Thomas Sowell via Creators:
“…Most of the people called “rich” are not really rich. Rich means having a lot of wealth. But income taxes don’t touch wealth. No wonder some billionaires are saying it’s OK to raise income taxes. They would still be billionaires if taxes took 100 percent of their current income.
What those who are arguing against “tax cuts for the rich” are promoting is raising the tax rates on families making $250,000 a year and up. A husband and wife making $125,000 a year each are not rich.
If they have a kid going to one of the many colleges charging $30,000 a year (in after-tax money) for tuition alone, they are not likely to feel anywhere close to being rich.
Many people earning an annual income of $125,000 a year do so only after years of earning a lot less than that before eventually working their way up to that level. For politicians to step in at that point and confiscate what they have invested years of working to achieve is a little much.
It also takes a lot of brass to talk about taxing “millionaires and billionaires” when most of the people whose taxes the liberals want to raise are neither. Why is so much deception necessary, if your case is good?”
H/T – Young Conservatives