Obomba and democrats (like our Rioting Democrat) want to tax the rich.
Yeah, let's stick it to the rich JUST LIKE JIMMY CARTER did when he was in office.
Does the most merciful Oboma REALLY want to tax the rich?
IF he gets in, we are in for a DISASTROUS 4 years.
(QUOTE)
Even when taxes are carefully crafted to only include the real rich, there can be a nasty surprise for the middle class and the nation as happened with the
Carter Administration's tax on yachts.
After whipping up the publics' emotions with their usual class warfare rhetoric (remember Carter's campaign against the so-called
three martini lunch deduction?) President Carter and his Democrat controlled Congress enacted
a stiff tax on the purchase of yachts.
Given that only the super rich can afford a yacht, this should have been the ideal tax on the rich. But the Carter Administration overlooked two things.
First, the rich, like everyone else, hates to waste money. Second, and more important, while only the rich buy yachts, it is
middle class workers who build yachts. As a result of the tax, most rich people did one of two things in that they either made do with last year's yacht or purchased a new one abroad where the tax did not apply.
In doing so,
the small American yacht industry was destroyed (one New Jersey town whose economy was totally dependent on yacht building faced economic disaster) and associated jobs and income tax revenues (unemployed people generally pay little or no income tax) were lost.
This little episode only served to further weaken the nation's economy which, as a result of the misguided Keynesian taxing and spending policies of the Nixon and Carter administrations, was struggling under the dual burden of
double digit inflation AND double digit unemployment.
(/QUOTE)
Liberals either don't know history or just ignore history and
repeat history.
Problems with Taxing the Rich
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