Back in the 1980s and 1990s, tax rates for the rich were far higher, and my percentage rate was in the middle of the pack. According to a theory I sometimes hear, I should have thrown a fit and refused to invest because of the elevated tax rates on capital gains and dividends.When even the billionaires are complaining that their taxes are too low, their taxes are too low. Republicans in Congress are objecting to extending the Payroll tax holiday even while they demand permanent extension of the Bush tax cuts, because the first one helps working people and the second one helps investing people.
I didn’t refuse, nor did others. I have worked with investors for 60 years and I have yet to see anyone — not even when capital gains rates were 39.9 percent in 1976-77 — shy away from a sensible investment because of the tax rate on the potential gain. People invest to make money, and potential taxes have never scared them off. And to those who argue that higher rates hurt job creation, I would note that a net of nearly 40 million jobs were added between 1980 and 2000. You know what’s happened since then: lower tax rates and far lower job creation.
Stop coddling the super-rich
Seriously. At what point do working people wake up and see what the Republican party stands for?