Taxing the rich
Democrats love to make a political football out of taxing the rich more. However, if the rich have more money to spend as they see fit, it would help our economy more than having the government confiscate more of it. When President Ronald Reagan lowered the tax rate on the rich, the government actually collected more money from them since it was probably smarter for them to pay more than use more loopholes.
It’s a matter of simple math. Even a flat tax rate on $1 million is 40 times more than the same rate on $25,000. So, even with a flat rate, the rich would pay considerably more in taxes. A flat tax rate would stimulate our economy much more than any stimulus package coming from our president.
Is it just a negative position that the Democrats espouse? Would they really want the rich to pay more taxes, even if it hurt our economy?
Michael A. Smith
From the Oct. 22-28, 2014, issue