me and my husband work at family owned businesses, they are very wealthy , and continue to grow business where they can. We have 2 new stores opening, thats is growth,
Gasmeterguy, you are correct, My husbands place of employment has been around since 1942, they are non union, when the union shops started sending jobs over sees, his company survived, many of those shops are closed for good and much of the work was sent to my husbands job. They have just hired 25 more guys, most of the people there have been there for 15 plus years, My husband has been there for 28 years.
The slight of hand was at work, Capital gains are not the same as profits, or income tax and thats what most people don't seem to know.
The company I work for offers profit sharing, we are non union and we do quite well.
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