Karl Denniger recently went on one of his rants about how the rich shouldn't pay taxes, because they create jobs.
He argued that the more you earn the less you get taxed.
Everyone but me seemed to agree with him. But I guess it's because I'm not rich.
I've known a few millionaires in my day. They all say the same story. They are in a high tax bracket, but they pay virtually nothing in taxes. They say that only dumb shits pay high taxes with all the breaks Bush gave them. So I wonder why Karl is bitching? Isn't he smart enough to employ the numerous tax dodges provided to millionaires?
What Karl and all the rest are saying is that the less you make, the bigger the bite out of your check the gov should take. If you don't earn much, the government should tax you at a higher rate than someone making more.
Karl wants the government to punish people for not being millionaires like him. he wants the government to kick you while you're down.
He made the argument that entrepreneurs like him, can't work up from humble beginnings if the rich are saddled with high taxes. I guess Karl started out rich, because otherwise, his humble beginnings, don't fit his argument. If he wants people that aren't rich, taxed at a higher rate, how will they save and work to start a business, with the government taking all of their money? This would create a barrier to people pulling them up by their bootstraps, and it is the status quo.
And finally, he makes the classic argument that if the rich have to pay higher taxes, then they can't reinvest in creating jobs. Well that's bullshit. If you have a business, salaries come out of gross profits, not net. A business gets taxed on profits, not income before expenses are deducted. So money spent on salaries in a business, has no bearing on how an owner's personal income taxes are levied.
Karl, I'm really surprised at your dishonesty, in your arguments about taxes. you're usually a straight shooter. But on personal income taxes, you're spreading disinformation.
Personally, I'm for the flat tax and no personal deductions. They government should not be in the business of socializing your expenses. If you want to take on burdens or responsibilities, it's not the government's job to redistribute income to subsidize you. No deductions for dependents, expensive homes, expensive cars, etc...
If you can afford those things, then I shouldn't have to pay a higher rate, so that you can deduct them.
And Karl, you might think that I should pay a higher rate to subsidize your lifestyle and you may be in favor of socialized taxation for the wealthy, but I respectfully disagree. I'm a capitalist and more of an independent on matters of personal responsibility. I don't agree with your plan for taxing the poor to give to the rich.