General Discussion
In reply to the discussion: Seriously, they need to give it up. Who do they think is buying this crap?! [View all]SamHarris2012
(42 posts)First of all, a lot of people making over 250K don't employ anyone. They work for people who employ people. Second of all, the math doesn't add up to creating jobs. A little over 3% of households make over 250K a year (to include single folks making over 125K a year). Again, a lot of those folks don't employ anyone. They work for people who employ people.
Lets say I am a small business owner hauling in 300K a year in AGI or profit. Let's say I get a tax break of 10%. So now I am hauling in 330K a year in AGI or profit.
What will I do with that extra 30K? Hire someone? Invest? Why the heck would I hire someone just to pay them 50K when I'm only making an extra 30K? I'm actually losing money on the deal. And why would I invest if there is no demand?
Point being this...the rich get richer because the return on tax breaks has diminished. The well has run dry or is extremely muddy. A tax cut now will only go into their pocket and not to creating jobs.