Quote:
Originally Posted by GTripp0012
My thoughts on wealth redistribution: It's acceptable, within reason.
The U.S. Government has a right to tax it's citizens as it sees fit, but as this is true, the citizens have the right to take their wealth and leave the country if the government adopts unfair taxing practices. Obviously, a mass exodus of per capita wealth hurts the economy far more than an imperfect tax bracket system.
If/when Obama is elected president, this might be his biggest challenge in his first few months on the job. Throughout the election process, Obama has seen no issue in establishing a divide between the wealthy and the "working class". Unfortunately, he cannot be a successful president unless he can come to middle ground with the people who have most of the money.
If Obama tries to implement his reformed tax brackets without coming to a consensus with the wealthy...I think you can all see where this will lead.
Good points by The Goat on Warren Buffett, but understand that pleasing Buffett is far easier than pleasing most of the people of similar financial status. It's not the government's money he's dealing with.
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Good post. I do think this will be a challenge, but remember that whatever Obama wants he must get through Congress. My guess is that you'll get some provisions helping upper bracket folk there--pushed by dems in the Senate (surprise, surprise, both sides care about rich folk!)--at the cost of a (hopefully) temporary swelling of the deficit. I doubt that there will be a mass exodus: there's still too much money to be made, even at 39%. We had rates WAY above that in the 40's and 50's and things boomed and the rich made lots of money (as did everyone else). But the current economic crisis will alter the plan, IMO, and the dem fatcats will throw a bone to their wealthy patrons. C'est la vie. It will still be better than McBush's trickle down. (All this is assuming Obama wins, of course--and that hasn't happened yet!)